Maplebear Inc. (CART) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.117 $187 million, which increased by $102 million year over year, primarily driven 00:00:05.117 -- 00:00:08.098 by strong operational performance. 00:00:08.341 -- 00:00:13.486 In Q3, we repurchased $67 million worth of shares and ended the quarter with approximately 00:00:13.486 -- 00:00:18.172 $1.9 billion in cash and similar assets on our balance sheet. 00:00:18.172 -- 00:00:23.718 Stock-based compensation in Q3 was $82 million, down $24 million quarter over quarter, 00:00:23.718 -- 00:00:28.724 largely due to just over $20 million in expected reversals tied to executive 00:00:28.724 -- 00:00:30.811 departures in the period. 00:00:30.811 -- 00:00:36.437 In Q4, we expect stock-based compensation to normalize and be more in line with Q2 2025 00:00:36.437 -- 00:00:38.319 levels. 00:00:38.319 -- 00:00:43.585 Now for our Q4 outlook. We anticipate GTV to range between $9.45 00:00:43.585 -- 00:00:46.629 to $9.6 billion. 00:00:46.629 -- 00:00:51.714 This represents year-over-year growth between 9% to 11% with orders growth expected 00:00:51.714 -- 00:00:57.100 to outpace GTV growth. It also reflects strong customer demand in October, 00:00:57.100 -- 00:01:01.241 continued momentum from landing and expanding enterprise partnerships, and is partially 00:01:01.241 -- 00:01:06.129 offset by the impact of a variety of EBT SNAP funding scenarios. 00:01:06.129 -- 00:01:10.856 We expect advertising and other revenue to grow 6% to 9% year over year. 00:01:10.856 -- 00:01:15.323 This reflects ongoing strength from emerging and mid-sized brands, partially offset by 00:01:15.323 -- 00:01:19.830 some large partners adjusting spend as they manage macro uncertainty and changing consumer 00:01:19.830 -- 00:01:21.573 trends. 00:01:21.573 -- 00:01:25.338 Whil...