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CART

Instacart (Maplebear Inc.)

CART

Instacart (Maplebear Inc.) • NASDAQ
$42.01 ▼ -0.45% (-0.19)
Market Cap $11.03 B
52w High $53.50
52w Low $34.78
Dividend Yield 0%
P/E 23.08
Volume 2.32M
Outstanding Shares 262.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $939M ▲ $526M ▼ $144M ▲ 15.335% ▲ $0.54 ▲ $208M ▲
Q2-2025 $914M ▲ $554M ▼ $116M ▲ 12.691% ▲ $0.43 ▲ $146M ▲
Q1-2025 $897M ▲ $561M ▲ $106M ▼ 11.817% ▼ $0.4 ▼ $132M ▼
Q4-2024 $883M ▲ $509M ▲ $148M ▲ 16.761% ▲ $0.56 ▲ $174M ▲
Q3-2024 $852M $503M $118M 13.85% $0.45 $156M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.729B ▲ $4.54B ▲ $1.082B ▼ $3.458B ▲
Q2-2025 $1.598B ▼ $4.433B ▲ $1.133B ▲ $3.3B ▲
Q1-2025 $1.63B ▲ $4.292B ▲ $1.116B ▲ $3.176B ▲
Q4-2024 $1.521B ▲ $4.115B ▲ $1.022B ▼ $3.093B ▲
Q3-2024 $1.308B $3.926B $1.054B $2.872B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $144M ▲ $287M ▲ $-7M ▲ $-70M ▲ $205M ▲ $272M ▲
Q2-2025 $116M ▲ $203M ▼ $-157M ▼ $-129M ▼ $-77M ▼ $187M ▼
Q1-2025 $106M ▼ $298M ▲ $1M ▲ $-46M ▲ $254M ▲ $280M ▲
Q4-2024 $148M ▲ $153M ▼ $-81M ▼ $-57M ▲ $8M ▲ $141M ▼
Q3-2024 $118M $185M $-26M $-301M $-140M $171M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising And Other
Advertising And Other
 $270.00M ▲$250.00M ▼$260.00M ▲$270.00M ▲
Transaction
Transaction
 $620.00M ▲$650.00M ▲$660.00M ▲$670.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Instacart’s revenue has grown steadily over the past several years, showing that demand for its grocery and retail services continues to expand. Gross profit has also risen, suggesting the core business is scaling reasonably well. Profitability, however, has been bumpy. The company moved from small losses to profits, then reported a large loss around its IPO period, and is back to earning money more recently. That pattern hints at one‑off charges and investment-heavy periods mixed in with an underlying business that is now capable of producing solid earnings, but not yet with a long, stable track record.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative and resilient. Instacart holds a meaningful cash cushion and carries very little debt, which gives it flexibility to keep investing through competitive or economic downturns. Total assets have climbed over time, reflecting growth and investment, though cash has stepped down slightly from a prior peak. Shareholders’ equity swung from negative to clearly positive, likely reflecting cleanup of earlier losses and the impact of going public. Overall, the company appears financially sturdy with low leverage and room to maneuver.

Cash Flow

Cash Flow Cash generation has improved markedly. Instacart has moved from burning cash a few years ago to consistently producing healthy operating cash flow and free cash flow more recently. Capital spending is modest relative to its cash generation, which means the business is not very asset‑intensive and can fund growth largely from its own operations. This is a key strength: even with earnings volatility on the income statement, cash flow trends point to a business that is now self‑funding and less dependent on outside financing.

Competitive Edge

Competitive Edge Instacart occupies a leading position in North American online grocery and related retail delivery, built on a three‑sided marketplace of consumers, retailers, and shoppers. Its broad network of retail partners and deep integrations into their systems create a meaningful barrier for new entrants. At the same time, it operates in a fiercely competitive arena, with pressure from food‑delivery platforms, big-box retailers, and e‑commerce giants that are all pushing into grocery and same‑day delivery. Instacart’s strength lies in its scale, brand recognition in grocery, and its role as an enablement partner for retailers rather than a direct competitor to them. Its advertising and enterprise platform businesses also add higher‑margin, stickier revenue streams that reinforce its position, but the intensity of competition remains a key ongoing risk.

Innovation and R&D

Innovation and R&D Innovation is central to Instacart’s strategy. The company is investing heavily in artificial intelligence and in‑store technology to make shopping faster, more accurate, and more personalized. Smart carts, real‑time store mapping, and inventory tools are designed to improve both shopper experience and retailer efficiency. Beyond consumer delivery, Instacart is building out an enterprise platform that powers retailers’ own online storefronts, an advertising business that monetizes purchase data, and new offerings like Instacart Business and Instacart Health to tap into B2B and healthcare‑related demand. Opening its developer platform to third parties and partnering on generative AI further extends its reach. All of this points to a company trying to evolve from a delivery app into a broader grocery technology and data platform, with potential for higher margins but also execution risk as it juggles many initiatives at once.

Summary

Instacart has grown into a sizable, cash‑generative business with a strong balance sheet and a leading position in online grocery enablement. Revenue and gross profit have climbed steadily, and the company now demonstrates the ability to earn consistent free cash flow, even though reported profits have been choppy due to investment cycles and one‑off items. Its competitive edge comes from its dense retail network, deep integrations, and a shift toward higher‑value services like enterprise technology and advertising. At the same time, it operates in a highly contested market where large, well‑funded rivals are active, and where consumer behavior and retailer relationships can change. Observers will likely focus on whether Instacart can maintain growth, smooth out profitability, and successfully scale its newer platform and AI‑driven offerings without eroding its financial discipline.

NEWS

November 25, 2025 · 9:15 AM UTC

Instacart CFO to Participate in Fireside Chat at Nasdaq Conference

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November 20, 2025 · 9:00 AM UTC

WellTheory Partners with Instacart to Expand Access to Nutritious Foods, Improve Autoimmune Journey, and Lower Care Costs

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November 11, 2025 · 9:00 AM UTC

Associated Food Stores Expands Instacart E-Commerce and Retail Media Solutions to Owned Banners and Member Retailers

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November 10, 2025 · 7:04 AM UTC

Instacart Announces Third Quarter 2025 Financial Results

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November 6, 2025 · 9:00 AM UTC

Instacart Receives Expanded MRC Accreditation for Carrot Ads, Bringing Verified Ad Metrics to More Than 240 Ecommerce Sites

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