Slide 1: Instacart Supplemental Information Q1 2026
Instacart Supplemental Information Q1 2026 May 6, 2026
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of hist
Slide 3: Our vision is to build the technologies that can power every grocery transaction
Our vision is to build the technologies that can power every single grocery transaction – working with the retailers that consumers know and love to invent the future of grocery together. 3
Slide 4: Our Technology Solutions Work Better Together
Our Technology Solutions Work Better Together Marketplace Scale advantage gives us unique consumer insights Unified Technology, Ads Ecosystem & Infrastructure, Insights, Enterprise Platform Data Solutions and Fulfillment. Deeper integration with Better retailer and customer retailers enhances experien
Slide 5: Storefront Pro Spotlight
Storefront Pro Spotlight 5 CONFIDENTIAL
Slide 6: Innovation, scale and learnings put in the hands of retailers through our enterprise platform
We take all of the innovation, scale, and learnings that we’ve built on our marketplace and put that directly in the hands of retailers through our enterprise platform. 6
Slide 7: Storefront is a Starting Point for Enterprise Growth
Storefront is a Starting Point for Enterprise Growth Ecommerce E-Commerce Retail Retail Connected Connected AI AI Solutions Solutions Media Media Stores Stores Solutions Solutions ● Storefront ● Carrot Ads: ● Caper Carts: ● Agentic Commerce: Technology: A unified retail media AI-powered AI tools and
Slide 8: Grocers That Upgrade to Storefront Pro See a 10+ Percentage-Point Lift in Online Sales
Grocers That Upgrade to Storefront Pro See a 10+ Percentage-Point Lift in Online Sales Built-in monetization Grocery-native UX and AI personalization drive conversion, basket size, and repeat behavior — with retail media that can offset or cover platform fees. 10+ percentage-point year-on-year lift
Slide 9: Retailers Are Increasingly Turning to Storefront Pro
Retailers Are Increasingly Turning to Storefront Pro 380+ Storefront & Storefront Pro Partners1 Retailers of all sizes with extensive operational capabilities are finding more ways to partner with us as their preferred grocery technology partner. In Q1’26, ALDI U.S. launched its redesigned website an
Slide 10: Financial Highlights
Financial Highlights 10 CONFIDENTIAL
Slide 11: Financial and Operating Metrics
Financial and Operating Metrics In millions, except percentages Gross Transaction Value (GTV) Orders Total Revenue 11
Slide 12: Revenue
Revenue In millions, except percentages 12
Slide 13: GAAP Gross Profit
GAAP Gross Profit In millions, except percentages GAAP Gross Profit % of GTV 7.4% 7.5% 7.5% 7.3% 7.2% 13
Slide 14: Adjusted Total Operating Expense
Adjusted Total Operating Expense In millions, except percentages Adjusted Total Operating Expense1 % of GTV 4.9% 4.8% 4.8% 4.4% 4.5% 1 14 Adjusted Total Operating Expense is a non-GAAP measure. See appendix for a reconciliation of GAAP Total Operating Expense to Adjusted Total Operating Expense.
Slide 15: GAAP Net Income and Adjusted EBITDA
GAAP Net Income and Adjusted EBITDA In millions, except percentages GAAP Net Income1 Adjusted EBITDA2 YoY % Change (18%) 92% 22% (46%) 36% 23% 26% 22% 20% 23% 1 15 Q4’25 GAAP Net Income includes the impact of $60 million in regulatory settlements. 2 Adjusted EBITDA is a non-GAAP measure. See appendi
Slide 16: Operating and Free Cash Flow
Operating and Free Cash Flow In millions, except percentages 1 Operating Cash Flow Free Cash Flow1 YoY % Change 184% (17%) 55% 20% (10%) 208% (15%) 59% 21% (10%) 1 16 Q1’26 free cash flow declined year-over-year primarily due to the collection of a large accounts receivable balance from a retailer th
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations 17 CONFIDENTIAL
Slide 18: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results In millions, except percentages Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Net income $ 106 $ 116 $ 144 $ 81 $ 144 Provision for income taxes 18 26 37 28 44 Interest income (14) (15) (16) (12) (6) Other expense (income), net — (3) 1 — — Depreciation and amortization exp
Slide 19: Reconciliation of GAAP to Non-GAAP Results (continued)
Reconciliation of GAAP to Non-GAAP Results (continued) In millions, except percentages Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Total operating expenses $ 561 $ 554 $ 525 $ 619 $ 556 Depreciation and amortization expense (5) (6) (6) (6) (6) Stock-based compensation expense (64) (103) (79) (96) (78) Payroll tax
Slide 20: Reconciliation of GAAP to Non-GAAP Results (continued)
Reconciliation of GAAP to Non-GAAP Results (continued) In millions Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Net cash provided by operating activities $ 298 $ 203 $ 287 $ 184 $ 268 Purchases of property and equipment, including capitalized internal-use software (18) (16) (15) (12) (16) Free cash flow $ 280 $ 187