Ibotta Revenue Growth Accelerates to 17% as Q3 Adjusted EBITDA Jumps 43% and Q4 Guide Lands In Line
Third-party publisher redemptions rose 57% and 7-Eleven and Speedway went live after quarter-end, but GAAP results swung to a $3.5M net loss.
Ibotta (IBTA) reported third-quarter 2026 revenue of $97.8 million, up 17% from a year earlier and about 10% above the $88.6 million consensus, as growth accelerated. Non-GAAP earnings were $0.62 per share, while GAAP results swung to a net loss of $3.5 million. The company guided fourth-quarter revenue to $94 million to $98 million, in line with the $93.4 million consensus. Shares were up $1.48, or about 3%, at $50.10 on Monday, Nov. 2.
Q3 results
| Metric | Q3 2026 | Change |
|---|---|---|
| Total revenue | $97.8M | +17% |
| Redemption revenue | $88.5M | +23% |
| Third-party publisher redemption revenue | $70.7M | +43% |
| Adjusted EBITDA | $23.8M | +43% |
| Non-GAAP diluted EPS | $0.62 | +11% |
| GAAP net loss | $3.5M | vs. $1.5M net income |
| GAAP diluted EPS | -$0.15 | vs. $0.05 |
The consensus of a $0.08 loss in the data we reviewed appears to be on a GAAP basis, while the $0.62 figure is non-GAAP, so the two are not directly comparable. By our calculation, third-party publisher redemption revenue made up about 72% of Q3 revenue.
What drove growth
| Key metric | Q3 2026 | Change |
|---|---|---|
| Third-party publisher redemptions | 97.6M | +57% |
| Direct-to-consumer redemptions | 18.8M | -10% |
| Redeemers | 23.6M | +30% |
| Third-party revenue per redemption | $0.72 | -9% |
Founder and CEO Bryan Leach said the company delivered accelerating revenue growth, crediting better advertiser offer supply and strong consumer demand for value. Growth came from partner apps, since direct-to-consumer redemptions fell, and revenue per redemption declined as volume rose. Ibotta-powered promotions launched with Giant Eagle during the quarter, and went live on the 7-Eleven and Speedway apps and at Festival Foods after quarter-end, with 7NOW expected to follow. The company expects redemptions on these properties to ramp over coming quarters.
Q4 outlook
| Item | Q4 2026 guidance | Comparison |
|---|---|---|
| Revenue | $94M to $98M | Consensus $93.4M; about 8% growth at the midpoint |
| Adjusted EBITDA | $15M to $17M | About a 16.7% margin at the midpoint |
By our calculation, the $96 million revenue midpoint is about 2.8% above consensus, and the EBITDA midpoint of $16 million is well below Q3's $23.8 million, reflecting seasonal and investment timing. The release does not provide full-year guidance.
Cash and buybacks
Operating cash flow was $22.0 million and free cash flow $16.8 million. Cash was $149.9 million at Sept. 30, down from $186.6 million at the end of 2025. Ibotta repurchased 0.4 million shares for $14.4 million at an average of $36.39. By our calculation, Monday's $50.10 price is about 38% above that average.
What to watch
- New partners. How quickly redemptions ramp at 7-Eleven, Speedway, Festival Foods and Giant Eagle.
- Revenue per redemption. Whether the 9% decline stabilizes as volume scales.
- Direct-to-consumer. Whether the 10% drop in redemptions continues.
- Margins. The step down in the Q4 adjusted EBITDA guide, and the path back to a GAAP profit.
- Related coverage. See our reports on Starbucks, Marriott and OpenAI's ad tech push.
Sources: Ibotta's investor relations site and its third-quarter 2026 results release. Consensus figures come from FactSet and published reports and may differ by source. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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