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 +48 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 +27 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 +11 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 +8 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 +5 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 Discusses Growth Acceleration, International Expansion, and Capital Allocation
CART
Revenue Acceleration/Inflection
New Projects/Investments
Share Buyback
- Instacart reported its best GTV growth as a public company at 14% last quarter and provided its best guidance of 11%-13% for the current quarter, having accelerated growth every quarter through 2025.
- The company's advertising business grew 10% in Q4 and is guided to grow 11%-14% in Q1, with a long-term target of 4%-5% of GTV. This growth is driven by expanding supply to 9,000 brands and off-platform partnerships.
- Instacart is pursuing an enterprise-led international expansion, having launched with Costco in Spain and France, and is leveraging AI internally to increase engineer output by 40% and accelerate software projects by 4x.
- Capital allocation priorities include reinvesting in the business, M&A, and opportunistic share buybacks, with $1.4 billion worth of stock repurchased in 2025, including $1.1 billion in Q4.
1 day ago
Instacart Reports Accelerated Growth and Outlines Strategic Priorities for 2026
CART
Revenue Acceleration/Inflection
New Projects/Investments
Share Buyback
- Instacart reported its best growth as a public company with 14% GTV growth last quarter and provided guidance of 11%-13% GTV growth for the current quarter, noting acceleration every quarter through 2025.
- The company is focused on strategic priorities including expanding its enterprise platform (now 380 storefronts), growing its advertising business (Q4 ad growth of 10%, Q1 guidance of 11%-14%, 9,000 brands), and developing AI-powered grocery experiences.
- Instacart is initiating international expansion with an enterprise-led strategy, having launched with Costco in Spain and France, leveraging its existing tech stack for a cost-disciplined approach.
- The company differentiates itself from competitors by focusing on complex large weekly grocery shops, with Average Order Values (AOVs) over $100, supported by deep retailer integrations, vast selection, and efficient logistics.
- Instacart executed significant share repurchases in 2025, buying back $1.4 billion of its stock, with $1.1 billion concentrated in Q4, and plans to continue opportunistic buybacks.
1 day ago
Instacart Reports Strong Growth, International Expansion, and Share Buybacks
CART
Revenue Acceleration/Inflection
New Projects/Investments
Share Buyback
- Instacart reported its best GTV growth as a public company at 14% last quarter and guided for 11%-13% growth this quarter, emphasizing its strategy as the leading grocery technology company in North America.
- The company is expanding internationally with an enterprise-led strategy, having launched with Costco in Spain and France. Instacart is also heavily investing in AI for both customer experiences and internal efficiency, with GenAI leading to 40% higher output per engineer in 2025 and 4 times faster software projects when entire teams use AI.
- Instacart's advertising business grew 10% in Q4 and is guided to grow 11%-14% in Q1, attracting 9,000 brands. The company also executed significant share repurchases, buying back $1.4 billion worth of stock in 2025, with $1.1 billion concentrated in Q4.
1 day ago
Maplebear (Instacart) Officers and Directors Under Investigation
CART
Legal Proceedings
- Kahn Swick & Foti, LLC (KSF) has initiated an investigation into Maplebear Inc. d/b/a Instacart's officers and directors for potential breaches of fiduciary duties or violations of state or federal laws.
- This investigation follows a $60 million penalty imposed by the U.S. Federal Trade Commission (FTC) in December 2025 against the company for "deceiving consumers with false advertising, failure to provide refunds and unlawful subscription enrollment processes" related to its Instacart+ program.
- The FTC also sent Instacart a civil investigative demand regarding its AI-powered pricing program, which Reuters reported allowed retailers to show different prices for the same item to different customers.
4 days ago
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
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