Companies /Consumer Cyclical

Maplebear Inc

NASDAQ: CART Internet Retail
$50.09
▼ $0.68 (−1.35%) today
Markets open · 2:50pm ET

Q1 2025 Earnings

Reported May 1, 2025, 4:07pm ET · SEC source
$0.37
Miss −48.90%
EPS · est. $0.72
$897.0M
Beat +0.01%
Revenue · est. $896.9M
−3.0%
Trailing market
CART vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−5%0+5%May 1May 2report 4:07pm ETearnings+1.9%+5.2%
−5%0+5%May 1May 2earnings+1.9%+5.2%
CART +5.2%S&P 500 +1.9%
−8%−4%0+4%May 1May 2report 4:07pm ETearnings+2.1%+5.6%
−8%−4%0+4%May 1May 2earnings+2.1%+5.6%
CART +5.6%NASDAQ +2.1%
0+6%+12%Apr 30May 9report 4:07pm ETearnings+1.3%+5.9%
0+6%+12%Apr 30May 9earnings+1.3%+5.9%
CART +5.9%S&P 500 +1.3%
0+6%+12%Apr 30May 9report 4:07pm ETearnings+1.9%+5.9%
0+6%+12%Apr 30May 9earnings+1.9%+5.9%
CART +5.9%NASDAQ +1.9%
+13.62%
Day of report
+4.14%
Next session
−3.21%
One week
+2.17%
30 days

S&P 500 over the same 30 days: +5.15%.

Did CART Beat Earnings? Q1 2025 Results

Maplebear Inc. posted a mixed first quarter for 2025, delivering revenue that essentially matched Wall Street's expectations while earnings fell well short of the consensus target. The Instacart parent reported $897.00 million in revenue, up 9.4% year-over-year and just barely ahead of the $896.88 million consensus estimate, yet earnings per share of $0.37 missed the $0.72 consensus by 48.90%, a gap the company attributed largely to the absence of $95.00 million in stock-based compensation reversals that had flattered the year-ago period. Beneath the headline miss, operational momentum was genuine: order volume grew 14% year-over-year to 83.2 million, the fastest pace in ten quarters, while gross transaction value rose 10% to $9.12 billion and adjusted EBITDA expanded 23% to $244.00 million. Some observers remain cautious given intensifying competition in grocery delivery, though the company's non-discretionary category and growing ad business offer a measure of resilience. Looking ahead, Instacart guided Q2 GTV of $8.85 billion to $9.00 billion and adjusted EBITDA of $240.00 million to $250.00 million, reaffirming full-year margin expansion expectations.

Key Takeaways
  • 14% year-over-year order growth to 83.2 million — fastest growth in 10 quarters
  • GTV grew 10% year-over-year to $9,122 million
  • Advertising & other revenue grew 14% YoY, outpacing GTV growth
  • Adjusted EBITDA grew 23% YoY to $244 million with operating leverage
  • Operating cash flow surged to $298 million driven by large retailer AR collection
  • Perfect order fill rate increased by 15 percentage points compared to three years ago

“We're off to a strong start in 2025 as we continue to execute on our vision of building the technologies to power the future of grocery for our partners.”

Maplebear CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2025, Instacart guided GTV of $8,850–$9,000 million, representing 8%–10% year-over-year growth, and Adjusted EBITDA of $240–$250 million. The company expects orders growth to continue outpacing GTV growth. Management reaffirmed its expectation to expand Adjusted EBITDA year-over-year on both an absolute and percent-of-GTV basis for full-year 2025.

CART YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$300.0M$600.0M$900.0M$820.0M$897.0MRevenue$614.0M$671.0MGross Profit$144.0M$110.0MOperating Income$130.0M$106.0MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

CART Revenue by Segment

Transaction Revenue$650.0M+8.0%
Advertising & Other Revenue$247.0M+14.0%

Figures from SEC filings and company reports. Not investment advice.