Maplebear Inc., the parent of Instacart (NASDAQ: CART), reported stronger‑than‑expected third‑quarter results today, accelerated its share repurchase program to $2.5 billion, and issued an upbeat Q4 guide as demand for online grocery and retail media remained resilient. Shares jumped in early trading after the release. [1]
Key takeaways
- Orders: 83.4 million, +14% YoY. GTV: $9.17B, +10% YoY. Revenue: $939M, +10% YoY. Adjusted EBITDA: $278M, +22% YoY. GAAP net income: $144M, +22% YoY. [2]
- Ad & other revenue: $269M (≈3% of GTV); Instacart now counts ~7,500 active brands on its ads platform. [3]
- Q4 outlook: GTV expected at $9.45B–$9.60B; Adjusted EBITDA $285M–$295M. Midpoint GTV is above Street forecasts cited this morning. [4]
- Capital returns: Board increased buyback authorization to $2.5B and plans a $250M accelerated share repurchase (ASR) with Goldman Sachs beginning Nov. 11, 2025. [5]
What happened
Instacart’s momentum held up through the September quarter as consumers kept leaning on fast delivery and retailers leaned into retail media. Management highlighted double‑digit order growth and steady progress on affordability initiatives—such as lower basket minimums—which did trim average order value by 4% YoY but helped lift engagement. [6]
On profitability, Adjusted EBITDA rose 22% to $278M, and GAAP net income grew 22% to $144M. Operating cash flow reached $287M, up $102M YoY, underscoring stronger unit economics and operating leverage. [7]
Advertising remains a bright spot: ad & other revenue reached $269M in Q3 (up 10% YoY), with Instacart noting demand from ~7,500 brands on the platform. Reuters also flagged that ad revenue rose from $255M in Q2. [8]
Guidance: a “holiday‑ready” setup
For the current quarter, Instacart guided GTV to $9.45B–$9.60B and Adjusted EBITDA to $285M–$295M. Management said orders should outpace GTV growth as affordability measures, faster delivery options, and enterprise partnerships carry into the holidays. Reuters noted the midpoint of GTV guidance came in above consensus. [9]
Bigger buyback, immediate ASR
Maplebear’s board boosted the repurchase authorization to $2.5B (from prior cumulative $1B) and disclosed an ASR for $250M with Goldman Sachs. The ASR is slated to begin Nov. 11 and settle by the end of Q1 2026. The program has no expiration and can be executed via open‑market, 10b5‑1, and other methods. [10]
Market reaction
Shares of CART rose about 8% pre‑market on the beat and guidance, with intraday trading remaining active as investors digested the ASR and sharper profitability trajectory. See the live chart above for the latest price and volume. [11]
By the numbers (Q3 FY2025)
- Orders: 83.4M (+14% YoY)
- GTV: $9.17B (+10% YoY)
- Revenue: $939M (+10% YoY)
- Transaction revenue: $670M (+10% YoY)
- Advertising & other revenue: $269M (+10% YoY)
- GAAP gross profit: $692M (+8% YoY)
- GAAP net income: $144M (+22% YoY)
- Adjusted EBITDA: $278M (+22% YoY)
- Operating cash flow: $287M (+$102M YoY)
- Average order value:–4% YoY (affordability initiatives and more restaurant orders)
- Q4 outlook: GTV $9.45B–$9.60B; Adjusted EBITDA $285M–$295M. [12]
Strategy and execution under new CEO Chris Rogers
Today’s shareholder letter was Chris Rogers’ first as CEO (effective Aug. 15). He emphasized Instacart’s three growth levers—Marketplace, Enterprise solutions, and Retail Media—with updates including expanded Kroger fulfillment, progress on AI‑powered tools for grocers, and continued ad‑tech partnerships across ~1,800 retail banners and more than 240 Carrot Ads partners. [13]
Background: Rogers’ appointment was announced in May, with Reuters noting he succeeded Fidji Simo (now board chair). [14]
Why it matters
- Resilient demand: Double‑digit order growth and higher ad revenue suggest Instacart is capturing both consumer convenience spend and brand budgets at checkout. [15]
- Balanced growth/affordability: Lower minimums and faster delivery drive frequency even as average basket sizes dip, a trade‑off management says is intentional to expand the top of the funnel. [16]
- Shareholder returns: The $2.5B authorization (plus $250M ASR) signals confidence and could cushion volatility. [17]
Company context (at a glance)
Instacart says it partners with more than 1,800 national, regional, and local retail banners to facilitate delivery and pickup from nearly 100,000 stores across North America—supported by a community of ~600,000 shoppers. Maplebear Inc. is the registered corporate name of Instacart. [18]
Sources (Nov. 10, 2025)
- SEC 8‑K & Shareholder Letter (Ex. 99.1): full Q3 metrics, Q4 outlook, buyback and ASR details. [19]
- Reuters: earnings beat context, ad‑business traction, brand count, stock reaction, and guidance vs. Street. [20]
- Bloomberg: orders 83.4M (+14% YoY) reference from the shareholder letter. [21]
Editorial note: This article is for informational purposes only and not investment advice. Always verify figures with official filings and your own analysis.
References
1. www.sec.gov, 2. www.sec.gov, 3. www.sec.gov, 4. www.sec.gov, 5. www.sec.gov, 6. www.sec.gov, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.reuters.com, 12. www.sec.gov, 13. www.sec.gov, 14. www.reuters.com, 15. www.sec.gov, 16. www.sec.gov, 17. www.sec.gov, 18. www.prnewswire.com, 19. www.sec.gov, 20. www.reuters.com, 21. www.bloomberg.com
