Instacart reported strong financial performance in Q3 with significant growth in GTV, advertising, and adjusted EBITDA. The company is making strategic investments in technology and expanding its restaurant and Caper Cart initiatives. However, challenges remain with achieving price parity, and Q4 growth is tempered by tougher comparisons and an outage impact.

Company Guidance

During Instacart's Q3 2024 earnings call, the company provided guidance indicating strong performance with key metrics such as Gross Transaction Value (GTV) growing by 11% year-over-year, fueled by a 10% increase in orders and a 1% rise in average order value. Adjusted EBITDA reached $227 million, marking a 39% increase from the previous year, and the company reported positive GAAP net income for the fourth consecutive quarter. For Q4, Instacart anticipates GTV between $8.5 billion and $8.65 billion, reflecting an 8% to 10% year-over-year growth, with adjusted EBITDA expected to range from $230 million to $240 million. The company also highlighted its strategic focus on expanding technological integrations, enhancing affordability, and leveraging advertising to drive further growth.

Strong Q3 Financial Performance

Instacart delivered GTV growth of 11% year-over-year, with orders growth of 10% and average order value growth of 1%. Adjusted EBITDA was $227 million, up 39% year-over-year, and operating cash flow was $185 million, up 67% year-over-year.

Advertising and Emerging Brands Growth

Advertising and other revenue grew by 11% year-over-year, driven by increased demand from emerging brands, which are growing faster than the overall platform.

Expansion and Innovation in Technology

Instacart continues to deepen integrations with retailers, leading to faster growth. The addition of new technological leadership and ongoing investments in AI are expected to further enhance capabilities.

Successful Strategic Initiatives

Progress was made in deploying Caper Carts, with expansions across more than a dozen grocers, and the restaurant platform showed promising early results.

Share Repurchase Program

Instacart repurchased $357 million worth of shares in Q3, bringing cumulative repurchases to over $1.4 billion, and authorized a $250 million increase to the buyback program.

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Maplebear (CART) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CART Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 18, 2025	2024 (Q4)	0.37 / -	0.44	―	―	―
Nov 12, 2024	2024 (Q3)	0.22 / 0.42	-20.86	102.01% (+21.28)	―
Aug 06, 2024	2024 (Q2)	0.13 / 0.20	0.01	1900.00% (+0.19)	―
May 08, 2024	2024 (Q1)	-0.02 / 0.43	0	―	―
Feb 13, 2024	2023 (Q4)	-0.07 / 0.44	0.416	5.77% (+0.02)	―
Nov 08, 2023	2023 (Q3)	-0.78 / -20.86	0	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CART Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$48.34	$43.02	-11.01%
Aug 06, 2024	$31.43	$32.31	+2.80%
May 08, 2024	$37.48	$36.09	-3.71%
Feb 13, 2024	$27.85	$27.33	-1.87%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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