Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 103

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 103
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 start on the first trading day on or after May 15 and November 15 each year and end on the first trading day on or after the following November 15 and May 15, respectively. The per share purchase price is equal to 85% of the lesser of the fair market value of a share of the Company’s Class A common stock on (i) the first trading date of the offering period or (ii) the last trading day of the offering period.Stock-based compensation expense recognized during the three and nine months ended September 30, 2025 and 2024, and unrecognized as of September 30, 2025 and 2024, related to the ESPP were immaterial. During the nine months ended September 30, 2025, the Company issued 39,768 shares of its Class A common stock under the ESPP. The Company issued no shares of stock under the ESPP during the three months ended September 30, 2025 and the three and nine months ended September 30, 2024.

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Table of ContentsIbotta, Inc.Notes to Condensed Financial Statements(unaudited)

11. Income Taxes

Our income tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.During the three and nine months ended September 30, 2025, the Company recorded an income tax provision of $3.7 million and $5.0 million, respectively, resulting in an effective tax rate of 70.8% and 52.3%, respectively. During the three and nine months ended September 30, 2024 the Company recorded an income tax provision of $7.9 million and $14.9 million, respectively, resulting in an effective tax rate of 31.4% and 199.1%, respectively. These effective tax rates differ from the U.S. federal statutory rate primarily due to the impact of nondeductible items, including certain executive compensation costs, stock-based compensation, and the tax expense related to uncertain tax positions; partially offset by the benefit of research and development tax credits. The Internal Revenue Service (IRS) commenced an examination of our consolidated U.S. income tax return for 2021 in the second quarter of 2024. During the first quarter of 2025