CART earnings analysis
What we found in CART's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Q1 2026 revenue reached $1,019 million, a 14% increase year-over-year from $897 million.
- EPS Matches Expectations
- Earnings per share were reported at $0.57, aligning with analyst expectations.
- GTV Increased Significantly
- Gross Transaction Value (GTV) grew to $10,288 million, a 13% increase from the same period in 2025.
- Improved Adjusted EBITDA
- Adjusted EBITDA rose by 23% to $300 million compared to Q1 2025.
- Operating Cash Flow Highlight
- Net cash provided by operating activities was $268 million, with free cash flow recorded at $253 million.
- Share Repurchase Program Expanded
- Board approved increasing the share repurchase program to $3.5 billion, repurchasing $402 million in Q1 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Margin Compression
- Gross margin decreased to 72% from 74.8% in Q1 2025, indicating potential pressure on profitability.
- Regulatory and Legal Challenges
- Ongoing scrutiny on gig economy regulations, including independent contractor classification, could increase operational costs.
- Economic Uncertainty Impact
- Macroeconomic factors, including inflation and consumer spending declines, may affect future revenue and GTV.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.57
- Gross margin
- 72.0%
What they said about what is next.
Expecting Q2 2026 GTV between $10,100 million and $10,250 million, with Adjusted EBITDA forecasted at $290-$300 million.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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