Q2 25 EPS
$0.41
MISS 41.27%
Est. $0.70
Q2 25 Revenue
$914.0M
BEAT +2.03%
Est. $895.8M
vs S&P Since Q2 25
-32.8%
TRAILING MARKET
CART -14.4% vs S&P +18.5%
Market Reaction
Did CART Beat Earnings? Q2 2025 Results
Maplebear (Instacart) delivered a mixed second quarter for fiscal 2025, beating on revenue while falling notably short on the bottom line. The grocery delivery platform posted revenue of $914.00 million, up 11.1% year-over-year and ahead of the $895.… Read more Maplebear (Instacart) delivered a mixed second quarter for fiscal 2025, beating on revenue while falling notably short on the bottom line. The grocery delivery platform posted revenue of $914.00 million, up 11.1% year-over-year and ahead of the $895.82 million consensus by 2.03%, but earnings per share of $0.41 missed the $0.70 analyst estimate by 41.27%, a gap partly explained by the company's ongoing investment in operational scale and partnership expansion. The most material driver of the quarter was order volume, which surged 17% year-over-year to 82.7 million, even as average order value declined 5% due to the addition of restaurant orders and lower basket minimums for Instacart+ members. GAAP net income nearly doubled to $116.00 million, while adjusted EBITDA rose 26% to $262.00 million. The quarter also brought a notable leadership shift, with CEO Fidji Simo transitioning to Board Chair and Chris Rogers stepping in as her successor. For Q3, Instacart guided GTV of $9.00 billion to $9.15 billion and adjusted EBITDA of $260.00 million to $270.00 million.
Key Takeaways
- • Orders grew 17% YoY to 82.7 million driven by customer engagement and restaurant order adoption
- • GTV grew 11% YoY to $9,081 million
- • Batching 25% of priority orders without compromising speed, improving fulfillment efficiency
- • Over 50% of shoppers are at or within a mile of the store when orders are placed
- • Average shopper fulfillment time reduced approximately 25% over four years
- • Lower stock-based compensation expense from tapering of pre-IPO equity awards
- • Advertising revenue resilience driven by diversification efforts across on- and off-platform channels
- • Over $8 gross profit per order maintained in Q2
CART YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CART Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another strong quarter, reinforcing the essential role we play in helping families save time, money, and effort putting food on the table.”
— Fidji Simo, Q2 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |