Slide 1: Q3 2025 Letter to Shareholders
instacart Qs 2025 Letter to Shareholders November 10, 2025
Slide 2: Dear Shareholders
Dear Shareholders, This is my first letter to you as CEO of Instacart — and I couldn’t be more energized about where we’re headed. Over the past six years, I’ve had the privilege of helping build many of the capabilities and partnerships that make Instacart distinct. We’re so much more than a market
Slide 3: Storefront and AI enterprise offerings
That alignment is paying off. Our Storefront technologies now power more than 350 grocers’ e-commerce sites – and it’s built to scale, as we expand into new categories and regions. We recently launched Storefront Pro with Cub Grocery & Liquor, a leading Midwest grocer, and signed a new partnership w
Slide 4: Expanding the ads ecosystem
We’re also expanding and strengthening our ads ecosystem — extending our reach across online, off-platform, and in-store channels for more than 7,500 brand partners. Beyond our leading marketplace, which spans more than 1,800 retail banners, we work with over 240 Carrot Ads partners – and that numbe
Slide 5: Business Updates
Business Updates Consumers We’re committed to delivering an exceptional customer experience for the millions of people who use Instacart to feed their families. We’re also finding more ways to make Instacart as easy to use as possible and create even more value for our customers. ● Streamlined the
Slide 6: Momentum with e-commerce solutions
● Continued momentum with our e-commerce solutions, including: ● Restaurant Depot, a wholesale supplier that sells primarily to foodservice professionals, launched on Storefront Pro. We also extended Instacart Business capabilities to all Storefront and Storefront Pro retailers, enabling hundreds
Slide 7: Consumer Insights Portal and brand partners
● Expanded capabilities within our Consumer Insights Portal, enabling companies like Advantage Solutions, Applegate, and Coca-Cola Canada Bottling to access real-time trends and performance data. New features include Promotion Impact, offering first-of-its-kind visibility into how promotions drive
Slide 8: Product Pantry: Instacart AI Solutions
Product Pantry INSTACART AI SOLUTIONS AI Solutions brings the power of AI to grocers of all sizes, empowering retailers to turn generative and agentic AI into a competitive edge. With new tools like Cart Assistant and Catalog Engine, Instacart’s AI Solutions integrate deeply across every layer of th
Slide 9: Q3'25 Financial Update
Q3’25 Financial Update Q3'25 Financial Highlights ● Orders of 83.4 million, up 14% year-over-year. ● GTV of $9,170 million, up 10% year-over-year. ● Total revenue of $939 million, up 10% year-over-year, representing 10.2% of GTV. ● Transaction revenue of $670 million, up 10% year-over-year, repr
Slide 10: Transaction and advertising revenue, gross profit
Transaction revenue was $670 million, up 10% year-over-year, representing 7.3% of GTV. Transaction revenue as a percent of GTV was flat on a year-over-year basis, as our ongoing investments in affordability initiatives designed to increase customer engagement were largely offset by lower consumer in
Slide 11: Operating expenses, net income, Adjusted EBITDA
GAAP total operating expenses were $525 million, representing 5.7% of GTV compared to 6.1% of GTV in Q3'24. The year-over-year decrease in GAAP total operating expenses as a percent of GTV was primarily due to a decrease in paid marketing, which was elevated in the prior year quarter as we leaned in
Slide 12: Q4'25 Financial Outlook
Q4’25 Financial Outlook GTV $9,450 - $9,600 million Adjusted EBITDA $285 - $295 million This GTV outlook represents year-over-year growth between 9% to 11%, with orders growth expected to outpace GTV growth. It reflects our strong performance in October, continued momentum from landing and expandi
Slide 13: Forward-Looking Statements
Forward-Looking Statements This letter and the accompanying oral presentation contain 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 limi
Slide 14: Key Business Metrics and Non-GAAP Financial Measures
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this letter and the accompanying oral presentation primarily on information available to us as of the date of this letter and the accompanying oral presentatio
Slide 15: Non-GAAP measure definitions
financial performance through the eyes of management, and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods with other companies in our industry. Adjusted EBITDA, Adjusted
Slide 16: Adjusted expense definitions
Adjusted Cost of Revenue and Adjusted Cost of Revenue as a Percent of GTV. We define adjusted cost of revenue as cost of revenue excluding depreciation and amortization expense and stock-based compensation expense. Adjusted Operations and Support Expense and Adjusted Operations and Support Expense a
Slide 17: Condensed Consolidated Balance Sheets
MAPLEBEAR INC. DBA INSTACART CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions) As of As of December 31, September 30, 2024 2025 ASSETS Current assets: Cash and cash equivalents $ 1,278 $ 1,690 Short-term marketable securities 91 39 Accounts receivable, net 1,014 1,042 Re
Slide 18: Condensed Consolidated Statements of Operations
MAPLEBEAR INC. DBA INSTACART CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except share amounts, which are reflected in thousands, and per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2024 2025 2024 2025 Revenue $ 852 $ 939 $ 2,495
Slide 19: Condensed Consolidated Statements of Cash Flows
MAPLEBEAR INC. DBA INSTACART CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) Three Months Ended Nine Months Ended September 30, September 30, 2024 2025 2024 2025 OPERATING ACTIVITIES Net income $ 118 $ 144 $ 309 $ 366 Adjustments to reconcile net income to net cash p
Slide 20: Key Business Metrics and Reconciliation of GAAP to Non-GAAP
MAPLEBEAR INC. DBA INSTACART KEY BUSINESS METRICS AND RECONCILIATION OF GAAP TO NON-GAAP RESULTS (unaudited, in millions) Three Months Ended September 30, 2024 2025 Gross transaction value (“GTV”) $ 8,303 $ 9,170 Orders 72.9 83.4 Net income $ 118 $ 144 Provision for income taxes 35
Slide 21: Reconciliation of GAAP to Non-GAAP Results
MAPLEBEAR INC. DBA INSTACART RECONCILIATION OF GAAP TO NON-GAAP RESULTS (unaudited, in millions) Three Months Ended Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sept. 30, 2024 2024 2025 2025 2025 Cost of revenue $ 211 $ 219 $ 226 $ 236 $ 247 Depreciation and amortization expense (10) (12) (
Slide 22: Reconciliation of GAAP to Non-GAAP Results (Continued)
MAPLEBEAR INC. DBA INSTACART RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (unaudited, in millions) Three Months Ended Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sept. 30, 2024 2024 2025 2025 2025 General and administrative expense $ 77 $ 74 $ 126 $ 106 $ 87 Depreciation and amortization