Q4 2025 Maplebear Inc Earnings Call Transcript

Feb 12, 2026 / 10:00 PM GMT

Release Date Price: MXN678.83

Transcript 10-K8-K

Key Points

Positve

Maplebear Inc (CART) reported its strongest GTV growth in three years, with a 14% year-over-year increase, driven by a 16% rise in orders.
The company successfully repurchased $1.1 billion worth of shares in Q4, demonstrating strong confidence in its business performance.
Maplebear Inc (CART) is leveraging AI to accelerate execution, with average output per engineer up nearly 40%, and new projects being developed four times faster.
The enterprise platform is a significant growth engine, with over 380 grocer e-commerce sites powered by Maplebear Inc (CART), and substantial opportunities for expansion with new and existing partners.
The advertising ecosystem is expanding, with more than 9,000 brands advertising on Instacart, up from 7,000 last year, and the introduction of shoppable display ads on caper carts showing promising early engagement.

Negative

GAAP net income declined by 46% year over year, primarily due to higher G&A expenses related to non-recurring legal and regulatory matters, including a $60 million settlement with the FTC.
Average order value decreased by 1% year over year, reflecting growth in restaurant orders, which may impact profitability.
The company faces intense competition from major players like Amazon and DoorDash, which could impact market share and growth.
Despite strong advertising revenue growth, there is ongoing macro uncertainty affecting large brand partners, which could impact future performance.
The transition to an annual shareholder letter from quarterly updates may reduce the frequency of detailed investor communications, potentially impacting investor sentiment.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CART.OQ - Maplebear Inc
Q4 2025 Maplebear Inc Earnings Call
Feb 12, 2026 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by.

Welcome to the Instacart 4th quarter, 2025 financial results conference call.

At this time, all participants are in a listen-only mode.

After the speaker's presentation, there will be a question-and-answer session.

To ask a question during the session, you will need to press start within his message, advising your hand is raised.

To withdraw your question, please press 11 again.

Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, the vicere of Investor relations, Rebecca Yoshiyama.

Please go ahead.

Thank you, Carmen.

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