Ibotta, Inc. · NYSE:IBTA
Ibotta — Q3 2026 Earnings Presentation
19 slides from Ibotta's earnings presentation, November 2026
Slide 1: Earnings presentation Third quarter 2026
Earnings $1.30 back presentation Add offer Third quarter 2026 © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent.
Slide 2: Disclaimer
Disclaimer This presentation is made by Ibotta, Inc. (th e “Company,” “Ibotta,” “our,” or “we”) and contains forward-looking statements that involve substantial risks and uncertainties. All statements other than historical factual in formation are f orward-looking statements, including without limit
Slide 3: 3Q26 financial results and 4Q26 outlook
3Q26 financial results and 4Q26 outlook © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q3 results as compared to guidance
Q3 results as compared to guidance Revenue Adjusted EBITDA1 $97.8M $23.8M +11% vs. guidance midpoint of $88.0M +83% vs. guidance midpoint of $13.0M Note: A ll quarterly figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest income, net, pr
Slide 5: Revenue performance
Revenue performance Q3 2026 revenue growth Q3 2026 Adj. EBITDA1 growth +17% year-over-year +43% growth year-over-year growth Note: A ll quarterly figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest income, net, provision for income taxe
Slide 6: Revenue breakdown
Revenue breakdown Redemption revenue Ad & other revenue Total redemptions Ad products CPG & Retail marketers buy ads to support promotions Fee per redemption Data Licensing purchase data & selling audiences Redemption Revenue 72% 91% 9% Third-party publisher (3PP) 3Q26 revenue 18% Direct-to- consume
Slide 7: Year-over-year revenue change
Year-over-year revenue change Total revenue Redemption revenue Total revenue YoY Change % (16%) 17% Redemption revenue YoY Change % (15%) 23% Redemption revenue YoY Change % (15%) 23% Third-party publisher YoY Change % (4%) 43% Ad & other YoY Change % (21%) (17%) Direct-to-consumer YoY Change % (31%
Slide 8: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption Redemption revenue grew 23% year-over-year Redeemers Increase driven by organic growth at existing third-party publishers and, to a small extent, the launch of new publishers Redempt
Slide 9: Key drivers of third-party redemption revenue
Key drivers of third-party redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption 3PP 3PPredemption redemptionrevenue revenuegrew up 43% 8% year-over-year year-over-year Redeemers Redeemers Growth driven Increase drivenbyby expansion organic of third-p
Slide 10: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption D2C redemption revenue down (22%) year-over-year Redeemers Decrease driven by the effect of the quantity and quality of offers available to each D2C redeemer Redemptions per rede
Slide 11: Gross profit margins
Gross profit margins Non-GAAP1 gross profit % Commentary +0.6% • Non-GAAP cost of revenue (% pt. was up $2.3M or 14% vs. a increase) year ago • Driven by an increase in both technology and publisher-related costs Note: A ll quarterly figures are unaudited. Figures may not tie due to rounding. 1Non-G
Slide 12: Operating expense profile
Operating expense profile Non-GAAP1 operating expenses Commentary (% of revenue) • Non-GAAP sales and marketing expenses increased by 21% vs. the prior year driven by a planned increase in labor, higher (1.5%) variable compensation expense, (% pt. decrease) and investment in third-party lift studies
Slide 13: Guidance
Guidance Revenue 8% $94M - $98M year-over-year increase at the midpoint Adjusted EBITDA $15M - $17M 16.7% margin at the midpoint Note: We have not reconciled A djusted EBITD A to G AAP net income for our guidance because we do not provide guidance on GAA P n et income and would not be able to pres e
Slide 14: Appendix
Appendix © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 14
Slide 15: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 3Q25 3Q26 Revenue $83.3 $97.8 Cost of revenue 17.1 19.7 Gross profit 66.1 78.1 Operating expenses: Sales and marketing 26.6 32.4 Research and development 14.0 16.2 General and administrative 22.5 22.7 Depreciation and
Slide 16: Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 3Q25 3Q26 Net income (loss) $1.5 ($3.5) Add (deduct): Interest income, net (2.5) (1.3) Depreciation & amortization 1.2 3.7 Stock based compensation 12.6 15.4 Restructuring charges 0.4 - Provision for income ta
Slide 17: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 3Q25 3Q26 Cost of revenue $17.1 $19.7 Cost of rev enue stock-based compensation (0.6) (0.9) Non-GAAP cost of revenue $16.5 $18.9 Gross profit $66.1 $78.1 Cost of rev enue stock-based compensation 0.6 0.9 Non-GAAP gross profit $66.7 $79.0 R
Slide 18: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 3Q25 3Q26 Sales & marketing $26.6 $32.4 Stock-based compensation (4.1) (5.7) Restructuring charges (0.4) - Non-GAAP sales & marketing $22.1 $26.7 Revenue $83.3 $97.8 Sales & marketing % revenue 32.0% 33.1% Non-GAAP sales & marketing
Slide 19: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 3Q25 3Q26 Sales & marketing 26.6 32.4 Research & development 14.0 16.2 General & administrative 22.5 22.7 Depreciation & amortization 0.6 2.1 Total operating expenses $63.8 $73.4 Sales & marketing stock based compensation