Instacart Grows Order Value 15% in Third Quarter, Suspends Guidance After Acquisition Deal

Instacart posted what its CEO called its "best quarter as a public company" on Thursday, with gross transaction value up 15% and adjusted EBITDA up 23%, and said it is suspending financial guidance after agreeing to be acquired, according to its earnings release filed with an 8-K.

The grocery technology company, whose registered name is Maplebear Inc., reported third-quarter total revenue of $1.095 billion, up 17% from $939 million a year earlier. GAAP net income rose 2% to $147 million, and diluted earnings per share rose to $0.60 from $0.51.

Instacart separately agreed to be acquired by DoorDash in a cash-and-stock transaction with an equity value of about $17 billion, announced in a separate release and 8-K the same day, the earnings release noted.

Orders and ads drive growth

Gross transaction value, the value of products sold through the platform including fees and tips, reached $10.53 billion, up from $9.17 billion. Orders rose 10% to 91.4 million.

Transaction revenue grew 14% to $764 million, equal to 7.3% of GTV. Advertising and other revenue grew faster, up 23% to $331 million, or 3.1% of GTV, according to the release.

"Our fundamentals keep getting stronger, with solid consumer demand, deepening customer engagement, and expanding profitability," CEO Chris Rogers said in the release.

Margins and profit

GAAP gross profit rose 14% to $786 million, but gross margin as a share of revenue slipped to 72% from 74%. Gross profit held steady at 7.5% of GTV.

Adjusted EBITDA climbed to $342 million from $278 million, lifting the adjusted EBITDA margin to 31% of revenue from 30%. Net income as a share of revenue fell to 13% from 15%.

Cash and buybacks

Operating cash flow rose 13% to $324 million, and free cash flow increased 13% to $307 million. Instacart repurchased $230 million of shares during the quarter and ended September with $1 billion in cash and similar assets.

Diluted weighted-average shares fell to about 247.6 million from about 283.2 million a year earlier, according to the income statement in the release.

Guidance pulled, call canceled

Because of the pending transaction, Instacart canceled its earnings conference call that had been scheduled for Nov. 5, 2026. It also suspended its financial guidance and withdrew previously issued long-term guidance, which it described as customary during the pendency of such a transaction.

Rogers said online grocery "is still an underpenetrated category" and that the company is building "the operating system for grocery," a single platform spanning ecommerce, fulfillment, in-store tools, retail media and AI.

By the numbers

• $10.53 billion: third-quarter gross transaction value, up 15%
• 91.4 million: orders, up 10%
• $1.095 billion: total revenue, up 17%
• $331 million: advertising and other revenue, up 23%
• $342 million: adjusted EBITDA, up 23%
• $230 million: shares repurchased in the quarter

Sources

1. Maplebear Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001193125-26-437014)

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

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