Instacart Earnings Beat, Raises Q3 Outlook
Instacart earnings beat and raised Q3 GTV and EBITDA guidance, signaling sustained online grocery and ad growth that could support investor flows.
KEY TAKEAWAYS
- Q2 GTV rose 14% to $10.4B and revenue rose 14% to $1.0B.
- Adjusted EBITDA grew 19% to $313M, beating consensus.
- Guided Q3 GTV $10.3-$10.6B and adjusted EBITDA $320-$340M above estimates.
HIGH POTENTIAL TRADES SENT DIRECTLY TO YOUR INBOX
Add your email to receive our free daily newsletter. No spam, unsubscribe anytime.
Maplebear Inc., which operates as Instacart (Nasdaq: CART), said in a press release on Aug. 6, 2026, that its second-quarter earnings beat expectations and it raised third-quarter guidance, reflecting sustained demand for online grocery and strength in its advertising business.
Quarter Results and Profitability
For the quarter ended June 30, 2026, Instacart reported gross transaction value (GTV) of $10.35 billion, up 14% year over year. Orders rose 9% to 90.3 million, while average order value increased 4% to $115. The combination of larger baskets and higher order counts pushed GTV growth ahead of order growth. GTV measures the value of products sold based on prices shown on Instacart.
Total revenue was $1.04 billion, also up 14% year over year and equal to 10.1% of GTV. Transaction revenue—fees tied directly to orders—totaled $746 million (7.2% of GTV), while advertising and other revenue reached $297 million (2.9% of GTV). Management said advertising and other revenue growth outpaced GTV, shifting the mix toward higher-rate sales and sponsored placements. The revenue modestly exceeded analysts’ average expectations.
Adjusted EBITDA, a non-GAAP measure of operating profit, rose 19% to $313 million, equal to 3.0% of GTV and 30% of total revenue, surpassing street forecasts. GAAP gross profit increased 11% to $751 million, with gross margin at 72% of revenue (7.3% of GTV), down from 74% and 7.5% of GTV a year earlier. Operating income rose to $143 million from $124 million, but GAAP net income declined 4% to $111 million. Diluted GAAP earnings per share were $0.45, below analysts’ average expectations.
Guidance, Cash Flow, and Buybacks
Instacart guided third-quarter GTV to $10.30 billion–$10.55 billion and adjusted EBITDA to $320 million–$340 million, ranges the company said exceed analysts’ estimates and signal continued momentum. The outlook reflects focus on marketplace volume and growth in enterprise and advertising businesses.
Operating cash flow jumped 143% year over year to $493 million, while free cash flow rose 156% to $480 million. Quarter-end cash and equivalents totaled about $1.0 billion. The company repurchased $325 million of its shares during the quarter, citing ample liquidity to support capital allocation.
Management attributed the quarter’s results to broad-based strength across the marketplace, enterprise offerings, and advertising. It plans to prioritize marketplace growth, enterprise solutions for grocers, and expansion of its retail-media business to sustain momentum into the second half of 2026.
"Our Q2 results reflect broad-based strength across our platform and our operating model," said Emily Reuter, Instacart’s chief financial officer.
