Instacart (CART) Q3 2023 Financial Results Summary

QuoteReporter

November 10, 2025•5 min read

Instacart (CART) Q3 2023 Financial Results Summary

Instacart (MAPS) Q3 2025 Financial Results Summary

On November 10, 2025, Instacart released its financial results for the third quarter of 2025, showcasing notable growth in various metrics.

Financial Highlights of Q3 2025

Orders:
83.4 million processed, up 14% year-over-year.
Gross Transaction Value (GTV):
Recorded at $9,170 million, an increase of 10% compared to Q3 2024.
Total Revenue:
Reached $939 million, reflecting a growth of 10% year-over-year, constituting 10.2% of GTV.
Transaction Revenue:
Amounted to $670 million, up 10% versus the same quarter last year, representing 7.3% of GTV.
Advertising and Other Revenue:
$269 million earned, up by 10% year-over-year, making up 2.9% of GTV.
GAAP Gross Profit:
Totaled $692 million, reflecting an 8% increase year-over-year, with its share of GTV at 7.5% (down from 7.7% last year).
GAAP Net Income:
Reached $144 million, marking a 22% increase from the previous year, which accounts for 1.6% of GTV and 15% of total revenue.
Adjusted EBITDA:
Stood at $278 million, also a 22% increase year-over-year, representing 3.0% of GTV and 30% of total revenue.
Average Order Value:
Decreased by 4% year-over-year.
Operating Cash Flow:
Increased to $287 million, up $102 million year-over-year.

Operating Performance

Operating Expenses:
Totaled $525 million, equal to 5.7% of GTV, down from 6.1% in Q3 2024.
Adjusted Total Operating Expenses:
Excluded certain expenses, were $436 million, or 4.8% of GTV compared to 5.1% in Q3 2024.

Shareholder Returns and Capital Management

Share Repurchase Program:
A $1.5 billion increase to the share repurchase program was authorized, alongside a $250 million accelerated share repurchase program. The company plans to continue repurchasing shares opportunistically.

Business Updates

Consumer and Retailer Relationships

Instacart remains focused on making grocery shopping accessible and affordable, expanding partnerships with retailers such as:
Pattison Food Group (Buy Low Foods, Nesters Market, Save-on-Foods) and Best Buy to drive price parity.
New partnerships with Grubhub and United Airlines enhance customer engagement across platforms.

Technology and Innovation

Continued investment in AI solutions to enhance shopping experiences, including personalized assistants and smarter catalog insights.
Expanded tools and features in the ads ecosystem, partnering with 7,500 brand partners and showcasing a 25% average sales boost for advertisers.

Retailer Integrations

Enhanced integrations with retail partners, solidifying partnerships with grocers like Kroger and expanding into international markets via acquisitions, such as Wynshop.

Ads Ecosystem Growth

Increased focus on ad revenues, supported by a robust network and AI-driven tools, enhancing visibility and performance for brands on Instacart.

Looking Ahead

Q4 2025 Financial Outlook:
Projected GTV growth between 9% to 11% with anticipated orders outpacing GTV growth.

Instacart aims to capitalize on its strong momentum while continuing to innovate and deepen relationships with both consumers and retailers across its expansive marketplace.

Three Months Ended	September 30, 2024	September 30, 2025
Revenue	$ 852	$ 939
Cost of revenue	211	247
Gross profit	641	692
Operating expenses:
Operations and support	64	62
Research and development	149	169
Sales and marketing	213	206
General and administrative	77	87
Total operating expenses	503	525
Income from operations	138	166
Other income (expense), net	—	(1)
Interest income	15	16
Income before provision for income taxes	153	181
Provision for income taxes	35	37
Net income	$ 118	$ 144
Accretion related to Series A redeemable convertible preferred stock	(2)	(2)
Net income attributable to common stockholders, basic	$ 116	$ 142
Accretion related to Series A redeemable convertible preferred stock	2	2
Net income attributable to common stockholders, diluted	$ 118	$ 144
Net income per share attributable to common stockholders:
Basic	$ 0.45	$ 0.54
Diluted	$ 0.42	$ 0.51
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic	259,660	264,895
Diluted	281,003	283,176

Note: Due to rounding, numbers presented may not sum precisely to the totals provided.

As of	December 31, 2024	September 30, 2025
ASSETS
Current assets:
Cash and cash equivalents	$ 1,278	$ 1,690
Short-term marketable securities	91	39
Accounts receivable, net	1,014	1,042
Restricted cash and cash equivalents, current	152	126
Prepaid expenses and other current assets	162	134
Total current assets	2,697	3,031
Long-term marketable securities	—	62
Restricted cash and cash equivalents, noncurrent	19	18
Property and equipment, net	200	218
Operating lease right-of-use assets	21	31
Intangible assets, net	52	74
Goodwill	317	392
Deferred tax assets, net	771	696
Other assets	38	18
Total assets	$ 4,115	$ 4,540
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$ 80	$ 78
Accrued and other current liabilities	505	532
Operating lease liabilities, current	13	3
Deferred revenue	200	219
Total current liabilities	798	832
Operating lease liabilities, noncurrent	13	34
Other long-term liabilities	25	23
Total liabilities	836	889
Series A redeemable convertible preferred stock	186	193
Stockholders’ equity:
Preferred stock	—	—
Common stock	—	—
Additional paid-in capital	6,687	6,953
Accumulated other comprehensive loss	(9)	(4)
Accumulated deficit	(3,585)	(3,491)
Total stockholders’ equity	3,093	3,458
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	$ 4,115	$ 4,540