CARTNasdaqServices-Business Services, NECUS GAAP · USD

Maplebear Inc.

Maplebear Inc. does business as Instacart, a grocery technology platform that connects retailers, customers, brands, and shoppers through an end-to-end commerce and fulfillment suite. Its platform supports online grocery ordering, delivery and pickup fulfillment, retailer software tools, and retail media/advertising products that monetize shopper demand at the point of purchase.

Kysy yhtiöstä
Liikevaihto3 742milj. USD
+10,8 %v/v
Liikevoitto (EBIT)498milj. USD
+1,8 %v/v
EBIT-marginaali13,3%
−1,2 %-yks.v/v
Nettotulos447milj. USD
−2,2 %v/v
Vapaa kassavirta910milj. USD
+46,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

−4 000−2 00002 0004 000milj. USD2021: 1 834 milj. USD2021: EBIT −86 milj. USD20212022: 2 551 milj. USD2022: EBIT 62 milj. USD20222023: 3 042 milj. USD2023: EBIT −2 142 milj. USD20232024: 3 378 milj. USD2024: EBIT 489 milj. USD20242025: 3 742 milj. USD2025: EBIT 498 milj. USD20253 742498
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Marketplace transaction revenue73 %

Fees from customers, retailers, and payment-card partners tied to orders and fulfillment on Instacart.

Advertising and retail media27 %

Brand advertising products that promote products across the shopping journey and at point of purchase.

Enterprise software and SaaS0 %

Retailer-facing software subscriptions and storefront tools sold through Instacart Enterprise Platform.

Tuotteet

Raportoitu · osuus liikevaihdosta
71,5%28,5%FY2025100 %
  • Transaction71,5 %
  • Advertising and Other28,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Instacart serves four core constituencies: retailers that want digital commerce and fulfillment capabilities, customers who want convenient grocery shopping, brands that want measurable retail media reach, and shoppers who perform fulfillment work. The platform monetizes each group differently, with transaction fees, subscriptions, software fees, and advertising revenue all tied to grocery demand and order volume.

Retailers

Grocery and retail partners buy fulfillment, storefront, and analytics tools to digitize sales and improve operations.

Customers

Consumers use the marketplace and Instacart+ for convenient grocery delivery and pickup.

Brands

Consumer packaged goods and other brands buy retail media placements to drive measurable product sales.

Shoppers

Independent shoppers provide picking and delivery services and are essential to fulfillment capacity.

Strategia

Instacart’s strategy is to deepen retailer integrations, improve fulfillment efficiency, and expand monetization across transaction, subscription, software, and advertising revenue. The company is also investing in AI-enabled analytics, broader ad formats, and omnichannel capabilities to strengthen its role in grocery commerce and improve customer engagement.

Increase customer acquisition and retentionLyhyt aikaväli

Order volume and GTV depend on repeat usage, so engagement and retention directly support revenue growth.

Expand retailer software adoptionKeskipitkä aikaväli

Enterprise Platform and Insights deepen retailer relationships and add recurring software revenue.

Scale advertising monetizationKeskipitkä aikaväli

Retail media is a high-value revenue stream that benefits from shopper intent and measurable conversion.

Maantiede

Q1/2026

Maplebear is headquartered in San Francisco and its business is primarily U.S.-focused based on the available disclosures. The company’s operating model depends on dense local fulfillment networks, retailer relationships, and shopper availability, so market penetration and service quality matter more than broad international reach.

USA95 %
Other countries (US filing)4,5 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

The business is exposed to intense competition for retailers, customers, brands, and shoppers, and it must keep improving price, convenience, and service quality to defend share. Demand can also be sensitive to consumer behavior, marketing efficiency, and shopper availability, while cybersecurity, data privacy, and platform reliability are critical because the company processes sensitive personal and commercial information.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Competitive pressure across retailers, customers, brands, and shoppers1Customer acquisition and retention spend may rise2Cybersecurity and data privacy incidents3Shoppers may be insufficient during peak periods4Regulatory and worker-classification matters5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Competitive pressure across retailers, customers, brands, and shoppersVaikutus: KorkeaTodennäköisyys: Korkea

    The platform competes on price, convenience, technology quality, and brand strength in a crowded market.

    KohdistuuMarketplaceAdsEnterprise software
  2. Customer acquisition and retention spend may riseVaikutus: KorkeaTodennäköisyys: Korkea

    Discounts, promotions, and paid marketing are needed to attract and keep users, which can compress margins.

    Kohdistuu: Consumer demand and order frequency

  3. Cybersecurity and data privacy incidentsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The platform handles sensitive customer, shopper, retailer, and brand data and depends on third-party systems.

    Kohdistuu: Platform operations and reputation

  4. Shoppers may be insufficient during peak periodsVaikutus: KeskitasoTodennäköisyys: Korkea

    Fulfillment quality depends on shopper availability, especially when demand spikes.

    Kohdistuu: Order fulfillment and customer experience

  5. Regulatory and worker-classification mattersVaikutus: KeskitasoTodennäköisyys: Korkea

    The model relies on independent shoppers and is exposed to labor, tax, and policy scrutiny.

    Kohdistuu: Operating costs and legal reserves

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition for ads and marketplace services

Different contract types are recognized at different times and on gross or net basis, affecting reported revenue mix.

Vaikutus: Revenue and gross margin

Principal versus agent assessment

Management must determine whether Instacart controls the service in advertising arrangements.

Vaikutus: Reported revenue and cost of revenue

Working capital timing

Weekly shopper payments and retailer reimbursement timing create quarter-end volatility in cash and liabilities.

Vaikutus: Operating cash flow and balance sheet

Seasonality and day-of-week effects

Quarterly results can vary based on holiday demand and the weekday of the reporting date.

Vaikutus: Comparability of quarterly cash flow and liabilities

Restructuring and legal/regulatory reserves

Severance, worker-classification, and tax-related items can affect operating expenses and adjusted metrics.

Vaikutus: Operating expenses and non-GAAP adjustments

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Päivitetty: 24.9.2026