Instacart's Q3 Net Income Jumps 22% on Strong Revenue Growth

TL;DR

**Instacart is crushing it with double-digit revenue and profit growth, but watch their capital allocation shift from buybacks to acquisitions.**

AI Summary

Maplebear Inc. (CART) reported a strong financial performance for the three and nine months ended September 30, 2025. Revenue increased by 10.2% to $939 million for the three months ended September 30, 2025, up from $852 million in the prior year period. Net income saw a significant jump of 22% to $144 million for the three months ended September 30, 2025, compared to $118 million in the same period of 2024. For the nine months ended September 30, 2025, revenue grew to $2.75 billion from $2.495 billion, and net income rose to $366 million from $309 million. The company's cash and cash equivalents increased to $1.69 billion as of September 30, 2025, from $1.278 billion at December 31, 2024. Key business changes include an acquisition of businesses, net of cash acquired, totaling $105 million during the nine months ended September 30, 2025, and a reduction in common stock repurchases to $272 million from $1.397 billion in the prior nine-month period. Risks include macroeconomic trends and increased competition, as highlighted in the forward-looking statements. The strategic outlook appears focused on profitable growth and potential acquisitions, supported by a healthy cash position.

Why It Matters

This filing reveals Instacart's continued profitability and growth, with a 22% increase in net income to $144 million for Q3 2025, which is crucial for investor confidence in a competitive grocery delivery market. The significant reduction in common stock repurchases from $1.397 billion to $272 million suggests a shift in capital allocation strategy, potentially freeing up funds for strategic investments like the $105 million acquisition. For employees, sustained profitability could mean job security and growth opportunities, while customers might see continued service expansion and innovation. In the broader market, Instacart's performance indicates resilience in the online grocery sector, potentially impacting competitors like DoorDash and Uber Eats.

Risk Assessment

Risk Level: medium — The risk level is medium due to the company's reliance on continued growth in a competitive market and the potential impact of macroeconomic trends. While net income increased by 22% to $144 million for the three months ended September 30, 2025, the 'Special Note Regarding Forward-Looking Statements' explicitly mentions risks related to 'increased competition' and 'macroeconomic and industry trends, including inflation, elevated interest rates, and heightened recession risk,' which could impact future financial performance despite current positive results.

Analyst Insight

Investors should consider Instacart's consistent revenue and net income growth, but also scrutinize the shift in capital allocation away from significant share repurchases. Evaluate the long-term strategic benefits of the $105 million acquisition and how it positions Instacart against competitors. Monitor future filings for details on how these acquisitions contribute to sustained profitability and market share.

Financial Highlights

revenue

$939M

total Assets

$4.54B

net Income

$144M

eps

$0.51

gross Margin

73.7%

cash Position

$1.69B

revenue Growth

+10.2%

Key Numbers

• $939M — Revenue for Q3 2025 (Increased by 10.2% from $852 million in Q3 2024)
• $144M — Net income for Q3 2025 (Increased by 22% from $118 million in Q3 2024)
• $2.75B — Revenue for the nine months ended Sept 30, 2025 (Increased from $2.495 billion in the prior nine-month period)
• $366M — Net income for the nine months ended Sept 30, 2025 (Increased from $309 million in the prior nine-month period)
• $1.69B — Cash and cash equivalents as of Sept 30, 2025 (Increased from $1.278 billion at Dec 31, 2024)
• $105M — Acquisitions of businesses, net of cash acquired (New investment during the nine months ended Sept 30, 2025)
• $272M — Repurchases of common stock for the nine months ended Sept 30, 2025 (Significantly decreased from $1.397 billion in the prior nine-month period)
• 265,508 — Shares issued and outstanding as of Sept 30, 2025 (in thousands) (Increased from 260,964 shares at Dec 31, 2024)
• $0.51 — Diluted net income per share for Q3 2025 (Increased from $0.42 in Q3 2024)
• $0.0001 — Par value per share of common stock (Standard par value for common stock)

Key Players & Entities

• Maplebear Inc. (company) — Registrant and parent company of Instacart
• Instacart (company) — Operating brand of Maplebear Inc.
• SEC (regulator) — Securities and Exchange Commission
• Nasdaq Global Select Market (company) — Exchange where common stock is registered
• DoorDash (company) — Competitor in the online grocery delivery market
• Uber Eats (company) — Competitor in the online grocery delivery market
• Private Securities Litigation Reform Act of 1995 (regulator) — Legislation governing forward-looking statements
• October 31, 2025 (date) — Date for outstanding common stock shares
• September 30, 2025 (date) — End of the reported quarterly period
• December 31, 2024 (date) — Prior fiscal year-end for balance sheet comparison

FAQ

Risk Factors

• Macroeconomic Trends [high — market]: Maplebear Inc. is exposed to macroeconomic trends that could adversely affect its business, financial condition, and results of operations. Factors such as inflation, interest rates, and consumer spending habits can impact demand for its services and overall profitability. The company's ability to navigate these trends is crucial for sustained growth.
• Increased Competition [high — market]: The company faces intense competition from existing and new market participants. This competition can lead to pricing pressures, reduced market share, and increased costs for customer acquisition and retention. Maintaining a competitive edge requires continuous innovation and service improvement.

Industry Context

Maplebear Inc. operates in the rapidly evolving online grocery and delivery sector, characterized by intense competition from established retailers, other tech-enabled delivery platforms, and direct-to-consumer brands. Key industry trends include increasing consumer demand for convenience, a focus on faster delivery times, and the integration of advertising and other services into the platform. Profitability remains a challenge for many players due to high operational costs and competitive pricing.

Regulatory Implications

As a platform facilitating commerce and delivery, Maplebear Inc. is subject to various regulations concerning labor practices, data privacy, and consumer protection. Changes in employment laws regarding gig workers or stricter data security mandates could increase compliance costs and operational complexity. The company must continually adapt to evolving regulatory landscapes in the markets it serves.

What Investors Should Do

1. Monitor competitive landscape and pricing strategies.
2. Analyze the impact of reduced share repurchases on capital allocation.
3. Evaluate the integration and performance of recent acquisitions.
4. Assess the sustainability of revenue and net income growth.

Key Dates

• 2025-09-30: End of Q3 2025 — Reported strong revenue growth of 10.2% to $939 million and a 22% increase in net income to $144 million for the quarter. Cash and cash equivalents reached $1.69 billion.
• 2025-09-30: Nine Months Ended September 30, 2025 — Revenue grew to $2.75 billion and net income rose to $366 million. The company completed acquisitions totaling $105 million while significantly reducing stock repurchases.
• 2024-12-31: End of Fiscal Year 2024 — Cash and cash equivalents stood at $1.278 billion. This serves as a baseline for the significant increase observed by September 30, 2025.

Glossary

Redeemable Convertible Preferred Stock

A class of stock that has features of both preferred stock (fixed dividend, priority in liquidation) and convertible bonds (can be converted into common stock), with an added provision that allows the holder or the company to redeem it under certain conditions. (Maplebear has Series A redeemable convertible preferred stock outstanding, which impacts the company's capital structure and potential future dilution.)

Accumulated Deficit

The cumulative net losses of a company since its inception, less any net income. It represents a negative balance in retained earnings. (Maplebear Inc. has an accumulated deficit of $3,491 million as of September 30, 2025, indicating that the company has historically incurred more losses than profits.)

Goodwill

An intangible asset that arises when a company acquires another company for a price greater than the fair value of its identifiable net assets. (The increase in Goodwill from $317 million to $392 million suggests recent acquisitions or an increase in the fair value of acquired assets, reflecting growth strategies.)

Operating lease right-of-use assets

Assets recognized under accounting standards for leases, representing the right to use an underlying asset for the lease term. (These assets, along with corresponding liabilities, reflect the company's obligations for leased properties and equipment, showing a slight increase from $21 million to $31 million.)

Year-Over-Year Comparison

Maplebear Inc. has demonstrated robust year-over-year performance. Revenue for the third quarter of 2025 increased by 10.2% to $939 million, and net income saw a substantial 22% jump to $144 million, indicating improved profitability. The company's cash position has strengthened significantly, rising to $1.69 billion from $1.278 billion at the end of the previous fiscal year. A notable strategic shift is the dramatic reduction in common stock repurchases, from $1.397 billion to $272 million year-to-date, alongside $105 million in acquisitions, suggesting a pivot towards strategic investments over share buybacks.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share CART Nasdaq Global Select Mar

Filing Documents

• cart-20250930.htm (10-Q) — 2326KB
• q3-2025exhibit311.htm (EX-31.1) — 10KB
• q3-2025exhibit312.htm (EX-31.2) — 10KB
• q3-2025exhibit321.htm (EX-32.1) — 5KB
• cart-20250930_g1.jpg (GRAPHIC) — 227KB
• 0001579091-25-000097.txt ( ) — 9710KB
• cart-20250930.xsd (EX-101.SCH) — 46KB
• cart-20250930_cal.xml (EX-101.CAL) — 81KB
• cart-20250930_def.xml (EX-101.DEF) — 280KB
• cart-20250930_lab.xml (EX-101.LAB) — 655KB
• cart-20250930_pre.xml (EX-101.PRE) — 487KB
• cart-20250930_htm.xml (XML) — 1266KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION 5

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited): 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income 7 Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 12 Notes to Condensed Consolidated Financial Statements 14

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

Part II OTHER INFORMATION 52

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 103

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 103

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 103

Other Information

Item 5. Other Information 103

Exhibits

Item 6. Exhibits 104

Signatures

Signatures 105 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," or "would," or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our financial performance, including revenue, cost of revenue, gross profit, operating expenses, net income, and key metrics such as gross transaction value ("GTV") and orders, and our ability to maintain or increase future profitability and generate profitable growth over time; our ability to attract new customers and shoppers and maintain and/or increase engagement of existing customers and shoppers; our ability to effectively manage our growth and plan for and execute growth strategies and initiatives; anticipated trends, growth rates, and challenges in our financial performance, key metrics, and business and in the markets in which we operate; our ability to maintain and expand our relationships with retailers and brands and the effects of retailer consolidation; our ability to continue to grow across our current markets and expand into new markets; the effects of

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MAPLEBEAR INC. DBA INSTACART CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share amounts, which are reflected in thousands, and per share amounts) (unaudited) As of December 31, As of September 30, 2024 2025 ASSETS Current assets: Cash and cash equivalents $ 1,278 $ 1,690 Short-term marketable securities 91 39 Accounts receivable, net of allowance of $ 4 and $ 3 , respectively 1,014 1,042 Restricted cash and cash equivalents, current 152 126 Prepaid expenses and other current assets 162 134 Total current assets 2,697 3,031 Long-term marketable securities — 62 Restricted cash and cash equivalents, noncurrent 19 18 Property and equipment, net 200 218 Operating lease right-of-use assets 21 31 Intangible assets, net 52 74 Goodwill 317 392 Deferred tax assets, net 771 696 Other assets 38 18 Total assets $ 4,115 $ 4,540 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 80 $ 78 Accrued and other current liabilities 505 532 Operating lease liabilities, current 13 3 Deferred revenue 200 219 Total current liabilities 798 832 Operating lease liabilities, noncurrent 13 34 Other long-term liabilities 25 23 Total liabilities 836 889 Commitments and contingencies (Note 10) Series A redeemable convertible preferred stock; $ 0.0001 par value per share; 5,833 shares authorized, issued, and outstanding as of December 31, 2024 and September 30, 2025 186 193 Stockholders' equity: Preferred stock, $ 0.0001 par value per share; 24,167 shares authorized as of December 31, 2024 and September 30, 2025; zero shares issued and outstanding as of December 31, 2024 and September 30, 2025 — — Common stock, $ 0.0001 par value per share; 2,000,000 shares authorized as of December 31, 2024 and September 30, 2025; 260,964 and 265,508 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively — — Additional paid-in c

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