Ibotta, Inc.

Revenue was $88.9 million in Q2 2026, up 3% year over year. Redemption revenue was $80.2 million, up 10% year over year; third-party publisher redemption revenue was $61.5 million, up 27%, while direct-to-consumer redemption revenue was $18.7 million, down 24%. Total redeemers were 20.9 million, up 21% year over year; redemptions per redeemer were 4.4%, down 6%, and third-party redemptions per redeemer were 3.8%, up 2%. Non-GAAP gross margin was 79.3%, down about 60 basis points year over year, and Q2 adjusted EBITDA was $16.5 million with an 18.6% margin. Non-GAAP diluted EPS was $0.46, non-GAAP net income was $11.7 million, cash and cash equivalents were $148.2 million, and free cash flow was $8.1 million. For Q3 2026, management expects revenue of $86 million to $90 million and adjusted EBITDA of $12 million to $14 million, with adjusted EBITDA margin around 15% at the midpoint. Management also said it expects a modest sequential revenue increase into Q4 and to exit 2026 with mid-single-digit year-over-year growth. Full-year free cash flow as a percentage of adjusted EBITDA is now expected to be approximately 70%, versus 65% at the start of the year.

Bryan Leach said the quarter reflected a real inflection in execution: better go-to-market discipline, more effective client relationships, and stronger measurement credibility are unlocking offer supply. He emphasized that the sales reset and verticalized structure are working, with many accounts that declined in 2025 returning to growth in Q2. His tone was upbeat but still framed the opportunity as ongoing, especially around scaling LiveLift, expanding automation, and converting more clients into repeat budget growth.

Matt Puckett focused on the financial leverage showing up as revenue improves. He highlighted that Q2 revenue and adjusted EBITDA were respectively 6% and 58% above the midpoint of the guidance given on the Q1 call, that gross margin was 79.3%, and that the business produced $8.1 million of free cash flow in the quarter and $31.3 million in the first half. He also noted $148.2 million of cash, $67.3 million remaining under the share repurchase authorization, and roughly $23 million spent repurchasing about 700,000 shares at an average price of $32.33; he said the company remains committed to investing in growth while returning cash to shareholders.

Analysts pressed on what is actually unlocking more offer supply, whether the improvement is macro-driven or execution-driven, and how durable the new publisher cadence can be. Management said the main driver is better execution, deeper relationships, and stronger trust in Ibotta’s measurement, with Circana studies and the verticalized sales force helping reframe Ibotta as performance marketing rather than a traditional promotions vendor. Questions also focused on 7-Eleven and LiveLift adoption; Bryan said 7-Eleven took multiple quarters or years to develop, will roll out in the second half of the year, and could help create network effects for other publishers, while LiveLift adoption still depends on changing long-standing budget-setting behavior at CPG clients and building more self-service product tools.