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Maplebear (CART) investor relations material
Maplebear Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved strong Q3 results with 83.4 million orders, up 14% year-over-year, and GTV of $9.17 billion, up 10% year-over-year, driven by user and order frequency growth.
Marketplace remains the core business, with growing customer loyalty, higher retention, and increased order frequency, especially among Instacart+ members.
Enterprise Platform, now powering over 350 retailer e-commerce storefronts, is a key growth driver, enabling retailers with white-label tech, fulfillment, ads, in-store tech, and new AI solutions.
Advertising ecosystem delivered over $1 billion in ads and other revenue in the past 12 months, with brand partners seeing a 25% sales boost on average.
International expansion is underway, focusing on enterprise-led solutions in Europe and Australia, leveraging existing products like Storefront Pro, Caper, and FoodStorm.
Financial highlights
Q3 GAAP net income was $144 million, up 22% year-over-year; adjusted EBITDA grew 22% to $278 million.
Operating cash flow reached $287 million, up $102 million year-over-year.
Transaction revenue grew 10% year-over-year, representing 7.3% of GTV; advertising and other revenue also grew 10%, representing 2.9% of GTV.
Average order value decreased 4% year-over-year, mainly due to growth in restaurant orders and a $10 basket minimum for Instacart+ members.
Ended Q3 with $1.9 billion in cash and equivalents; repurchased $67 million in shares during the quarter.
Outlook and guidance
Q4 GTV expected between $9.45 billion and $9.6 billion, up 9%-11% year-over-year, with order growth outpacing GTV.
Q4 adjusted EBITDA guidance is $285 million-$295 million.
Advertising and other revenue projected to grow 6%-9% year-over-year in Q4, with a return to double-digit growth expected in 2026.
Share repurchase program increased by $1.5 billion, with a $250 million accelerated share repurchase planned.
What is the path to broader price parity adoption?
How will AI solutions drive merchant adoption?
Describe international expansion investment strategy.
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53rd Annual Nasdaq Investor Conference9 Dec, 2025
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Frequently asked questions
Maplebear Inc., doing business as Instacart, is a North American technology company that specializes in grocery delivery and pick-up services. It operates in the United States and Canada, offering its services via a website and mobile app. Customers can order groceries and other household items from participating retailers, with the shopping and delivery being handled by personal shoppers. Instacart's platform provides a convenient solution for consumers looking to save time on grocery shopping, catering to a wide range of products including food, alcohol, consumer health items, pet care, and ready-made meals. The company is headquartered in San Francisco, California, and its shares are listed on the Nasdaq stock exchange.
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