Maplebear Inc
NASDAQ:CART
Maplebear Inc
Maplebear Inc., better known by its brand name Instacart, began its journey in 2010, amid a burgeoning demand for convenient, time-saving solutions in everyday life. Founded by Apoorva Mehta, a former Amazon employee, the company originated from Mehta's vision to capitalize on the growing market for grocery delivery services. Utilizing technology as its backbone, Instacart developed a user-friendly platform connecting customers with a personal shopper network. Customers browse and select grocery items through the Instacart app or website, choosing from a wide range of local grocery stores. Personal shoppers then handpick and deliver these items, offering the convenience of door-to-door service.
Instacart's revenue model is multifaceted. The company primarily earns through delivery fees, which customers pay per order or opt to avoid through a subscription service known as Instacart Express. This subscription provides unlimited deliveries for a flat monthly or annual fee. Further, Instacart garners income from partnerships with grocery retailers who pay for advertising and promotions on the platform, effectively expanding their customer reach without managing deliveries independently. These streams of income highlight the model's robustness and adaptability, positioning Maplebear Inc. as a significant player in the evolving landscape of on-demand retail services.
Maplebear Inc., better known by its brand name Instacart, began its journey in 2010, amid a burgeoning demand for convenient, time-saving solutions in everyday life. Founded by Apoorva Mehta, a former Amazon employee, the company originated from Mehta's vision to capitalize on the growing market for grocery delivery services. Utilizing technology as its backbone, Instacart developed a user-friendly platform connecting customers with a personal shopper network. Customers browse and select grocery items through the Instacart app or website, choosing from a wide range of local grocery stores. Personal shoppers then handpick and deliver these items, offering the convenience of door-to-door service.
Instacart's revenue model is multifaceted. The company primarily earns through delivery fees, which customers pay per order or opt to avoid through a subscription service known as Instacart Express. This subscription provides unlimited deliveries for a flat monthly or annual fee. Further, Instacart garners income from partnerships with grocery retailers who pay for advertising and promotions on the platform, effectively expanding their customer reach without managing deliveries independently. These streams of income highlight the model's robustness and adaptability, positioning Maplebear Inc. as a significant player in the evolving landscape of on-demand retail services.
Strong GTV Growth: Instacart posted $9.85 billion in gross transaction value (GTV) in Q4, up 14% year-over-year, marking its best growth in three years.
User Engagement: 26 million customers used Instacart in 2025, with approximately 10 million unique customers placing at least one order in December—a new record.
Advertising Strength: Advertising and other revenue rose 10% year-over-year in Q4, outperforming expectations, with the number of advertising brands growing to over 9,000.
Profitability and Cash Flow: Adjusted EBITDA increased 20% year-over-year to $303 million in Q4, and operating cash flow was up 20% to $184 million.
Share Buybacks: Instacart repurchased $1.4 billion in shares in 2025, including $1.1 billion in Q4.
Guidance Raised: For Q1 2026, Instacart is guiding for GTV growth of 11% to 13% year-over-year, and expects adjusted EBITDA of $280–290 million, up 15% to 19% year-over-year.
AI and Efficiency: Significant AI investments are driving product development, engineering output, and operational efficiencies, supporting faster execution and improved system reliability.
Enterprise & International Expansion: Enterprise partnerships, especially internationally with companies like Costco and Morrisons, are a key growth engine alongside continued marketplace expansion.
