Maplebear (CART) Q1 2026 earnings summary

Executive summary

• Achieved record GTV of $10.3 billion, up 13% year-over-year, and surpassed $1 billion in total revenue for the first time, with double-digit growth in orders and revenue.

• Expanded profitability with GAAP net income of $144 million, up 36% year-over-year, and Adjusted EBITDA of $300 million, up 23%.

• Repurchased $349 million in shares, reflecting confidence in business trajectory, and ended Q1 with $880 million in cash and equivalents.

• Strategy centers on marketplace, enterprise, and advertising, with AI as a key accelerant and international expansion through Storefront Pro launches and acquisitions.

• Storefront Pro adoption drove a 10+ percentage-point lift in online sales and improved new user retention for retail partners, with ALDI U.S. launching nationwide.

Financial highlights

• Q1 GTV: $10.29B, up 13% year-over-year; orders: 91.2M, up 10% year-over-year; average order value: $113, up 3%.

• Total revenue: $1.02B, up 14% year-over-year; transaction revenue: $733M, up 13%; advertising and other revenue: $286M, up 16%.

• GAAP gross profit: $738M, up 10% year-over-year; gross margin: 72% (down from 75%); adjusted EBITDA margin: 29% (up from 27%).

• GAAP net income: $144M, up 36% year-over-year; net income margin: 14% of revenue and 1.4% of GTV.

• Operating cash flow: $268M; free cash flow: $253M, both down 10% year-over-year due to regulatory settlements and working capital timing.

Outlook and guidance

• Q2 GTV expected between $10.1B–$10.25B, 11%–13% year-over-year growth; Q2 Adjusted EBITDA guidance: $290M–$300M, up 11%–15% year-over-year.

• Q2 advertising and other revenue projected to grow 11%–14% year-over-year.

• Fiscal 2026 Adjusted EBITDA growth expected to outpace GTV growth, with expansion moderating as investments increase.

• Management expects continued investment in technology, marketing, and international expansion, with a focus on operational efficiency and margin improvement.

• Macroeconomic factors such as inflation, interest rates, and consumer behavior are expected to impact growth and profitability.