Companies /Consumer Cyclical

Maplebear Inc

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

Q3 2025 Earnings

Reported Nov 10, 2025, 7:06am ET · SEC source
$0.51
Beat +2.84%
EPS · est. $0.50
$939.0M
Beat +0.61%
Revenue · est. $933.3M
+18.5%
Beating market
CART vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%Nov 10Nov 11report 7:06am ETearnings+0.7%+4.2%
−3%0+3%Nov 10Nov 11earnings+0.7%+4.2%
CART +4.2%S&P 500 +0.7%
−3%0+3%Nov 10Nov 11report 7:06am ETearnings+0.3%+4.2%
−3%0+3%Nov 10Nov 11earnings+0.3%+4.2%
CART +4.2%NASDAQ +0.3%
−8%−4%0+4%Nov 10Nov 17report 7:06am ETearnings−1.7%+2.0%
−8%−4%0+4%Nov 10Nov 17earnings−1.7%+2.0%
CART +2.0%S&P 500 −1.7%
−8%−4%0+4%Nov 10Nov 17report 7:06am ETearnings−2.5%+2.0%
−8%−4%0+4%Nov 10Nov 17earnings−2.5%+2.0%
CART +2.0%NASDAQ −2.5%
+1.58%
Day of report
+5.01%
Next session
+8.52%
One week
+19.61%
30 days

S&P 500 over the same 30 days: +1.13%.

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 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

“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.”

Maplebear CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Instacart guided GTV of $9,450–$9,600 million, representing 9%–11% year-over-year growth, with orders growth expected to outpace GTV growth. Adjusted EBITDA is expected to be $285–$295 million. The outlook reflects strong October performance, continued momentum from enterprise partnerships, partially offset by the expected impact of EBT SNAP funding scenarios on the business.

CART YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$300.0M$600.0M$900.0M$852.0M$939.0MRevenue$641.0M$692.0MGross Profit$138.0M$166.0MOperating Income$118.0M$144.0MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

CART Revenue by Segment

Transaction Revenue$670.0M+10.0%
Advertising & Other Revenue$269.0M+10.0%

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