Maplebear (CART) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, with double-digit GTV and order growth year-over-year, driven by user growth, higher order frequency, and new service options like Super Saver and Free Pickup.

• Expanded Instacart+ membership, increased engagement, and deepened penetration, with members showing higher order frequency and loyalty.

• Continued innovation in affordability, selection, and convenience, including EBT SNAP acceptance, loyalty integrations, and digital flyers covering over 80% of GTV.

• Significant progress in enterprise solutions, launching 30 new retailer sites and driving double-digit growth for upgraded partners.

• Advertising business surpassed $1 billion annual run rate, with over 7,000 active brand partners and 220 Carrot ad partners.

Financial highlights

• Q4 GTV grew 10% year-over-year, at the high end of guidance; orders increased 11%, partially offset by a 1% decline in average order value due to restaurant orders.

• Transaction revenue and advertising/other revenue both grew 10% year-over-year.

• GAAP net income was $148 million, up $13 million year-over-year; Adjusted EBITDA reached $252 million, up 27% year-over-year and above guidance.

• Operating cash flow was $153 million, down year-over-year due to working capital fluctuations; year-end cash and equivalents were $1.5 billion.

• Repurchased 46 million shares for $1.4 billion in 2024, with $312 million buyback capacity remaining.

Outlook and guidance

• Q1 2025 GTV expected between $9–$9.15 billion, up 8–10% year-over-year, with orders growth outpacing GTV due to lower average order value from restaurants and $10 minimum basket.

• Q1 Adjusted EBITDA guidance is $220–$230 million; annual Adjusted EBITDA expected to expand steadily, with some quarter-to-quarter seasonality.

• 2025 stock-based compensation targeted below $425 million.