Overview

* Instacart Q3 2025 revenue grows 10% yr/yr, beating analyst expectations

* Adjusted EPS for Q3 beats consensus, reflecting strong operational performance

* GAAP net income rises 22% yr/yr, driven by operational performance

Outlook

* Instacart projects Q4 GTV between $9,450 mln and $9,600 mln

* Company expects Q4 adjusted EBITDA between $285 mln and $295 mln

* Instacart notes EBT SNAP funding scenarios may impact Q4 results

Result Drivers

* ORDER GROWTH - Orders increased 14% yr/yr, contributing to a 10% rise in GTV, driven by strong customer engagement and operational efficiency

* PRICE PARITY - Retailers offering same-as-in-store pricing grew over 10 percentage points faster, enhancing customer retention

* ADS ECOSYSTEM EXPANSION - Expanded ads ecosystem with over 7,500 brand partners, enhancing revenue opportunities

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $939 mln $933.96

Revenue mln (30

Analysts

)

Q3 EPS Beat $0.51 $0.49

(25

Analysts

)

Q3 Net $144 mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 17 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the online services peer group is "buy"

* Wall Street's median 12-month price target for Maplebear Inc ( CART ) is $54.85, about 33% above its November 7 closing price of $36.75

* The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 24 three months ago

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)