CART
Instacart (Maplebear Inc.)
Price as of Jul 20, 2026
CART earnings
Instacart (Maplebear Inc.) earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| 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 | — |
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Q1 was a strong start with GTV 13% and total revenue 14% year over year, surpassing $10 billion in GTV and over $1 billion in total revenue. • Marketplace fundamentals strong with focus on selection, quality, affordability, convenience, using AI for personalization and introducing AI-powered capabilities like Cart Assistant. • Enterprise platform with Storefront Pro gaining traction, extending AI capabilities to retailers' own and operated channels. • Advertising and other revenue growing driven by expansion of supply and demand sides. • International off to strong start with Storefront Pro launch in Spain and France, acquisition of Instaleap. • In-store technologies like Caper, FoodStorm, Caratags making progress.
Guidance
• Anticipates GTV to range between $10.1 to $10.25 billion, year-over-year growth between 11% to 13%. • Expects advertising and other revenues to grow 11% to 14% year-over-year. • Guides to Q2 adjusted EBITDA of $290 to $300 million, representing year-over-year growth of 11% to 15%. • Continues to expect adjusted EBITDA to grow faster than GTV in full year while moderating in rate of expansion as reinvestments are made.
Segment performance
Marketplace: GTV grew 13% year over year, orders were $91.2 million up 10% year over year, average order value $113 up 3% year over year. Enterprise platform: Storefront technology powers over 380 grocery e-com sites, Storefront Pro saw over 10 percentage point lift in online sales and more than 5 percentage point lift in 90-day new user retention for grocers who upgraded. Advertising and other revenue: Grew 16% year over year, driven by expansion and diversification across supply and demand sides.
Analyst Q&A
Q: Following up on Q&A performance and revenue growth, breaking down growth in marketplace, enterprise, and advertising.
A: Multiple engines driving growth, strategy working, strengthening core experiences, expanding technology across more surfaces, AI accelerating growth.
Q: On advertising growth opportunities in new mediums/formats and InstaLeap acquisition.
A: Innovation in ads from AI, using AI in ranking, relevance, personalization, conversational commerce; Instaleap acquisition strategic, complementing platform and accelerating growth.
Q: Aspiring to faster growth, what needs to happen and what drove broad-based strength in advertising.
A: Strategy unique, core experience improving, enterprise platform as strategic advantage, AI accelerant; broad-based strength in ads due to platform growth, core on-platform innovation, diversification across supply and demand.
Q: Price parity and adoption of Storefront Pro.
A: Price parity retailers grow faster, conversation with retailers about incremental sales and share; retailers use Instacart for scale and high quality experience, Storefront Pro adoption driven by ability to extend marketplace scale and experience.
Q: Opportunity and risk with agentic, and order growth vs AOV.
A: Want to be wherever customers are while maintaining control, direct agentic experiences as gold standard; orders growth impacted by lapping $10 minimum basket benefit, AOV driven by customer engagement, club retailers, high-value business customers.
Q: Card Assistant early learnings and search functionality.
A: Card Assistant early feedback encouraging, used for discovery, meal planning, etc.; search helps customers find what they want faster, drives first order likelihood.
Q: Guardrails around AI costs and recommendations.
A: Monitoring AI costs real time, adapting; recommendations made relevant using data and demand signals, AI enhancing consumer experience and ad side.
Q: Enterprise business size, economics, and scaling white label logistics internationally.
A: Enterprise highly strategic, both marketplace and enterprise generate profit, contracts bespoke; scaling white label logistics internationally enterprise-led, disciplined with proven products.
Q: Advertising outlook, Instacart Plus, and lapping credit card promotions.
A: Confident in ads ability to hit long-term targets, Instacart Plus continued focus, no specific lapping concerns for IC+.
Q: Factors impacting incremental margins in Q2 guide and success with price parity.
A: No fundamental change in business, Q1 benefited from Canada's digital services tax repeal, Q2 has different quarterly fluctuations; success with price parity seen with retailers moving to price parity, challenge is retailers' decision on pricing.
Q: Caper parts scaling and expectations.
A: In-store opportunity large, Caper live in over 100 cities, expanding with retailers, driving higher baskets and omnichannel activations
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-08-06.