Maplebear Inc.

What they do

Instacart operates an online grocery marketplace where customers place delivery and pickup orders from more than 2,200 retail banners, and sells an enterprise technology suite powering more than 380 grocers' e-commerce sites. It also runs an advertising business using first-party transaction data for over 9,000 active brands, and relies on roughly 600,000 shoppers who completed at least one order in December 2025.

Revenue drivers

• Transaction revenue — Fees earned on marketplace and enterprise-platform grocery orders; $746 million in Q2 2026, up 13% year-over-year and 7.2% of GTV.
• Advertising and other revenue — Instacart Ads and related offerings sold to brands; $297 million in Q2 2026, up 16% year-over-year and 2.9% of GTV, growing faster than the transaction line.
• Instacart Enterprise platform — Modular e-commerce, fulfillment, Connected Stores, ads and insights technology licensed to retailers; the 10-K says storefront technology powers more than 380 grocers' e-commerce sites.
• Membership (Instacart+) — Subscription program offering benefits including unlimited $0 delivery fees on orders over a certain size; the filings do not break out its revenue contribution.

Recent performance

In Q2 2026, GTV was $10,351 million, up 14% year-over-year, and total revenue was $1,043 million, also up 14%. Orders rose 9% to 90.3 million, while GAAP net income fell 4% to $111 million and GAAP gross margin declined to 72% from 74%. Adjusted EBITDA rose 19% to $313 million, and operating cash flow was $493 million, up 143%, with free cash flow of $480 million. The company repurchased $325 million of shares and ended the quarter with $1 billion in cash and similar assets. Full-year 2025 revenue was $3.74 billion with net income of $447 million.

Strategy

Management says it is improving the customer experience on the marketplace, accelerating retailer adoption of enterprise technologies, and expanding the advertising ecosystem. It acquired Arpalus, a computer vision company with grocery inventory intelligence technology, to strengthen its real-time view of store shelves. The company is also pushing a no-markup model, with Grocery Outlet eliminating markups nationwide, and added partners including Ace Hardware, Calgary Co-op, Tractor Supply Company, and World Market. It says it is on track to return the majority of free cash flow to shareholders through repurchases in 2026.

Risks

• Shopper classification — Independent contractor status for shoppers varies by jurisdiction and remains subject to litigation and regulation; California's Proposition 22 increases operating costs there.
• Retailer dependence — The 10-K states the business depends on retailer relationships and that losing one or more retail partners, or reduced engagement, could harm results.
• Advertising growth execution — The company says it is still building Instacart Ads and that failure to grow advertising revenue would harm the business.
• Macroeconomic and trade policy — Management cites inflation, interest rates, supply chain challenges, and U.S. tariffs or trade restrictions as factors that may affect GTV, orders, and customer behavior.

Outlook

CEO Chris Rogers said growth has accelerated over the past three quarters and cited confidence in the runway ahead across marketplace, enterprise, and advertising. CFO Emily Reuter said the company is driving efficiencies while reinvesting in growth and expects to return the majority of free cash flow to shareholders via share repurchases in 2026. The filings do not include specific numeric guidance.