Third Quarter 2026
Filed Oct 29, 2026GTV grew 15% year-over-year and total revenue grew 17% year-over-year; GAAP net income was $147 million and Adjusted EBITDA was $342 million, up 23% year-over-year.
Third-quarter GTV, orders, revenue, Adjusted EBITDA, operating cash flow, and free cash flow all increased year over year, while GAAP net income increased 2%. The company also repurchased shares, but suspended financial guidance following its definitive agreement to be acquired by DoorDash.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| GTV, Three Months Ended September 30, 2026other | $10.53B | – | 15% |
| Orders, Three Months Ended September 30, 2026other | 91.4M | – | 10% |
| Total revenue, Three Months Ended September 30, 2026GAAP | $1.09B | – | 17% |
| Transaction revenue, Three Months Ended September 30, 2026other | $764M | – | 14% |
| Advertising and other revenue, Three Months Ended September 30, 2026other | $331M | – | 23% |
| GAAP gross profit, Three Months Ended September 30, 2026GAAP | $786M | – | 14% |
| GAAP gross margin, Three Months Ended September 30, 2026GAAP | 72% | – | – |
| GAAP gross profit as a percent of GTV, Three Months Ended September 30, 2026GAAP | 7.5% | – | – |
| Operations and support expense, Three Months Ended September 30, 2026GAAP | $70M | – | – |
| Research and development expense, Three Months Ended September 30, 2026GAAP | $194M | – | – |
| Sales and marketing expense, Three Months Ended September 30, 2026GAAP | $242M | – | – |
| General and administrative expense, Three Months Ended September 30, 2026GAAP | $106M | – | – |
| Total operating expenses, Three Months Ended September 30, 2026GAAP | $612M | – | – |
| Income from operations, Three Months Ended September 30, 2026GAAP | $174M | – | – |
| GAAP net income, Three Months Ended September 30, 2026GAAP | $147M | – | 2% |
| GAAP net income as a percent of total revenue, Three Months Ended September 30, 2026GAAP | 13% | – | – |
| GAAP net income as a percent of GTV, Three Months Ended September 30, 2026GAAP | 1.4% | – | – |
| Diluted net income per share attributable to common stockholders, Three Months Ended September 30, 2026GAAP | $0.60 | – | – |
| Basic net income per share attributable to common stockholders, Three Months Ended September 30, 2026GAAP | $0.62 | – | – |
| Adjusted EBITDA, Three Months Ended September 30, 2026non-GAAP | $342M | – | 23% |
| Adjusted EBITDA margin, Three Months Ended September 30, 2026non-GAAP | 31% | – | – |
| Adjusted EBITDA as a percent of GTV, Three Months Ended September 30, 2026non-GAAP | 3.2% | – | – |
| Adjusted cost of revenue, Three Months Ended September 30, 2026non-GAAP | $278M | – | – |
| Adjusted total operating expenses, Three Months Ended September 30, 2026non-GAAP | $476M | – | – |
| Net cash provided by operating activities, Three Months Ended September 30, 2026GAAP | $324M | – | 13% |
| Free cash flow, Three Months Ended September 30, 2026non-GAAP | $307M | – | 13% |
| Total revenue, Nine Months Ended September 30, 2026GAAP | $3.16B | – | – |
| GAAP gross profit, Nine Months Ended September 30, 2026GAAP | $2.27B | – | – |
| Income from operations, Nine Months Ended September 30, 2026GAAP | $499M | – | – |
| GAAP net income, Nine Months Ended September 30, 2026GAAP | $403M | – | – |
| Diluted net income per share attributable to common stockholders, Nine Months Ended September 30, 2026GAAP | $1.61 | – | – |
| Net cash provided by operating activities, Nine Months Ended September 30, 2026GAAP | $1.08B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Transaction revenueRepresenting 7.3% of GTV. | $764M | – | 14% |
| Advertising and other revenueRepresenting 3.1% of GTV. | $331M | – | 23% |
Capital returns
- Repurchased $230 million in shares.
- Repurchases of common stock were $238 million for the Three Months Ended September 30, 2026.
- Repurchases of common stock were $921 million for the Nine Months Ended September 30, 2026.
What drove it
- GTV was $10,528 million, up 15% year-over-year.
- Orders were 91.4 million, up 10% year-over-year.
- Advertising and other revenue grew 23% year-over-year.
- Transaction revenue grew 14% year-over-year.
- Adjusted EBITDA was $342 million, up 23% year-over-year.
- The company announced a definitive agreement to be acquired by DoorDash in a cash-and-stock transaction with an equity value of approximately $17 billion.
Concerns
- GAAP gross margin was 72%, compared with 74% in the prior-year quarter.
- GAAP net income as a percent of total revenue was 13%, compared with 15% in the prior-year quarter.
- Interest income was $6 million, compared with $16 million in the prior-year quarter.
- The company suspended financial guidance and withdrew previously issued long-term guidance during the pendency of the DoorDash transaction.
- The filing identifies merger completion, regulatory and stockholder approval, closing conditions, operating restrictions during the merger pendency, personnel retention, litigation, and potential termination fees as risks.
What to watch
- Completion of the proposed merger with DoorDash, including regulatory and stockholder approval and other closing conditions.
- Whether GTV growth, order growth, and advertising and other revenue growth continue during the merger pendency.
- GAAP gross margin, which was 72% in the third quarter of 2026.
- Future capital allocation, following $921 million of common-stock repurchases in the first nine months of 2026.
- Any resumption of financial guidance after the company suspended guidance and withdrew long-term guidance.
Balance sheet and cash flow
- Cash and cash equivalents were $830 million as of September 30, 2026.
- Short-term marketable securities were $97 million as of September 30, 2026.
- Long-term marketable securities were $8 million as of September 30, 2026.
- Total assets were $3,577 million as of September 30, 2026.
- Total liabilities were $1,010 million as of September 30, 2026.
- Total stockholders’ equity was $2,567 million as of September 30, 2026.
- Cash, cash equivalents, and restricted cash and cash equivalents were $923 million at September 30, 2026.
- Purchases of property and equipment, including capitalized internal-use software, were $17 million for the Three Months Ended September 30, 2026.
- Purchases of property and equipment, including capitalized internal-use software, were $46 million for the Nine Months Ended September 30, 2026.
Analysis
Maplebear reported broad third-quarter growth. GTV was $10,528 million, up 15% year-over-year, while orders reached 91.4 million, up 10%. Total revenue increased 17% to $1,095 million. Advertising and other revenue grew 23% to $331 million, faster than transaction revenue growth of 14% to $764 million, and accounted for 3.1% of GTV versus transaction revenue at 7.3% of GTV.
Profitability increased in dollars but showed differing margin outcomes. GAAP gross profit rose 14% to $786 million, while GAAP gross margin was 72%, compared with 74% in the prior-year quarter. GAAP net income rose 2% to $147 million, and net income as a percent of total revenue was 13%, compared with 15%. Adjusted EBITDA grew 23% to $342 million, with Adjusted EBITDA margin of 31%, compared with 30% in the prior-year quarter.
Cash generation remained positive. Net cash provided by operating activities was $324 million, up 13% year-over-year, and free cash flow was $307 million, also up 13%. The company reported $830 million of cash and cash equivalents, $97 million of short-term marketable securities, and $8 million of long-term marketable securities at September 30, 2026. It repurchased $230 million in shares according to the financial highlights, while the cash-flow statement reported $238 million of repurchases of common stock for the quarter and $921 million for the first nine months.
The release is dominated by the announced definitive agreement for DoorDash to acquire Instacart in a cash-and-stock transaction valued at an equity value of approximately $17 billion. Instacart cancelled its November 5, 2026 earnings conference call, suspended financial guidance, and withdrew previously issued long-term guidance. The reported operating measures therefore provide the principal current-period indicators, while merger approvals, closing conditions, and business execution during the transaction pendency become the key disclosed items to monitor.
Management, verbatim
Q3 was our best quarter as a public company, with GTV up 15% year-over-year and advertising and other revenue up 23% year-over-year. Our fundamentals keep getting stronger, with solid consumer demand, deepening customer engagement, and expanding profitability.
Chris Rogers, CEO
Online grocery is still an underpenetrated category, and we’re in the early stages of realizing what our purpose-built grocery technology can do to transform it. That’s why we’re building the operating system for grocery: one integrated platform that powers ecommerce, fulfillment, in-store, retail media, and AI Solutions.
Chris Rogers, CEO
Not in the filing
stated, not guessed- Forward financial guidance was not provided; the company suspended financial guidance and withdrew previously issued long-term guidance.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
- Debt was not separately disclosed in the provided filing text.
- A GAAP effective tax rate was not reported.
- Prior-year values for transaction revenue and advertising and other revenue were not printed on their own line items.
- Prior-quarter total revenue, GTV, orders, GAAP gross profit, GAAP net income, and EPS were not printed on their own line items.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.