Earnings summaries and quarterly performance for Maplebear.
Executive leadership at Maplebear.
Board of directors at Maplebear.
DS
Daniel Sundheim
Detailed
Director
FS
Fidji Simo
Detailed
Chair of the Board
JS
Josh Silverman
Detailed
Director
LS
Lily Sarafan
Detailed
Lead Independent Director
MB
Mary Beth Laughton
Detailed
Director
MK
Meredith Kopit Levien
Detailed
Director
MM
Michael Moritz
Detailed
Director
RG
Ravi Gupta
Detailed
Director
VD
Victoria Dolan
Detailed
Director
Research analysts who have asked questions during Maplebear earnings calls.
Eric Sheridan
Goldman Sachs
8 questions for CART
Also covers: ABNB, ACVA, AMZN +47 more
Nikhil Devnani
Bernstein
8 questions for CART
Also covers: DASH, EBAY, ETSY +3 more
Shweta Khajuria
Wolfe Research, LLC
8 questions for CART
Also covers: BMBL, CHWY, DASH +15 more
Andrew Boone
JMP Securities
7 questions for CART
Also covers: ACVA, CARG, CSGP +26 more
Colin Sebastian
Baird
7 questions for CART
Also covers: ABNB, AMZN, EA +10 more
RS
Ross Sandler
Barclays
7 questions for CART
Also covers: AMZN, DASH, DUOL +14 more
Deepak Mathivanan
Cantor Fitzgerald
6 questions for CART
Also covers: ABNB, DASH, EBAY +9 more
Jason Helfstein
Oppenheimer & Co. Inc.
6 questions for CART
Also covers: ANGI, BLDE, COMP +23 more
JP
Justin Post
Bank of America Corporation
4 questions for CART
Also covers: ABNB, AMZN, BKNG +10 more
Michael Morton
MoffettNathanson
4 questions for CART
Also covers: AMZN, CHWY, DASH +5 more
RJ
Ronald Josey
Citigroup Inc.
4 questions for CART
Also covers: ABNB, ACVA, AMZN +18 more
SF
Steven Fox
Fox Research
4 questions for CART
Also covers: AMKR, APH, BDC +23 more
DA
Douglas Anmuth
JPMorgan Chase & Co.
3 questions for CART
Also covers: ABNB, AMZN, BKNG +17 more
MZ
Mark Zgutowicz
The Benchmark Company
3 questions for CART
Also covers: CRTO, DASH, GDDY +7 more
Brian Nowak
Morgan Stanley
2 questions for CART
Also covers: ABNB, AMZN, BKNG +8 more
CL
Chad Larkin
Oppenheimer
2 questions for CART
DA
Doug Anmuth
J.P. Morgan
2 questions for CART
Also covers: ABNB, AMZN, LYFT +4 more
Josh Beck
Raymond James
2 questions for CART
Also covers: ACVA, DASH, GDDY +6 more
Kenneth Gawrelski
Wells Fargo & Company
2 questions for CART
Also covers: ABNB, BKNG, DASH +12 more
Lee Horowitz
Deutsche Bank
2 questions for CART
Also covers: ABNB, BKNG, CVNA +6 more
Miles Jakubiak
KeyBanc Capital Markets
2 questions for CART
Also covers: EB, ZIP
Stefanos Crist
Needham & Company, LLC
2 questions for CART
Also covers: FLUT, RDFN, RSI +1 more
Bernard McTernan
Needham & Company
1 question for CART
Also covers: APP, BBBY, BYON +17 more
JL
James Lee
Mizuho Securities
1 question for CART
Also covers: ABNB, BABA, BIDU +5 more
Justin Patterson
KeyBanc Capital Markets
1 question for CART
Also covers: ABNB, ANGI, CRTO +15 more
RC
Ross Compton
Macquarie Group Limited
1 question for CART
Recent press releases and 8-K filings for CART.
Instacart Reports Strong Q4 2025 Results and Provides Q1 2026 Guidance
CART
Earnings
Guidance Update
Share Buyback
- Instacart reported Q4 2025 Gross Transaction Value (GTV) of $9.85 billion, a 14% year-over-year increase, marking its strongest growth in three years, with orders up 16% year-over-year to 89.5 million.
- Advertising and other revenue grew 10% year-over-year in Q4 2025, supported by diversification and an increase to 9,000 active brand partners.
- Adjusted EBITDA for Q4 2025 increased 20% year-over-year to $303 million; however, GAAP net income was $81 million, primarily due to a $60 million FTC settlement.
- The company repurchased $1.1 billion in shares during Q4 2025, contributing to $1.4 billion in repurchases for the full year, and ended 2025 with approximately $1 billion in cash.
- For Q1 2026, Instacart anticipates GTV between $10.125 billion and $10.275 billion (11%-13% year-over-year growth) and Adjusted EBITDA between $280 million and $290 million (15%-19% year-over-year growth).
Feb 12, 2026, 10:00 PM
Instacart Reports Strong Q4 and Full-Year 2025 Financial Results with Double-Digit GTV Growth
CART
Earnings
Share Buyback
Revenue Acceleration/Inflection
- Instacart (CART) reported strong financial performance for Q4 and full-year 2025, with Q4 2025 Gross Transaction Value (GTV) increasing 14% year-over-year to $9.9 billion, contributing to a full-year GTV of $37.2 billion. This marks eight consecutive quarters of double-digit GTV growth.
- The company achieved $1.09 billion in Adjusted EBITDA for 2025, representing a 23% year-over-year increase, and an Adjusted EBITDA margin of 2.9% of GTV. Total Revenue for 2025 was $3,742 million.
- Instacart generated $971 million in operating cash flow in 2025 and returned $1.4 billion to shareholders through buybacks during the year, with $1.1 billion in Q4 2025.
- The company highlighted its leading position in online grocery among digital-first players, serving 26M+ customers in 2025 across 2,200+ retail banners, and expanding its ads ecosystem with 310+ Carrot Ads Partners.
Feb 12, 2026, 10:00 PM
Instacart Reports Strong Q4 2025 Results and Provides Q1 2026 Guidance
CART
Earnings
Guidance Update
Share Buyback
- Instacart reported robust Q4 2025 financial results, with GTV increasing 14% year-over-year to $9.85 billion and Adjusted EBITDA growing 20% year-over-year to $303 million. The company also repurchased $1.1 billion in shares during the quarter.
- Ads and other revenue grew 10% year-over-year in Q4 2025, driven by expansion to 310 Carrot Ads partners and over 9,000 brands advertising on the platform.
- For Q1 2026, Instacart is guiding to 11%-14% year-over-year GTV growth, which represents its strongest guidance as a public company.
- The company's Enterprise platform now powers 380 grocery e-commerce sites, with 70 new partners added in 2025, and it served 26 million customers in 2025, with 10 million unique customers in December.
Feb 12, 2026, 10:00 PM
Instacart Reports Strong Q4 2025 Performance and Issues Q1 2026 Guidance
CART
Earnings
Guidance Update
Share Buyback
- Instacart (CART) reported Q4 2025 GTV of $9.85 billion, a 14% year-over-year increase, marking its strongest growth in three years, with Adjusted EBITDA growing 20% year-over-year to $303 million.
- The company repurchased $1.4 billion in shares during 2025, including $1.1 billion in Q4 alone, and ended the year with $671 million in remaining buyback capacity.
- For Q1 2026, Instacart projects GTV between $10.125 billion and $10.275 billion (up 11%-13% year-over-year) and Adjusted EBITDA between $280 million and $290 million (up 15%-19% year-over-year).
- Strategic initiatives include leveraging AI to accelerate execution, expanding its Enterprise segment to 380 grocery e-commerce sites, and disciplined international expansion, such as the Costco launch in Spain and France.
- GAAP net income for Q4 2025 was $81 million, a 46% year-over-year decrease, primarily due to a $60 million settlement with the FTC.
Feb 12, 2026, 10:00 PM
Maplebear Inc. Reports Strong Q4 and Full-Year 2025 Results with Positive Q1 2026 Outlook
CART
Earnings
Guidance Update
Share Buyback
| Metric | Q4 2025 | FY 2025 | Q1 2026 (Guidance) |
|---|---|---|---|
| GTV ($USD Millions) | 9,852 | 37,224 | 10,125 - 10,275 |
| GTV Growth (YoY %) | 14% | 11% | 11% - 13% |
| Total Revenue ($USD Millions) | 992 | 3,742 | N/A |
| Total Revenue Growth (YoY %) | 12% | 11% | N/A |
| GAAP Net Income ($USD Millions) | 81 | 447 | N/A |
| GAAP Net Income Growth (YoY %) | -46% | -2% | N/A |
| Adjusted EBITDA ($USD Millions) | 303 | 1,087 | 280 - 290 |
| Adjusted EBITDA Growth (YoY %) | 20% | 23% | 15% - 19% |
| Operating Cash Flow ($USD Millions) | 184 | 971 | N/A |
| Share Repurchases ($USD Millions) | 1,100 | 1,400 | N/A |
| FTC Settlement ($USD Millions) | 60 | N/A | N/A |
- Maplebear Inc. (Instacart) demonstrated strong momentum in Q4 2025, achieving its strongest quarterly GTV growth in three years, and delivered robust full-year 2025 financial results driven by increased orders and expanding enterprise platform adoption.
- The company's GAAP net income for Q4 2025 decreased significantly year-over-year, primarily due to higher GAAP operating expenses, including a settlement with the FTC.
- Instacart generated substantial operating cash flow and actively returned capital to shareholders through significant share repurchases during 2025.
- Strategic growth initiatives include expanding its marketplace to over 2,200 retail banners and nearly 100,000 locations, and growing its advertising ecosystem to include over 9,000 active brands in Q4.
- For Q1 2026, Instacart provided a positive outlook, projecting continued year-over-year growth for both GTV and Adjusted EBITDA.
Feb 12, 2026, 9:09 PM
Instacart CFO Details Growth Strategy and Share Repurchase Program
CART
Share Buyback
New Projects/Investments
Revenue Acceleration/Inflection
- Instacart's CFO highlighted the company's unique value proposition, noting that 75% of orders are on demand with a median delivery time under 90 minutes, and 25% of priority deliveries are under 30 minutes. The company has achieved double-digit growth for the last seven quarters by focusing on selection, quality, affordability, and convenience.
- The company is driving affordability through initiatives like lowering the minimum basket size for IC Plus members and encouraging retailers to adopt price parity, as price parity retailers grow at double-digit higher rates. Operational efficiencies, such as improved shopper productivity and batching 25% of priority orders, allow for reinvestment in consumer pricing.
- Instacart's enterprise business, which constituted 20% of GTV at IPO, is a key differentiator, leveraging a single tech stack for both marketplace and enterprise solutions. The company is also investing in AI solutions, including a partnership with Kroger, to enhance personalized grocery shopping experiences based on its 1.5 billion orders of historical data.
- Instacart authorized a significant capital allocation plan, including a $1.5 billion share repurchase program and a $250 million accelerated share repurchase (ASR) program, reflecting an opportunistic and potentially more aggressive approach to share buybacks.
Dec 9, 2025, 1:00 PM
Instacart Discusses Growth, Strategy, and Capital Allocation at Morgan Stanley Nasdaq TMT Conference
CART
Revenue Acceleration/Inflection
New Projects/Investments
Share Buyback
- Instacart has maintained double-digit growth for the last seven quarters , driven by its comprehensive value proposition encompassing selection from 1,800 retailers, quality, affordability, and convenience, with 75% of orders delivered on demand within a median of 90 minutes.
- The company is strategically investing in its enterprise business, which represented 20% of its business at IPO, by leveraging a unified tech stack and launching AI solutions for retail partners, including Kroger.
- Operational efficiencies, such as improved shopper processes, order batching (including 25% of priority orders), and in-store technology like Electronic Shelf Tags in 10% of stores, enable Instacart to reinvest in consumer pricing and enhance the customer experience.
- Instacart has authorized a $1.5 billion share repurchase program and a $250 million ASR accelerator program, indicating an opportunistic approach to capital allocation based on perceived valuation.
Dec 9, 2025, 1:00 PM
Instacart Discusses Strategy, Efficiencies, and Capital Allocation at Morgan Stanley Conference
CART
Share Buyback
New Projects/Investments
Revenue Acceleration/Inflection
- Instacart's CFO, Emily Reuter, highlighted the company's unique value proposition, encompassing selection, quality, affordability, and convenience, which has contributed to double-digit growth for the last seven quarters.
- The company is strategically expanding its enterprise business, with over 80% of its Gross Transaction Value (GTV) now non-exclusive, and is investing in AI solutions for retailers, including a partnership with Kroger.
- Instacart is focused on driving operational efficiencies through methods like order density and batching orders, enabling reinvestment in consumer pricing and leading to continued improvement in non-GAAP OPEX.
- The company authorized a $1.5 billion share repurchase program and a $250 million ASR accelerator program, signaling an opportunistic and potentially more aggressive capital allocation approach.
Dec 9, 2025, 1:00 PM
Instacart Launches App with Instant Checkout on ChatGPT
CART
Product Launch
New Projects/Investments
- Instacart (NASDAQ: CART) has launched an app on ChatGPT, becoming the first grocery partner to offer an embedded, end-to-end shopping experience with Instant Checkout directly within ChatGPT.
- This integration allows consumers to transition from meal inspiration to doorstep delivery, leveraging Instacart's network of more than 1,800 retailers and nearly 100,000 stores across North America.
- The new feature supports secure credit card payments, powered by Stripe, and will soon include digital wallets like Apple Pay and Google Pay, available on desktop, mobile web, iOS, and Android.
- Instacart positions itself as a key partner for leading AI companies, connecting its extensive retail network with consumer platforms to drive the future of AI-powered grocery shopping.
Dec 8, 2025, 2:00 PM
Instacart Announces Nationwide Partnership with The Home Depot Canada
CART
New Projects/Investments
Product Launch
- Instacart (NASDAQ: CART) announced a new nationwide partnership with The Home Depot Canada (NYSE: HD) on December 2, 2025, to offer same-day delivery from over 175 stores across Canada.
- This partnership includes Instacart's Big& Bulky fulfillment solution, enabling same-day and scheduled deliveries for heavy items up to 60 pounds.
- The Home Depot Canada becomes the first nationwide home improvement retailer available on the Instacart App in Canada.
- A limited-time offer provides customers $20 off a Home Depot Canada purchase of $80 or more, valid until December 8, 2025.
Dec 2, 2025, 2:00 PM
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