Q4 25 EPS
$0.30
MISS 41.29%
Est. $0.51
Q4 25 Revenue
$992.0M
BEAT +2.27%
Est. $969.9M
vs S&P Since Q4 25
+16.4%
BEATING MARKET
CART +27.2% vs S&P +10.7%
Full Year 2025 Results
FY 25 EPS
$1.60
MISS 10.73%
Est. $1.79
FY 25 Revenue
$3.74B
BEAT +0.58%
Est. $3.72B
Market Reaction
Did CART Beat Earnings? Q4 2025 Results
Maplebear delivered a tale of two metrics in Q4 2025, posting revenue that edged past expectations while earnings fell well short of what Wall Street had penciled in. The grocery technology platform reported quarterly revenue of $992.00 million, up 1… Read more Maplebear delivered a tale of two metrics in Q4 2025, posting revenue that edged past expectations while earnings fell well short of what Wall Street had penciled in. The grocery technology platform reported quarterly revenue of $992.00 million, up 12.3% year-over-year and a 2.23% beat against the $970.35 million consensus, yet GAAP earnings per share of $0.30 missed the $0.52 estimate by 42.31%, largely because a $60.00 million FTC settlement ballooned general and administrative expenses and dragged GAAP net income down 46% to $81.00 million. Beneath that noise, the underlying business showed real momentum, with gross transaction value climbing 14% to $9.85 billion on 89.5 million orders and adjusted EBITDA expanding to $303.00 million at a 31% margin. The advertising unit crossed $1.00 billion in annual revenue for the first time, underscoring the platform's broadening commercial model. Looking ahead, management guided Q1 2026 GTV of $10.13 to $10.28 billion, representing what the company called its strongest year-over-year growth guidance since going public, even as some investors weigh whether recent share price weakness creates an entry point at current valuations.
Key Takeaways
- • Strongest quarterly GTV growth in three years at 14% YoY
- • Orders grew 16% YoY to 89.5 million
- • Over 26 million customers used Instacart in 2025, with ~10 million placing orders in December alone
- • 2025 customer cohort was the largest added since end of 2022
- • New customer retention rate strongest since early 2023
- • Operating leverage drove adjusted EBITDA margin expansion to 31%
- • Perfect order fill rate improved 5 percentage points year-over-year
- • Growth from price-parity grocers and club retailers notably outpaced overall platform
CART YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
CART Revenue by Segment
With YoY comparisons, source: SEC Filings
“We wrapped up 2025 with real momentum and are carrying that strength into 2026. Our strategy to be the leading grocery technology and enablement partner is working. More customers are choosing Instacart for their full grocery needs. More retailers are turning to our purpose-built technology to manage grocery complexity at scale. More brands are leaning into our ads and data capabilities to grow.”
— Chris Rogers, Q4 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% |