Maplebear (CART) 2026 Baird Global Consumer, Technology & Services Conference summary

Growth performance and drivers

• Achieved nine consecutive quarters of double-digit volume growth, with Q2 GTV growth projected at 11%-13%.

• Growth is driven by strong execution, expanding user base, deeper engagement, and enhanced product features, especially through AI.

• Enterprise business and AI solutions are expanding both in North America and internationally, reinforcing overall momentum.

• User growth is expected to be a primary driver as the impact of the $10 minimum basket and restaurant partnerships subsides.

• Marketing efficiency is maintained through a full-funnel approach, with regular ROI assessments and budget reallocations.

Order frequency, AOV, and customer behavior

• Order frequency was temporarily boosted by 2025 initiatives but is expected to normalize as those effects are lapped.

• Average order value (AOV) has increased, driven by higher engagement, club partnerships, and business customers.

• Large basket orders remain a core strength, with 75% of online grocery in this segment.

• AOV for weekly trips is stable, but basket composition varies with macroeconomic factors and customer type.

Enterprise and technology strategy

• Over 380 retail partners use Storefront Pro, including major chains like Costco, Publix, ALDI, and Sprouts.

• The suite of services includes Marketplace, Storefront Pro, Carrot Ads, and in-store tech, tailored per retailer.

• Enterprise and Marketplace reinforce each other, driving efficiencies and holistic retailer relationships.

• Traditional retailers are increasingly urgent in adopting these solutions due to competition from Amazon and Walmart.

• Storefront Pro is central to most new partnerships, often bundled with Carrot Ads and in-store technology.