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Item 1. Business

2026-02-26 compared with 2025-02-27 · 152 added, 213 removed, 100 unchanged (78% of the section changed)

Ibotta’s mission is to Make Every Purchase Rewarding.

We accomplish this mission by delivering digital promotions to clients through the Ibotta Performance Network (IPN).

Through the IPN, we source digital promotions from our clients, primarily consumer packaged goods (CPG) brands, and distribute these promotions to consumers via our network of publishers, enabled by our technology platform.

We accomplish this mission by delivering digital promotions to consumers through the Ibotta Performance Network (IPN).

We source digital promotions from our clients, which are primarily consumer packaged goods (CPG) brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform.

We have strategic relationships with Walmart Inc.

(Walmart), Dollar General Corporation (Dollar General), Family Dollar, a subsidiary of Dollar Tree, Inc.

(Walmart), Dollar General Corporation (Dollar General), Family Dollar Stores, Inc.

(Family Dollar), Maplebear, Inc.

(Instacart), and DoorDash, Inc.

(announced in January 2025 but not yet launched) among others, who are third-party publishers on the IPN and use our digital offers to power their loyalty programs on a white-label basis.

We also host offers on Ibotta’s direct-to-consumer properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, Ibotta D2C, which is part of the IPN).

Within Ibotta D2C, we also partner with affiliate networks to allow consumers to earn cash back on a percentage of their total basket spend at certain retailers.

As of December 31, 2024, we had over 830 clients, representing over 2,600 CPG brands, to source exclusive digital offers.

Most of our offers cover products in non-discretionary categories, such as grocery, but we continue to grow our general merchandise categories, such as toys, clothing, beauty, electronics, pet, home goods, and sporting goods.

The Ibotta Performance Network

The IPN provides an at-scale success-based marketing solution where we get paid when our client’s promotion results in a sale.

By using the IPN, CPG brands, retailers, and their media agencies can create digital offers and distribute them in a coordinated fashion across various publishers.

These publishers currently include large retailers, which display our offers on their properties, as well as Ibotta D2C properties.

The IPN is enabled by our proprietary, Artificial Intelligence (AI) enabled technology platform,

(DoorDash), among others, who are third-party publishers on the IPN and use our content to power their digital offer programs on a white-label basis.

We also host offers on Ibotta’s direct-to-consumer properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, direct-to-consumer (D2C), which is part of the IPN).

Within D2C, we also partner with affiliate networks to access offers from certain retailer advertisers so consumers can earn cash back on a percentage of their total basket spend at those retailers.

In 2025, we introduced LiveLift™, a set of capabilities designed to help brands drive incremental sales at scale in a more cost-efficient manner.

LiveLift™ enables more sophisticated projections and profitability metrics, including incremental sales and cost-per-incremental-dollar (CPID), to help our clients achieve the desired scale or efficiency for their promotions.

We also have partnerships with Circana and ABCS Insights, which allow our clients to obtain third-party validation of the impact of their digital promotion campaigns via sales lift studies.

As of December 31, 2025, we worked with over 900 clients, representing over 3,100 CPG brands, to source exclusive digital offers.

Most of our offers cover products in non-discretionary categories, such as grocery, but we also source offers for general merchandise categories, such as toys, clothing, beauty, electronics, pet, and home goods.

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which takes advantage of a unique set of purchase data that we receive through our third-party publishers, D2C properties and point of sale (POS) integrations with retailers.

The key components of our network are as follows:

Ibotta sources digital promotions from CPG brands, retailers, and their media buying agencies.

Each digital promotion is loaded into our network along with key parameters, such as the eligible products, total campaign budget, campaign expiration date (if any), and any targeting criteria specifying which consumer segments should receive the offer.

Certain aspects of this process can be done on a self-serve basis, while others are accomplished with help from our account managers.

The Ibotta Performance Network

The IPN provides an at-scale success-based marketing solution whereby we get paid when our client’s promotion results in a transaction with a consumer.

By using the IPN, clients can create digital offers and distribute them in a coordinated fashion across our D2C properties and our third-party publishers.

The key components of the IPN are as follows:

Ibotta sources digital promotions from clients, retailers, and their media buying agencies.

Each digital promotion is loaded into our network along with key parameters, such as the eligible products, total campaign budget, campaign expiration date (if any), and any criteria for distributing offers based on past purchase history, on platforms where available.

We distribute our digital offers through our D2C properties and a growing network of third-party publishers that host our offers on their platforms on a white-label basis.

We have formed strategic relationships with publishers such as Walmart, Dollar General, Family Dollar, Instacart, and DoorDash.

On third-party publisher properties, consumers do not need an Ibotta account to redeem offers.

We receive different amounts of data from different third-party publishers to enhance our tools and technologies.

Technology platform .

Our cloud-based, AI-enabled technology platform tracks which offers are selected by consumers, matches offers to the products that have been purchased, logs redemptions, handles the flow of funds, and manages downstream billing and logistics.

This minimizes the risks that offer budgets are exceeded and that consumers redeem the same offer several times for a single purchase (i.e., offer stacking).

We help our clients determine the optimal offer value, offer cadence, offer breadth, and targeting criteria for a given campaign, based on their strategic objectives.

Using AI, we build recommenders that are designed to match the right offers with the right consumers at the right time.

With AI, our recommendation algorithms continuously improve, allowing us to drive higher conversion and cost efficiency for our clients.

Underpinning the platform is the item-level consumer purchase data we receive from our third-party publishers and retailer POS integrations, which we use to process offer redemptions and help drive high return on investment outcomes for CPG brands.

We distribute our digital offers through Ibotta D2C properties and a growing network of third-party publishers that host our offers on a white-label basis.

We have formed strategic relationships with retailer publishers such as Walmart, Dollar General, Family Dollar, Instacart, and DoorDash.

On third-party publisher properties, consumers do not need an Ibotta account or mobile app to redeem offers.

Our platform, described in further detail below, tracks which offers are selected by consumers, matches offers to the products that have been purchased, logs redemptions, and manages budgets and billing.

We use our technology platform to structure our clients’ campaigns based on their objectives.

Underpinning the platform is item-level consumer purchase data, which we use to process offer redemptions and help drive successful outcomes for our clients.

We use AI/ML tools as part of our technology platform, and we continue to evaluate additional opportunities for applications of these tools as our platform evolves and as new AI/ML tools become available.

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The above components of our network work together to create interconnected flywheels that can over time strengthen and accelerate the value of the IPN for our constituents.

CPG brand flywheel .

The more offers CPG brands sponsor, the greater value we are able to deliver to consumers, and the more likely that they continue to engage with and recommend our offers to friends.

The more consumers engage, the more investment we receive from both new and existing CPG brands that are eager to influence the greater spending power of this audience.

The more offers are redeemed on the IPN, the more redemption data we collect in relation to each consumer, and the better our AI models become at recommending personally relevant offers for each consumer.

Retailer flywheel .

The opportunity to entice more consumers into their stores and onto their websites motivates retailers to take steps that further increase consumer engagement.

For instance, retailers can make it easier to redeem offers in their stores by integrating their POS with Ibotta or hosting our offers on their own apps and websites as part of their loyalty rewards programs.

As offers become easier to redeem, more consumers use them, which in turn attracts greater investments in offers from CPG brands, which we believe ultimately results in more consumers using the retailer’s loyalty program.

The network dynamics inherent in Ibotta’s business create a strong competitive advantage.

The more consumers we attract, the more CPG brands invest, and the more offers they provide for distribution across our network, the more consumers are likely to engage with our offers, increasing the value generated by each consumer.

At the same time, the more content we add, the more attractive joining our network becomes to new publishers, enlarging the total audience and attracting more CPG marketing investment.

As the network grows, retailers are increasingly incentivized to integrate with our technology so they can incorporate our rewards into their own loyalty programs while allowing their consumers to redeem offers as seamlessly as possible.

The above components of our network work together to create interconnected flywheels that can, over time, strengthen and accelerate the value of the IPN for our stakeholders.

We believe that the network dynamics inherent in Ibotta’s business create a strong competitive advantage.

The more offers our clients sponsor, the greater value we can deliver to consumers, and the more likely that they continue to engage with our network.

All else equal, over time, greater consumer engagement and larger audiences increase our chances of maximizing investments from both new and existing clients that are eager to influence the greater spending power of the millions of consumers reached by our network.

The more offers that are redeemed on the IPN, the more redemption data we collect, and the better we become at structuring our clients’ campaigns to maximize their investment.

At the same time, the more offers that we add, the more attractive joining our network becomes to new publishers, enlarging the total audience and attracting more client marketing investment.

As the network grows, publishers are increasingly incentivized to integrate with our technology so they can incorporate our rewards into their own programs while allowing their consumers to redeem offers as seamlessly as possible.

Our Products & Offerings

We provide a number of products and offerings to CPG brands and retailers, publishers, and consumers.

For CPG Brands and Retailers

Our offerings for CPG brands are often coordinated and delivered via the Ibotta Portal.

The Ibotta Portal is a single interface that centralizes our clients’ experience with Ibotta, starting from setting up an offer to analyzing the performance of a campaign.

Our clients typically purchase a combination of the following products to meet their marketing objectives.

We provide several products and offerings to our clients, retailers, publishers, and consumers through the IPN.

For Clients and Retailers

Our clients and retailers may purchase a combination of the following products to meet their marketing objectives.

We enable clients to deliver digital promotions to incentivize changes in consumer behavior and drive incremental sales.

Through our deep experience with clients of various sizes that sell a wide range of

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We allow CPG brands to deliver digital promotions to incentivize changes in consumer behavior and drive incremental sales.

Through our deep experience with clients of various sizes that sell a wide range of consumer products, we have developed a number of curated, strategic “playbooks” that offer guidance on how best to achieve their specific marketing objectives.

Depending on their goals, our clients can choose a set of eligible products, set offer values, introduce targeting criteria, and determine an overall budget for their campaign.

Measurement is also core to our promotions offering.

We provide campaign performance analysis throughout the campaign and post-campaign via the Ibotta Portal, visualizing data on total unit movement, incremental units moved, demographic and geographic data for both in-store and online purchases at the Universal Product Code (UPC) level, partnering with our clients to measure the ongoing efficacy of their campaigns.

Additionally, we provide CPG brands with insights derived from our robust item-level purchase data in order to improve their understanding of the consumer landscape and their associated promotional activities.

Our platform records the number of offers redeemed in any given campaign and invoices our clients for the total value of those offers, along with our agreed upon fee-per-sale commission.

consumer products, we have developed curated, strategic “playbooks” that offer guidance on how best to achieve their specific marketing objectives.

Depending on their goals, our clients can set an overall budget for their campaign then choose a set of eligible products, set offer values, and where possible, distribute different offers based on past purchase history.

Measurement is core to our promotions offering.

We provide campaign performance analysis throughout the campaign and post-campaign via the Ibotta Portal – a single interface that centralizes our clients’ experience with Ibotta and provides clients with information on key performance metrics.

For eligible campaigns, our LiveLift™ set of capabilities enables more sophisticated projections and profitability metrics, including incremental sales and CPID, to help our clients achieve the desired scale or efficiency for their promotions.

Additionally, we provide clients with insights derived from our robust item-level purchase data to improve their understanding of the consumer landscape and their associated promotional activities.

Our platform records the number of offers redeemed in any given campaign.

We use that information to invoice our clients for the total value of those redemptions, along with our agreed upon fee-per-redemption commission.

For most campaigns, we typically invoice our clients on a monthly basis.

Ibotta also partners with affiliate networks to provide consumers with cash back on a percentage of their total basket spend at retailers.

Ibotta also partners with affiliate networks to access offers from certain retailer advertisers so consumers can earn cash back on a percentage of their total basket spend at those retailers.

The affiliate networks remit payment to us upon receipt from the retailers.

Ad and other products

On Ibotta D2C properties, we offer a variety of digital ad products to help our clients boost visibility for their brands and increase the reach of their promotions, which typically translates into increased offer redemptions.

Ad products include targeted digital ads such as display ads, tiles, sponsored offers, newsletters, and feature placements bought by clients to raise awareness of their offers and/or communicate their brand messages.

On our D2C properties, we offer a variety of digital ad products to help our clients boost visibility for their brands and increase the reach of their promotions.

These include display ads, tiles, sponsored offers, newsletters, and feature placements bought by clients to raise awareness of their offers and/or communicate their brand messages.

We typically charge fixed dollar amounts for our ad products, based on the size of the audience that views each unit.

We provide aggregated and deidentified data and insights to our clients which helps them enrich existing datasets to improve attribution tools and inform future marketing strategies.

We also partner with data and media clients, and provide them with data, including personal data, used to assist their digital marketing efforts and strategies.

We have differentiated access to first-party data, which includes cross-retailer and item-level data on full baskets purchased by millions of consumers, through our integrations with retailers, receipts submitted to us via our Ibotta D2C properties, and our ability to run surveys across our diverse consumer audience to gather qualitative insights.

We deliver data and insights to our clients in the form of a license based on an agreement that specifies the nature and scope of the types of insights shared.

We also partner with data and media clients and provide them with data to assist their digital marketing efforts and strategies.

We have differentiated access to first-party data, which includes cross-retailer and item-level data on full baskets purchased by millions of consumers.

We license data to our clients in an agreement that specifies the nature and scope of the types of data shared.

For Publishers

Publishers benefit from Ibotta’s white-label technology, or the “rewards as a service” platform.

Publishers can integrate with Ibotta’s Application Programming Interfaces (APIs), and Ibotta handles all aspects of offer sourcing, purchase verification, offer matching, offer crediting, billing, and other logistics.

Ibotta also provides expertise on operating a top-tier rewards program based on more than a decade of operating the Ibotta D2C.

This can include valuable advice on program design and user experience (UX), recommended tactics for effective lifecycle marketing strategies to acquire and retain users of the digital offers program, and other helpful information and best practices.

We believe publishers value Ibotta’s expertise in designing and operating widely used digital offer programs.

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Publishers can integrate with Ibotta’s Application Programming Interfaces (APIs), and Ibotta handles the offer sourcing, purchase verification, offer adjudication, billing, and other logistics.

Ibotta also provides expertise on operating a top-tier rewards program based on more than a decade of operating the D2C platform.

This can include valuable advice on program design and user experience, recommended tactics for effective lifecycle marketing strategies to acquire and retain users, and other helpful information and best practices to optimize digital offers and loyalty programs.

We believe publishers value Ibotta’s expertise in designing and operating widely used programs that engage consumers and drive retailer loyalty.

For Consumers

Consumers redeem offers through our third-party publisher properties or directly on our D2C properties.

Our third-party publisher properties include white-label retailer loyalty programs powered by Ibotta, while our D2C properties include our Ibotta-branded mobile app, website, and browser extension.

Cash out options on our third-party publishers vary, but consumers can usually apply cash back rewards to future trips, either in-store or online.

In some cases, they can also choose to cash out to Paypal or claim their rewards as cash in-store.

On our D2C properties, consumers may cash out their rewards in the form of gift cards, a transfer to their Paypal account, or a deposit to their bank account.

Third-party publisher properties

Consumers can access offers powered by Ibotta on third-party publishers’ digital properties.

This creates a seamless experience for consumers through publishers, while allowing publishers to maintain a direct relationship with their consumer, keep their own brand front and center, and curate their own user experiences.

There is no requirement for consumers to create an Ibotta account or download the Ibotta app to access third-party publishers’ properties;

This creates a seamless experience for consumers, while allowing publishers to maintain a direct relationship with their consumer, keep their own brand front and center, and curate their own user experiences.

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is no requirement for consumers to create an Ibotta account or download the Ibotta app to access third-party publisher properties;

they can simply visit the publisher’s website or mobile app, select offers, buy featured products, and earn rewards or discounts, depending on how the publisher’s program is designed.

Ibotta D2C properties

Cash out options on our third-party publishers vary, but consumers can generally apply cash back rewards to future trips or instantly get discounts applied at the point-of-sale, either in-store or online.

In some cases, they can also claim their rewards as cash in-store.

D2C properties

We operate a free mobile app that is available on iOS and Android.

With our mobile app, consumers can create an Ibotta account, browse and select offers powered by CPG brands or retailers, redeem those offers at retailers’ properties, and receive cash back when they buy the featured items either in-store or online.

Once an offer is redeemed, consumers can see and manage their cash back balance within the app, and once they have reached a certain balance, they can cash out to a Paypal account, bank account, or digital gift cards from within the app.

Consumers can download the app, create an Ibotta account, browse and select offers powered by our clients or retailers, redeem those offers at retailers’ properties, and receive cash back when they buy the featured items either in-store or online.

Once an offer is redeemed, consumers can see and manage their cash back balance within the app, and once they have reached a certain threshold balance, they can cash out to a PayPal account, bank account, or digital gift cards from within the app.

Since its debut in 2012 and as of December 31, 2025, our mobile app has attracted over 54 million registered users and been rated over 2.6 million times across the App Store and Google Play Store, earning an average of 4.7 out of 5 stars.

Ibotta also offers a free desktop browser extension for Google Chrome that is supported by the Ibotta.com website.

Our browser extension compares prices across retailers and allows consumers to set price drop alerts, while providing access to cash back offers at over 3,000 online retailers.

In addition, consumers can also use our website to set up or log into their accounts, redeem offers, and link their bank accounts and withdraw earnings.

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Our browser extension compares prices across retailers and allows consumers to set price drop alerts, while providing access to cash back offers at thousands of online retailers.

In addition, consumers can use our website to set up or log into their accounts, select offers, and link their bank accounts to withdraw earnings.

Our Technology Platform

Ibotta’s technology platform uses an AI-enabled offer engine that is designed to match and distribute the right offer to the right consumer at the right time.

Underpinning our platform is a rich, ever-growing repository of data drawn from our third-party publishers and retailer POS integrations, consumer-provided receipt purchase data, offer selection and redemption data, and inventory data.

We built a robust data and AI platform which powers our campaigns and offers, purchases and redemptions, and payments and finance capabilities.

We designed our platform to be flexible, with APIs that allow stakeholders of the IPN to seamlessly share and receive critical information securely.

CPG brands and publishers can interact on a daily basis with our technology via our carefully designed, easy-to-use portal.

Our technology platform is the engine of our business.

Fueled by a vast repository of data, it seamlessly powers every stage of the journey—from campaigns to redemptions to payment.

The key components of our platform include:

Purchase data .

We receive and process a large amount of item-level consumer purchase data from our third-party publishers and retailer POS integrations and use that data to process offer redemptions and help drive high return on investment outcomes for CPG brands.

Purchase data includes the UPC, quantity, and price of the items for a transaction along with the total amount paid, date, time, and store location.

The vast majority of our purchase data comes from direct integrations.

Data, analytics, and AI platform.

Our cloud-based, data and AI platform is built on an open architecture that enables us to deliver millions of offers from CPG brands in a targeted, personalized way to consumers through our network of publishers.

We leverage our unique cross-retailer, omnichannel, item-level purchase dataset to power proprietary AI models that can be used to predict future purchases, campaign performance, offer redemption velocity, and more.

We use natural language processing, machine learning, and large language models to clean, categorize, and enhance the purchase data we process and then make it available via our data platform.

It is then leveraged to adjudicate offer redemptions and power AI models and analytics across our entire technology stack including recommenders, search engines, audience targeting systems, campaign forecasting, targeted marketing efforts, and more.

The more data we accumulate, the better our AI models become.

At the same time, our proprietary AI offer engine allows our CPG brands to better achieve their goals.

We help our clients determine the optimal offer value, offer cadence, offer breadth, and targeting criteria for a given campaign, based on their strategic objectives.

Using AI, we build recommenders that are

We receive and process a large volume of item-level consumer purchase data from our retailer integrations and receipts uploaded by our D2C consumers, all pursuant to clearly disclosed and agreed to terms and conditions and detailed in our Privacy Policy.

This data includes the UPC,

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designed to match the right offers with the right consumers at the right time.

With machine learning, our recommendation algorithms continuously improve, allowing us to drive higher conversion and cost efficiency for our clients.

We give CPG brands a single source of truth for the performance of their digital promotions nationwide, across multiple publisher environments.

The Ibotta Portal allows CPG brands to set up campaigns on certain publishers, monitor redemption and budget levels, and analyze overall campaign performance in light of their specific objectives – all enabled by our technology platform.

quantity, and price of the items for a transaction along with the total amount paid, date, time, and store location.

The vast majority of our purchase data comes from our integrated retailer partners.

We also receive certain purchase data from our third-party publishers, which is governed by agreements with each of those publishers.

We use purchase data to recommend personalized offers where available and help drive favorable outcomes for our clients.

Data, analytics, and AI platform .

We leverage our unique dataset to power proprietary models that can be used to predict campaign performance, offer redemption velocity, and more.

The more data we accumulate, the better our models become.

At the same time, our platform allows our clients to better achieve their goals.

Based on their strategic objectives, we help our clients determine the optimal offer value, offer cadence, offer breadth, and, where available, offer segmentation.

We give CPG brands a single source of truth for the performance of their Ibotta digital promotions nationwide, across multiple publisher environments.

The Ibotta Portal allows clients to set up campaigns where available, monitor redemption and budget levels, and analyze overall campaign performance based on their specific objectives—all enabled by our technology platform.

Campaigns and offers .

Our ability to drive sales for our clients turns in large part on our advanced capabilities in campaigns and offers.

We believe Ibotta attracts consumers by allowing them to maximize savings, which we are able to do through the volume, quality, and personalization of the offers we provide.

Our campaigns and offers capabilities include campaign creation, offer syndication, personalization, search, audiences and targeting, and distribution configuration.

These capabilities power our clients’ ability to create, launch, and execute successful campaigns in a highly automated manner with strategic recommendations powered by our AI engine and informed by our differentiated access to data.

Our technology also enables clients to personalize offers and decide which audiences to target.

Our ability to drive sales for our clients turns in large part on our advanced capabilities in campaigns and offers, including campaign creation, offer syndication, personalization, search, segmentation of offers where available, and distribution configuration.

These capabilities allow our clients to create, launch, and execute successful campaigns and enable our consumers to maximize their savings.

Purchases and redemptions .

Our technology platform helps orchestrate purchases and redemptions through our sophisticated capabilities in tracking and data analysis.

Our systems are able to track which offers have been selected by consumers in real-time, match offers to the specific qualifying products that have been purchased, and log redemptions accordingly.

Our real-time campaign tracking allows clients to monitor the success of their campaigns - providing visibility into total unit movement, sales lift, demographic and geographic data, market share, and brand switching behavior while the campaign is still ongoing, arming clients with the information they need to measure the efficacy of their campaigns and to optimize campaign performance and manage their budgets accordingly.

We also help minimize offer stacking by ensuring that a consumer who earns a reward for redeeming an offer on Ibotta’s app cannot earn a second, redundant reward on a third-party publisher for the same underlying purchase.

Our technology platform tracks which offers have been selected by consumers, matches offers to the specific qualifying products that have been purchased, and logs redemptions accordingly.

Our in-flight campaign tracking arms clients with the information they need to measure the efficacy of their campaigns and to optimize campaign performance and manage their budgets accordingly.

We also minimize offer stacking by monitoring for instances where a consumer who earns a reward for redeeming an offer on Ibotta’s app attempts to earn a second, redundant reward on a third-party publisher for the same underlying purchase.

Payments and finance .

We handle all aspects of billing and collections, as well as managing cash flows.

We also provide our clients with a portal that allows them to set up and refine their offer parameters, as well as monitor and analyze their campaign performance.

We handle the flow of funds among clients, publishers, and consumers.

Our systems maintain rewards ledgers for each consumer within each publisher environment, track the accumulation and cash out of rewards on our D2C platform, monitor client budgets, and manage billing and collections.

Robust API integrations .

We built our technology platform to be highly flexible and scalable with our API-first design, enabling CPG brands and retailers to easily integrate with us.

We allow our clients to leverage our APIs to integrate insights from our differentiated access to data into critical apps such as their customer relationship management software, marketing analytics tools, and more.

Our APIs allow our core technology stack to extend to our constituents and their respective platforms.

We built our technology platform to be highly flexible and scalable with our API-first design, enabling clients, publishers, and retailers to seamlessly integrate with us.

We allow our publisher partners to leverage our APIs in apps such as their customer relationship management software, marketing analytics tools, and more.

Our APIs allow our core technology stack to extend to our publishers’ respective platforms.

Growth Strategies

We believe Ibotta is well positioned to capitalize on a large and growing market opportunity.

consumers spent approximately $1.2 trillion in the grocery sector in 2024, and CPG brands compete fiercely to influence their spending habits, spending over $200 billion on marketing annually in the U.S.

We believe Ibotta is well positioned to capitalize on an expansive market opportunity.

consumers have historically spent over $1 trillion in the grocery sector each year, and CPG brands compete fiercely to influence their spending habits, spending approximately a combined $200 billion on marketing and trade promotions annually in the U.S.

We intend to capitalize on this market opportunity with the following key growth strategies.

Grow our audience.

To deliver more redemptions in the future, we plan to reach more consumers with our digital offers.

Ibotta will seek to continue to grow the audience that we reach through the IPN through increased penetration at existing publishers and by adding to the network of third-party publishers.

Add offer supply.

We have observed a strong correlation between the quantity and quality of offers we make available to consumers and the number of redemptions generated.

To capture a larger portion

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of the market, we will seek to grow investment from our existing clients, while also striving to expand into new brands and categories.

• Make it easier for clients to work with Ibotta.

We continue to invest in systems, tools, and processes that help our employees sell our offerings and reduce friction in the buying process for our clients.

• Continue to enhance our LiveLift™ offering.

We are working to expand the availability of LiveLift™, our breakthrough tool that provides certain eligible clients with additional in-flight measurement and optimization capabilities to enhance the effectiveness of their campaigns.

We plan to continue rolling out LiveLift™ to our client base, allowing for increased frequency of campaign measurement and greater optimization capabilities.

Grow our network.

We will seek to grow the audience that we reach on the IPN through increased penetration at existing publishers and by adding to our network of third-party publishers.

• Grow redeemers on existing third-party publisher properties.

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Ibotta works closely with its publishers and serves as an advisor to enhance publisher programs from a technical and user experience perspective.

Additionally, Ibotta provides publishers with advice on marketing best

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practices for digital offers programs, with a focus on reaching the maximum audience, building consumer engagement, and driving offer redemptions.

We continue to see growth in usage of Ibotta-powered rewards programs at current publishers, as measured by the number of redeemers and redemptions.

Additionally, Ibotta provides publishers with advice on marketing best practices for digital offer programs, with a focus on reaching the maximum audience, building consumer engagement, and driving offer redemptions.

We continue to see growth in usage of Ibotta-powered rewards programs at current publishers, as measured by the number of redeemers at those publishers.

Our goal is to continue this growth through our efforts and those of our partners.

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We believe Ibotta’s decade of experience operating a popular D2C app further strengthens our go to market message with potential new publishers.

We have observed a strong correlation between the number offers we make available to consumers and the number of redemptions generated.

An expanded library of offers increases the odds that a consumer will find something he or she wants to buy, increasing redemptions per redeemer.

At the same time, adding more attractive and more numerous offers grows the redeemer base because consumers who earn rewards are more likely to keep coming back to redeem offers in the future.

In order to capture a larger portion of the market, we will seek to grow investment from our existing CPG brands, while also seeking to expand into new brands and categories.

Continu e to enhance the IPN through innovation.

We will continue to invest in technology to further develop and accelerate the growth of the IPN for CPG brands, retailers, publishers, and consumers.

As the data generated by the IPN grows, we believe Ibotta will generate more valuable insights about purchase behavior and market trends and may be able to automatically optimize campaigns for clients based on real-time data from across the network.

We intend to enable CPG brands to leverage our AI-powered tools to run success-based marketing programs that achieve their specific goals.

CPG brands may also be able to create digital offer campaigns programmatically via other buying platforms.

Ibotta will aim to continue to engage consumers on our D2C apps, website, and browser extension by integrating more deeply with our publishers to make offer redemption as easy as possible.

Wherever possible, consumers will be able to use their preferred payment instrument or loyalty program to redeem offers seamlessly on Ibotta D2C properties.

Sales and Marketing

While we believe our value proposition and the proven efficacy of our platform have together driven our organic expansion with CPG brands, we also employ various sales and marketing strategies to attract CPG brands, publishers, and consumers to the IPN.

CPG brand partnerships

We continue to scale by deepening our collaboration with our existing CPG brand partners and attracting new CPG brands to our network.

As of December 31, 2024 , we served over 83 0 clients, representing over 2,6 0 0 different CPG brands, primarily within the grocery and general merchandising categories.

While we believe our value proposition and the proven efficacy of our platform have driven our organic expansion with our clients and publishers, we also employ various sales and marketing strategies to attract additional clients, publishers, and consumers to the IPN.

Client partnerships

We continue to scale by deepening our collaboration with our existing clients and attracting new clients to our network.

We aim to shift clients’ marketing budgets from other marketing channels, including other promotions vehicles, to Ibotta.

Our sales method varies to suit the needs of our clients.

For smaller, more centralized clients, we may interface directly with the client’s Chief Marketing Officer.

For larger clients, our team may target Chief Marketing Officers, Revenue Management/Commercial leaders, senior marketing or growth executives (or members of their team), individual brand or category managers, promotions managers, or centralized centers of excellence within the CPG brand umbrella.

For larger clients, we often land with one brand and then seek to expand to others within the portfolio by demonstrating success with our campaigns.

We maintain a dedicated sales team, organized across three verticals:

• Enterprise :

Food, Health & Beauty, Home & General Merchandise, and BevAlc;

Fast-growing and challenger brands across all industry verticals;

• Alternative Revenue :

Affiliate, Data, and Gift Cards

Sellers within our organization may cover anywhere from one to dozens of clients, depending on the size, investment, and complexity of those clients.

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We maintain a dedicated sales team, distributed across our Client Partnerships and Account Management teams.

Our Client Partnerships team is responsible for sales to new and existing clients.

Our Account Management team is dedicated to building and growing relationships with our clients, which they do by executing the campaigns sold by the Client Partnerships team and communicating the performance of those campaigns to our clients to encourage them to expand and extend their investments with Ibotta.

Each sales team within our organization may cover anywhere from one to dozens of clients, depending on the size, investment and complexity of those clients.

For our largest and most strategic accounts, we have dedicated teams of employees who partner with a single client to recommend custom campaigns to achieve that client’s KPIs and to identify industry and category trends.

The majority of our client accounts, however, are covered by client partners and account managers that also interact with other clients.

Our sales team is typically organized with a geographic focus based on where our clients are located in order to ensure that each team is able to interface with the brands they serve in person on a regular basis.

We also have teams dedicated to specific categories, such as general merchandise.

We structure our sales team incentive plan to align with the objectives of Ibotta, our clients and our publishers, including revenue and redemptions driven, instead of on common compensation plan targets such as budgets secured or redemptions generated by associated offers.

Publisher relationships

We have dedicated teams focused on maintaining and growing existing relationships with third-party publishers and bringing new publishers onto our platform.

Our strategic partner management team consists of account managers and technical account managers who work with existing third-party publishers to grow the size of the audience on publisher platforms that interact with our offers and to increase the number of redemptions per consumer.

This team works with cross-functional resources from Ibotta’s marketing, sales, product design, and technical teams to provide best practices and consultative support to publishers on an ongoing basis.

Our business development team works to establish new partnerships across several target verticals, including grocery, mass, and pharmacy retailers, as well as delivery service providers, specialty retailers, and non-retailer publishers.

Our strategic partner management team works with existing third-party publishers to grow the size of the audience on publisher platforms that interact with our offers and to increase the number of redemptions per consumer.

Our business development team works to expand the IPN by establishing new publisher partnerships across several target verticals, including grocery, mass, and pharmacy retailers, as well as delivery service providers, specialty retailers, and other non-retailer publishers.

The business development team’s efforts are centered around acquiring top strategic publishers that have large audiences and can fuel the expansion of our network.

Our most effective marketing tactic is the value that we have created for our redeemers, with approximately $2.3 billion in cash credited to their accounts as of December 31, 2024 .

This has allowed us to build an efficient marketing engine with heavy organic growth while developing a broader set of marketing strategies to attract consumers to, and increase their engagement with, Ibotta’s D2C properties.

We run marketing across a wide variety of channels, including digital marketing campaigns across search engines, app stores, social media platforms, influencers, affiliates, programmatic advertising outlets, as well as more traditional channels like TV and radio, among others.

Consumer relationships

Our consumer base is built upon our inherent value proposition, as evidenced by the $2.7 billion in cash back credited to our redeemers to date.

This has allowed us to build an efficient marketing engine while developing a broader set of marketing strategies to attract consumers to, and increase their engagement with, Ibotta’s D2C properties.

We market our D2C properties across a wide variety of channels, including digital marketing campaigns across search engines, app stores, social media platforms, influencers, affiliates, programmatic advertising outlets, as well as more traditional channels like TV and radio, among others.

Finally, we participate in key seasonal marketing events, like our annual Thanksgiving promotion, which has fed more than 11.5 million Americans since its inception.

As we have scaled the IPN, our marketing efforts have become increasingly business-to-business (B2B) focused.

We aim to create inbound interest from additional advertisers and potential third-party publishers.

Attracting more CPG brands and publishers will expand our network.

These B2B marketing efforts leverage our D2C marketing experience to ensure that our clients and publishers understand the unprecedented scale and performance marketing efficiency of the IPN.

Our focus here is to continue to

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grow the Ibotta brand, and further embed ourselves across the industry.

We market Ibotta at key events, like GroceryShop, and have marquee partnerships to increase the visibility of our brand, such as with the Denver Nuggets.

The environment in which we operate is highly competitive.

We compete with a broad set of competitors for CPG brands, retailers, publishers, and consumers across our products and offerings.

With increasing consumer usage of smartphones for retail shopping, the competitive landscape is constantly evolving and creating more competitive pressure to generate an innovative solution that reaches the largest consumer audience for CPG brands, retailers, and publishers.

For CPG brands .

In sourcing offer budgets from CPG brands, we compete with legacy promotional tactics such as paper coupons, printable coupons, and free-standing inserts (FSIs), as well as load-to-card programs that publish digital coupons on the apps and websites of certain grocery retailers.

We also compete for media agencies that choose to invest in Ibotta instead of investing in traditional, digital, social, search, and/or other advertisers, with which we also compete.

We compete with a broad and evolving set of competitors to service clients, publishers, retailers, and consumers across our products and offerings.

In sourcing offer budgets from clients, we compete with legacy promotional tactics such as paper coupons, printable coupons, free-standing inserts (FSIs), and temporary price reductions (TPRs), as well as other mobile apps that offer points, cash back rewards, or discounts to consumers, and load-to-card programs that publish digital coupons on the apps and websites of certain grocery retailers.

We also compete for media agency budgets, vying with other advertisers for these investments.

These include large social media and search-oriented platforms, programmatic media networks that sell ads on a cost per click or cost per impression basis, and more traditional offline advertising spend.

We believe CPG brands can generate a high and quantifiable return on their online or offline ad spend with Ibotta due to our fee-per-sale model, large audience reach, single solution to share offers across multiple retailers, omnichannel purchase-level data, our cookie-less privacy compliant marketing solution and our ability to limit stacking.

We compete by offering an at-scale solution that is purpose-built for our clients, reaches a large number of consumers, provides exclusive access to some of the largest third-party publishers, allows for a higher degree of offer segmentation, measurement, and optimization, operates on a fee-per-redemption basis, works for both in-store and online shopping, and delivers more incremental sales and offer redemptions.

For publishers.

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We believe that our access to national promotions budgets gives Ibotta the ability to provide publishers with a large volume of digital promotions content.

Our technology provides an easy integration and onboarding process.

These advantages allow our publishers to build higher consumer engagement, deliver more savings to their consumers, and create loyalty which helps them capture greater market share.

Retailers could conceivably source offers for their own digital offers program, either in addition to or instead of working with a third-party partner.

In that case, however, the retailer may be limited to retailer-exclusive offers and may not be able to tap into national promotions budgets within CPG brands.

Further, Ibotta takes care of these functions so that retailers can focus their conversations with suppliers on negotiating the lowest possible price for goods and encouraging investments in higher margin products, such as retail media.

Some retailers source offers for their own digital offers program, either in addition to or instead of working with a third-party partner like Ibotta.

In that case, however, the retailer may be limited to retailer-exclusive offers and may not be able to tap into national promotions budgets within CPG brands to the same extent.

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For consumers.

Consumers can choose from among many other rewards programs that provide cash back, rewards, or discounts, including credit cards, individual retailer loyalty programs, and online shopping sites that aggregate retailer offers.

There are also other mobile apps that offer digital promotions on CPG brand items, some of which provide cash back while others provide points.

We win with consumers based on factors such as user experience, convenience, and value, as well as the quality and personalization of our offers.

We believe consumers can generate more savings through Ibotta due to the volume and breadth of offers we provide and the fact that we offer cash back rather than points.

We face substantial competition from our primary competitors which include, but are not limited to:

• Companies that distribute paper coupons, retailer circulars, and FSIs, as well as load-to-card digital coupons through grocery retail apps and websites in a white-label fashion

Consumers can choose from among many other rewards, subscription, and loyalty programs that provide cash back, rewards, or discounts, including credit cards, individual retailer loyalty programs, and online shopping sites that aggregate retailer offers.

For example, we face substantial competition from:

• Companies that distribute paper coupons, retailer circulars, FSIs and TPRs, as well as load-to-card digital coupons through grocery retail apps and websites in a white-label fashion;

• Other mobile apps that offer points, cash back rewards, or discounts to consumers when they upload their physical receipts or send in their e-receipt data;

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• Operators of other cash back rewards programs, including those that focus on sitewide cash back for online purchases

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We compete by offering an at-scale solution that is purpose built for CPG companies, reaches a large number of consumers, provides exclusive access to some of the largest third-party publishers, hosts a large number of offers, allows for a higher degree of targeting and measurement, operates on a fee-per-sale basis, works for both in-store and online shopping, and delivers more sales and offer redemptions.

We compete by offering a large number of offers for consumers, available on multiple platforms.

Our Culture and Employees

Ibotta’s unique, founder-led work culture is defined by our Mission and company values, and we believe these are critical to our ongoing success.

Our Mission is to Make Every Purchase Rewarding, which means we seek to maximize the number of consumers who we benefit through the provision of rewards on their everyday purchases, regardless of whether they earn those rewards on our D2C properties or on one of our third - party publishers.

Ibotta’s unique, founder-led culture is defined by our mission and company values, and we believe these are critical to our ongoing success.

Our mission is to Make Every Purchase Rewarding, which means we seek to maximize the number of consumers who we benefit through the provision of rewards on their purchases, regardless of whether they earn those rewards on our D2C properties or with one of our third-party publishers.

Our “IBOTTA” company values are:

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• A Good Idea Can Come From Anywhere

As of December 31, 2024 , Ibotta employ s 886 full-time employees, all but one of whom reside in the United States.

Following a reduction in force in February 2025, Ibotta now employs approximately 800 full-time employees.

As of December 31, 2025, Ibotta employed approximately 800 full-time employees.

We also engage with contractors, vendors, and consultants.

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We are strongly committed to maintaining a diverse, equitable, and inclusive workplace.

This means we prioritize hiring and promoting people who not only have the skills required to perform their respective roles, but also bring diverse perspectives and experiences to their work at Ibotta.

We invest in employee development to ensure all employees are prepared for career growth opportunities both at Ibotta and beyond their time with us.

We invest in employee development to ensure all employees are prepared for career growth opportunities both at Ibotta and beyond their time at the Company.

We regularly monitor our hiring and promotions practices to ensure that we live up to our commitment as an equal opportunity employer with no pay disparities based on gender, sex, sexual orientation, race, national origin, age, or religion.

In addition to providing challenging and engaging work, we also provide robust benefits, including health insurance for employees and dependents, which include options that are fully funded by Ibotta, 401k match, fertility benefits, paid parental leave , and generous time off to support both physical and mental well-being.

We foster a tight-knit culture through company events, team building, concerts by our company band, and participation in our employee-led Culture Clubs, which provide opportunities for employees to engage cross-functionally.

In addition to providing challenging and engaging work, we also provide robust benefits, including health insurance for employees and dependents, which include options that are fully funded by Ibotta, 401k match, fertility benefits, paid parental leave, and paid time off to support both physical and mental well-being.

We foster a tight-knit culture through company events, team building, concerts by our company band, and participation in our employee-led affinity groups, which provide opportunities for

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employees to engage cross-functionally.

Annually, our employees can use dedicated volunteer hours to give back to their communities or via Ibotta Gives Day, our company-wide day of philanthropy.

We are proud of the Ibotta culture and see its value reflected in our semi-annual employee engagement scores which reflect high engagement and a strong intent to remain with Ibotta.

Our Board of Directors and Compensation Committee oversee our human capital strategy, which is developed and managed under the leadership of our Chief People Officer, who reports to our Chief Executive Officer.

Ibotta is committed to providing equitable compensation opportunities, and rewarding employees who achieve results, live our mission and values, and help others succeed.

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Intellectual Property

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We rely on a combination of patents, copyrights, trademarks, trade secrets, know-how, contractual provisions, and confidentiality procedures to protect our intellectual property rights.

As of December 31, 2024 , we held ten issued United States patents and had five United States patent applications pending.

As of December 31, 2025, we held 12 issued United States patents and had seven United States patent applications pending.

Our issued patents are scheduled to expire as early as 2032.

We continually review our development efforts to assess the existence and patentability of new intellectual property.

We have registered “Ibotta” and have also registered or are in the process of registering related marks as trademarks in the United States and other jurisdictions.

We have registered the “Ibotta” trademark and have also registered or are in the process of registering other trademarks in the United States and other jurisdictions, including LiveLift™.

We have also registered domain names for websites that we use in our business, such as www.ibotta.com and related variations.

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Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented, or challenged.

For additional information, see the sections titled Risk Factors—Risks Related to our Intellectual Property—We may not be able to adequately protect our intellectual property rights or may be accused of infringing intellectual property rights of third parties.

For additional information, see the section titled Risk Factors—Risks Related to our Intellectual Property—We may not be able to adequately protect our intellectual property rights or may be accused of infringing intellectual property rights of third parties.

Government Regulation

Ibotta is subject to U.S.

federal and state laws and regulations regarding privacy, data protection and information security, including laws and regulations regarding the storage, protection, sharing, use, transfer, disclosure, and other processing of personal data, as well as related subjects such as marketing and consumer protection.

federal, state, and local laws and regulations regarding privacy, data protection, and information security, including laws and regulations regarding the storage, protection, sharing, use, transfer, disclosure, and other processing of personal data, as well as related subjects such as marketing and consumer protection.

We are also subject to various U.S.

federal and state laws and regulations that affect companies conducting business on mobile platforms, including those relating to the internet, behavioral advertising, mobile apps, content, advertising and marketing activities, and anti-corruption.

For example, the California Consumer Privacy Act of 2018 (the CCPA) went into effect on January 1, 2020.

The CCPA requires covered companies (including Ibotta) to, among other things, provide certain disclosures to California consumers, and afford such consumers abilities to opt-out of the sale of, to review, and to delete their personal information that is collected by businesses.

The California Privacy Rights Act of 2020 (the CPRA) amended the CCPA and took effect on January 1, 2023.

The CPRA, among other things, expanded the CCPA with additional privacy compliance obligations for businesses, provided additional rights to California consumers, and established a regulatory agency dedicated to enforcing those requirements.

Similar legislation has been proposed or adopted in numerous other states.

We have implemented a variety of technical and organizational security and other measures designed to protect our data and other data that we maintain, including data pertaining to our redeemers, employees, and business partners.

Despite implementation of these measures, we may be unable to anticipate or prevent unauthorized access to, or unavailability, acquisition, corruption, loss, disclosure, or other processing of such data.

The CCPA and similar laws impose significant statutory damages as well as a private right of action for certain data breaches that implicate consumers’ personal information.

Actual or perceived non-compliance with applicable laws and regulations relating to privacy, data protection, cybersecurity, marketing, and consumer protection could result in litigation, claims, proceedings, actions or investigations by governmental entities, authorities or regulators, and significant financial penalties and related legal liabilities.

There can be no assurance that we will not be subject to private claims or litigation or regulatory investigations or other action, or be subject to penalties, liabilities,

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or other obligations, including financial penalties, in the event of a security breach or incident or any actual or alleged failure to comply with laws, regulations, industry standards, contractual obligations or other actual or asserted obligations relating to privacy, data protection, cybersecurity, marketing, or consumer protection.

We also could be adversely affected if new legislation or regulations are passed or existing laws or regulations are expanded and interpreted in manners that are inconsistent with our policies or practices or require changes in our business practices.

Further, new and evolving legislation and regulations, and changes in their enforcement and interpretation, may require changes to our business practices, including our AI platform, and may significantly increase our compliance costs and otherwise adversely affect our business and results of operations.

Any of these circumstances could adversely affect our business, financial condition, results of operations, and prospects.

federal, state, and local laws and regulations that affect companies conducting business on mobile platforms, including those relating to the internet, behavioral advertising, mobile apps, content, advertising and marketing activities, and anti-corruption.

For additional information, please see the sections following the heading Risk Factors—Risks Related to Government Regulation, Tax, or Accounting Standards.

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In 2012, we changed our name to Ibotta, Inc.

Our principal executive office is located at 1801 California Street, Suite 400, Denver, Colorado 80202, and our telephone number is 303-593-1633.

Our website address is www.ibotta.com.

Our principal executive office is located at 1400 16th Street, Suite 600, Denver, Colorado 80202, and our telephone number is 303-593-1633.

Our website address is

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www.ibotta.com.

We completed our initial public offering (IPO) in April 2024, and our common stock is listed on the New York Stock Exchange under the symbol “IBTA.”

We use Ibotta, the Ibotta logo, the IPN logo, and other marks as trademarks in the United States.

We use Ibotta, the Ibotta logo, the IPN logo, LiveLift™ and other marks as trademarks in the United States.

This Annual Report on Form 10-K contains references to our trademarks and service marks and to those belonging to other entities.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business