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User Redemption Liability Extinguishment | 12 Months Ended
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Dec. 31, 2025
Disaggregation of Revenue [Abstract] |
User Redemption Liability Extinguishment | User Redemption Liability Extinguishment The Company reflects a user redemption liability in the balance sheets associated with the undistributed earnings of consumers on Ibotta’s D2C properties. A portion of these undistributed earnings is never expected to be cashed out by consumers due to inactivity and will therefore be recognized as breakage by the Company. Consumers’ accounts that have no activity for six months are considered inactive and charged a $3.99 per month maintenance fee until the balance is reduced to zero or new activity ensues. Balances associated with accounts that are deactivated for violation of the Company’s terms of use are also recognized as breakage. The Company estimates breakage at the time of the redemption and reduces the user redemption liability accordingly. Breakage estimates are made based on historical breakage patterns, and the preparation of estimates includes judgments of the applicability of historical patterns to current and future periods. Breakage is recorded in revenue related to funded rewards, as an offset to sales and marketing expense related to self-funded rewards, and as an offset to cost of revenue related to gift card purchases and sponsored rewards earned from watching an advertising video. The Company’s breakage is recorded as follows (in thousands):
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Revenue | $ | 8,244 |  |  | $ | 12,998 |  |  | $ | 26,025 |
Cost of revenue | 144 |  |  | 191 |  |  | 558 |
Sales and marketing | 1,181 |  |  | 1,663 |  |  | 4,965 |
Total breakage | $ | 9,569 |  |  | $ | 14,852 |  |  | $ | 31,548 |
The user redemption liability was $65.5 million and $74.0 million as of December 31, 2025 and 2024, respectively. Revenue Disaggregation of Revenue The Company’s disaggregated revenue by type of service is as follows (in thousands):
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Redemption revenue | $ | 297,236 |  |  | $ | 308,824 |  |  | $ | 243,886 |
Ad & other revenue | 45,153 |  |  | 58,430 |  |  | 76,151 |
Total revenue | $ | 342,389 |  |  | $ | 367,254 |  |  | $ | 320,037 |
Deferred Revenue Deferred revenue, a contract liability, consists of fees and rewards collected from clients that will be applied to future campaigns. Deferred revenue is expected to be recognized as consumers redeem offers over the term of the campaigns, net of the reward, which generally occurs within twelve months. Deferred revenue was $2.9 million and $5.0 million as of December 31, 2025 and 2024, respectively. Revenue recognized from deferred revenue at the beginning of the year is as follows (in thousands):
| Year ended December 31,
| 2025 |  | 2024 |  | 2023
Revenue recognized | $ | 4,361 |  |  | $ | 2,370 |  |  | $ | 2,659 |

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