What factors drove the changes in Ibotta's revenue and profit?

What does Ibotta do and what are its main business segments?

What guidance did Ibotta's management provide for the next earnings period?

What is the revenue and EPS growth rate for Ibotta year over year?

What is the market's earnings forecast for Ibotta next quarter?

What were the key takeaways from Ibotta’s earnings call?

What is Ibotta's latest dividend and current dividend yield?

Did Ibotta beat or miss consensus estimates last quarter?

- **Q3 Stronger Than Expected**: Revenue ($83.3M) and EBITDA ($16.6M) beat guidance, despite 16% YoY decline. Q4 guidance cautious due to macro challenges.
- **LiveLift Momentum**: 83% of pilots re-upped campaigns, with clients citing reduced sales cycle and precise targeting. Full sales team trained for Q1 '26.
- **Strategic Investments**: $M+ annual spend on third-party measurement to validate ROI, positioning for 2026 growth.
- **AI-Driven Efficiency**: AI reduces campaign setup time by 50%, with 2026 focus on real-time optimization.
- **Macro Risks**: CPG clients cautious amid depressed sales, but Ibotta's outcomes-based model offers resilience.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 revenue of $83.3M (down 16% YoY) was 2% above the midpoint of guidance, with adjusted EBITDA of $16.6M (20% margin), 44% above midpoint. Q4 guidance: $80-85M revenue, $9-12M EBITDA. 2026 focus on 'Make It Easy' theme, streamlining client processes.
- **Strategic Innovations**: Launched LiveLift (AI-driven sales optimization) and Circana partnership for third-party lift studies. 83% of LiveLift pilots re-upped campaigns post-pilot. Client testimonials highlight reduced sales cycle and precise targeting.
- **Sales Transformation**: Reorganized sales team, filled all VP roles, improved B2B marketing and training. Third-party redeemers grew 19% YoY, driven by Instacart and DoorDash integrations.
- **Macro Challenges**: CPG clients face depressed sales growth, consumer sentiment lows, and SNAP disruptions, leading to cautious spending. Ibotta's outcomes-based approach aims to mitigate these risks.

**【CFO Financial Commentary】**
- **Financial Metrics**: Q3 non-GAAP gross margin 80% (down 800bps YoY), operating expenses 61% of revenue. Cost of revenue up $4.8M YoY due to publisher costs. Free cash flow generation continues, with $223.3M cash and $38.7M share buybacks.
- **2026 Outlook**: Anticipates normalized seasonality with Q1 '26 revenue down ~10% YoY, followed by sequential growth. Investing in third-party measurement (est. $M+ annually) to validate LiveLift ROI.
- **Expense Management**: Year-to-date cost control maintained, with Q4 seeing incremental marketing spend and full sales staffing.

**【Q&A Key Highlights】**
- **LiveLift Timeline**: 20+ pilots by end-2025, 83% re-up rate. Full sales team trained for Q1 '26. Acceleration drivers: strong campaign performance, inbound interest from Circana partnership.
- **AI Integration**: AI models optimize campaign parameters, reducing setup time by 50%. 2026 focus on in-flight optimization and recommendation engines.
- **Merchant Contributions**: Instacart and DoorDash drive third-party redeemer growth (49.3% of redemption revenue). DoorDash nearing full customer base coverage, with Beer/Wine/Spirits expansion in 13 states.
- **Macro Risks**: CPG clients pausing discretionary spending, but Ibotta's outcomes-based model positions for 2026 recovery. SNAP disruption impact expected to persist.


Ibotta, Inc. (IBTA) Q3 2025 Earnings Call Transcript

Redemption

Ad & Other

IBTA

IBTA fundamentals

You can ask Aime