Maplebear Inc. · NASDAQ:CART

Maplebear — Q2 2026 Earnings Presentation

19 slides from Maplebear's earnings presentation, Aug 6, 2026

  1. Slide 1: Instacart Supplemental Information Q2 2026

    Instacart Supplemental Information Q2 2026 August 6, 2026

  2. 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

  3. Slide 3: Our vision is to 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

  4. Slide 4: Quality Spotlight

    Quality Spotlight 4 CONFIDENTIAL

  5. Slide 5: Getting customers exactly what they want is difficult

    Getting customers exactly what they want, when they want it, from the retailers they trust – at scale – is difficult, and it’s a key driver of repeat behavior. 5

  6. Slide 6: We Have Purpose-Built Grocery Technology

    We Have Purpose-Built Grocery Technology WHY ONLINE GROCERY IS COMPLEX WHY WE WIN ON QUALITY Rich Data Deep Retailer High Inventory Turnover Integrations Predicting what is on the shelf is difficult as grocery store inventory feeds go stale due to high-velocity turnover. 14+ years 10M 1.6B+ 2B+ Groce

  7. Slide 7: Getting Customers Exactly What They Ordered

    Getting Customers Exactly What They Ordered We Continue to Improve Across Perfect-Order Fill Rate Key Quality Metrics 1 16 quarters of year-over-year improvement & Order issue ratio Perfect-order fill rate 15 percentage-point increase over 3 years.2 Quality Replacements Replacements per order is the

  8. Slide 8: Acquired Arpalus to Further Compound Our Strengths

    Acquired Arpalus to Further Compound Our Strengths In Q3’26, we acquired Arpalus, a computer vision company that has developed inventory technology purpose-built for grocery retail. Arpalus’ technology turns a quick video scan of a store shelf into an accurate, real-time picture of what is actually

  9. Slide 9: Financial Highlights

    Financial Highlights 9 CONFIDENTIAL

  10. Slide 10: Financial and Operating Metrics

    Financial and Operating Metrics In millions, except percentages Gross Transaction Value (GTV) Orders Total Revenue 10

  11. Slide 11: Revenue

    Revenue In millions, except percentages Transaction Revenue Advertising and Other Revenue 11

  12. Slide 12: GAAP Gross Profit

    GAAP Gross Profit In millions, except percentages GAAP Gross Profit % of GTV 7.5% 7.5% 7.3% 7.2% 7.3% 12

  13. Slide 13: Adjusted Total Operating Expense

    Adjusted Total Operating Expense In millions, except percentages Adjusted Total Operating Expense1 % of GTV 4.8% 4.8% 4.4% 4.5% 4.5% 1 13 Adjusted Total Operating Expense is a non-GAAP measure. See “Non-GAAP Reconciliations” for a reconciliation of GAAP Total Operating Expense to Adjusted Total Oper

  14. Slide 14: GAAP Net Income and Adjusted EBITDA

    GAAP Net Income and Adjusted EBITDA In millions, except percentages GAAP Net Income1 Adjusted EBITDA2 YoY % Change 92% 22% (46%) 36% (4%) 26% 22% 20% 23% 19% 1 14 Q4’25 GAAP Net Income includes the impact of $60 million in regulatory settlements. 2 Adjusted EBITDA is a non-GAAP measure. See “Non-GAA

  15. Slide 15: Operating and Free Cash Flow

    Operating and Free Cash Flow In millions, except percentages Operating Cash Flow Free Cash Flow1 YoY % Change (17%) 55% 20% (10%) 143% (15%) 59% 21% (10%) 156% 1 15 Free cash flow is a non-GAAP measure. See “Non-GAAP Reconciliations” for a reconciliation of Net cash provided by operating activities t

  16. Slide 16: Non-GAAP Reconciliations

    Non-GAAP Reconciliations 16 CONFIDENTIAL

  17. Slide 17: Reconciliation of GAAP to Non-GAAP Results

    Reconciliation of GAAP to Non-GAAP Results In millions Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net income $ 116 $ 144 $ 81 $ 144 $ 111 Provision for income taxes 26 37 28 44 36 Interest income (15) (16) (12) (6) (5) Other expense (income), net (3) 1 — — 1 Depreciation and amortization expense 21 25 26 30 32 S

  18. Slide 18: Reconciliation of GAAP to Non-GAAP Results (continued)

    Reconciliation of GAAP to Non-GAAP Results (continued) In millions, except percentages Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Total operating expenses $ 554 $ 525 $ 619 $ 556 $ 608 Depreciation and amortization expense (6) (6) (6) (6) (6) Stock-based compensation expense (103) (79) (96) (78) (139) Payroll ta

  19. Slide 19: Reconciliation of GAAP to Non-GAAP Results (continued)

    Reconciliation of GAAP to Non-GAAP Results (continued) In millions Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net cash provided by operating activities $ 203 $ 287 $ 184 $ 268 $ 493 Purchases of property and equipment, including capitalized internal-use software (16) (15) (12) (16) (13) Free cash flow $ 187 $ 272

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