Q2 2026 Maplebear Inc Earnings Call Transcript

Aug 6, 2026 / 09:00 PM GMT

Release Date Price: MXN678.83

Transcript 10-Q8-K

Key Points

Positve

GTV grew 14% year-over-year to $10.35 billion, with total revenue also up 14%, driven by strong advertising and other revenue growth of 16%.
Adjusted EBITDA increased 19% year-over-year to $313 million, and operating cash flow surged 143% to $493 million, reflecting improved profitability and cash generation.
Customer acquisition accelerated, with net new customer activations at the fastest year-over-year growth rate since 2022, while monthly customer growth and engagement deepened.
The AI assistant is gaining traction, with orders placed through it averaging larger basket sizes than the typical $115 AOV, and it is set to launch across North America.
Enterprise momentum continues, with new partnerships (e.g., Aldi, Costco, Morrison's) and international expansion (e.g., Costco in France and Spain) performing ahead of expectations.
Advertising ecosystem is diversifying, with ad revenue outpacing GTV growth for the quarter, and new AI-powered tools and formats (e.g., immersive feeds, grow objective) enhancing advertiser value.
The acquisition of Arpolis is expected to strengthen inventory intelligence and fulfillment efficiency, leveraging computer vision technology across the shopper network.
Retailers offering no markups are growing faster and retaining customers better, and Instacart has more such retailers than any other third-party marketplace in North America.
The company repurchased $325 million of shares in Q2, returning capital to shareholders while maintaining a strong cash position of $1 billion.
Q3 guidance implies continued 14% GTV growth and 19% adjusted EBITDA growth at the midpoint, indicating sustained momentum.

Negative

GAAP net income declined 4% year-over-year to $111 million, primarily due to increased stock-based compensation from a shift in equity vesting dates.
GAAP gross profit as a percentage of GTV decreased to 7.3% from 7.5%, driven by higher cost of revenue from payments to publishers for expanded ad partnerships.
Transaction revenue as a percentage of GTV slightly decreased to 7.2% from 7.3%, impacted by lower payment revenue, though partially offset by fulfillment efficiencies.
The company widened its GTV and adjusted EBITDA guidance ranges, signaling increased variability and a shift in guidance philosophy, which may introduce uncertainty for investors.
International expansion is still in early stages, with management noting it is 'early days' and requiring disciplined investment, which could limit near-term contributions.
The company expects adjusted EBITDA growth to moderate as it reinvests in growth initiatives and laps prior operating expense efficiencies, potentially slowing margin expansion.
Advertising growth, while strong, is partly dependent on partnerships like Pinterest and off-platform expansions, which increase payments to publishers and pressure gross margins.
The AI assistant and other new initiatives are still in early testing phases, with no material financial impact yet, and their long-term monetization remains unproven.
Competition in grocery e-commerce is intensifying, with digital-first competitors prompting retailers to invest, which could increase pressure on pricing and margins.
The company's reliance on retailer decisions regarding markups means affordability initiatives are not fully under its control, and the cost of eliminating markups is borne by retailers.

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

CART.OQ - Maplebear Inc.
Q2 2026 Maplebear Inc Earnings Call
Aug 06, 2026 / 09:00PM 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 Second Quarter 2026 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 *11 on your telephone. You will then hear an automated 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, Rebecca Yoshiyama, Vice President of Investor Relations. Please go ahead.

---------------------------------

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