Instacart (Maplebear Inc.) Q1 FY2026 earnings call

• 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.

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.

• 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.

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