Ibotta (IBTA)
Runs a cash-back promotions network linking CPG brands to shoppers via app and retail partners.
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Operates a fee-per-redemption promotions network that pays consumers cash back on specific purchases, distributing offers through its own app and through retail and delivery partners including Walmart and Instacart. Founded in 2011 in Denver and listed in 2024, the business depends heavily on its Walmart relationship and operates only in the United States.
Runs a fee-per-redemption promotions network that connects consumer packaged-goods brands to shoppers, crediting cash back when a promoted product is purchased. Offers reach consumers through the company's own app, website, and browser extension, and through third-party retail and delivery partners such as Walmart, Dollar General, and Instacart.
Founded in 2011 in Denver, the business started as a standalone rewards app before rebuilding around a licensable network model that lets other retailers plug promotions directly into their own platforms. All operations are concentrated in the United States.
Walmart is the largest distribution partner and also holds an equity stake, concentrating a meaningful share of consumer reach in one relationship. A dual-class share structure leaves the founder with majority voting control, and growth in third-party distribution has come alongside a shrinking direct-to-consumer app business.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | UBS | Reiterate | Rating: —Target: $65 | Target: $38 |
| Aug 4, 2026 | Evercore ISI | Target | Target: $40 | Target: $42 |
| Aug 4, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $28 | Target: $32 |
| Jul 8, 2026 | Goldman Sachs | Reiterate | Rating: —Target: $26 | Target: $28 |
| May 7, 2026 | Needham | Target | Target: $80 | Target: $45 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $148.2M · Total debt $25.1M · Total assets $485.4M · Shareholders' equity $241.6M
- Revenue
- $88.9M
- Operating income
- −$1.9M
- Net income
- −$1.2M
No dividends on record.
| Institutions | ≈ 60.69% | 14.06M shares | |
|---|---|---|---|
| 153 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 2.88% | 666.9K shares | |
| 2 holders · as of Sep 3, 2026 | |||
| Strategic holders | 23.88% | 5.53M shares | |
| 2 holders · as of Feb 17, 2026 | |||
| Other | ≈ 12.55% | 2.91M shares | |
| remainder | |||
23.17M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (23.17M in the company's Sep 22, 2026 report, 25.41M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Koch, Inc.Institution | 18.94% | 4.39M A | as of Jun 30, 2026 |
Clark Jermoluk Founders Fund I LLC1Strategic10 percent owner | 16.58% | 3.90M A | filed Sep 12, 2025 |
D. E. Shaw & Co, L.P.2Strategic10 percent owner, other: See Footnotes 3,7,10,11,12 | 7.30% | 1.69M A | filed Feb 17, 2026 |
D. E. Shaw & Co., Inc.Institution | 7.30% | 1.69M A | as of Jun 30, 2026 |
HSBC Holdings PLCInstitution | 4.39% | 1.02M A | as of Jun 30, 2026 |
- The filed share classes (A, COMMON) could not be matched to the company's, so no percentage.
- D. E. Shaw & Co, L.P.'s own ownership statement (13G, Feb 17, 2026) reports fewer shares than the transaction reports; the statement is used.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 10, 2026 | Luke Roy Swanson | officer: CHIEF TECHNOLOGY OFFICER | −40,200 | $40.04 |
| Sep 9, 2026 | Bryan Leach | director, 10 percent owner, officer: CEO AND PRESIDENT | −5,103 | $37.74 |
| Sep 8, 2026 | Bryan Leach | director, 10 percent owner, officer: CEO AND PRESIDENT | −34,000 | $37.70 |
| Sep 2, 2026 | Marisa Daspit | officer: CHIEF PEOPLE OFFICER | −2,956 | $37.46 |
| Sep 1, 2026 | Marisa Daspit | officer: CHIEF PEOPLE OFFICER | −1,712 | $37.01 |
- Criteo
Broadest listed commerce-media rival for CPG ad and promotion budgets.
- Kroger
Retail-media arm rivals IPN for grocery-CPG ad and promotion dollars.
- Walmart
Walmart Connect competes for CPG media dollars even while Walmart hosts and invests in IPN.
- Instacart
Instacart Ads competes for CPG grocery-delivery ad dollars while also hosting IPN offers.
