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Fluent vs Ibotta: revenue, profit, margins and growth compared

Fluent brought in $208.8M of revenue in fiscal 2025, Ibotta $342.4M in fiscal 2025. Revenue changed by -18.0% at Fluent and -6.8% at Ibotta on the year before, so Ibotta grew faster. Fluent kept -13.0% of its revenue as net profit, Ibotta 1.0%. Free cash flow was -$1.5M at Fluent and $75M at Ibotta.

Side by side, latest fiscal year

FLNTIBTA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$208.8M$342.4M
Revenue growth-18.0%-6.8%
Net income-$27.2M$3.6M
Net margin-13.0%1.0%
Free cash flow-$1.5M$75M
Free cash flow margin-0.7%21.9%
Earnings per share (diluted)-$1.05$0.12
Cash$12.9M$186.6M
Debt$34.6M$0
Price to earningsn/a342.2
Market value$99.9M$951.3M
Dividend yieldn/an/a
Rank by revenue in sector#648 of 778 · Consumer discretionary#604 of 778 · Consumer discretionary

Over the years

Revenue
FLNT FY2018: $250.3MFLNT FY2019: $281.7MFLNT FY2020: $310.7MFLNT FY2021: $329.3MFLNT FY2022: $361.1MFLNT FY2023: $298.4MFLNT FY2024: $254.6MFLNT FY2025: $208.8MIBTA FY2022: $210.7MIBTA FY2024: $320MIBTA FY2024: $367.3MIBTA FY2025: $342.4MFY18FY19FY20FY21FY22FY23FY24FY25
FLNT $208.8MIBTA $342.4M
Net income
FLNT FY2018: -$17.9MFLNT FY2019: -$1.7MFLNT FY2020: $2.2MFLNT FY2021: -$10.1MFLNT FY2022: -$123.3MFLNT FY2023: -$63.2MFLNT FY2024: -$29.3MFLNT FY2025: -$27.2MIBTA FY2022: -$54.9MIBTA FY2024: $38.1MIBTA FY2024: $68.7MIBTA FY2025: $3.6MFY18FY19FY20FY21FY22FY23FY24FY25
FLNT -$27.2MIBTA $3.6M
Net margin
FLNT FY2018: -7.2%FLNT FY2019: -0.6%FLNT FY2020: 0.7%FLNT FY2021: -3.1%FLNT FY2022: -34.2%FLNT FY2023: -21.2%FLNT FY2024: -11.5%FLNT FY2025: -13.0%IBTA FY2022: -26.0%IBTA FY2024: 11.9%IBTA FY2024: 18.7%IBTA FY2025: 1.0%FY18FY19FY20FY21FY22FY23FY24FY25
FLNT -13.0%IBTA 1.0%
Revenue growth
FLNT FY2019: +12.5%FLNT FY2020: +10.3%FLNT FY2021: +6.0%FLNT FY2022: +9.7%FLNT FY2023: -17.4%FLNT FY2024: -14.7%FLNT FY2025: -18.0%IBTA FY2024: +51.9%IBTA FY2024: +14.8%IBTA FY2025: -6.8%FY19FY20FY21FY22FY23FY24FY25
FLNT -18.0%IBTA -6.8%
Free cash flow
FLNT FY2018: $23.2MFLNT FY2019: $23.9MFLNT FY2020: $20.2MFLNT FY2021: $12.4MFLNT FY2022: $1.9MFLNT FY2023: $8.1MFLNT FY2024: -$14.1MFLNT FY2025: -$1.5MIBTA FY2022: -$57.3MIBTA FY2024: $22.2MIBTA FY2024: $115MIBTA FY2025: $75MFY18FY19FY20FY21FY22FY23FY24FY25
FLNT -$1.5MIBTA $75M

Fiscal years as each company reports them; the two may end in different months.

Questions about Fluent and Ibotta

Which is bigger by revenue, Fluent or Ibotta?

Ibotta is bigger by revenue: $342.4M in fiscal 2025, against $208.8M for Fluent in fiscal 2025.

Which keeps more of its revenue as profit, Fluent or Ibotta?

Fluent had a net margin of -13.0% in fiscal 2025; Ibotta had 1.0% in fiscal 2025.

Which grew revenue faster, Fluent or Ibotta?

In their latest fiscal years revenue changed by -18.0% at Fluent and -6.8% at Ibotta.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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