Q3 25 EPS
$0.51
BEAT +2.84%
Est. $0.50
Q3 25 Revenue
$939.0M
BEAT +0.61%
Est. $933.3M
vs S&P Since Q3 25
+21.7%
BEATING MARKET
CART +32.3% vs S&P +10.5%
Market Reaction
Did CART Beat Earnings? Q3 2025 Results
Instacart parent Maplebear posted a clean beat across both top and bottom lines in Q3 2025, with earnings per share of $0.51 clearing the $0.50 consensus by 2.84% and revenue of $939.00 million edging past estimates by 0.61% while growing 10.2% year … Read more Instacart parent Maplebear posted a clean beat across both top and bottom lines in Q3 2025, with earnings per share of $0.51 clearing the $0.50 consensus by 2.84% and revenue of $939.00 million edging past estimates by 0.61% while growing 10.2% year over year. The quarter's standout driver was order volume, which jumped 14% year over year to 83.4 million, reflecting the company's deliberate affordability push, including lowered basket minimums for Instacart+ members, a move that compressed average order value but clearly accelerated engagement. GAAP net income rose 22% to $144.00 million, and adjusted EBITDA expanded 22% to $278.00 million, lifting the adjusted EBITDA margin to 30% from 27% a year earlier. The stock surged more than 7.5% in pre-market trading after the results, reversing a prolonged slide that had pushed shares to a 52-week low ahead of the report. Looking ahead, management guided Q4 GTV of $9.45 billion to $9.60 billion, representing 9% to 11% growth, with adjusted EBITDA of $285.00 million to $295.00 million.
Key Takeaways
- • Orders grew 14% YoY to 83.4 million, driving GTV growth of 10%
- • Adjusted EBITDA margin expanded to 30% from 27% a year ago through operating leverage
- • Affordability initiatives including same-as-in-store pricing drove customer engagement
- • Lower consumer incentives and increased fulfillment efficiencies offset affordability investments
- • Decreased paid marketing spend contributed to lower total operating expenses as a percent of GTV
- • Operating cash flow increased $102 million YoY to $287 million
CART YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CART Revenue by Segment
With YoY comparisons, source: SEC Filings
“This is my first letter to you as CEO of Instacart — and I couldn't be more energized about where we're headed. Over the past six years, I've had the privilege of helping build many of the capabilities and partnerships that make Instacart distinct. We're so much more than a marketplace. Instacart is the leading technology and enablement partner for the grocery industry — helping consumers save time, retailers run their businesses, and brands connect with customers.”
— Chris Rogers, Q3 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% |