Slide 1: Instacart Supplemental Information: 2025 Recap
Instacart Supplemental Information 2025 Recap February 12, 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 the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including without limita
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: 2025 was a defining year for Instacart
2025 was a defining year for Instacart. Our purpose-built grocery technology is driving more customers, retailers, brands, and shoppers to turn to Instacart. 4
Slide 5: Finishing 2025 with Momentum
Finishing 2025 with Momentum FINANCIAL PERFORMANCE GROWTH THEMES 2025 GTV Q4‘25 GTV Marketplace fundamentals are strong. $37.2B $9.9B +11% Y/Y +14% Y/Y Enterprise platform demand is accelerating. 2025 Adj. EBITDA 2025 Buybacks1 Scaling ads ecosystem and data solutions. $1.09B $1.4B +23% Y/Y $1.1B in
Slide 6: Unmatched Scale and Reach
Unmatched Scale and Reach CUSTOMERS RETAILERS 26M+ ~10M 2,200+ ~100K Customers Customers in Retail Locations in 20251 December 20251 Banners BRANDS SHOPPERS 9,000+ 310+ ~600K $24B+ Active Carrot Ads Shopper Shoppers Brands Partners Income2 All data as of December 31, 2025 unless otherwise noted. 1 6
Slide 7: Our operating scale and critical advantages
Our operating scale and critical advantages – shaped by over 1.6B lifetime orders – makes us the the clear leader in online grocery among digital-first players. 7
Slide 8: Clear Category Leadership Among Digital-First Players
Clear Category Leadership Among Digital-First Players Big Baskets Matter Clear Category Leader2 Strong Momentum Since 2020, Q4’25 GTV +14% Y/Y: Leading share of sales ~75% among digital-first players. our strongest growth in three years. of the online grocery market lives in big baskets $75+1. GTV fr
Slide 9: We continue to raise the bar across the dimensions that matter most to customers
We continue to raise the bar across the dimensions that matter most to customers: selection, quality, affordability, and convenience. 9
Slide 10: Leading Grocery Marketplace
Leading Grocery Marketplace Selection Selection Convenience Convenience Quality Quality Affordability Affordability ● 2,200+ retail ● 75% of our delivery ● Perfect order fill ● Launched EBT SNAP, banners and nearly orders are on demand rate increased 5 loyalty programs, 100,000 locations. and deliver
Slide 11: Innovation and scale 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. 11
Slide 12: Leading Grocery Enterprise Platform
Leading Grocery Enterprise Platform E-Commerce Connected Connected Retail Retail AI AI Solutions Solutions Stores Stores Media Media Solutions Solutions ● Storefront & ● Caper Carts: ● Carrot Ads: ● Agentic Commerce: Storefront Pro: AI-powered A unified retail media AI tools and white-label smart car
Slide 13: Advertising ecosystem and data offerings also strengthen
As our marketplace and enterprise platform grow, our advertising ecosystem and data offerings also strengthen. 13
Slide 14: Driving Results Across a Unified Ads Ecosystem
Driving Results Across a Unified Ads Ecosystem GROCERY E-COMMERCE SITES 310+ Carrot Ads Partners INSTACART IN-STORE MARKETPLACE 2,200+ Retail banners across the US and Canada ~100,000 OFF-PLATFORM locations 14 All data as of December 31, 2025.
Slide 15: Expanding our Ads Ecosystem and Data Solutions
Expanding our Ads Ecosystem and Data Solutions Scale Scale Performance & Off-Platform Off-Platform DataData Measurement Measurement Solutions Solutions Over 9,000 active Brands can use Using ourfirst‑party Using our first‑party Helping brands and brands reach Instacart's ad formats grocery data,we gro
Slide 16: Marketplace fundamentals are strong and enterprise demand is accelerating
Marketplace fundamentals are strong, demand across our enterprise platform is accelerating, and our ads ecosystem continues to expand. This creates a durable operating foundation, with critical advantages that reinforce one another. 16
Slide 17: Our Technology Solutions Work Better Together
Our Technology Solutions Work Better Together Marketplace Scale advantage gives us unique consumer insights Shared Technology. Ads Ecosystem & Shared Infrastructure. Enterprise Platform Data Solutions Shared Insights. Deeper integration with Better retailer and customer Shared Fulfillment. retailers
Slide 18: Multiple engines for growth and levers for efficiency and reinvestment
We have multiple engines for growth and multiple levers to drive efficiency and reinvestment. That will allow us to further accelerate omnichannel grocery adoption while delivering durable, long-term profitable growth for our partners and shareholders. 18
Slide 19: Multiple Engines for Growth
Multiple Engines for Growth $9,852 $9,122 $9,081 $9,170 $8,645 14% $8,319 $8,194 $8,303 $7,891 $7,465 $7,472 $7,494 11% 11% 11% 10% 10% 10% 10% 8 consecutive quarters of 7% double-digit 6% 6% growth as of 3% Q4’25. Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 GTV Y/Y growt
Slide 20: Durable Revenue Growth & Operating Leverage
Durable Revenue Growth & Operating Leverage Total Revenue ($M) GAAP Gross Profit ($M) Adj. Opex ($M) 11% CAGR 10% CAGR $3,742 $3,378 2% $3,042 $2,758 CAGR $2,542 $2,278 $1,680 $1,702 $1,750 2023 2024 2025 2023 2024 2025 2023 2024 2025 % of GTV 10.0% 10.1% 10.1% 7.5% 7.6% 7.4% 5.5% 5.1% 4.7% 20 Adjust
Slide 21: Delivering Annual Profitability Expansion
Delivering Annual Profitability Expansion +23% (in millions) $1,087 $885 $641 $457 $447 ($1,622) 2023 2024 2025 GAAP Net Income (Loss)1 Adjusted EBITDA2 1 2025 GAAP net income includes $116M higher G&A expense year-over-year from certain legal, regulatory, and policy expenses, including those relate
Slide 22: Our opportunistic approach to share repurchases
Our opportunistic approach to share repurchases reflects our confidence in the strength of our business today – and in our ability to keep investing, scaling, and pressing our advantage. 22
Slide 23: Strong Capital Returns
Strong Capital Returns 306,901 282,033 $1,402 $1,386 265,278 $971 $687 $586 $36 2023 2024 2025 Operating Cash Flow Buybacks1 Diluted WASO Q4 of Each Year ($ in millions, share amounts in thousands) 1 23 2025 includes the full $250 million accelerated share repurchase program that was completed by ou
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations 24
Slide 25: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Year Ended December 31, 2023 2024 2025 (in millions, except percentages) Net income (loss) ($1,622) $457 $447 1 The year ended December 31, 2024 includes an Add (deduct): aggregate $95 million benefit related to the reversal of previously recognized stock-ba
Slide 26: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Year Ended December 31, 2023 2024 2025 1 The year ended December 31, 2024 includes an aggregate $95 million benefit related to the reversal (in millions, except percentages) of previously recognized stock-based compensation expense for unvested equity awards