Companies /Consumer Cyclical

Maplebear Inc

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

Q2 2025 Earnings

Reported Aug 7, 2025, 4:10pm ET · SEC source
$0.41
Miss −41.27%
EPS · est. $0.70
$914.0M
Beat +2.03%
Revenue · est. $895.8M
−10.6%
Trailing market
CART vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−10%−5%0Aug 7Aug 8report 4:10pm ETearnings+0.8%−6.8%
−10%−5%0Aug 7Aug 8earnings+0.8%−6.8%
CART −6.8%S&P 500 +0.8%
−10%−5%0Aug 7Aug 8report 4:10pm ETearnings+1.0%−6.8%
−10%−5%0Aug 7Aug 8earnings+1.0%−6.8%
CART −6.8%NASDAQ +1.0%
−16%−8%0+8%Aug 6Aug 15report 4:10pm ETearnings+1.7%−17.1%
−16%−8%0+8%Aug 6Aug 15earnings+1.7%−17.1%
CART −17.1%S&P 500 +1.7%
−16%−8%0+8%Aug 6Aug 15report 4:10pm ETearnings+1.3%−17.1%
−16%−8%0+8%Aug 6Aug 15earnings+1.3%−17.1%
CART −17.1%NASDAQ +1.3%
+3.68%
Day of report
+1.09%
Next session
−14.24%
One week
−8.24%
30 days

S&P 500 over the same 30 days: +2.36%.

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 $895.82 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

“We delivered another strong quarter, reinforcing the essential role we play in helping families save time, money, and effort putting food on the table.”

Maplebear CEO, on the earnings call

Forward Guidance & Outlook

For Q3 2025, Instacart guided GTV of $9,000–$9,150 million (representing 8%–10% YoY growth) and Adjusted EBITDA of $260–$270 million. The company expects orders growth to continue outpacing GTV growth in Q3. For full-year 2025, Instacart remains on track to expand Adjusted EBITDA year-over-year on both an absolute basis and as a percent of GTV.

CART YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$300.0M$600.0M$900.0M$823.0M$914.0MRevenue$623.0M$678.0MGross Profit$52.0M$124.0MOperating Income$61.0M$116.0MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

CART Revenue by Segment

Transaction Revenue$659.0M+11.0%
Advertising & Other Revenue$255.0M+12.0%

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