CART · Instacart (Maplebear Inc.)

Instacart (Maplebear Inc.) delivered a strong first quarter of 2026, marking a milestone with GTV surpassing $10 billion and total revenue exceeding $1 billion for the first time. Revenue grew 14% year-over-year to $1,019 million, driven by healthy marketplace demand and a growing advertising ecosystem. Profitability metrics showed significant improvement, with GAAP net income rising 36% to $144 million and Adjusted EBITDA increasing 23% to $300 million. Management highlighted the compounding strength of their platform, specifically noting momentum in their AI Solutions suite and international expansion following the acquisition of Instaleap.

Operationally, the company deepened key partnerships, including an expanded relationship with ALDI U.S. and price parity expansions with retailers like Hy-Vee and Raley's. The advertising business remains a growth engine, with revenue up 16% year-over-year. Cash generation remained robust, with $253 million in free cash flow for the quarter, supporting the company's capital return strategy.

Significant balance sheet actions were announced concurrent with the earnings release. The company entered into a new $500 million unsecured revolving credit facility, replacing or supplementing existing liquidity structures, which provides financial flexibility for working capital and general corporate purposes with no amounts drawn at closing. Furthermore, the Board authorized a $1 billion increase to the share repurchase program, bringing the total authorization to $3.5 billion. With approximately $323 million remaining under the prior authorization as of March 31, 2026, the company has substantial capacity to return capital to shareholders. Looking forward, management guided for Q2 2026 GTV between $10.1 billion and $10.25 billion and Adjusted EBITDA between $290 million and $300 million, signaling continued steady growth.