Gross Transaction Value (GTV)

Q3 2025

$8.85B–$9.0B, growth 8%–10% "

$9.0B–$9.15B, growth 8%–10% "

raised

Orders Growth

Q3 2025

Anticipated to outpace GTV growth "

Expected to continue outpacing GTV growth with some moderation "

lowered

Adjusted EBITDA

Q3 2025

$240M–$250M "

$260M–$270M "

raised

Advertising and Other Revenue Growth

Q3 2025

Expected to modestly outpace anticipated GTV growth "

Anticipated to grow in line with expected GTV growth "

lowered

Advertising Revenue and Ad Innovation

Advertising growth and innovation were highlighted in Q1 2025 with 14% YoY growth and performance-driven ad formats " " " , in Q4 2024 with 10% YoY growth and new metrics/format innovation " " " , and in Q3 2024 with 11% YoY growth and emphasis on emerging brands. " "

Q2 2025 reported 12% YoY advertising growth with diversification from a pullback by large brands to increased spending from emerging and mid-sized brands, along with enhanced ad innovations such as AI-generated assets and off-platform integrations. " " "

Shift from large brand reliance to emerging/mid-sized brands and increased use of AI-driven ad tools.

Minimum Basket Pricing Strategy and Its Impact on Margins and AOV

Q1 2025 and Q4 2024 detailed the introduction of a $10 minimum basket for Instacart+ members, noting incremental orders, higher order frequency, and a modest decline in AOV that was offset by increased basket sizes. " " " " Q3 2024 did not provide specific details.

Q2 2025 reiterated the use of the $10 minimum basket strategy, leading to a 5% AOV decline due to the inclusion of restaurant orders, while emphasizing that incremental GTV and order frequency were maintained through operational efficiencies. " " "

Consistent focus on leveraging a lower basket threshold to drive incremental orders, with slight variations in AOV impact and operational efficiency improvements.

Retailer Partnerships and Integrations

Q1 2025 highlighted deep, long-term partnerships and enterprise integrations (e.g., the Wind Shop acquisition). " " Q4 2024 discussed price parity, loyalty integrations, and digital solutions across retailers. " Q3 2024 emphasized deep integration of technology platforms with retailers. " " "

Q2 2025 focused on deepening retailer partnerships with faster onboarding of new retailers and enhanced integrations with key partners like Costco and Publix, along with expanding offerings (alcohol, EBT Snap). " "

Ongoing deepening and expansion of retailer integrations with accelerated new retailer onboarding and enhanced enterprise solutions.

Operational Efficiency and AI-Driven Enhancements

Q1 2025 emphasized cost management, high operating cash flow, and extensive use of AI (87% of code AI-assisted) to improve efficiency. " " Q4 2024 discussed improved cost management, effective use of AI for inventory and ad placements. " " " Q3 2024 noted restructuring for cost efficiency and AI-driven shopper optimization. " " "

Q2 2025 stressed improvements in shopper pay through enhanced batching (25% of priority orders batched), AI integrations with 80% of code AI-assisted for faster launches and personalization, and overall operational efficiency advances. " " " "

Increased integration of AI to drive both operational efficiencies (e.g., batching and shopper pay) and enhanced personalization compared to earlier periods.

Instacart Plus Membership Growth

Q1 2025 reported robust growth with higher GTV, increased order frequency, and incremental membership adoption. " Q4 2024 noted that Instacart Plus growth outpaced monthly active orders and highlighted added value features. " Q3 2024 mentioned accelerating Instacart+ subscriber growth and high engagement. "

Q2 2025 showed continued strong Instacart Plus membership growth, with the addition of new product features such as reciprocal memberships and expanded family accounts, contributing to high engagement and spending. " "

Strengthening membership engagement with additional value features that further boost loyalty and high-spend behavior.

Expansion into New Verticals (e.g., Restaurants)

Q1 2025 described restaurant expansion as boosting grocery order frequency and average order values. " " Q4 2024 positioned restaurants as a means to improve platform stickiness and drive a halo effect on grocery orders. " " " Q3 2024 highlighted promising early results with a flywheel effect between restaurants and grocery. " "

Q2 2025 highlighted continued expansion into restaurants via a partnership with Uber Eats, noting higher order frequency and cross-over benefits to grocery, although with an AOV decline partly reflecting restaurant orders. " "

Steady expansion into the restaurant vertical that reinforces grocery engagement and overall order frequency while requiring moderation in AOV.

Macro Uncertainty Influencing Advertising Spend

Q1 2025 mentioned brand caution due to macro uncertainties (trade policies, tariffs, SNAP, consumer shifts). " " Q4 2024 emphasized constrained food and beverage budgets but highlighted strong ROAS. " Q3 2024 noted pullback from large CPGs offset by emerging brands. "

Q2 2025 noted that macro uncertainty led to reduced advertising spend from large CPG brands, but this was sufficiently offset by growth from emerging and mid-sized brands through diversified efforts. " " "

Continued macro pressures on large brands, with diversification into emerging/mid-sized segments cushioning overall advertising revenue.

Cash Flow Volatility and Financial Metric Fluctuations

Q1 2025 showcased strong operating cash flow improvements and steady transaction revenue (7.1% of GTV). " " Q4 2024 described fluctuations in operating cash flow due to working capital dynamics. " " Q3 2024 reported a strong 67% YoY increase in operating cash flow alongside some metric variability. " "

Q2 2025 explained cash flow volatility driven by factors such as delayed retailer payments and longer payback in categories like alcohol and EBT SNAP, noting that overall cash flow trends remain in line with EBITDA. " "

Persistent financial metric fluctuations driven by working capital and payment timing, though managed within anticipated ranges and trending in line with EBITDA.

Stagnant Shopper Growth and Scalability Concerns

Q1 2025 did not explicitly express concerns, while Q3 2024 addressed flat total shopper numbers but highlighted healthy supply and high efficiency. " Q4 2024 noted strong retention and a waitlist, dismissing stagnation concerns. "

Q2 2025 did not mention stagnant shopper growth or scalability concerns directly, focusing instead on order growth, improved operational efficiency, and scale through technology and new verticals. " " "

No explicit mention in the current period; focus has shifted from concerns over shopper growth to optimizing order fulfillment and operational efficiency.

Customer Affordability Initiatives and Savings Per Order

Q1 2025 discussed the benefits of lower minimum baskets and price parity initiatives with a modest decline in AOV but steady transaction revenue. " " " Q4 2024 detailed affordability efforts including $1.2 billion in customer savings via EBT SNAP, loyalty, and digital flyers. " Q3 2024 noted initiatives like “Flyers” and Super Saver options that increased per-order savings by 18%. "

Q2 2025 emphasized continued affordability measures including the $10 minimum basket, enhanced shopper pay efficiencies (through improved batching) that reduce costs, and overall initiatives that drive order frequency and savings reinvestment. " "

A sustained focus on customer affordability with similar multi-pronged initiatives, now combined with shopper pay efficiencies to deliver consistent savings per order.