10-K · February 26, 2026
Instacart (Maplebear) presents a platform-led grocery strategy anchored in Instacart Marketplace, Instacart Enterprise and Instacart Ads with scale across the ecosystem (powered more than 1.6 billion orders; more than…
Earnings analysis · 10-Q
CART earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Instacart (CART) reported Q1 2026 earnings with total revenue of $1,019 million, exceeding estimates of $1,005 million, and an EPS of $0.57, matching analyst expectations. The company provided forward guidance for Q2…
Read full summary
Instacart (CART) reported Q1 2026 earnings with total revenue of $1,019 million, exceeding estimates of $1,005 million, and an EPS of $0.57, matching analyst expectations. The company provided forward guidance for Q2 2026, projecting GTV between $10,100 million and $10,250 million and an Adjusted EBITDA of $290 to $300 million, indicating continued growth amidst a mixed regulatory landscape.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
- Gross margin
- 72.0%
What stood out
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Strong Revenue Growth
Q1 2026 revenue reached $1,019 million, a 14% increase year-over-year from $897 million.
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EPS Matches Expectations
Earnings per share were reported at $0.57, aligning with analyst expectations.
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GTV Increased Significantly
Gross Transaction Value (GTV) grew to $10,288 million, a 13% increase from the same period in 2025.
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Improved Adjusted EBITDA
Adjusted EBITDA rose by 23% to $300 million compared to Q1 2025.
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Operating Cash Flow Highlight
Net cash provided by operating activities was $268 million, with free cash flow recorded at $253 million.
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Share Repurchase Program Expanded
Board approved increasing the share repurchase program to $3.5 billion, repurchasing $402 million in Q1 2026.
What to watch
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Margin Compression
Gross margin decreased to 72% from 74.8% in Q1 2025, indicating potential pressure on profitability.
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Regulatory and Legal Challenges
Ongoing scrutiny on gig economy regulations, including independent contractor classification, could increase operational costs.
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Economic Uncertainty Impact
Macroeconomic factors, including inflation and consumer spending declines, may affect future revenue and GTV.
Management's outlook
Expecting Q2 2026 GTV between $10,100 million and $10,250 million, with Adjusted EBITDA forecasted at $290-$300 million.
Earlier filings 4
10-Q · November 10, 2025
Instacart reported Q3 revenue of $939.0M (up $87M or ~10.2% YoY from $852M) and diluted EPS of $0.51 (vs $0.42 in Q3 2024), beating consensus. Gross profit rose to $692M but gross margin compressed to 73.7% from ~75.2%…
10-Q · August 8, 2025
Instacart reported Q2 revenue of $914 million, up from $823 million in Q2 2024, with gross profit of $678 million and operating income of $124 million. GAAP diluted EPS was $0.41 (diluted net income $116 million) while…
10-Q · August 9, 2024
Instacart (Maplebear) grew top-line and gross profit in Q2 2024 while EPS remained positive, but operating profitability compressed and the company used significant cash for share repurchases. Revenue for the three…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.