Instacart's Last Earnings Report Before the DoorDash Takeover
As seen on the 24/7 Wall St. homepage on October 29, 2026.
Guidance is gone and the earnings call is cancelled: Instacart is now a deal story, with DoorDash acquiring it in a cash-and-stock transaction valued near $17 billion. Revenue beat expectations while EPS came in missing expectations, and merger arithmetic now drives the stock.
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Maplebear reported Q3 2026 revenue of $1.095 billion, up 16.6% year-over-year and ahead of expectations. Advertising revenue rose 23%, reaching 3.1% of gross transaction value.
GAAP earnings per share came in at $0.60, missing expectations, as stock-based compensation swelled to $120 million from $82 million a year earlier. Adjusted EBITDA rose 23% to $342 million, with the margin expanding to 31% from 30%.
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DoorDash has agreed to acquire Instacart in a cash-and-stock transaction valuing the company at roughly $17 billion, and that deal is what is driving the shares. Instacart cancelled its earnings call scheduled for November 5, 2026, and pulled all financial guidance, including previously issued long-term targets.
With no guidance and no earnings call, investors have no forward framework to trade against, leaving merger timing and regulatory and shareholder approval as the live questions. Free cash flow of $307 million in the quarter shows Instacart arriving at the deal from operational strength.