Q2 26 EPS GAAP
$0.45
MISS 16.56%
Est. $0.54
Q2 26 Revenue
$1.04B
BEAT +1.67%
Est. $1.03B
Market Reaction
Did CART Beat Earnings? Q2 2026 Results
Maplebear delivered a mixed second quarter for fiscal 2026, posting revenue that edged past Wall Street's expectations while its bottom line fell short. The Instacart parent reported $1.04 billion in total revenue, up 14.1% year over year and slightl… Read more Maplebear delivered a mixed second quarter for fiscal 2026, posting revenue that edged past Wall Street's expectations while its bottom line fell short. The Instacart parent reported $1.04 billion in total revenue, up 14.1% year over year and slightly above the $1.03 billion consensus, but GAAP earnings per share of $0.45 missed the $0.54 analyst estimate by 16.56%, weighed down by a $142 million stock-based compensation charge and R&D spending that climbed to $202 million from $166 million a year earlier. Underneath those headline pressures, the underlying business showed genuine momentum: gross transaction value reached $10.35 billion, advertising revenue grew 16% year over year to $297 million, and Adjusted EBITDA expanded 19% to $313 million. The company also repurchased $325 million in shares during the quarter, signaling confidence in its own valuation even as some analysts debate whether the stock is fairly priced. Looking ahead, Maplebear guided Q3 GTV of $10.30 to $10.55 billion and Adjusted EBITDA of $320 to $340 million, though management cautioned that margin expansion will moderate as the company reinvests in growth initiatives.
Key Takeaways
- • GTV grew 14% year-over-year to $10,351 million
- • Orders grew 9% year-over-year to 90.3 million
- • Advertising and other revenue up 16% YoY, outpacing GTV growth
- • Net-new customer activation at fastest year-over-year growth rates since 2022 over the past three quarters
- • Adjusted EBITDA margin expanded to 30% from 29% year-over-year
- • Operating cash flow surged 143% year-over-year to $493 million
CART Forward Guidance & Outlook
For Q3 2026, Instacart expects GTV of $10,300–$10,550 million ($10,425 million midpoint, representing 14% YoY growth) and Adjusted EBITDA of $320–$340 million ($330 million midpoint, representing 19% YoY growth). The company widened its guidance ranges to reflect increased operating scale. For fiscal 2026, management remains committed to steady annual Adjusted EBITDA year-over-year growth at a rate outpacing GTV growth, though expects this rate of expansion to moderate as the company reinvests in growth and laps significant operating expense efficiencies realized in 2024 and 2025. GTV is expected to continue outpacing orders growth.
CART YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CART Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our business is performing incredibly well. We've meaningfully accelerated our growth over the past three quarters, including a strong Q2 where we grew GTV 14% year-over-year. We're attracting and engaging more customers across our marketplace and enterprise platform, which creates more value for retailers, brands, and shoppers.”
— Chris Rogers, Q2 2026 Earnings Press Release
CART Earnings Trends
CART vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CART EPS Trend
Earnings per share: estimate vs actual
CART Revenue Trend
Quarterly revenue: estimate vs actual
CART Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.54 | $0.45 | -16.56% | $1.04B | +1.67% |
| Q1 26 BEAT | $0.57 | $0.57 | +0.64% | $1.02B | +1.20% |
| Q4 25 MISS FY | $0.51 | $0.30 | -41.29% | $992.0M | +2.27% |
| FY Full Year | $1.79 | $1.60 | -10.73% | $3.74B | +0.58% |
| Q3 25 BEAT | $0.50 | $0.51 | +2.84% | $939.0M | +0.61% |
| Q2 25 MISS | $0.70 | $0.41 | -41.27% | $914.0M | +2.03% |
| Q1 25 MISS | $0.72 | $0.37 | -48.90% | $897.0M | +0.01% |