Highlights

  • Second quarter 2026 revenue was $1,043 million, with GTV of $10,351 million and 90.3 million orders, per the 10-Q.
  • Net income was $111 million, compared with $116 million in the second quarter of 2025, and diluted earnings per share were $0.45.
  • Management guided third quarter GTV of $10.3 billion to $10.55 billion and Adjusted EBITDA of $320 million to $340 million.
  • The company repurchased shares for $327 million in the quarter and had $998 million remaining under its repurchase program.

Maplebear Inc. (NASDAQ: CART) shares were trading at USD 59.47 on October 27, 2026, down 2.32%, with a relative volume at time of 4.31. The company, which operates Instacart, signed a revolving credit agreement on May 1, 2026, filed its Form 10-Q for the quarter ended June 30, 2026 on August 7, 2026, and gave a third quarter outlook on its August 13, 2026 earnings call.

Maplebear is incorporated in Delaware and lists its principal executive offices in San Francisco, California. It operates Instacart, a technology and enablement partner for the grocery industry. Consumers shop through Instacart Marketplace, while retailers also run their own online storefronts on the Instacart Enterprise platform, which covers ecommerce, fulfillment, Connected Stores, ads and marketing, and insights. The company also offers the Instacart+ membership program and Instacart Ads, and it generates transaction revenue and advertising and other revenue. Its fiscal year ends December 31.

Second Quarter Results

For the three months ended June 30, 2026, GTV was $10,351 million, compared with $9,081 million in the same period of 2025. The company stated GTV growth of 14% and cited increased orders and higher average order value. Orders were 90.3 million, compared with 82.7 million.

Revenue was $1,043 million, compared with $914 million. Transaction revenue was $746 million and advertising and other revenue was $297 million. Gross profit was $751 million, and gross margin decreased to 72% from 74%. The company said cost of revenue grew faster than revenue.

Net income was $111 million, compared with $116 million a year earlier. Diluted earnings per share were $0.45, compared with $0.41. Adjusted EBITDA, a non-GAAP measure, was $313 million, compared with $262 million.

Cash Flow, Liquidity and Capital Returns

Net cash provided by operating activities was $493 million, compared with $203 million. Free cash flow, a non-GAAP measure, was $480 million, compared with $187 million. The company attributed the increase primarily to a large accounts receivable balance collected in the second quarter of 2026.

At June 30, 2026, Maplebear had cash and cash equivalents of $757 million and marketable securities of $128 million. It also reported an accumulated deficit of $5.0 billion. The company said it has historically experienced net losses and that it may require additional capital resources. It stated that existing cash, cash equivalents and marketable securities should satisfy anticipated cash needs for at least the next 12 months.

On May 1, 2026, the company entered into a $500 million unsecured revolving credit facility maturing on April 30, 2031. No revolving loans were outstanding at June 30, 2026.

In the second quarter, Maplebear repurchased and retired 7,825,070 shares for $327 million. For the six months, it repurchased 17,199,917 shares for $728 million. The board increased the repurchase program to $3.5 billion in April 2026, and $998 million remained available at June 30, 2026.

Regulatory Matters

A consent order concluding an investigation by the Federal Trade Commission into certain marketing and Instacart+ membership practices became final on January 13, 2026. The order does not include an admission of liability. The company paid $60 million to the FTC in January 2026.

Third Quarter 2026 Outlook

On the August 13, 2026 earnings call, management said it anticipates third quarter 2026 GTV of $10.3 billion to $10.55 billion and Adjusted EBITDA of $320 million to $340 million. It expects advertising and other revenue to grow 15% to 18% year over year. For the full year, management said it continues to expect Adjusted EBITDA to grow faster than GTV year over year. Management also said it widened its GTV and Adjusted EBITDA guidance ranges starting with the third quarter outlook. These are management expectations and are subject to change.