Maplebear Inc. (CART): Results of Operations and Financial Condition
Maplebear Inc. (CART) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Instacart Announces Second Quarter 2026 Financial Results GTV grew 14% year-over-year and total revenue grew 14% year-over-year GAAP net income of $111 million; Adjusted EBITDA of $313 million, up 19% year-over-year San Francisco - August 6, 2026 - Instacart (NASDAQ:
How this was made
The 30-second read
Why it matters
Traders can update models using the reported Q2 growth metrics (GTV, revenue, margins), cash flow surge, and the explicit Q3 GTV and Adjusted EBITDA ranges/midpoints.
Market read
A primary earnings-style disclosure with hard numbers and forward guidance, plus a stated free-cash-flow return plan via share repurchases.
What to watch
The guidance is widened (not tightened), and the article does not provide GAAP reconciliation for Adjusted EBITDA, leaving some uncertainty around GAAP earnings quality.
GTV grew 14% year-over-year and total revenue grew 14% year-over-year; GAAP net income of $111 million; Adjusted EBITDA of $313 million, up 19% year-over-year
GTV, total revenue, advertising and other revenue, Adjusted EBITDA, operating cash flow, and free cash flow all grew year-over-year, while GAAP net income declined 4% year-over-year and GAAP gross margin was 72% versus 74%.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| GTVother | $10,351 million | – | 14% |
| Ordersother | 90.3 million | – | 9% |
| Total revenueGAAP | $1,043 million | – | 14% |
| Total revenue as a percent of GTVGAAP | 10.1% | – | – |
| Transaction revenueGAAP | $746 million | – | 13% |
| Transaction revenue as a percent of GTVGAAP | 7.2% | – | – |
| Advertising and other revenueGAAP | $297 million | – | 16% |
| Advertising and other revenue as a percent of GTVGAAP | 2.9% | – | – |
| GAAP gross profitGAAP | $751 million | – | 11% |
| GAAP gross marginGAAP | 72% | – | – |
| GAAP gross profit as a percent of GTVGAAP | 7.3% | – | – |
| GAAP net incomeGAAP | $111 million | – | (4)% |
| GAAP net income as a percent of total revenueGAAP | 11% | – | – |
| GAAP net income as a percent of GTVGAAP | 1.1% | – | – |
| Adjusted EBITDAnon-GAAP | $313 million | – | 19% |
| Adjusted EBITDA marginnon-GAAP | 30% | – | – |
| Adjusted EBITDA as a percent of GTVnon-GAAP | 3.0% | – | – |
| Net cash provided by operating activitiesGAAP | $493 million | – | 143% |
| Free cash flownon-GAAP | $480 million | – | 156% |
| Cash and similar assetsother | $1 billion | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Transaction revenueRepresenting 7.2% of GTV. | $746 million | – | 13% |
| Advertising and other revenueRepresenting 2.9% of GTV. | $297 million | – | 16% |
Third Quarter 2026 outlook
- NoteGTV $10,300 - $10,550 million; $10,425 million at the midpoint.
- NoteAdjusted EBITDA $320 - $340 million; $330 million at the midpoint.
- NoteGTV outlook represents 14% year-over-year growth at the midpoint.
- NoteAdjusted EBITDA outlook represents 19% year-over-year growth at the midpoint.
- NoteFor fiscal 2026, we remain committed to steady annual Adjusted EBITDA year-over-year growth at a rate that outpaces GTV growth.
Capital returns
- Repurchased $325 million in shares.
- We’re also well on track to return the majority of free cash flow to shareholders via share repurchases in 2026.
What drove it
- The company stated that it attracted and engaged more customers across its marketplace and enterprise platform.
- Over the past three quarters, the company stated it activated net-new customers at its fastest year-over-year growth rates since 2022.
- Advertising and other revenue grew 16% year-over-year, outpacing 14% GTV growth.
- Enterprise ecommerce momentum included Calgary Co-op and Dierbergs launching on Storefront Pro.
- The company expanded its self-service ad partnership with Pinterest.
- The company acquired Arpalus, a computer vision company focused on inventory intelligence technology for grocery retail.
Concerns
- GAAP net income was down 4% year-over-year to $111 million.
- GAAP gross margin was 72%, compared with 74%.
- The company expects the rate of annual Adjusted EBITDA expansion to moderate year-over-year as it reinvests across growth engines and laps operating expense efficiencies realized in 2024 and 2025.
- The company cited risks including forecasting performance, attracting and increasing engagement of customers, retailers, brands, and shoppers, increasing business scale and complexity, macroeconomic conditions, competition, and legal and regulatory developments.
What to watch
- Whether GTV lands within the Q3 2026 outlook of $10,300 - $10,550 million.
- Whether Adjusted EBITDA lands within the Q3 2026 outlook of $320 - $340 million.
- Whether GTV continues to outpace orders growth, as expected by the company.
- The pace of advertising and other revenue growth relative to GTV growth.
- The effect of reinvestment on annual Adjusted EBITDA growth and GAAP gross margin.
- Execution of share repurchases in 2026.
Balance sheet and cash flow
- Operating cash flow of $493 million, up 143% year-over-year.
- Free cash flow of $480 million, up 156% year-over-year.
- Ended the quarter with $1 billion in cash and similar assets.
Analysis
Maplebear reported a solid second quarter, with GTV of $10,351 million and total revenue of $1,043 million, both up 14% year-over-year. Orders increased 9% to 90.3 million. The company stated that it has accelerated growth over the past three quarters and activated net-new customers at its fastest year-over-year growth rates since 2022.
Revenue growth was supported by both reported revenue categories. Transaction revenue increased 13% to $746 million, while advertising and other revenue increased 16% to $297 million. Advertising and other revenue therefore outpaced GTV growth, consistent with management's emphasis on the advertising ecosystem, including an expanded Pinterest partnership. The company also highlighted enterprise ecommerce, AI solutions, in-store technologies, and new retailer partnerships.
Profitability was mixed across reported measures. GAAP gross profit rose 11% to $751 million, but GAAP gross margin was 72% compared with 74%, and GAAP gross profit as a percent of GTV was 7.3% compared with 7.5%. GAAP net income declined 4% to $111 million. In contrast, Adjusted EBITDA increased 19% to $313 million, with Adjusted EBITDA margin of 30% compared with 29%.
Cash generation strengthened materially. Net cash provided by operating activities was $493 million, up 143% year-over-year, and free cash flow was $480 million, up 156% year-over-year. The company repurchased $325 million in shares and ended the quarter with $1 billion in cash and similar assets. Management said it is on track to return the majority of free cash flow to shareholders through share repurchases in 2026.
For the third quarter, the company guided GTV to $10,300 - $10,550 million and Adjusted EBITDA to $320 - $340 million. The respective midpoints represent 14% and 19% year-over-year growth, according to the company. For fiscal 2026, management expects annual Adjusted EBITDA growth to outpace GTV growth, although it expects the rate of expansion to moderate as it reinvests and laps operating expense efficiencies realized in 2024 and 2025.
Management, verbatim
Our business is performing incredibly well. We’ve meaningfully accelerated our growth over the past three quarters, including a strong Q2 where we grew GTV 14% year-over-year. We're attracting and engaging more customers across our marketplace and enterprise platform, which creates more value for retailers, brands, and shoppers.
Chris Rogers, CEO
Our Q2 results reflect broad-based strength across our platform and our operating model. In particular, we delivered double-digit GTV and total revenue growth, with advertising and other revenue up 16% year-over-year, once again outpacing GTV growth.
Emily Reuter, CFO
Not in the filing
stated, not guessed- GAAP operating income and operating margin were not provided in the supplied filing text.
- GAAP and non-GAAP EPS were not provided in the supplied filing text.
- Operating expenses were not provided in the supplied filing text.
- Debt was not provided in the supplied filing text.
- Dividends were not provided in the supplied filing text.
- Prior-quarter comparisons for the reported metrics were not provided in the supplied filing text.
- Prior-year amounts for transaction revenue and advertising and other revenue were not provided in the supplied filing text.
- Third-quarter revenue, gross margin, operating expenses, and tax-rate guidance were not provided in the supplied filing text.
- Previous-period outlook was not provided, so no comparison of actual results with prior guidance is available.
- A forward-looking GAAP equivalent or GAAP reconciliation for Adjusted EBITDA guidance was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The 8-K (Item 2.02) files Instacart’s Q2 2026 financial results and includes operational updates plus Q3 2026 guidance.
Ticker impact
Instacart reported Q2 2026 results with GTV up 14% YoY, GAAP net income $111M, and raised/widened Q3 guidance ranges.
Likely positive bias for the next session as traders digest the Q3 midpoint guidance and strong cash flow/EBITDA trajectory.
The filing includes multiple hard datapoints (revenue, GTV, margins, operating cash flow, free cash flow) and explicit Q3 guidance ranges with midpoints, which typically drive earnings-model updates and positioning.
Market effects
Reinforces strength in online grocery marketplaces and retail tech monetization via advertising and enterprise offerings.
Limited direct regional read-through; mentions partners across the US and UK.
Moderate, as Instacart’s AI and advertising ecosystem expansion can influence broader retail media expectations.
Counterpoint
GAAP net income is slightly down YoY (-4%), so the equity reaction may hinge on whether investors focus on non-GAAP profitability and cash flow sustainability.
Key entities
- issuerMaplebear Inc. (Instacart)
Reported Q2 2026 financial results and provided Q3 2026 guidance in the filed 8-K.
- executiveChris Rogers
CEO quote accompanying the Q2 results release.
- executiveEmily Reuter
CFO quote accompanying the Q2 results release.
