$48.68+0.07 (+0.14%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Ibotta (IBTA) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineChoppy: revenue fell 6.8% in FY25, net margin 1.0%, and free cash flow (~$61.0M) tracks net income. Earnings are cash, not paper. Worth your attention in FY25: Share count (+247.1%) and Capex step-up ($34.3M). Both visible in the receipts below.
The four lines that matter · FY22–FY25
Revenue ($M)▼6.8%
342.4
FY22→FY25CAGR +17.6%/yr
Net income ($M)▼94.8%
3.6
FY22→FY25CAGR —
Free cash flow ($M)▼42.3%
61.0
capex stepped upCAGR —
Diluted EPS▼95.3%
0.12
FY22→FY25CAGR —
What the receipts whisper · what a headline number hides
Share count
+247.1%
8.7mn → 30.1mn diluted shares since FY22. Rising share count dilutes EPS. Growth must outrun it.
Capex step-up
$34.3M
▲236% YoY in FY25, largest jump in this window; watch free-cash-flow conversion.
Returns vs FCF
382%
$233.0M returned vs $61.0M of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY22–FY25
Where every revenue dollar goes · FY25 ($K)
1¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 78.1% → 79.2%. Net margin 1.0% is below the sector median.
The receipt · income statement · FY22–FY25 USD thousands except per-share & ratios · hover a line for its definition
The annual and quarterly statements are struck on share counts that differ by a factor of 1.293, so per-share figures cannot be compared across the two tables. Each table's per-share figures are on its own share basis.
USD thousands except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | YoY | CAGR 22→25 |
|---|---|---|---|---|---|---|---|
| Revenue & profitability | |||||||
Revenue | 343,174.0 | 342,389.0 | 367,254.0 | 320,037.0 | 210,702.0 | ▼6.8% | +17.6% |
Cost of revenue | 74,674.0 | 71,055.0 | 50,121.0 | 43,992.0 | 46,176.0 | ▲41.8% | +15.4% |
Gross profit | 268,500.0 | 271,334.0 | 317,133.0 | 276,045.0 | 164,526.0 | ▼14.4% | +18.1% |
Research & development | 57,843.0 | 61,082.0 | 63,271.0 | 49,996.0 | 42,558.0 | ▼3.5% | +12.8% |
Selling, general & admin | 90,145.0 | 88,244.0 | 82,739.0 | 51,633.0 | 49,164.0 | ▲6.7% | +21.5% |
Total operating expenses | 280,485.0 | 272,175.0 | 289,208.0 | 220,046.0 | 204,839.0 | ▼5.9% | +9.9% |
Operating incomefeeds ROC rank | −11,985.0 | −841.0 | 27,925.0 | 55,999.0 | −40,313.0 | — | — |
Other income, net | 7,596.0 | 10,688.0 | −3,429.0 | −11,948.0 | −14,286.0 | — | — |
Pretax income | −4,389.0 | 9,847.0 | 24,496.0 | 44,051.0 | −54,599.0 | ▼59.8% | — |
Income tax | 6,632.0 | 6,272.0 | −44,246.0 | 5,934.0 | 262.0 | — | +188.2% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | −11,021.0 | 3,575.0 | 68,742.0 | 38,117.0 | −54,861.0 | ▼94.8% | — |
| Per share | |||||||
Diluted EPSbuyback-sensitive | −0.46 | 0.12 | 2.56 | 1.42 | −6.33 | ▼95.3% | — |
Diluted shares (mn) | 23.28 | 30.10 | 26.86 | 26.92 | 8.67 | ▲12.1% | +51.4% |
| Margins | |||||||
Gross margin91st pct in Industrials | 78.2% | 79.2% | 86.4% | 86.3% | 78.1% | ▼7.1pp | +1.2pp |
Operating margin | −3.5% | −0.2% | 7.6% | 17.5% | −19.1% | ▼7.8pp | +18.9pp |
Net margin20th pct in Industrials | −3.2% | 1.0% | 18.7% | 11.9% | −26.0% | ▼17.7pp | +27.1pp |
† TTM = trailing four quarters through 2026-06-30.
These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-25 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Ibotta's revenue last fiscal year?
Ibotta reported revenue of $342.4M in fiscal 2025, down 6.8% from fiscal 2024.
What was Ibotta's net income?
Ibotta reported net income of $3.6M in fiscal 2025, a net margin of 1.0%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.