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Company Research18 Apr 2024
Companies That Had Their IPO in 2023: Cautious Optimism
The cautiously optimistic market in 2023 saw stocks rebounded upwards, and interest in IPOs picked up from the previous year.
Maplebear
Maplebear (CART) investor relations material
Maplebear Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved $37.2B in GTV for 2025, up 11% year-over-year, with Q4 2025 GTV at $9.85B, up 14% year-over-year, marking the strongest quarterly growth in three years and robust momentum across Marketplace, Enterprise, and Ads.
Adjusted EBITDA reached $1.09B for 2025, a 23% increase year-over-year, with Q4 adjusted EBITDA up 20% to $303M, reflecting strong operating leverage and profitability expansion.
Repurchased $1.4B in shares during 2025, including $1.1B in Q4, and completed a $250M accelerated share repurchase in January 2026.
Expanded international presence with launches in Spain and France, deepened partnerships with major retailers, and piloted in-store technology with Morrisons and Coles.
Leveraged AI to accelerate execution, improve efficiency, and enhance customer and advertiser experiences, including Cart Assistant AI and ChatGPT integration.
Financial highlights
Total revenue grew at an 11% CAGR from 2023 to 2025, reaching $3.7B in 2025.
Q4 2025 GTV reached $9.85B, up 14% year-over-year; orders grew 16% to 89.5M.
GAAP net income for 2025 was $457M, rebounding from a loss of $1.62B in 2023, despite $116M in higher G&A expenses from legal and regulatory matters; Q4 GAAP net income was $81M, down 46% year-over-year due to $60M in non-recurring legal expenses.
Adjusted EBITDA margin improved to 2.9% of GTV in 2025, up from 2.1% in 2023.
Operating cash flow reached $1.4B in 2025, with Q4 operating cash flow at $184M, up 20% year-over-year.
Outlook and guidance
Q1 2026 GTV expected between $10.125B and $10.275B, up 11%-13% year-over-year.
Q1 2026 advertising and other revenue projected to grow 11%-14% year-over-year.
Q1 2026 adjusted EBITDA guidance of $280M-$290M, up 15%-19% year-over-year but down sequentially due to seasonality.
Committed to annual adjusted EBITDA growth outpacing GTV growth in 2026, though rate of expansion will moderate as reinvestment increases.
Multiple growth engines and efficiency levers are expected to drive further omnichannel grocery adoption and durable, long-term profitable growth.
How do price parity initiatives affect customer retention?
What's the monetization path for new Storefronts?
Explain Q1 GTV growth outpacing order growth.
AI's impact on engineering output and speed
Enterprise 'land and expand' strategy's financial impact
International expansion strategy and market fit
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Next Maplebear earnings date
Q1 202630 Apr, 2026
Maplebear
Next Maplebear earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Maplebear Inc., doing business as Instacart, is a North American technology company that specializes in grocery delivery and pick-up services. It operates in the United States and Canada, offering its services via a website and mobile app. Customers can order groceries and other household items from participating retailers, with the shopping and delivery being handled by personal shoppers. Instacart's platform provides a convenient solution for consumers looking to save time on grocery shopping, catering to a wide range of products including food, alcohol, consumer health items, pet care, and ready-made meals. The company is headquartered in San Francisco, California, and its shares are listed on the Nasdaq stock exchange.
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