Maplebear (US:CART)2025-11-10 12:06Financial Performance - In Q3 2025, Instacart reported a 14% year-over-year growth in orders and a 10% increase in Gross Transaction Value (GTV), with both net income and Adjusted EBITDA expanding [4]. - Orders reached 83.4 million, up 14% year-over-year, driving Gross Transaction Value (GTV) of $9,170 million, up 10% year-over-year [32]. - Total revenue was $939 million, up 10% year-over-year, representing 10.2% of GTV [35]. - Transaction revenue was $670 million, up 10% year-over-year, representing 7.3% of GTV [36]. - Advertising and other revenue was $269 million, up 10% year-over-year, representing 2.9% of GTV [37]. - GAAP gross profit was $692 million, up 8% year-over-year, representing 7.5% of GTV and 74% of total revenue [39]. - GAAP net income was $144 million, up 22% year-over-year, representing 1.6% of GTV and 15% of total revenue [45]. - Adjusted EBITDA was $278 million, up 22% year-over-year, representing 3.0% of GTV and 30% of total revenue [46]. - For Q4'25, GTV is projected to be between $9,450 million and $9,600 million, reflecting year-over-year growth of 9% to 11% [47]. - The company expects orders growth to outpace GTV growth in Q4'25, driven by strong performance and enterprise partnerships [47]. Operational Efficiency - Instacart's delivery efficiency is highlighted by 75% of orders being delivered on-demand within 90 minutes, and approximately 25% of priority orders delivered in less than 30 minutes [5]. - GAAP total operating expenses were $525 million, representing 5.7% of GTV, a decrease from 6.1% in Q3'24 [42]. - Adjusted EBITDA is used as a key measure for assessing operating performance, with a focus on total revenue growth and operating efficiencies [58]. - Total operating expenses for the three months ended September 30, 2025, were $525 million, up from $503 million in 2024, reflecting a rise of approximately 4.4% [71]. Advertising and Partnerships - Instacart's advertising ecosystem has expanded to over 7,500 brand partners, with nearly all new Storefront Pro launches including Carrot Ads [14]. - Instacart's brand partners experience an average sales boost of 25%, demonstrating the effectiveness of its advertising platform [25]. - The introduction of AI solutions is enhancing personalized shopping experiences and driving results for retailers, with partnerships established with major retailers like Kroger and Good Food Holdings [9]. - The company has launched new partnerships with Grubhub and United Airlines, enhancing customer engagement and offering unique benefits [21]. - Instacart's enterprise solutions now power over 350 grocers' e-commerce sites, with significant partnerships including Cub Grocery & Liquor and Merchants Distributors [8]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $1,690 million, down from $1,278 million as of December 31, 2024 [69]. - Total assets decreased from $4,540 million as of September 30, 2025, to $4,115 million as of December 31, 2024 [69]. - The company’s accumulated deficit increased to $(3,585) million as of September 30, 2025, compared to $(3,491) million as of December 31, 2024 [69]. - Interest income for the nine months ended September 30, 2025, was $45 million, down from $54 million in the same period of 2024 [71]. Year-over-Year Comparisons - Net income for the three months ended September 30, 2025, was $144 million, compared to $118 million in the same period of 2024, marking an increase of about 22.0% [71]. - Gross transaction value (GTV) increased from $8,303 million in Q3 2024 to $9,170 million in Q3 2025, representing a growth of 10.4% [75]. - Total revenue rose from $852 million in Q3 2024 to $939 million in Q3 2025, marking an increase of 10.2% [75]. - Adjusted EBITDA improved from $227 million in Q3 2024 to $278 million in Q3 2025, indicating a growth of 22.5% [75]. - The adjusted EBITDA margin as a percentage of GTV increased from 2.7% in Q3 2024 to 3.0% in Q3 2025 [75]. Expense Management - Stock-based compensation expense for the three months ended September 30, 2024, was $69 million, rising to $82 million in the same period of 2025, an increase of 18.8% [75]. - General and administrative expenses for Q3 2024 were $77 million, with a decrease to $74 million in Q4 2024, and projected to rise to $126 million in Q1 2025 [81]. - Total operating expenses for Q3 2024 were $503 million, increasing to $509 million in Q4 2024, and expected to reach $561 million in Q1 2025 [81]. - Adjusted total operating expenses as a percentage of GTV were 5.1% in Q3 2024, projected to remain stable at 4.9% in Q4 2024 and Q1 2025 [81]. - Stock-based compensation expense was $67 million in Q3 2024, increasing to $84 million in Q4 2024, and projected to decrease to $64 million in Q1 2025 [81].