Maplebear Inc. (CART), the parent company of grocery delivery giant Instacart, saw its shares climb 15.82% to $38.50 in extended trading Thursday after delivering a mixed but ultimately encouraging earnings report.
The Numbers That Matter
The company posted quarterly earnings of 30 cents per share, falling short of the 52 cent Street estimate. But revenue told a different story: Maplebear brought in $992 million for the quarter, topping analyst expectations of $974.08 million.
The full-year 2025 results show a business firing on multiple cylinders. Gross transaction value hit $37.22 billion, up 11% year-over-year. Orders climbed 15% to 338.8 million, while total revenue reached $3.742 billion, also up 11% and representing 10.1% of GTV.
Breaking down the revenue streams: transaction revenue came in at $2.68 billion (up 11% year-over-year, representing 7.2% of GTV), while advertising and other revenue contributed $1.07 billion (up 11%, representing 2.9% of GTV). Adjusted EBITDA jumped 23% to $1.09 billion, accounting for 2.9% of GTV and 29% of total revenue.
Management's Take
"In Q4, we delivered our strongest quarterly GTV growth in three years. GTV grew 14% year-over-year, orders increased 16%, and we continued to drive efficiencies, giving us flexibility to reinvest in growth and return capital to shareholders. In 2025, we generated $971 million in operating cash flow and repurchased $1.4 billion of shares, including $1.1 billion in Q4 alone," the company told shareholders.
That massive share buyback program clearly caught investors' attention, showing management's confidence in the business trajectory even as earnings per share came in light.
