On this page of StockholderLetter.com we present the latest annual shareholder letter from Ibotta, Inc. — ticker symbol IBTA. Reading current and past IBTA letters to shareholders can bring important insights into the investment thesis.

 •  4/7/2026 Letter Continued (Full PDF)
 •  4/11/2025 IBTA Stockholder Letter
 •  More "Advertising" Category Stockholder Letters
 •  IBTA Benford's Law Stock Score = 77

IBTA Shareholder/Stockholder Letter Transcript:

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kdY[hjW_dj_[i) iec[ e m^_Y^ YWddej X[ fh[Z_Yj[Z eh gkWdj_ _[Z) oek i^ekbZ dej h[bo ed j^[i[ ehmWhZ
beea_d] ijWj[c[dji Wi fh[Z_Yj_edi e kjkh[ [l[dji+ L^[ [l[dji WdZ Y_hYkcijWdY[i h[ b[Yj[Z _d ekh ehmWhZ
beea_d] ijWj[c[dji cWo dej X[ WY^_[l[Z eh eYYkh) WdZ WYjkWb h[ikbji YekbZ Z_ [h cWj[h_Wbbo hec j^ei[
fhe [Yj[Z _d j^[ ehmWhZ beea_d] ijWj[c[dji+ nY[fj Wi h[gk_h[Z Xo Wffb_YWXb[ bWm) m[ Ze dej fbWd je
fkXb_Ybo kfZWj[ eh h[l_i[ Wdo ehmWhZ beea_d] ijWj[c[dji YedjW_d[Z _d j^_i 9ddkWb J[fehj ed ehc .- C)
m^[j^[h Wi W h[ikbj e Wdo d[m _d ehcWj_ed) kjkh[ [l[dji) eh ej^[hm_i[+
Ad WZZ_j_ed) ijWj[c[dji j^Wj wm[ X[b_[l[x WdZ i_c_bWh ijWj[c[dji h[ b[Yj ekh X[b_[ i WdZ ef_d_edi ed j^[
h[b[lWdj ikX [Yj+ L^[i[ ijWj[c[dji Wh[ XWi[Z kfed _d ehcWj_ed WlW_bWXb[ je ki Wi e j^[ ZWj[ e j^_i
9ddkWb J[fehj ed ehc .- C+ O^_b[ m[ X[b_[l[ ikY^ _d ehcWj_ed ehci W h[WiedWXb[ XWi_i eh ikY^
ijWj[c[dji) ikY^ _d ehcWj_ed cWo X[ b_c_j[Z eh _dYecfb[j[+ Gkh ijWj[c[dji i^ekbZ dej X[ h[WZ je _dZ_YWj[
j^Wj m[ ^Wl[ YedZkYj[Z Wd [n^Wkij_l[ _dgk_ho _dje) eh h[l_[m e ) Wbb fej[dj_Wbbo WlW_bWXb[ h[b[lWdj
_d ehcWj_ed+ L^[i[ ijWj[c[dji Wh[ _d^[h[djbo kdY[hjW_d) WdZ oek Wh[ YWkj_ed[Z dej je kdZkbo h[bo kfed
j^[i[ ijWj[c[dji+
0

4/7/2026 Letter Continued (Full PDF)

 

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