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, reflecting higher operating expenses and lower ad revenue.

• Growth was fueled by improved advertiser offer supply, redeemer base expansion, and successful execution of new sales strategies.

• Major new publisher partnerships and continued investment in automation and innovation supported network expansion and campaign effectiveness.

Financial highlights

• Q2 2026 revenue: $88.9 million (+3% year-over-year); redemption revenue: $80.2 million (+10%).

• Third-party publisher revenue grew 27% year-over-year to $61.5 million; direct-to-consumer revenue declined 24%–27% to $18.7–$27.4 million.

• Adjusted EBITDA: $16.5 million (18.6%–19% margin); non-GAAP net income: $11.7 million (13.2% margin); net loss: $1.2 million.

• Free cash flow for Q2 was $8.1 million; $31.3 million for the first half, with $148.2 million in cash and equivalents at quarter-end.

• Repurchased $23 million in stock during Q2; $67.3 million remains under current share repurchase authorization.

Outlook and guidance

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

• Q3 adjusted EBITDA guidance is $12–$14 million (14.8%–15% margin midpoint); modest sequential revenue increase expected into Q4.

• Full-year free cash flow as a percentage of adjusted EBITDA now expected at 70%, up from 65% at the start of the year.

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