Ibotta ended its third quarter with revenue and adjusted EBITDA above the high end of its guidance, then offered an early view that revenue could grow at least in the mid-single digits in 2027. The company also forecast fourth-quarter revenue of $94 million to $98 million and adjusted EBITDA of $15 million to $17 million, framing the outlook as part of a broader effort to make the business more predictable after a period of reorganization.
Operating cash flow was $22 million and free cash flow was $16. 8 million. Ibotta also repurchased 400,000 shares for $14. 4 million during the quarter.
The mix of activity shifted toward Ibotta’s retail and other third-party publisher network. Advertising and other revenue declined 17% to $9. 3 million, with management linking the pressure to lower direct-to-consumer redeemer counts.
Chief Executive Bryan Leach attributed improving offer supply to stronger sales execution, growth in the LiveLift product, expanded first- and third-party measurement, and seasonal promotion planning around back-to-school campaigns. He said the results indicated that offer supply was growing faster than redeemer demand even as demand accelerated. The company’s filing said third-party publisher growth was driven primarily by increased offer supply, organic growth at existing publishers and the launch of new publishers.
The retail network also broadened. Giant Eagle went live during the quarter with Ibotta-powered digital promotions across its supermarkets and digital platforms. After quarter-end, promotions went live across the 7-Eleven and Speedway apps, with 7NOW expected to follow; management said redemption activity was beginning to ramp gradually. Festival Foods also launched after the quarter, while Ibotta said it continued working with Walmart on expansion.
Management used Danone’s LiveLift campaign as an example of the product’s operating model. The campaign was launched within days, allowing the brand to observe performance while the promotion was still running instead of fixing the offer and duration weeks or months in advance. Ibotta also pointed to its test-versus-control measurement approach and relationships with independent measurement companies as part of its advertiser proposition.
The quarter leaves Ibotta balancing faster consumer and publisher activity against lower revenue per redemption and weaker direct-to-consumer revenue. Its next stated financial checkpoint is the fourth quarter, for which it expects revenue of $94 million to $98 million and adjusted EBITDA of $15 million to $17 million. The preliminary 2027 view remains a minimum growth expectation rather than a detailed full-year forecast.