# Maplebear Inc. (CART) Informational only - not investment advice. CIK: 0001579091 SIC: 7389 Services-Business Services, NEC SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1579091 Filing source: https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001579091-26-000018 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001579091.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,742,000,000 USD | 2025 | verified | | Net income | 447,000,000 USD | 2025 | verified | | Assets | 3,687,000,000 USD | 2025 | verified | | Free cash flow | 910,000,000 USD | 2025 | computed | | Net margin | 11.95% | 2025 | computed | | Operating margin | 13.31% | 2025 | computed | | Revenue YoY | +10.78% | 2025 | computed | | ROE | 17.75% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | CART | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 11.9% | 5.8% | 71 | 59 | | Operating margin | 13.3% | 9.2% | 60 | 56 | | Revenue growth | 10.8% | 8.4% | 58 | 58 | | FCF margin | 24.3% | 14.2% | 81 | 58 | | ROE | 17.8% | 8.7% | 67 | 52 | | ROA | 12.1% | 2.9% | 84 | 59 | | Liabilities / equity | 0.39 | 1.52 | 8 | 54 | | Current ratio | 2.40 | 1.34 | 77 | 57 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3742000000 | USD | 2025 | 2026-02-26 | | Net income | 447000000 | USD | 2025 | 2026-02-26 | | Assets | 3687000000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001579091.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,834,000,000 | 2,551,000,000 | 3,042,000,000 | 3,378,000,000 | 3,742,000,000 | | Net income | | -73,000,000 | 428,000,000 | -1,622,000,000 | 457,000,000 | 447,000,000 | | Operating income | | -86,000,000 | 62,000,000 | -2,142,000,000 | 489,000,000 | 498,000,000 | | Gross profit | | 1,226,000,000 | 1,831,000,000 | 2,278,000,000 | 2,542,000,000 | 2,758,000,000 | | Diluted EPS | | -1.12 | 0.96 | -12.43 | 1.58 | 1.60 | | Operating cash flow | | -204,000,000 | 277,000,000 | 586,000,000 | 687,000,000 | 971,000,000 | | Capital expenditures | | 13,000,000 | 24,000,000 | 54,000,000 | 64,000,000 | 61,000,000 | | Share buybacks | | 0.00 | 0.00 | 36,000,000 | 1,402,000,000 | 1,386,000,000 | | Assets | | | | 4,727,000,000 | 4,115,000,000 | 3,687,000,000 | | Liabilities | | | | 800,000,000 | 836,000,000 | 974,000,000 | | Stockholders' equity | -981,000,000 | -573,000,000 | | 3,750,000,000 | 3,093,000,000 | 2,518,000,000 | | Cash and cash equivalents | | 1,146,000,000 | 1,505,000,000 | 2,137,000,000 | 1,278,000,000 | 637,000,000 | | Free cash flow | | -217,000,000 | 253,000,000 | 532,000,000 | 623,000,000 | 910,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -3.98% | 16.78% | -53.32% | 13.53% | 11.95% | | Operating margin | | -4.69% | 2.43% | -70.41% | 14.48% | 13.31% | | Return on equity | | | | -43.25% | 14.78% | 17.75% | | Return on assets | | | | -34.31% | 11.11% | 12.12% | | Liabilities / equity | | | | 0.21 | 0.27 | 0.39 | | Current ratio | | | 3.45 | 4.51 | 3.38 | 2.40 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001579091.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q3 | 2023-09-30 | 764,000,000 | -1,999,000,000 | -20.86 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 803,000,000 | 133,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 820,000,000 | 128,000,000 | 0.43 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 823,000,000 | 58,000,000 | 0.20 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 852,000,000 | 116,000,000 | 0.42 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 883,000,000 | 146,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 897,000,000 | 104,000,000 | 0.37 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 914,000,000 | 114,000,000 | 0.41 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 939,000,000 | 142,000,000 | 0.51 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 992,000,000 | 79,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,019,000,000 | 142,000,000 | 0.57 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,043,000,000 | 109,000,000 | 0.45 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CART's latest 10-K: [/company/CART/business/](/company/CART/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CART's latest 10-K: [/company/CART/risk-factors/](/company/CART/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1579091/000157909126000042/cart-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-07 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. The following discussion contains forward-looking statements that are based on current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” and other sections, including the “Special Note Regarding Forward-Looking Statements” of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. For purposes of clarity and ease of presentation, numbers presented within this section may not sum precisely to the totals provided. The underlying data used in the calculations, including percentages, is not rounded. Overview Instacart is the leading technology and enablement partner for the grocery industry — helping consumers save time, retailers run their businesses online and in-store, and connect brands with customers. We enable retail banners to grow by providing technology that can accelerate digital transformation of their business both online and in-store. Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers’ owned and operated online storefronts that are powered by Instacart Enterprise platform, our end-to-end technology solution encompassing ecommerce, fulfillment, Connected Stores, ads and marketing, and insights. When shopping for groceries, consumers want selection, quality, affordability, and convenience, and they shop in many different ways. Customers can place orders for delivery or pickup across a variety of use cases including the weekly shop, bulk stock-up, convenience, special occasions, from restaurants, and using our in-store technologies. We help our customers shop at their favorite retailers, order from their favorite restaurants, and enjoy selection, quality, affordability, and convenience. Our membership program, Instacart+, offers expanded customer benefits including unlimited $0 delivery fees on orders over a certain size, and other exclusive benefits. Instacart Ads offers brands a highly measurable ads offering that leverages first-party transaction data to move products off store shelves more efficiently. We provide discovery and attractive return on investment through our industry-leading advertising tools and insights purpose-built for the online grocery category. We offer shoppers an immediate, flexible earnings opportunity that allows them to choose when and how much to work. Shoppers are deeply valued members of the Instacart community, and we strive to make the shopping experience as seamless as possible so they can continue to deliver superior customer service. Macroeconomic Impacts Our business, financial condition, customer acquisition and retention, and key business metrics, including GTV and orders, may be impacted by macroeconomic trends affecting our markets and industry and consumer shopping habits, such as inflation and interest rate fluctuations, the effects of supply chain challenges, the impact of trade policies enacted or proposed by the United States, such as tariffs or other trade restrictions, and uncertainty related thereto, geopolitical conflicts, regulatory changes, uncertainty regarding an economic recession and its impact on consumer behavior, and the effects of severe weather patterns. Shopper Classification Developments The state of the law regarding independent contractor status of Instacart shoppers varies from jurisdiction to jurisdiction and among governmental agencies and is subject to change based on court decisions, administrative or agency determinations, new or changing regulations, and other legal and regulatory proceedings. 30 Table of Contents Some jurisdictions have adopted, and may adopt in the future, regulations that impact whether we can or should classify shoppers as independent contractors. For example, Proposition 22 in California provides a framework that offers more legal certainty regarding the status of independent workers offering delivery services and entitles shoppers in California to certain pay standards and benefits, which increases costs for us to operate in California. However, there may continue to be legal challenges, or legislative or other attempts to amend or otherwise invalidate the benefits, protections, or independent worker status provided by Proposition 22. To date, no such challenges have been successful. Additionally, we may face allegations that certain of our business practices do not satisfy all the elements of Proposition 22. We also experience and expect to continue experiencing challenges to the independent contractor classification of shoppers who use Instacart in other jurisdictions in which we operate, as well as the imposition of additional requirements on the use of contractors. Any successful challenges, changes in law, or other legal uncertainty with respect to independent contractor classification, or requirements related to the use of contractors, may adversely impact our financial condition, business, and results of operations. For additional information about the risks to our business related to independent contractor classification, see the section titled “Risk Factors—Risks Related to Our Legal and Regulatory Environment—Our business is subject to various laws and regulations, which may change or increase over time and subject us to increased compliance costs and liabilities.” Key Financial and Operational Highlights We use the following financial and key business metrics to help us evaluate the health of our business, identify trends affecting our performance, formulate business plans, and make strategic decisions: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,"],["","2025","","2026","","% Change"],["","(in millions, except percentages)"],["GTV","$","9,081","","$","10,351","","14","%"],["Orders","82.7","","90.3","","9","%"],["Revenue","$","914","","$","1,043","","14","%"],["Gross profit","$","678","","$","751","","11","%"],["Gross margin","74","%","","72","%"],["Gross profit as a percent of GTV","7.5","%","","7.3","%"],["Net income","$","116","","$","111","","(4)","%"],["Net income as a percent of revenue","13","%","","11","%"],["Net income as a percent of GTV","1.3","%","","1.1","%"],["Adjusted EBITDA (1)","$","262","","$","313","","19","%"],["Adjusted EBITDA margin (1)","29","%","","30","%"],["Adjusted EBITDA as a percent of GTV (1)","2.9","%","","3.0","%"],["Net cash provided by operating activities","$","203","","$","493","","143","%"],["Free cash flow (1)","$","187","","$","480","","156","%"]] [[/GREPCENT_TABLE]] ___________ (1) Adjusted EBITDA, Adjusted EBITDA as a percent of GTV, Adjusted EBITDA margin, and free cash flow are non-GAAP financial measures. For more information regarding our use of these measures and reconciliation to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “—Non-GAAP Financial Measures.” Gross Transaction Value We define GTV as the value of the products sold through Instacart, including applicable taxes, deposits and other local fees, customer tips, which go directly to shoppers, customer fees, which include flat subscription fees related to Instacart+ that are charged monthly or annually, and other fees. GTV consists of orders including those completed through Instacart Marketplace or services that are part of the Instacart Enterprise platform. We believe that GTV indicates the health of our business, including our ability to drive revenue and profits, and the value we provide to our constituents. We have experienced and expect to continue to experience fluctuations in GTV growth, including due to the macroeconomic conditions described above, changes in customer and retailer engagement, and the effects of our strategic initiatives. In the second quarter of 2026, GTV increased to $10,351 million, or 14% growth, compared to the same period of 2025, primarily driven by the increase in orders and higher average order value. 31 Table of Contents Orders We define an order as a completed customer transaction to purchase goods for delivery or pickup primarily from a single retailer through Instacart during the period indicated, including those completed through Instacart Marketplace or services that are part of the Instacart Enterprise platform. We believe that orders are an indicator of the scale and growth of our business as well as the value we bring to our constituents. In the second quarter of 2026, orders increased to 90.3 million, or 9% growth, compared to the same period of 2025, driven primarily by new customers and increased engagement of existing customers. Gross Profit, Gross Margin, and Gross Profit as a Percent of GTV Gross profit is defined as revenue less cost of revenue, and gross margin is defined as gross profit as a percent of revenue. We believe that gross profit, gross margin, and gross profit as a percent of GTV are important indicators of the growth and efficiencies of our business. In the second quarter of 2026, gross profit increased to $751 million, or 11% growth, compared to the same period of 2025, primarily driven by the increase in total revenue. Gross margin decreased by 2% to 72% in the second quarter of 2026, compared to the same period of 2025, primarily due to cost of revenue growing faster than revenue. Adjusted EBITDA, Adjusted EBITDA as a Percent of GTV, and Adjusted EBITDA Margin We define Adjusted EBITDA as net income (loss), adjusted to exclude (i) provision for (benefit from) income taxes, (ii) interest income, (iii) other (income) expense, net, (iv) depreciation and amortization expense, (v) stock-based compensation expense, (vi) payroll taxes related to stock-based compensation, (vii) certain legal and regulatory accruals and settlements, net, (viii) reserves for sales and other indirect taxes, net, (ix) acquisition-related expenses, and (x) restructuring charges. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of revenue. For more information about how we use these non-GAAP financial measures in our business, the limitations of these measures, and reconciliations of these measures to the most directly comparable GAAP financial measures, see the section titled “—Non-GAAP Financial Measures.” In the second quarter of 2026, Adjusted EBITDA increased to $313 million, or 19% growth, compared to the same period of 2025, primarily driven by a combination of strong GTV growth, higher advertising and other revenue, and operating leverage. Adjusted EBITDA, Adjusted EBITDA as a percent of GTV, and Adjusted EBITDA margin can vary significantly as we continue to make substantial investments to fuel our growth and scale our business. Free Cash Flow We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment, including capitalized internal-use software. In the second quarter of 2026, free cash flow increased to $480 million, or 156%, compared to the same period of 2025, primarily due to a large accounts receivable balance collected in the second quarter of 2026 compared to higher accounts receivable balances outstanding in the second quarter of 2025. Components of Results of Operations Revenue [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm Complete FY 2025 MD&A: /company/CART/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The following discussion contains forward looking statements that are based on current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” and other sections, including the “Special Note Regarding Forward-Looking Statements,” of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. In addition, this section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of this Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025. For purposes of clarity and ease of presentation, numbers presented within this section may not sum precisely to the totals provided. The underlying data used in the calculations, including percentages, is not rounded. Overview Instacart is the leading technology and enablement partner for the grocery industry — helping consumers save time, retailers run their businesses online and in-store, and connect brands with customers. We enable retail banners to grow by providing technology that can accelerate digital transformation of their business both online and in-store. Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers’ owned and operated online storefronts that are powered by Instacart Enterprise platform, our end-to-end technology solution encompassing e-commerce, fulfillment, Connected Stores, ads and marketing, and insights. When shopping for groceries, consumers want selection, quality, affordability, and convenience, and they shop in many different ways. Customers can place orders for delivery or pickup across a variety of use cases including the weekly shop, bulk stock-up, convenience, special occasions, from restaurants, and using our in-store technologies. We help our customers shop at their favorite retailers, order from their favorite restaurants, and enjoy selection, quality, affordability, and convenience. Our membership program, Instacart+, offers expanded customer benefits including unlimited $0 delivery fees on orders over a certain size, and other exclusive benefits. Instacart Ads offers brands a highly measurable ads offering that leverages first-party transaction data to move products off store shelves more efficiently. We provide discovery and attractive return on investment through our industry-leading advertising tools and insights purpose-built for the online grocery category. We offer shoppers an immediate, flexible earnings opportunity that allows them to choose when and how much to work. Shoppers are deeply valued members of the Instacart community, and we strive to make the shopping experience as seamless as possible so they can continue to deliver superior customer service. Initial Public Offering and Private Placement On September 21, 2023, we completed our IPO in which we issued and sold 14,100,000 shares of our common stock at an IPO price of $30.00 per share. We received net proceeds from the IPO of $392 million after deducting underwriting discounts and offering costs. Immediately subsequent to the closing of the IPO, we issued and sold 5,833,333 shares of our Series A Preferred Stock in a private placement at $30.00 per share and received $175 million in proceeds. For additional information, see Note 1 — Business included elsewhere in this Annual Report on Form 10-K. 62 Table of Contents Macroeconomic Impacts Our business, financial condition, customer acquisition and retention, and key business metrics, including GTV and orders, may be impacted by macroeconomic trends affecting our markets and industry and consumer shopping habits, such as inflation and interest rate fluctuations, the effects of supply chain challenges, the impact of trade policies enacted or proposed by the United States, such as tariffs or other trade restrictions, and uncertainty related thereto, geopolitical conflicts, regulatory changes, uncertainty regarding an economic recession and its impact on consumer behavior, and the effects of severe weather patterns. Shopper Classification Developments The state of the law regarding independent contractor status of Instacart shoppers varies from jurisdiction to jurisdiction and among governmental agencies and is subject to change based on court decisions, administrative or agency determinations, new or changing regulations, and other legal and regulatory proceedings. Some jurisdictions have adopted, and may adopt in the future, regulations that impact whether we can or should classify shoppers as independent contractors. For example, Proposition 22 in California provides a framework that offers more legal certainty regarding the status of independent workers offering delivery services and entitles shoppers in California to certain pay standards and benefits, which increases costs for us to operate in California. However, there may continue to be legal challenges, or legislative or other attempts to amend or otherwise invalidate the benefits, protections, or independent worker status provided by Proposition 22. To date, no such challenges have been successful. Additionally, we may face allegations that certain of our business practices do not satisfy all the elements of Proposition 22. We also experience and expect to continue experiencing challenges to the independent contractor classification of shoppers who use Instacart in other jurisdictions in which we operate, as well as the imposition of additional requirements on the use of contractors. Any successful challenges, changes in law, or other legal uncertainty with respect to independent contractor classification, or requirements related to the use of contractors, may adversely impact our financial condition, business, and results of operations. For additional information about the risks to our business related to independent contractor classification, see the section titled “Risk Factors—Risks Related to Our Legal and Regulatory Environment—Our business is subject to various laws and regulations, which may change or increase over time and subject us to increased compliance costs and liabilities.” Leadership Transition As previously announced, Fidji Simo resigned as our Chief Executive Officer and President on August 15, 2025, and we appointed Chris Rogers as our Chief Executive Officer, President, and a member of our board of directors, all effective as of that date. Ms. Simo initially continued to serve as Chair of our board of directors in order to ensure a smooth transition. On November 24, 2025, Ms. Simo resigned as Chair and a member of our board of directors, and Chris Rogers was appointed as Chair. 63 Table of Contents Key Financial and Operational Highlights We use the following financial and key business metrics to help us evaluate the health of our business, identify trends affecting our performance, formulate business plans, and make strategic decisions: [[GREPCENT_TABLE]] [["","Year Ended December 31,","","2023 to 2024","","2024 to 2025"],["","2023","","2024","","2025","","% Change","","% Change"],["","(in millions, except percentages)"],["Orders","269.2","","294.0","","338.8","","9","%","","15","%"],["GTV","$","30,322","","$","33,461","","$","37,224","","10","%","","11","%"],["Revenue","$","3,042","","$","3,378","","$","3,742","","11","%","","11","%"],["Gross profit","$","2,278","","$","2,542","","$","2,758","","12","%","","8","%"],["Gross margin","75","%","","75","%","","74","%"],["Gross profit as a percent of GTV","7.5","%","","7.6","%","","7.4","%"],["Net income (loss) (1)","$","(1,622)","","$","457","","$","447","","(128)","%","","(2)","%"],["Net income (loss) as a percent of revenue","(53)","%","","14","%","","12","%"],["Net income (loss) as a percent of GTV","(5.3)","%","","1.4","%","","1.2","%"],["Adjusted EBITDA (2)","$","641","","$","885","","$","1,087","","38","%","","23","%"],["Adjusted EBITDA margin (2)","21","%","","26","%","","29","%"],["Adjusted EBITDA as a percent of GTV (2)","2.1","%","","2.6","%","","2.9","%"]] [[/GREPCENT_TABLE]] ___________ (1) Net loss for the year ended December 31, 2023 includes $2.6 billion of stock-based compensation expense associated with the cumulative vesting of certain equity awards in connection with our IPO in the third quarter of 2023. (2) Adjusted EBITDA, Adjusted EBITDA as a percent of GTV, and Adjusted EBITDA margin are non-GAAP financial measures. For more information regarding our use of these measures and reconciliation to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “—Non-GAAP Financial Measures.” Orders We define an order as a completed customer transaction to purchase goods for delivery or pickup primarily from a single retailer through Instacart during the period indicated, including those completed through Instacart Marketplace or services that are part of the Instacart Enterprise platform. We believe that orders are an indicator of the scale and growth of our business as well as the value we bring to our constituents. In 2025, orders increased to 338.8 million, or 15% growth, compared to 2024, driven primarily by new customers and increased engagement of existing customers. Gross Transaction Value We define GTV as the value of the products sold through Instacart, including applicable taxes, deposits and other local fees, customer tips, which go directly to shoppers, customer fees, which include flat subscription fees related to Instacart+ that are charged monthly or annually, and other fees. GTV consists of orders including those completed through Instacart Marketplace or services that are part of the Instacart Enterprise platform. We believe that GTV indicates the health of our business, including our ability to drive revenue and profits, and the value we provide to our constituents. We have experienced and expect to continue to experience fluctuations in GTV growth, including due to the macroeconomic conditions described above, changes in customer and retailer engagement, and the effects of our strategic initiatives. In 2025, GTV increased to $37,224 million, or 11% growth compared to 2024, driven primarily by the increase in orders, partially offset by lower average order value. Gross Profit, Gross Margin, and Gross Profit as a Percent of GTV Gross profit is defined as revenue less cost of revenue, and gross margin is defined as gross profit as a percent of revenue. We believe that gross profit, gross margin, and gross profit as a percent of GTV are important indicators of the growth and efficiencies of our business. 64 Table of Contents In 2025, gross profit increased to $2,758 million, or 8% growth compared to 2024, primarily driven by increases in total revenue. Gross margin decreased by 1% to 74% in 2025, compared to 2024 primarily due to cost of revenue growing faster than revenue. Adjusted EBITDA, Adjusted EBITDA as a Percent o [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CART/mda/fy2025/ All MD&A years: /company/CART/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CART/mda/fy2024/): filed 2025-02-28; accession 0001579091-25-000015 (https://www.sec.gov/Archives/edgar/data/1579091/000157909125000015/cart-20241231.htm) - [FY 2023 MD&A](/company/CART/mda/fy2023/): filed 2024-03-05; accession 0001579091-24-000027 (https://www.sec.gov/Archives/edgar/data/1579091/000157909124000027/cart-20231231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CART.md · JSON record: /company/CART.json · verified financials: /company/CART/financials.json / /company/CART/financials.csv · machine TOC for the whole site: /llms.txt