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Chad Larkin

Research Analyst at Oppenheimer

Chad Larkin is Director of Equity Research at Oppenheimer & Co., Inc., specializing in internet and technology sectors with a focus on companies like Lyft, Zillow Group, and Rocket Companies. He covers these stocks with a strong performance track record, achieving a 71.43% success rate on TipRanks where he is ranked a 3.22-star analyst, alongside average returns of 43.8% per some reports and 75% success in others. Larkin joined Oppenheimer in February 2022 after serving as an Equity Analyst at Wedbush Securities from 2020 to 2022 and as an Equity Research Associate at The Benchmark Co. LLC from 2019 to 2020, having graduated with an undergraduate degree from Emory University in 2019.

Chad Larkin's questions to Maplebear (CART) leadership

Question · Q4 2025

Chad Larkin, representing Oppenheimer, questioned the stronger-than-expected advertising and other revenue performance in Q4, asking whether it was driven by better adoption or more favorable macro conditions.

Answer

CEO Chris Rogers explained that strong GTV performance, diversification across supply and demand, and growth from all advertiser segments (emerging, mid-market, large) fueled the 10% ad revenue growth. He highlighted the expansion of Carrot Ads to over 310 partners and the increase to over 9,000 active brands, alongside scaling off-platform partnerships.

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Question · Q4 2025

Chad Larkin, on behalf of Jason Helfstein, asked about the factors contributing to Instacart's stronger-than-expected advertising and other revenue performance in Q4, specifically whether it was due to better adoption or improved macro conditions.

Answer

Chris Rogers, CEO of Instacart, explained that the 10% Q4 ads growth was fueled by strong GTV performance and a successful diversification strategy across supply (new ad surfaces like Carrot Ads) and demand (over 9,000 brands advertising, up from 7,000 a year ago). He also highlighted the scaling of off-platform partnerships with Meta, The Trade Desk, Google, Pinterest, and TikTok, which attract incremental budgets.

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