Maplebear Inc. (CART) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and thank you for standing by. Welcome to the Instacart fourth quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, please press star 11 again. please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, the Vice President of Investor Relations, Rebecca Yoshiyama. Please go ahead. Thank you, Carmen, and welcome everyone to Instacart's fourth quarter and full year 2025 earnings call. On the call with me today are Chris Rogers, our Chief Executive Officer, and Emily Reuter, our Chief Financial Officer. Before we dive in, I want to provide an update on our approach to earnings communications. Beginning with Q1 2026, we will not publish a quarterly shareholder letter, and instead we will move to an annual shareholder letter. We believe this approach allows us to better reflect the long-term nature of our strategy, step back to assess our progress more holistically, and focus on the sustained value we're building. We plan to continue to provide regular updates through our quarterly earnings call, a detailed earnings press release, and supplemental materials. Now on to today's call. We'll make forward-looking statements related to our business plans and strategy, developments in the grocery industry, and our future performance and prospects, including our expectations regarding our financial results. These forward-looking statements are subject to risks and uncertainties, which could cause actua...