Instacart Announces Third Quarter 2026 Financial Results

Three Months Ended

September 30,

2025

2026

% Change

(in millions, except percentages)

GTV

$         9,170

$        10,528

15 %

Orders

83.4

91.4

10 %

Total revenue

$           939

$         1,095

17 %

GAAP gross profit

$           692

$           786

14 %

GAAP gross margin

74 %

72 %

GAAP gross profit as a percent of GTV

7.5 %

7.5 %

GAAP net income

$            144

$            147

2 %

GAAP net income as a percent of total revenue

15 %

13 %

GAAP net income as a percent of GTV

1.6 %

1.4 %

Adjusted EBITDA ⁽¹⁾

$           278

$           342

23 %

Adjusted EBITDA margin ⁽¹⁾

30 %

31 %

Adjusted EBITDA as a percent of GTV ⁽¹⁾

3.0 %

3.2 %

Net cash provided by operating activities

$          287

$          324

13 %

Free cash flow ⁽¹⁾

$          272

$          307

13 %

⁽¹⁾ Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA as a percent of GTV, and free cash flow are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled "Non-GAAP Financial Measures" and the reconciliations presented at the end of this press release.

MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

As of

December 31,

As of

September 30,

2025

2026

ASSETS

Current assets:

Cash and cash equivalents

$            637

$            830

Short-term marketable securities

50

97

Accounts receivable, net

1,127

1,052

Restricted cash and cash equivalents, current

172

93

Prepaid expenses and other current assets

213

144

Total current assets

2,199

2,216

Long-term marketable securities

81

8

Restricted cash and cash equivalents, noncurrent

18

—

Property and equipment, net

218

213

Operating lease right-of-use assets

30

26

Intangible assets, net

71

75

Goodwill

393

428

Deferred tax assets, net

664

564

Other assets

14

48

Total assets

$          3,687

$         3,577

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$             70

$             81

Accrued and other current liabilities

634

641

Operating lease liabilities, current

3

4

Deferred revenue

211

221

Total current liabilities

917

947

Operating lease liabilities, noncurrent

33

30

Other long-term liabilities

24

33

Total liabilities

974

1,010

Series A redeemable convertible preferred stock

196

—

Stockholders' equity:

Preferred stock

—

—

Common stock

—

—

Additional paid-in capital

7,005

7,617

Accumulated other comprehensive loss

(1)

(7)

Accumulated deficit

(4,486)

(5,043)

Total stockholders' equity

2,518

2,567

Total liabilities, redeemable convertible preferred stock, and stockholders' equity

$          3,687

$         3,577

 Note: Due to rounding, numbers presented may not sum precisely to the totals presented.

MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in millions, except share amounts, which are reflected in thousands, and per share amounts)

Three Months Ended September
30,

Nine Months Ended September
30,

2025

2026

2025

2026

Revenue

$            939

$          1,095

$          2,750

$          3,157

Cost of revenue

247

309

709

882

Gross profit

692

786

2,041

2,275

Operating expenses:

Operations and support

62

70

203

218

Research and development

169

194

479

561

Sales and marketing

206

242

640

706

General and administrative

87

106

319

291

Total operating expenses

525

612

1,641

1,776

Income from operations

166

174

401

499

Other income (expense), net

(1)

1

1

1

Interest income

16

6

45

18

Income before provision for income taxes

181

182

447

517

Provision for income taxes

37

34

81

114

Net income

$             144

$              147

$            366

$           403

Accretion related to Series A redeemable convertible
     preferred stock

(2)

(2)

(7)

(7)

Net income attributable to common stockholders, basic

$             142

$             145

$            359

$           396

Accretion related to Series A redeemable convertible
     preferred stock

2

2

7

7

Net income attributable to common stockholders, diluted

$             144

$             147

$            366

$           403

Net income per share attributable to common stockholders:

Basic

$           0.54

$           0.62

$           1.37

$            1.68

Diluted

$           0.51

$           0.60

$           1.30

$             1.61

Weighted-average shares used in computing net income per
share attributable to common stockholders:

Basic

264,895

232,964

263,314

235,699

Diluted

283,176

247,591

282,479

250,015

Note: Due to rounding, numbers presented may not sum precisely to the totals presented.

MAPLEBEAR INC. DBA INSTACART

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in millions)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2025

2026

2025

2026

OPERATING ACTIVITIES

Net income

$          144

$          147

$         366

$         403

Adjustments to reconcile net income to net cash provided by operating
activities:

Depreciation and amortization expense

25

35

65

97

Stock-based compensation expense

82

120

253

341

Impairments of long-lived assets and other assets

10

1

21

7

Provision for bad debts

3

2

12

8

Amortization of operating lease right-of-use assets

2

1

7

4

Deferred income taxes

67

32

66

99

Other

1

(1)

(4)

2

Changes in operating assets and liabilities, net of effects of business
     acquisitions:

Accounts receivable

(4)

(76)

(35)

65

Prepaid expenses and other assets

—

30

46

51

Accounts payable

9

19

(3)

11

Accrued and other current liabilities

(49)

21

(17)

(13)

Deferred revenue

—

(11)

18

9

Operating lease liabilities

(1)

(1)

(7)

(2)

Other long-term liabilities

(2)

4

(2)

4

Net cash provided by operating activities

287

324

788

1,085

INVESTING ACTIVITIES

Purchases of marketable securities

(86)

(4)

(230)

(17)

Maturities of marketable securities

94

27

221

42

Purchases of property and equipment, including capitalized internal-use
software

(15)

(17)

(49)

(46)

Acquisitions of businesses, net of cash acquired

—

(29)

(105)

(58)

Other investing activities

—

(10)

(1)

(10)

Net cash used in investing activities

(7)

(32)

(163)

(89)

FINANCING ACTIVITIES

Taxes paid related to net share settlement of equity awards

(7)

(4)

(21)

(12)

Proceeds from exercise of stock options

1

2

8

6

Changes in advances from payment card issuer

(2)

(3)

41

31

Repurchases of common stock

(62)

(238)

(272)

(921)

Other financing activities

—

—

—

(2)

Net cash used in financing activities

(70)

(243)

(245)

(898)

Effect of foreign exchange on cash, cash equivalents, and restricted cash and
cash equivalents

(2)

1

4

(2)

Net increase in cash, cash equivalents, and restricted cash and cash
equivalents

208

49

384

96

Cash, cash equivalents, and restricted cash and cash equivalents - beginning
of period

1,625

874

1,449

827

Cash, cash equivalents, and restricted cash and cash equivalents - end of
period

$        1,833

$         923

$        1,833

$         923

Note: Due to rounding, numbers presented may not sum precisely to the totals presented.

MAPLEBEAR INC. DBA INSTACART

KEY BUSINESS METRICS AND RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(unaudited, in millions, except percentages)

Three Months Ended September
30,

2025

2026

GTV

$        9,170

$        10,528

Orders

83.4

91.4

Net income

$           144

$           147

Provision for income taxes

37

34

Interest income

(16)

(6)

Other expense (income), net

1

(1)

Depreciation and amortization expense

25

35

Stock-based compensation expense

82

120

Payroll taxes related to stock-based compensation ⁽¹⁾

4

4

Certain legal and regulatory reserve changes and settlements ⁽²⁾

2

4

Reserves for sales and other indirect taxes, net ⁽³⁾

(1)

4

Certain transaction-related expenses ⁽⁴⁾

—

1

Adjusted EBITDA

$          278

$          342

Net income as a percent of GTV

1.6 %

1.4 %

Adjusted EBITDA as a percent of GTV

3.0 %

3.2 %

Total revenue

$          939

$        1,095

Net income as a percent of total revenue

15 %

13 %

Adjusted EBITDA margin

30 %

31 %

⁽¹⁾ Represents employer payroll taxes related to the vesting and settlement of certain equity awards.

⁽²⁾ Represents certain legal and regulatory reserve changes and settlements, including those related to worker classification and policy matters, as well as non-recurring intellectual property matters and legal and regulatory settlements. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal and regulatory matters and related expenses incurred in our ongoing operating performance.

⁽³⁾ Represents sales and other indirect tax reserves, net of abatements, for periods in which we were unable to collect such taxes from customers. We believe this adjustment is useful for investors in understanding our underlying operating performance because in these cases, the taxes were not intended to be a cost to us but rather are to be borne by the customers.

⁽⁴⁾ Represents certain transaction-related expenses, including acquisition- and integration-related expenses.

Note: Due to rounding, numbers presented may not sum precisely to the totals presented.

MAPLEBEAR INC. DBA INSTACART

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(unaudited, in millions, except percentages)

Three Months Ended

Sep. 30,

Dec. 31,

Mar. 31,

Jun. 30,

Sep. 30,

2025

2025

2026

2026

2026

Cost of revenue

$      247

$      275

$      281

$     292

$     309

Depreciation and amortization expense

(20)

(20)

(24)

(26)

(29)

Stock-based compensation expense

(3)

(2)

(2)

(3)

(2)

Adjusted cost of revenue

$     225

$     253

$     255

$     262

$     278

Cost of revenue as a percent of GTV

2.7 %

2.8 %

2.7 %

2.8 %

2.9 %

Adjusted cost of revenue as a percent of GTV

2.5 %

2.6 %

2.5 %

2.5 %

2.6 %

Operations and support expense

$       62

$        71

$       74

$       74

$       70

Depreciation and amortization expense

—

(1)

(1)

(1)

(1)

Stock-based compensation expense

(3)

(4)

(3)

(5)

(4)

Adjusted operations and support expense

$       58

$       67

$      70

$       68

$       65

Operations and support expense as a percent of GTV

0.7 %

0.7 %

0.7 %

0.7 %

0.7 %

Adjusted operations and support expense as a percent of GTV

0.6 %

0.7 %

0.7 %

0.7 %

0.6 %

Research and development expense

$      169

$      170

$      164

$     202

$      194

Depreciation and amortization expense

(2)

(2)

(2)

(2)

(2)

Stock-based compensation expense

(56)

(55)

(46)

(84)

(68)

Payroll taxes related to stock-based compensation ⁽¹⁾

(2)

(2)

(4)

(4)

(2)

Adjusted research and development expense

$      109

$       112

$       111

$       113

$       122

Research and development expense as a percent of GTV

1.8 %

1.7 %

1.6 %

2.0 %

1.8 %

Adjusted research and development expense as a percent of
GTV

1.2 %

1.1 %

1.1 %

1.1 %

1.2 %

Sales and marketing expense

$     206

$      214

$     230

$     233

$     242

Depreciation and amortization expense

(3)

(2)

(2)

(3)

(2)

Stock-based compensation expense

(13)

(16)

(10)

(22)

(20)

Payroll taxes related to stock-based compensation ⁽¹⁾

(1)

—

(1)

(1)

(1)

Adjusted sales and marketing expense

$       191

$      195

$      217

$     208

$     220

Sales and marketing expense as a percent of GTV

2.3 %

2.2 %

2.2 %

2.3 %

2.3 %

Adjusted sales and marketing expense as a percent of GTV

2.1 %

2.0 %

2.1 %

2.0 %

2.1 %

MAPLEBEAR INC. DBA INSTACART

RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)

(unaudited, in millions, except percentages)

Three Months Ended

Sep. 30,

Dec. 31,

Mar. 31,

Jun. 30,

Sep. 30,

2025

2025

2026

2026

2026

General and administrative expense

$       87

$      163

$       88

$       98

$       106

Depreciation and amortization expense

(1)

(1)

(1)

(1)

(1)

Stock-based compensation expense

(7)

(21)

(19)

(27)

(25)

Payroll taxes related to stock-based compensation ⁽¹⁾

(1)

—

(1)

(1)

(1)

Certain legal and regulatory reserve changes and settlements
⁽²⁾

(2)

(78)

(1)

13

(4)

Reserves for sales and other indirect taxes, net ⁽³⁾

1

1

—

(1)

(4)

Certain transaction-related expenses ⁽⁴⁾

—

(1)

(1)

(3)

(1)

Adjusted general and administrative expense

$       78

$       63

$       65

$       79

$       69

General and administrative expense as a percent of GTV

1.0 %

1.7 %

0.9 %

0.9 %

1.0 %

Adjusted general and administrative expense as a percent of GTV

0.8 %

0.6 %

0.6 %

0.8 %

0.7 %

Total operating expenses

$     525

$      619

$     556

$     608

$       612

Depreciation and amortization expense

(6)

(6)

(6)

(6)

(6)

Stock-based compensation expense

(79)

(96)

(78)

(139)

(117)

Payroll taxes related to stock-based compensation ⁽¹⁾

(3)

(3)

(6)

(6)

(4)

Certain legal and regulatory reserve changes and settlements
⁽²⁾

(2)

(78)

(1)

13

(4)

Reserves for sales and other indirect taxes, net ⁽³⁾

1

1

—

(1)

(4)

Certain transaction-related expenses ⁽⁴⁾

—

(1)

(1)

(3)

(1)

Adjusted total operating expenses

$     436

$     436

$     463

$     468

$     476

Total operating expenses as a percent of GTV

5.7 %

6.3 %

5.4 %

5.9 %

5.8 %

Adjusted total operating expenses as a percent of GTV

4.8 %

4.4 %

4.5 %

4.5 %

4.5 %

⁽¹⁾ Represents employer payroll taxes related to the vesting and settlement of certain equity awards.

⁽²⁾ Represents certain legal and regulatory reserve changes and settlements, including those related to worker classification and policy matters, as well as non-recurring intellectual property matters and legal and regulatory settlements. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal and regulatory matters and related expenses incurred in our ongoing operating performance.

⁽³⁾ Represents sales and other indirect tax reserves, net of abatements, for periods in which we were unable to collect such taxes from customers. We believe this adjustment is useful for investors in understanding our underlying operating performance because in these cases, the taxes were not intended to be a cost to us but rather are to be borne by the customers.

⁽⁴⁾ Represents certain transaction-related expenses, including acquisition- and integration-related expenses.

MAPLEBEAR INC. DBA INSTACART

RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED)

(unaudited, in millions, except percentages)

Three Months Ended

Sep. 30,

Dec. 31,

Mar. 31,

Jun. 30,

Sep. 30,

2025

2025

2026

2026

2026

Net cash provided by operating activities

$      287

$      184

$     268

$     493

$     324

Purchases of property and equipment, including capitalized
     internal-use software

(15)

(12)

(16)

(13)

(17)

Free cash flow

$      272

$       171

$     253

$     480

$     307

Note: Due to rounding, numbers presented may not sum precisely to the totals presented.