Instacart (Maplebear Inc.)
- Open
- 46.04
- Day high
- 46.39
- Day low
- 45.57
- Prev close
- 46.23
- Volume
- 2.8M
- Mkt cap
- $10.8B
- P/E (TTM)
- 24.5
- EPS (TTM)
- $1.87
- P/B
- 4.2
- P/S
- 2.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$8.6M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions mixed (13F)
Instacart (Maplebear Inc.) (CART) is a Consumer Cyclical company listed on NASDAQ. The stock is down 7% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Instacart (Maplebear Inc.) (CART) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CART earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.58 | $0.57 | -1.7% | $1.0B | +1.2% |
| Feb 12, 2026 | $0.52 | $0.53 | +1.9% | $992M | +2.3% |
| Aug 7, 2025 | $0.38 | $0.41 | +6.6% | $914M | +2.0% |
| May 1, 2025 | $0.38 | $0.37 | -2.6% | $897M | +0.2% |
| Feb 13, 2024 | $-0.09 | $0.44 | +588.9% | $803M | -0.2% |
| Sep 19, 2023 | — | $0.41 | — | $716M | — |
| Sep 30, 2022 | — | $137.56 | — | $668M | — |
| Jun 30, 2022 | — | $0.03 | — | $621M | — |
| Mar 31, 2022 | — | $-1.15 | — | $505M | — |
| Dec 31, 2021 | — | $-0.61 | — | $475M | — |
| Sep 30, 2021 | — | $-0.61 | — | $475M | — |
| Jun 30, 2021 | — | $0.44 | — | $444M | — |
CART insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | BLACKWOOD-KAPRAL LISAofficer: Chief Accounting Officer | Sell | 3,017 | $41.24 |
| Jun 4, 2026 | Gupta Ravidirector, 10 percent owner: | Sell | 181,000 | $41.51 |
| May 27, 2026 | Laughton Mary Bethdirector | Grant | 6,048 | — |
| May 27, 2026 | Dolan Victoria Ldirector | Grant | 6,048 | — |
| May 27, 2026 | Silverman Joshdirector | Grant | 6,048 | — |
| May 27, 2026 | Sundheim Daniel S.director, 10 percent owner: | Grant | 6,048 | — |
| May 27, 2026 | Gupta Ravidirector, 10 percent owner: | Grant | 6,048 | — |
| May 27, 2026 | KOPIT LEVIEN MEREDITH A.director | Grant | 6,048 | — |
| May 27, 2026 | Sarafan Lilydirector | Grant | 6,048 | — |
| May 19, 2026 | Fong Morganofficer: Chief Legal Officer | Sell | 1,458 | $40.39 |
| May 19, 2026 | Rogers Chrisdirector, officer: President and CEO | Tax | 45,464 | $38.47 |
| May 19, 2026 | BLACKWOOD-KAPRAL LISAofficer: Chief Accounting Officer | Tax | 6,103 | $38.47 |
| May 19, 2026 | Reuter Emilyofficer: CHIEF FINANCIAL OFFICER | Tax | 26,929 | $38.47 |
| May 19, 2026 | Fong Morganofficer: Chief Legal Officer | Tax | 15,898 | $38.47 |
| May 19, 2026 | Fong Morganofficer: Chief Legal Officer | Sell | 12,575 | $39.88 |
Source: CART SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full CART insider & 13F page →Instacart (Maplebear Inc.) company profile
Overview
Maplebear Inc. (NASDAQ:CART), operating under the brand name Instacart, is a leading North American online grocery delivery platform founded in 2012 by Apoorva Mehta in San Francisco, California. The company went public in September 2023, marking one of the most significant technology IPOs of that year. Instacart has evolved from a simple grocery delivery service into a comprehensive retail technology platform that serves both consumers seeking convenient grocery shopping and retailers looking to expand their digital presence. The company connects millions of customers with personal shoppers who fulfill orders from a vast network of retail partners, while also providing advertising and enterprise technology solutions to help retailers compete in the digital economy.
Business
Instacart operates in the rapidly growing online grocery and retail technology sector, serving as an intermediary between consumers, personal shoppers, and retail partners. The company's core service allows customers to order groceries and other household items through its mobile app or website, with orders fulfilled by independent contractors called "shoppers" who pick, pack, and deliver items from participating retail stores. The business operates through two primary revenue segments. Transaction Revenue represents approximately 80-85% of total revenue and includes delivery fees, service fees, tips, and commissions from retail partners. This segment generated around $2.4 billion in 2024. Advertising and Other Revenue accounts for 15-20% of revenue and encompasses the company's retail media network called Carrot Ads, enterprise technology solutions, and in-store technologies like Caper Carts (smart shopping carts). This segment brought in approximately $740 million in 2024. Beyond basic delivery, Instacart has expanded into several complementary areas. The company offers Instacart+, a subscription service providing unlimited free delivery on orders over $35, which helps drive customer loyalty and higher order frequency. The platform has also integrated restaurant delivery through partnerships, added pickup services, and developed enterprise solutions that power white-label e-commerce storefronts for major retailers. The company's technology stack includes AI-powered recommendation engines, inventory management systems, and advertising optimization tools that serve both consumers and business clients. Instacart serves 98% of North American households through partnerships with over 1,400 retail banners, including major chains like Costco, Kroger, Safeway, and regional grocers. The platform processes over $35 billion in gross transaction value annually, making it the dominant player in North American online grocery delivery with significant market share in both small basket convenience orders and large weekly grocery shopping trips.
Revenue model
Instacart generates revenue through a multi-faceted business model that monetizes both sides of its marketplace. The primary revenue stream comes from transaction-based fees charged to consumers, including delivery fees (typically $3.99-$7.99 per order), service fees (around 5% of order value), and optional tips for shoppers. The company also earns retail partner commissions, typically 3-5% of gross merchandise value, from participating stores for driving incremental sales and customer acquisition. The company's fastest-growing revenue segment is its advertising business, where consumer packaged goods brands pay to promote their products within the Instacart platform. Through Carrot Ads, brands can purchase sponsored product placements, display advertisements, and access detailed consumer shopping data for targeting. This creates a high-margin revenue stream similar to Amazon's advertising model, with advertising revenue growing at double-digit rates annually. Subscription revenue from Instacart+ memberships provides recurring income, with members paying $99 annually or $9.99 monthly for benefits including free delivery and reduced service fees. The company also generates enterprise revenue by licensing its technology platform to retailers for their own branded e-commerce operations and through innovative in-store technologies like Caper Carts. Several factors influence Instacart's profitability margins. Positive margin drivers include the high-margin advertising business, operational efficiency gains from AI and machine learning optimization, increased order density in established markets, and growing adoption of Instacart+ subscriptions which improve customer lifetime value. Negative margin pressures come from competitive dynamics requiring promotional spending and lower delivery fees, rising labor costs for shoppers, fuel price volatility affecting delivery economics, and investments in new technologies and market expansion. The company's ability to maintain pricing power depends largely on its market leadership position and the value proposition it provides to both consumers seeking convenience and retailers needing digital transformation capabilities.
Competitive moat
Instacart possesses a moderately strong competitive moat built primarily on network effects and operational scale. The company benefits from a three-sided marketplace where more consumers attract more shoppers, which in turn attracts more retail partners, creating a self-reinforcing cycle. With over 25 million annual customers and hundreds of thousands of active shoppers, Instacart has achieved the critical mass necessary to provide fast, reliable service across most North American markets. The company's data and technology advantages represent another significant moat component. Instacart processes billions of shopping transactions annually, generating valuable consumer behavior data that powers its advertising platform and helps retailers optimize inventory and merchandising. The company's AI-driven systems for demand forecasting, shopper routing, and product recommendations create operational efficiencies that are difficult for competitors to replicate without similar scale. Retail partnership depth provides additional competitive protection. Instacart has invested heavily in deep integrations with major retailers, including loyalty program connections, inventory management systems, and co-branded marketing initiatives. These partnerships create switching costs for retailers and provide Instacart with preferential access to inventory and promotional support. However, the moat faces several challenges. Large technology companies like Amazon (through Whole Foods and Amazon Fresh) and Walmart (through its delivery services) have significant resources and existing customer relationships that could threaten Instacart's market position. Direct-to-consumer initiatives by major retailers could bypass third-party platforms entirely. Additionally, the gig economy model faces ongoing regulatory scrutiny that could increase labor costs and operational complexity. The company's moat is strengthened by high customer switching costs due to familiarity with the platform and Instacart+ subscriptions, but weakened by the relatively commoditized nature of grocery delivery services. Overall, Instacart maintains a solid but not insurmountable competitive position that requires continued innovation and market expansion to defend.
Risks & safety
Instacart demonstrates a strong financial position with substantial margin of safety, though trading at premium valuations reflecting growth expectations. Liquidity and Solvency: - Cash position: $1.69 billion with minimal debt (debt-to-equity ratio of 0.007) - Current ratio: 3.24, indicating strong short-term liquidity - Free cash flow: $280 million in Q1 2025, demonstrating consistent cash generation - No significant solvency concerns given strong balance sheet and profitable operations Valuation Metrics: - P/E ratio: 24.7 based on current earnings - EV/EBITDA: 16.7, reflecting premium valuation for growth - Price-to-book: 3.3, above historical market averages - Graham number suggests potential overvaluation relative to conservative metrics Other Considerations: - Strong competitive position but faces potential disruption from larger tech companies - Regulatory risks around gig economy classification could impact cost structure - Market leadership provides some downside protection but growth expectations built into current price
Recent development
Over the past two years, Instacart has undergone significant strategic evolution beyond its core delivery business. The company has aggressively expanded its retail media network, with Carrot Ads becoming a major growth driver as brands increasingly shift advertising budgets toward retail media platforms. The advertising business now serves over 6,000 brand partners and has become Instacart's highest-margin revenue segment. A major strategic pivot has been the development of enterprise technology solutions. The company acquired Wynshop to enhance its white-label storefront capabilities and has been deploying Caper Carts, AI-powered smart shopping carts, across multiple retail partners. These initiatives position Instacart as a comprehensive retail technology provider rather than just a delivery platform. The company has also focused heavily on affordability and accessibility initiatives to expand its addressable market. This includes launching Super Saver delivery options, integrating EBT SNAP payments, connecting with retailer loyalty programs, and implementing a $10 minimum basket size for Instacart+ members to encourage more frequent, smaller orders. Partnership expansion has been another key development, most notably the integration with Uber Eats to offer restaurant delivery alongside grocery orders. This cross-platform approach aims to increase customer engagement and order frequency. The company has also deepened integrations with major retailers like Sprouts, adding hundreds of new features and services. Recent technological investments have centered on AI and machine learning, with management reporting that 87% of code is now developed with AI assistance. The company launched Smart Shop, a personalized shopping experience, and universal ad campaigns with AI optimization to improve both consumer experience and advertiser performance.
CART company profile · for informational purposes only — not investment advice.
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