Maplebear (CART) investor relations material

Executive summary

• GTV and total revenue each grew 14% year-over-year in Q2 2026, reaching $10.35 billion and $1.04 billion, respectively, with strong momentum across marketplace, enterprise, and advertising segments.

• Orders increased 9% year-over-year to 90.3 million, with the fastest net-new customer activation rates since 2022 and improved order quality metrics.

• Adjusted EBITDA rose 19% to $313 million, while operating cash flow surged 143% to $493 million and free cash flow increased 156% to $480 million.

• GAAP net income was $111 million, down 4% year-over-year, with a net income margin of 11%.

• Continued innovation in AI-powered shopping, inventory intelligence, and personalized customer experiences, including the acquisition of Arpalus.

Financial highlights

• Transaction revenue was $746 million (7.2% of GTV), up 13% year-over-year; advertising and other revenue grew 16% to $297 million.

• GAAP gross profit was $751 million (7.3% of GTV), up 11% year-over-year, with a gross margin of 72%.

• Adjusted EBITDA margin improved to 30% of total revenue.

• Operating expenses rose 10% to $608 million, mainly from higher R&D and stock-based compensation.

• Ended Q2 2026 with $1 billion in cash and equivalents.

Outlook and guidance

• Q3 2026 GTV guidance: $10.3–$10.55 billion (midpoint $10.425 billion, 14% year-over-year growth).

• Q3 2026 Adjusted EBITDA guidance: $320–$340 million (midpoint $330 million, 19% year-over-year growth).

• Fiscal 2026 outlook expects Adjusted EBITDA growth to outpace GTV growth, with some moderation as reinvestment increases.

• Management notes potential volatility from macroeconomic factors, regulatory changes, and competitive pressures.