Slide 1: Earnings presentation: Fourth quarter and full year 2025
Earnings $1.30 back presentation Add offer Fourth quarter and full year 2025 © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent.
Slide 2: Disclaimer
Disclaimer This presentation is made by Ibotta, Inc. (the “Company,” “Ibotta,” “our,” or “we”) and contains forward-looking statements that involve substantial risks and uncertainties. All statements other than historical factual information are forward-looking statements, including without limitati
Slide 3: 4Q25 and full-year 2025 financial results
4Q25 and full-year 2025 financial results © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q4 results as compared to guidance
Q4 results as compared to guidance Revenue Adjusted EBITDA1 $88.5M $13.7M +7% vs. guidance midpoint of $82.5M +31% vs. guidance midpoint of $10.5M Note: All 4Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest income, net, provision
Slide 5: Revenue performance
Revenue performance Q4 2025 revenue decline Full year 2025 revenue decline (10%) (7%) year-over-year decline year-over-year decline Note: All 4Q24 and 4Q25 figures are unaudited. Figures may not tie due to rounding © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s e
Slide 6: Adjusted EBITDA performance
Adjusted EBITDA performance Q4 2025 Adj. EBITDA1 decline Full year 2025 Adjusted EBITDA1 decline (44%) year-over-year decline (51%) year-over-year (31% margin) decline (28% margin) (18% margin) (15% margin) Note: All 4Q24 and 4Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted
Slide 7: Revenue breakdown
Revenue breakdown Redemption revenue Ad & other revenue Total redemptions Ad products [CPG & Retail marketers buy ads to support promotions Fee per redemption Data Licensing purchase data & selling audiences Redemption Revenue 64% 89% 11% Third-party publisher (3PP) 4Q25 revenue 25% Direct-to- consu
Slide 8: Year-over-year revenue change
Year-over-year revenue change Q4 2025 revenue performance Full year 2025 revenue performance Total revenue YoY Growth %1 0% (10%) 20% (7%) Ad & other YoY Growth % (27%) (38%) (23%) (23%) Redemption revenue YoY Growth % 1 7% (5%) 34% (4%) Ad & other (in M) Redemption (in M) Note: All 4Q24 and 4Q25 fi
Slide 9: Year-over-year redemption revenue change
Year-over-year redemption revenue change Q4 2025 redemption revenue performance Full year 2025 redemption revenue performance Redemption revenue YoY Growth % 1 7% (5%) 34% (4%) Third-party publisher YoY Growth % 39% 8% 125% 12% Direct-to-consumer YoY Growth % 1 (24%) (26%) (14%) (26%) Third-party pu
Slide 10: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption Redemption revenue down 5% year-over-year ▪ Redeemers ▪ Growth driven by new and existing third-party publishers ▪ Redemptions per redeemer ▪ Decrease driven by the quantity and qual
Slide 11: Key drivers of third-party redemption revenue
Key drivers of third-party redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption 3PP 3PPredemption redemptionrevenue revenuegrew up 8% year-over-year ▪ Redeemers ▪ Growth driven by new expansion and ofpublishers existing third-party publisher network
Slide 12: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption D2C redemption revenue down 26% year-over-year ▪ Redeemers ▪ Driven by the quantity and quality of offers available to D2C redeemers ▪ Redemptions per redeemer ▪ Driven by the qu
Slide 13: Gross profit margins
Gross profit margins Commentary Q4 2025 Non-GAAP1 Full year 2025 Non-GAAP1 gross profit % gross profit % ▪ Higher publisher-related costs Research & development ▪ Higher technology costs within cost of revenue, reflective of an increased investment in product development Note: All 4Q24 and 4Q25 figu
Slide 14: Operating expense profile
Operating expense profile Q4 2025 Non-GAAP1 opex % Full year 2025 Non-GAAP1 opex % Sales & marketing Research Research&&development development General & administrative Note: All 4Q24 and 4Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted figures exclude stock-based compensat
Slide 15: Guidance
Guidance Revenue (5%) $78.0M - $82.0M year-over-year decline at the midpoint Adjusted EBITDA $6.0M - $8.0M 9% margin at the midpoint Note: We have not reconciled Adjusted EBITDA to GAAP net income for our guidance because we do not provide guidance on GAAP net income and would not be able to present
Slide 16: Appendix
Appendix © 2026 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 16
Slide 17: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 4Q24 4Q25 Rev enue $98.4 $88.5 Cost of rev enue 15.2 18.9 Gross profit 83.2 69.6 Operating expenses: Sales and marketing 33.3 33.6 Research and dev elopment 15.8 14.2 General and administrativ e 20.2 22.1 Depreciation
Slide 18: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 4Q23 4Q24 4Q25 Direct-to-consumer redemption revenue $40.3 $30.1 $22.2 One-time breakage benefit (0.8) - - Non-GAAP direct-to-consumer redemption revenue $39.4 $30.1 $22.2 Direct-to-consumer redemption revenue % YoY growth (25%) (26%) Non-GAAP
Slide 19: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 4Q23 4Q24 4Q25 Redemption revenue $77.9 $82.4 $78.5 Ad & other revenue 21.8 16.0 10.0 Total revenue $99.7 $98.4 $88.5 One-time breakage benefit (0.8) - - Non-GAAP total revenue $98.8 $98.4 $88.5 Tot al revenue % YoY growt h (1%) (10
Slide 20: Adjusted EBITDA and Adjusted EBITDA margin reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 4Q24 4Q25 Net income (loss) $76.2 $(1.0) Add (deduct): Interest income, net (4.1) (1.9) Depreciation & amortization 1.9 2.5 Stock based compensation 12.9 12.9 Loss on debt extinguishment 0.1 - (Benefit from) p
Slide 21: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 4Q24 4Q25 Cost of revenue $15.2 $18.9 Cost of revenue stock-based compensation 0.5 0.7 Non-GAAP cost of revenue $15.6 $19.6 Gross profit $83.2 $69.6 Cost of revenue stock-based compensation 0.5 0.7 Non-GAAP gross profit $83.7 $70.3 Revenue
Slide 22: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 4Q24 4Q25 Sales & marketing $33.3 $33.6 Stock-based compensation (4.3) (4.6) Non-GAAP sales & marketing $29.0 $29.0 Rev enue $98.4 $88.5 Sales & marketing % rev enue 34% 38% Non-GAAP sales & marketing % rev enue 29% 33% Research & de
Slide 23: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 4Q24 4Q25 Sales & marketing 33.3 33.6 Reseach & dev elopment 15.8 14.2 General & administrativ e 20.2 22.1 Depreciation & amortization 0.9 1.3 Total operating expense $70.3 $71.3 Sales & marketing stock based compensation
Slide 24: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 2024 2025 Rev enue $367.3 $342.4 Cost of rev enue 50.1 71.1 Gross profit 317.1 271.3 Operating expenses: Sales and marketing 139.2 118.9 Research and dev elopment 63.3 61.1 General and administrativ e 82.7 88.2 Deprec
Slide 25: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 2023 2024 2025 Direct-to-consumer redemption revenue $163.7 $128.6 $94.8 One-time breakage benefit (13.5) - - Non-GAAP direct-to-consumer redemption revenue $150.1 $128.6 $94.8 Direct-to-consumer redemption revenue % YoY growth (21%) (26%) Non-
Slide 26: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 2023 2024 2025 Redemption rev enue $243.9 $308.8 $297.2 Ad & other rev enue 76.2 58.4 45.2 Total revenue $320.0 $367.3 $342.4 One-time breakage benefit (13.5) - - Non-GAAP total revenue $306.5 $367.3 $342.4 Total revenue % YoY growt
Slide 27: Adjusted EBITDA and Adjusted EBITDA margin reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 2024 2025 Net income $68.7 $3.6 Add (deduct): I nterest income, net (9.4) (10.8) Depreciation & amortization 8.1 8.3 Stock based compensation 76.2 52.9 Restructuring charges - 2.5 Change in fair v alue of deri
Slide 28: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 2024 2025 Cost of revenue $50.1 $71.1 Cost of revenue stock-based compensation 1.5 2.6 Non-GAAP cost of revenue $51.6 $73.6 Gross profit $317.1 $271.3 Cost of revenue stock-based compensation 1.5 2.6 Non-GAAP gross profit $318.6 $273.9 Rev
Slide 29: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 2024 2025 Sales & marketing $139.2 $118.9 Stock-based compensation (39.1) (18.7) Restructuring charges - (1.5) Non-GAAP sales & marketing $100.1 $98.7 Rev enue $367.3 $342.4 Sales & marketing % rev enue 38% 35% Non-GAAP sales & marke
Slide 30: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 2024 2025 Sales & marketing 139.2 118.9 Reseach & dev elopment 63.3 61.1 General & administrativ e 82.7 88.2 Depreciation & amortization 4.0 3.9 Total operating expense $289.2 $272.2 Sales & marketing stock based compensa