Ibotta (IBTA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $88.9 million, up 3% year-over-year and above guidance, driven by strong third-party publisher growth and new partnerships such as 7-Eleven, Uber, and Giant Eagle.

• Adjusted EBITDA was $16.5 million (18.6%-19% margin), down 7% year-over-year but 58% above guidance midpoint.

• Net loss for Q2 2026 was $1.2 million, or (1.4)% of revenue, compared to net income of $2.5 million in Q2 2025.

• Total redemptions grew 14% year-over-year to 91.4 million, with third-party publisher redemptions up 27% and D2C redemptions down 22%.

• Major new publisher wins and LiveLift product adoption contributed to network expansion and revenue acceleration.

Financial highlights

• Q2 revenue: $88.9 million (+3% year-over-year); redemption revenue: $80.2 million (+10%).

• Third-party publisher redemption revenue: $61.5 million (+27%); direct-to-consumer revenue: $18.7–$27.4 million (–24% to –27%).

• Adjusted EBITDA: $16.5 million (18.6%-19% margin); non-GAAP net income: $11.7 million (13.2% margin).

• Free cash flow for Q2: $8.1 million; $31.3 million for the first half.

• Ended Q2 with $148.2 million in cash and cash equivalents; repurchased $23 million in stock.

Outlook and guidance

• Q3 2026 revenue expected between $86–$90 million, representing ~6% year-over-year growth at midpoint.

• Q3 adjusted EBITDA guidance: $12–$14 million (14.8%-15% margin at midpoint).

• Modest sequential revenue increase expected into Q4; full-year free cash flow as a percentage of adjusted EBITDA now expected at 70%.

• Management expects continued growth in third-party publisher revenue and redemptions, but ongoing pressure on D2C and ad revenue.

• Existing liquidity and cash flows expected to be sufficient for at least the next 12 months.