Maplebear Inc. (CART) Q4 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:06.098 Good day, and thank you for standing by. Welcome to the Instacart fourth quarter 2025 00:00:06.098 -- 00:00:11.124 financial results conference call. At this time, all participants are in 00:00:11.124 -- 00:00:15.890 a listen-only mode. After the speaker's presentation, there will be a question and answer 00:00:15.890 -- 00:00:21.016 session. To ask a question during the session, you will need to press star 11 on your 00:00:21.016 -- 00:00:25.862 telephone. You will then hear a message advising your hand is raised. 00:00:25.862 -- 00:00:29.798 To withdraw your question, please press star 11 again. 00:00:29.798 -- 00:00:33.702 please be advised that today's conference is being recorded. 00:00:33.702 -- 00:00:37.786 I would now like to hand the conference over to your speaker today, the Vice President 00:00:37.786 -- 00:00:42.970 of Investor Relations, Rebecca Yoshiyama. Please go ahead. 00:00:42.970 -- 00:00:47.435 Thank you, Carmen, and welcome everyone to Instacart's fourth quarter and full year 2025 00:00:47.435 -- 00:00:51.939 earnings call. On the call with me today are Chris Rogers, our Chief Executive Officer, 00:00:51.939 -- 00:00:54.882 and Emily Reuter, our Chief Financial Officer. 00:00:54.882 -- 00:00:59.009 Before we dive in, I want to provide an update on our approach to earnings communications. 00:00:59.009 -- 00:01:04.234 Beginning with Q1 2026, we will not publish a quarterly shareholder letter, 00:01:04.234 -- 00:01:07.077 and instead we will move to an annual shareholder letter. 00:01:07.077 -- 00:01:11.082 We believe this approach allows us to better reflect the long-term nature of our strategy, 00:01:11.082 -- 00:01:15.326 step back to assess our progress more holistically, and focus on the sustained value 00:01...