Companies /Consumer Cyclical

Maplebear Inc

NASDAQ: CART Internet Retail
$50.09
▼ $0.68 (−1.35%) today
Markets open · 2:51pm ET

Q1 2026 Earnings

Reported May 6, 2026, 7:03am ET · SEC source
$0.57
Beat +0.64%
EPS · est. $0.57
$1.0B
Beat +1.20%
Revenue · est. $1.0B
+4.9%
Beating market
CART vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−5%0+5%May 6May 7report 7:03am ETearnings+0.1%−6.5%
−5%0+5%May 6May 7earnings+0.1%−6.5%
CART −6.5%S&P 500 +0.1%
−5%0+5%May 6May 7report 7:03am ETearnings+0.3%−6.5%
−5%0+5%May 6May 7earnings+0.3%−6.5%
CART −6.5%NASDAQ +0.3%
−15%−10%−5%0May 5May 14report 7:03am ETearnings+2.0%−9.6%
−15%−10%−5%0May 5May 14earnings+2.0%−9.6%
CART −9.6%S&P 500 +2.0%
−12%−6%0May 5May 14report 7:03am ETearnings+3.6%−9.6%
−12%−6%0May 5May 14earnings+3.6%−9.6%
CART −9.6%NASDAQ +3.6%
−8.18%
Day of report
−5.40%
Next session
−0.52%
One week
+5.65%
30 days

S&P 500 over the same 30 days: +0.73%.

Did CART Beat Earnings? Q1 2026 Results

Maplebear Inc. reported a solid beat across both top and bottom lines for Q1 2026, with the grocery delivery platform posting earnings per share of $0.57 against a consensus estimate of $0.57, a modest 0.64% beat, while revenue came in at $1.02 billion, edging past the $1.01 billion estimate by 1.20% and marking 13.6% growth year over year. The strongest driver behind the results was a ninth consecutive quarter of double-digit Gross Transaction Value growth, with GTV crossing $10.29 billion as higher average order values lifted growth beyond order volume gains. GAAP net income rose 36% year over year to $144 million, while Adjusted EBITDA climbed 23% to $300 million, expanding margin to 29% of total revenue. Advertising revenue accelerated at its fastest pace since Q3 2023, with over 310 retail partners and 9,000 brand partners now on the platform. Looking ahead, management guided Q2 2026 Adjusted EBITDA of $290 to $300 million, reiterating that annual Adjusted EBITDA growth will continue to exceed GTV growth for the full year, even as reinvestment moderates the pace of margin expansion.

Key Takeaways
  • GTV of $10,288 million, up 13% year-over-year
  • Orders of 91.2 million, up 10% year-over-year
  • Transaction revenue up 13% YoY representing 7.1% of GTV
  • Advertising and other revenue up 16% YoY, fastest growth since Q3 2023
  • Adjusted EBITDA margin expanded from 27% to 29% of total revenue
  • GAAP net income margin improved from 12% to 14% of total revenue

“Q1 was a milestone quarter — surpassing $10 billion in GTV and $1 billion in total revenue for the first time. These results prove that our strategy is working. We're the leading grocery technology platform, delivering a best-in-class consumer experience, powering retailers across marketplace and enterprise, and operating a scaled ads ecosystem.”

Maplebear CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2026, Instacart guided GTV of $10,100–$10,250 million (11–13% YoY growth) with GTV expected to continue outpacing orders growth, and Adjusted EBITDA of $290–$300 million (11–15% YoY growth). For fiscal 2026, management remains committed to steady annual Adjusted EBITDA year-over-year growth at a rate that outpaces GTV growth, though the rate of expansion is expected to moderate as the company reinvests to accelerate across multiple growth engines and laps significant operating expense efficiencies realized in 2024 and 2025.

CART YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$300.0M$600.0M$900.0M$897.0M$1.0BRevenue$671.0M$738.0MGross Profit$110.0M$182.0MOperating Income$106.0M$144.0MNet Income
$0$300.0M$600.0M$900.0MRevenueGross ProfitOperating IncomeNet Income

CART Revenue by Segment

Transaction Revenue$733.0M+13.0%
Advertising & Other Revenue$286.0M+16.0%

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