Maplebear (CART) Q3 2025 earnings summary

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.

• Revenue for Q3 2025 grew 10% year-over-year to $939 million, with net income up 22% to $144 million and Adjusted EBITDA up 22% to $278 million, reflecting strong order and GTV 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.

• The company completed the acquisition of Wynshop for $106 million, expanding its e-commerce retail solutions for grocers.

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.

• Management expects continued fluctuations in GTV and order growth due to macroeconomic factors, competition, and evolving consumer behavior.