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Instacart to Report Second Quarter 2026 Financial Results on August 6, 2026
July 15, 2026 9:15 AM
PR Newswire (US)
SAN FRANCISCO, July 15, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART) today announced it will report its second quarter 2026 financial results after market close on Thursday, August 6, 2026.
Instacart management will also host a conference call to discuss the company's results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, August 6, 2026. To access a live webcast of the call, please visit Instacart's Investor Relations website at https://investors.instacart.com. After the call concludes, a replay will be made available on Instacart's Investor Relations website.
Instacart uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Instacart's Investor Relations website, press releases, SEC filings, public conference calls, and public webcasts, in addition to following Instacart's blog at www.instacart.com/company/blog.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers ecommerce, fulfillment, in-store technology, AI offerings, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
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SOURCE Maplebear Inc. dba Instacart
Original: Instacart to Report Second Quarter 2026 Financial Results on August 6, 2026
Instacart Introduces New Shoppable Vertical Video Feed for Advertisers
June 22, 2026 3:00 AM
PR Newswire (US)
New "Immersive Feed" Experience Gives Consumers a More Engaging Way to Discover and Shop Meals and Recipes
Hellmann's, Kettle & Fire, Rachael Ray® Nutrish™, and Siete Foods Among First Brand Partners Piloting New Ad Surface to Drive Even More Inspiration and Conversion on Instacart
SAN FRANCISCO and CANNES, France, June 22, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART), the leading grocery technology company in North America, today introduced "Immersive Feed," a new short-form, vertical video feed that showcases meals and recipes, currently in pilot as part of Instacart's suite of inspiration ads. Customers can now browse the video feed directly within their favorite retail storefronts on Instacart and seamlessly add items to their cart. The new experience gives consumers a familiar way to scroll, discover, and shop meal ideas on Instacart, like finding the best appetizers to pair with rosé or planning a meal for seasonal occasions, such as a family summer picnic.
"For more than a decade, people have come to Instacart for unmatched convenience, selection, and quality from their favorite grocers, and we've seen firsthand how much they love discovering new meal ideas and recipes along the way," said Ali Miller, General Manager of Advertising at Instacart. "Snackable vertical video has transformed how people get inspired with new recipes or the latest food trends to bring into their kitchen. Our Immersive Feed brings that familiar experience directly into our shopping journey. Now, our brand partners can meet consumers at the moment of inspiration through our latest ad experiences that make it effortless to move from discovery to purchase."
Immersive Feed is designed to boost discovery, drive engagement, and unlock incremental reach across the Instacart Ads ecosystem. Content in the Immersive Feed will be provided by Instacart's 9,000+ brand partners, including Hellmann's, Kettle & Fire, Rachael Ray® Nutrish™, and Siete Foods, with plans to expand to organic content through third-party partnerships and sponsored creator integrations. Brand partners can launch Immersive Feed campaigns directly through Instacart's Ads Manager, using existing vertical video assets or creating new ones.
Today's announcement builds on Instacart's existing suite of Inspiration Ads, designed to boost out-of-aisle awareness, drive conversion at tentpole moments, and build brand affinity. Results show consumers are already discovering and converting through these formats1:
Immersive Feed is available as 9:16 vertical video between 5 and 30 seconds in length. It is currently in early pilot with select brand partners and other curated content, with plans to expand to more partners later this year.
Brand partner supporting quotes
"At Hellmann's, we know consumers are increasingly discovering recipes and food trends through short-form video, and Instacart's new Immersive Feed brings that behavior directly into the shopping experience," said Cassie Booth, Retail Marketing at Unilever. "This tactic enables us to go beyond inspiration by pairing recipe videos with easy add-to-cart functionality, resulting in a seamless purchase journey."
"Consumers don't just want inspiration— they want an easier path from discovery to dinner," said Niccoló Gloazzo, Director of Media and Omnichannel at Kettle & Fire. "Instacart's Immersive Feed pairs the kind of recipe and creator content our community already loves with a seamless shopping experience. For Kettle & Fire, it's an exciting opportunity to connect with people as they plan nourishing meals and discover ingredients to bring those meals to life."
"Meal inspiration is most powerful when it's seamlessly connected to action," said Monica Gratzer, Senior Director of Performance Media for Rachael Ray® Nutrish™. "Being able to bring our delicious, home chef-inspired recipes for pets to life in a familiar, engaging video format and make every product instantly shoppable is a powerful combination. It allows us to tell a richer brand story and make it easier than ever for consumers to act at that moment of inspiration."
"Recipes play a huge role in how we inspire consumers, and we're excited about the opportunity to make them more shoppable and engaging. Less doomscrolling, more yumscrolling," said Eric Le, VP of Growth Marketing at Siete Foods.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers ecommerce, fulfillment, in-store technology, AI offerings, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
____________________________
1 Based on all Q3'25 recipe and occasion ad campaigns.
View original content to download multimedia:https://www.prnewswire.com/news-releases/instacart-introduces-new-shoppable-vertical-video-feed-for-advertisers-302805833.html
SOURCE Maplebear Inc. dba Instacart
Original: Instacart Introduces New Shoppable Vertical Video Feed for Advertisers
Instacart CFO to Participate in Fireside Chat at Baird Conference
May 26, 2026 4:05 PM
PR Newswire (US)
SAN FRANCISCO, May 26, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART) today announced that Emily Reuter, CFO, will participate in a fireside chat at the Baird Global Consumer, Technology & Services Conference on Thursday, June 4th, 2026 at 10:15 a.m. ET.
An audio webcast of the event will be available on Instacart's Investor Relations website at https://investors.instacart.com/.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers ecommerce, fulfillment, in-store technology, AI offerings, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
Forward-Looking Statements
In the course of the fireside chat, Instacart may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Instacart's future financial or operating performance as well as Instacart's other expectations, strategies, priorities, plans or intentions. Instacart's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described in Instacart's filings with the Securities and Exchange Commission.
View original content to download multimedia:https://www.prnewswire.com/news-releases/instacart-cfo-to-participate-in-fireside-chat-at-baird-conference-302782263.html
SOURCE Maplebear Inc. dba Instacart
Original: Instacart CFO to Participate in Fireside Chat at Baird Conference
Instacart Announces First Quarter 2026 Financial Results
May 6, 2026 7:00 AM
PR Newswire (US)
GTV grew 13% year-over-year and total revenue grew 14% year-over-year
GAAP net income of $144 million, up 36% year-over-year; Adjusted EBITDA of $300 million, up 23% year-over-year
SAN FRANCISCO, May 6, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART) today released financial results for its first quarter ended March 31, 2026.
"Q1 was a milestone quarter — surpassing $10 billion in GTV and $1 billion in total revenue for the first time. These results prove that our strategy is working. We're the leading grocery technology platform, delivering a best-in-class consumer experience, powering retailers across marketplace and enterprise, and operating a scaled ads ecosystem," said Chris Rogers, CEO. "Each part of our platform is getting stronger — and they're compounding together. That foundation positions us to invest in new initiatives like AI Solutions, international expansion, and in-store technologies that will help accelerate our growth over time."
"We started the year with strong momentum, delivering a ninth consecutive quarter of double-digit GTV growth and our fastest advertising and other revenue growth since Q3 2023. We also continued to expand profitability year-over-year while generating meaningful free cash flow," said Emily Reuter, CFO. "Our operating fundamentals are solid and give us the flexibility to reinvest to further accelerate growth, pursue strategic M&A, and opportunistically return capital through share repurchases as we focus on maximizing long-term shareholder value."
First Quarter 2026 Financial Highlights
Three Months Ended March 31, | |||||
2025 | 2026 | % Change | |||
(in millions, except percentages) | |||||
GTV | $ 9,122 | $ 10,288 | 13 % | ||
Orders | 83.2 | 91.2 | 10 % | ||
Total revenue | $ 897 | $ 1,019 | 14 % | ||
GAAP gross profit | $ 671 | $ 738 | 10 % | ||
GAAP gross margin | 75 % | 72 % | |||
GAAP gross profit as a percent of GTV | 7.4 % | 7.2 % | |||
GAAP net income | $ 106 | $ 144 | 36 % | ||
GAAP net income as a percent of total revenue | 12 % | 14 % | |||
GAAP net income as a percent of GTV | 1.2 % | 1.4 % | |||
Adjusted EBITDA (1) | $ 244 | $ 300 | 23 % | ||
Adjusted EBITDA margin (1) | 27 % | 29 % | |||
Adjusted EBITDA as a percent of GTV (1) | 2.7 % | 2.9 % | |||
Net cash provided by operating activities | $ 298 | $ 268 | (10) % | ||
Free cash flow (1) | $ 280 | $ 253 | (10) % | ||
___________ | |
(1) | Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA as a percent of GTV, and free cash flow are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled "Non-GAAP Financial Measures" and the reconciliations presented at the end of this press release. |
Operational Highlights
___________ | |
2 | As of Q4'25. |
Second Quarter 2026 Financial Outlook
GTV | $10,100 - $10,250 million |
Adjusted EBITDA | $290 - $300 million |
This GTV outlook represents year-over-year growth between 11% to 13% with GTV expected to continue to outpace orders growth. Our Adjusted EBITDA outlook represents year-over-year growth between 11% to 15%.
For fiscal 2026, we remain committed to steady annual Adjusted EBITDA year-over-year growth at a rate that outpaces GTV growth. Similar to prior years, we expect this rate of expansion to moderate year-over-year as we reinvest to accelerate across our multiple growth engines and lap some of the more significant operating expense efficiencies realized in 2024 and 2025.
We have not provided the forward-looking GAAP equivalent to our Adjusted EBITDA or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation and related payroll tax expenses, certain legal and regulatory accruals and settlements, and reserves for sales and other indirect taxes. Accordingly, a reconciliation of this non-GAAP guidance metric to its corresponding GAAP equivalent is not available without unreasonable effort. However, it is important to note that these reconciling items could have a significant effect on future GAAP results.
Webcast and conference call information
Instacart management will host a conference call to discuss the company's results at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) today. An audio webcast of the conference call will be available on the company's Investor Relations website at https://investors.instacart.com/.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers ecommerce, fulfillment, in-store technology, AI offerings, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
Forward-Looking Statements
This letter and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact could be deemed forward-looking, including without limitation statements regarding our financial outlook, including GTV, Adjusted EBITDA, transaction revenue, advertising and other revenue, cost of revenue, stock-based compensation expense, cash flow, and orders, trends in our business and industry, impacts from macroeconomic conditions, our plans and expectations regarding growth, products, features, and partnerships, including expansion of our capabilities, services, and solutions, the expected benefits of AI, our strategic priorities, investments, and initiatives, including international expansion and M&A activity, our ability to drive sales and growth for our partners, and activity under our share repurchase program. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," or "would," or the negative of these words or other similar terms or expressions.
The forward-looking statements contained in this letter and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, our ability to forecast our performance; our ability to attract and increase engagement of customers, retailers, brands, and shoppers; the increasing scale, scope, and complexity of our business; evolving and uncertain macroeconomic conditions; our ability to achieve and maintain profitability and profitable growth; competition; and legal and regulatory developments; as well as other risks described from time to time in our filings with the Securities and Exchange Commission (SEC), including in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this letter and the accompanying oral presentation on information available to us as of the date hereof, and we undertake no obligation to update any forward-looking statements, except as required by law.
Key Business Metrics
We use the following key business metrics to help us evaluate our business, identify trends affecting our performance, formulate business plans, and make strategic decisions:
Non-GAAP Financial Measures
We use the following non-GAAP financial measures in conjunction with GAAP measures to assess performance, to inform the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to discuss our business and financial performance with our board of directors. We believe that these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our business and financial performance through the eyes of management, and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods with other companies in our industry.
Adjusted EBITDA, Adjusted EBITDA as a Percent of GTV, and Adjusted EBITDA Margin. We define Adjusted EBITDA as net income (loss), adjusted to exclude (i) provision for (benefit from) income taxes, (ii) interest income, (iii) other (income) expense, net, (iv) depreciation and amortization expense, (v) stock-based compensation expense, (vi) payroll taxes related to stock-based compensation, (vii) certain legal and regulatory accruals and settlements, net, (viii) reserves for sales and other indirect taxes, net, (ix) acquisition-related expenses, and (x) restructuring charges. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of total revenue.
Adjusted Cost of Revenue and Adjusted Cost of Revenue as a Percent of GTV. We define adjusted cost of revenue as cost of revenue excluding depreciation and amortization expense and stock-based compensation expense.
Adjusted Operations and Support Expense and Adjusted Operations and Support Expense as a Percent of GTV. We define adjusted operations and support expense as operations and support expense excluding depreciation and amortization expense, stock-based compensation expense, and payroll taxes related to stock-based compensation.
Adjusted Research and Development Expense and Adjusted Research and Development Expense as a Percent of GTV. We define adjusted research and development expense as research and development expense excluding depreciation and amortization expense, stock-based compensation expense, and payroll taxes related to stock-based compensation.
Adjusted Sales and Marketing Expense and Adjusted Sales and Marketing Expense as a Percent of GTV. We define adjusted sales and marketing expense as sales and marketing expense excluding depreciation and amortization expense, stock-based compensation expense, and payroll taxes related to stock-based compensation.
Adjusted General and Administrative Expense and Adjusted General and Administrative Expense as a Percent of GTV. We define adjusted general and administrative expense as general and administrative expense excluding depreciation and amortization expense; stock-based compensation expense; payroll taxes related to stock-based compensation; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; and acquisition-related expenses.
Adjusted Total Operating Expenses and Adjusted Total Operating Expenses as a Percent of GTV. We define adjusted total operating expenses as the sum of adjusted operations and support expense, adjusted research and development expense, adjusted sales and marketing expense, and adjusted general and administrative expense.
We exclude depreciation and amortization expense and stock-based compensation expense from our non-GAAP financial measures as these are non-cash in nature. We exclude payroll taxes related to the vesting and settlement of certain equity awards; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; acquisition-related expenses; and restructuring charges as these are not indicative of our operating performance.
Free Cash Flow. We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment, including capitalized internal-use software.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies, which reduce their usefulness as comparative measures. In addition, other companies may not publish these or similar measures. Further, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this press release for the reconciliation of GAAP to non-GAAP results.
MAPLEBEAR INC. DBA INSTACART CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions) | |||
As of December 31, | As of March 31, | ||
2025 | 2026 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 637 | $ 631 | |
Short-term marketable securities | 50 | 59 | |
Accounts receivable, net | 1,127 | 1,095 | |
Restricted cash and cash equivalents, current | 172 | 110 | |
Prepaid expenses and other current assets | 213 | 197 | |
Total current assets | 2,199 | 2,091 | |
Long-term marketable securities | 81 | 63 | |
Restricted cash and cash equivalents, noncurrent | 18 | 18 | |
Property and equipment, net | 218 | 219 | |
Operating lease right-of-use assets | 30 | 28 | |
Intangible assets, net | 71 | 60 | |
Goodwill | 393 | 393 | |
Deferred tax assets, net | 664 | 626 | |
Other assets | 14 | 37 | |
Total assets | $ 3,687 | $ 3,535 | |
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 70 | $ 48 | |
Accrued and other current liabilities | 634 | 604 | |
Operating lease liabilities, current | 3 | 2 | |
Deferred revenue | 211 | 230 | |
Total current liabilities | 917 | 885 | |
Operating lease liabilities, noncurrent | 33 | 32 | |
Other long-term liabilities | 24 | 24 | |
Total liabilities | 974 | 941 | |
Series A redeemable convertible preferred stock | 196 | 198 | |
Stockholders' equity: | |||
Preferred stock | — | — | |
Common stock | — | — | |
Additional paid-in capital | 7,005 | 7,143 | |
Accumulated other comprehensive loss | (1) | (4) | |
Accumulated deficit | (4,486) | (4,744) | |
Total stockholders' equity | 2,518 | 2,395 | |
Total liabilities, redeemable convertible preferred stock, and stockholders' equity | $ 3,687 | $ 3,535 | |
Note: Due to rounding, numbers presented may not sum precisely to the totals presented. | |||
MAPLEBEAR INC. DBA INSTACART CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except share amounts, which are reflected in thousands, and per share amounts) | |||
Three Months Ended March 31, | |||
2025 | 2026 | ||
Revenue | $ 897 | $ 1,019 | |
Cost of revenue | 226 | 281 | |
Gross profit | 671 | 738 | |
Operating expenses: | |||
Operations and support | 75 | 74 | |
Research and development | 144 | 164 | |
Sales and marketing | 216 | 230 | |
General and administrative | 126 | 88 | |
Total operating expenses | 561 | 556 | |
Income from operations | 110 | 182 | |
Interest income | 14 | 6 | |
Income before provision for income taxes | 124 | 188 | |
Provision for income taxes | 18 | 44 | |
Net income | $ 106 | $ 144 | |
Accretion related to Series A redeemable convertible preferred stock | (2) | (2) | |
Net income attributable to common stockholders, basic | $ 104 | $ 142 | |
Accretion related to Series A redeemable convertible preferred stock | — | 2 | |
Net income attributable to common stockholders, diluted | $ 104 | $ 144 | |
Net income per share attributable to common stockholders: | |||
Basic | $ 0.40 | $ 0.59 | |
Diluted | $ 0.37 | $ 0.57 | |
Weighted-average shares used in computing net income per share attributable to common stockholders: | |||
Basic | 262,432 | 239,273 | |
Diluted | 277,193 | 253,597 | |
Note: Due to rounding, numbers presented may not sum precisely to the totals presented. | |||
MAPLEBEAR INC. DBA INSTACART CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in millions) | |||
Three Months Ended March 31, | |||
2025 | 2026 | ||
OPERATING ACTIVITIES | |||
Net income | $ 106 | $ 144 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 19 | 30 | |
Stock-based compensation expense | 66 | 80 | |
Impairments of long-lived assets and other assets | 6 | 6 | |
Provision for bad debts | 4 | 3 | |
Amortization of operating lease right-of-use assets | 3 | 1 | |
Deferred income taxes | (2) | 38 | |
Other | — | 2 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 36 | 28 | |
Prepaid expenses and other assets | 28 | (9) | |
Accounts payable | (3) | (22) | |
Accrued and other current liabilities | 22 | (51) | |
Deferred revenue | 17 | 19 | |
Operating lease liabilities | (3) | (1) | |
Other long-term liabilities | (1) | 1 | |
Net cash provided by operating activities | 298 | 268 | |
INVESTING ACTIVITIES | |||
Purchases of marketable securities | (62) | (4) | |
Maturities of marketable securities | 81 | 12 | |
Purchases of property and equipment, including capitalized internal-use software | (18) | (16) | |
Net cash provided by (used in) investing activities | 1 | (8) | |
FINANCING ACTIVITIES | |||
Taxes paid related to net share settlement of equity awards | (8) | (4) | |
Proceeds from exercise of stock options | 4 | 3 | |
Changes in advances from payment card issuer | 47 | 31 | |
Repurchases of common stock | (89) | (359) | |
Net cash used in financing activities | (46) | (328) | |
Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents | 1 | (1) | |
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 254 | (68) | |
Cash, cash equivalents, and restricted cash and cash equivalents - beginning of period | 1,449 | 827 | |
Cash, cash equivalents, and restricted cash and cash equivalents - end of period | $ 1,703 | $ 758 | |
Note: Due to rounding, numbers presented may not sum precisely to the totals presented. | |||
MAPLEBEAR INC. DBA INSTACART KEY BUSINESS METRICS AND RECONCILIATION OF GAAP TO NON-GAAP RESULTS (unaudited, in millions, except percentages) | |||
Three Months Ended March 31, | |||
2025 | 2026 | ||
GTV | $ 9,122 | $ 10,288 | |
Orders | 83.2 | 91.2 | |
Net income | $ 106 | $ 144 | |
Provision for income taxes | 18 | 44 | |
Interest income | (14) | (6) | |
Depreciation and amortization expense | 19 | 30 | |
Stock-based compensation expense | 66 | 80 | |
Payroll taxes related to stock-based compensation (1) | 10 | 7 | |
Certain legal and regulatory accruals and settlements, net (2) | 40 | 1 | |
Reserves for sales and other indirect taxes, net (3) | (1) | — | |
Acquisition-related expenses | — | 1 | |
Adjusted EBITDA | $ 244 | $ 300 | |
Net income as a percent of GTV | 1.2 % | 1.4 % | |
Adjusted EBITDA as a percent of GTV | 2.7 % | 2.9 % | |
Total revenue | $ 897 | $ 1,019 | |
Net income as a percent of total revenue | 12 % | 14 % | |
Adjusted EBITDA margin | 27 % | 29 % | |
(1) | Represents employer payroll taxes related to the vesting and settlement of certain equity awards. |
(2) | Represents certain legal, regulatory, and policy expenses, including those related to worker classification, as well as non-recurring intellectual property matters and regulatory settlements. |
(3) | Represents sales and other indirect tax reserves, net of abatements, for periods in which we were unable to collect such taxes from customers. We believe this adjustment is useful for investors in understanding our underlying operating performance because in these cases, the taxes were not intended to be a cost to us but rather are to be borne by the customers. |
Note: Due to rounding, numbers presented may not sum precisely to the totals presented. | |
MAPLEBEAR INC. DBA INSTACART RECONCILIATION OF GAAP TO NON-GAAP RESULTS (unaudited, in millions, except percentages) | |||||||||
Three Months Ended | |||||||||
Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | |||||
2025 | 2025 | 2025 | 2025 | 2026 | |||||
Cost of revenue | $ 226 | $ 236 | $ 247 | $ 275 | $ 281 | ||||
Depreciation and amortization expense | (14) | (15) | (20) | (20) | (24) | ||||
Stock-based compensation expense | (2) | (2) | (3) | (2) | (2) | ||||
Adjusted cost of revenue | $ 210 | $ 218 | $ 225 | $ 253 | $ 255 | ||||
Cost of revenue as a percent of GTV | 2.5 % | 2.6 % | 2.7 % | 2.8 % | 2.7 % | ||||
Adjusted cost of revenue as a percent of GTV | 2.3 % | 2.4 % | 2.5 % | 2.6 % | 2.5 % | ||||
Operations and support expense | $ 75 | $ 66 | $ 62 | $ 71 | $ 74 | ||||
Depreciation and amortization expense | — | — | — | (1) | (1) | ||||
Stock-based compensation expense | (3) | (4) | (3) | (4) | (3) | ||||
Payroll taxes related to stock-based compensation (1) | (1) | — | — | — | — | ||||
Adjusted operations and support expense | $ 71 | $ 61 | $ 58 | $ 67 | $ 70 | ||||
Operations and support expense as a percent of GTV | 0.8 % | 0.7 % | 0.7 % | 0.7 % | 0.7 % | ||||
Adjusted operations and support expense as a percent of GTV | 0.8 % | 0.7 % | 0.6 % | 0.7 % | 0.7 % | ||||
Research and development expense | $ 144 | $ 166 | $ 169 | $ 170 | $ 164 | ||||
Depreciation and amortization expense | (2) | (2) | (2) | (2) | (2) | ||||
Stock-based compensation expense | (34) | (58) | (56) | (55) | (46) | ||||
Payroll taxes related to stock-based compensation (1) | (6) | (2) | (2) | (2) | (4) | ||||
Adjusted research and development expense | $ 102 | $ 103 | $ 109 | $ 112 | $ 111 | ||||
Research and development expense as a percent of GTV | 1.6 % | 1.8 % | 1.8 % | 1.7 % | 1.6 % | ||||
Adjusted research and development expense as a percent of GTV | 1.1 % | 1.1 % | 1.2 % | 1.1 % | 1.1 % | ||||
Sales and marketing expense | $ 216 | $ 217 | $ 206 | $ 214 | $ 230 | ||||
Depreciation and amortization expense | (2) | (2) | (3) | (2) | (2) | ||||
Stock-based compensation expense | (13) | (18) | (13) | (16) | (10) | ||||
Payroll taxes related to stock-based compensation (1) | (1) | (1) | (1) | — | (1) | ||||
Adjusted sales and marketing expense | $ 200 | $ 197 | $ 191 | $ 195 | $ 217 | ||||
Sales and marketing expense as a percent of GTV | 2.4 % | 2.4 % | 2.3 % | 2.2 % | 2.2 % | ||||
Adjusted sales and marketing expense as a percent of GTV | 2.2 % | 2.2 % | 2.1 % | 2.0 % | 2.1 % | ||||
MAPLEBEAR INC. DBA INSTACART RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (unaudited, in millions, except percentages) | |||||||||
Three Months Ended | |||||||||
Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | |||||
2025 | 2025 | 2025 | 2025 | 2026 | |||||
General and administrative expense | $ 126 | $ 106 | $ 87 | $ 163 | $ 88 | ||||
Depreciation and amortization expense | (1) | (1) | (1) | (1) | (1) | ||||
Stock-based compensation expense | (14) | (23) | (7) | (21) | (19) | ||||
Payroll taxes related to stock-based compensation (1) | (2) | (1) | (1) | — | (1) | ||||
Certain legal and regulatory accruals and settlements, net (2) | (40) | (6) | (2) | (78) | (1) | ||||
Reserves for sales and other indirect taxes, net (3) | 1 | — | 1 | 1 | — | ||||
Acquisition-related expenses | — | — | — | (1) | (1) | ||||
Adjusted general and administrative expense | $ 70 | $ 74 | $ 78 | $ 63 | $ 65 | ||||
General and administrative expense as a percent of GTV | 1.4 % | 1.2 % | 1.0 % | 1.7 % | 0.9 % | ||||
Adjusted general and administrative expense as a percent of GTV | 0.8 % | 0.8 % | 0.8 % | 0.6 % | 0.6 % | ||||
Total operating expenses | $ 561 | $ 554 | $ 525 | $ 619 | $ 556 | ||||
Depreciation and amortization expense | (5) | (6) | (6) | (6) | (6) | ||||
Stock-based compensation expense | (64) | (103) | (79) | (96) | (78) | ||||
Payroll taxes related to stock-based compensation (1) | (10) | (5) | (3) | (3) | (6) | ||||
Certain legal and regulatory accruals and settlements, net (2) | (40) | (6) | (2) | (78) | (1) | ||||
Reserves for sales and other indirect taxes, net (3) | 1 | — | 1 | 1 | — | ||||
Acquisition-related expenses | — | — | — | (1) | (1) | ||||
Adjusted total operating expenses | $ 443 | $ 434 | $ 436 | $ 436 | $ 463 | ||||
Total operating expenses as a percent of GTV | 6.1 % | 6.1 % | 5.7 % | 6.3 % | 5.4 % | ||||
Adjusted total operating expenses as a percent of GTV | 4.9 % | 4.8 % | 4.8 % | 4.4 % | 4.5 % | ||||
(1) | Represents employer payroll taxes related to the vesting and settlement of certain equity awards. |
(2) | Represents certain legal, regulatory, and policy expenses, including those related to worker classification, as well as non-recurring intellectual property matters and regulatory settlements. |
(3) | Represents sales and other indirect tax reserves, net of abatements, for periods in which we were unable to collect such taxes from customers. We believe this adjustment is useful for investors in understanding our underlying operating performance because in these cases, the taxes were not intended to be a cost to us but rather are to be borne by the customers. |
Three Months Ended | |||||||||
Mar. 31, | Jun. 30, | Sep. 30, | Dec. 31, | Mar. 31, | |||||
2025 | 2025 | 2025 | 2025 | 2026 | |||||
Net cash provided by operating activities | $ 298 | $ 203 | $ 287 | $ 184 | $ 268 | ||||
Purchases of property and equipment, including capitalized internal-use software | (18) | (16) | (15) | (12) | (16) | ||||
Free cash flow | $ 280 | $ 187 | $ 272 | $ 171 | $ 253 | ||||
Note: Due to rounding, numbers presented may not sum precisely to the totals presented. | |||||||||
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SOURCE Maplebear Inc. dba Instacart
Original: Instacart Announces First Quarter 2026 Financial Results
Instacart Acquires Instaleap to Accelerate Global Expansion of Its Enterprise Platform
April 14, 2026 5:00 AM
PR Newswire (US)
Acquisition strengthens Instacart's international footprint and builds momentum with leading grocery retailers across Europe, Latin America, and the Middle East
SAN FRANCISCO, April 14, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART), the leading grocery technology company in North America, today announced its acquisition of Instaleap, a global enablement and fulfillment solutions services platform that empowers retailers to streamline and scale their online operations. The acquisition supports Instacart's strategy to expand its enterprise offerings globally and build the technologies that can power every single grocery transaction.
Instaleap offers purpose-built grocery technology, designed to address core retailer needs, including marketplace integrations and fulfillment solutions services, and complements Instacart's broader portfolio of enterprise offerings. The company has established relationships with nearly 100 grocery retailers and marketplaces outside North America, including Cencosud, Continente, Jerónimo Martins, Lulu, and SPAR. With operations in nearly 30 countries, Instaleap has deep local market expertise and a growing presence in Europe, Latin America, and the Middle East. To date, Instaleap has powered more than 100 million transactions.
"We see a meaningful opportunity to expand internationally through an enterprise-led strategy that empowers retailers across the globe to meet the evolving omnichannel needs of their customers," said Ryan Hamburger, Chief Commercial Officer at Instacart. "We've already seen growing global demand for our online and in-store technologies, including Storefront Pro and Caper Carts, with early traction in Europe and Australia. With the addition of Instaleap's technology, international expertise, and deep retail relationships, we can accelerate our international expansion and better serve retailers and consumers around the world."
"This is an exciting moment for Instaleap and for the retailers we serve," said Antonio dos Santos Nunes, CEO and Co-founder of Instaleap. "We've built our platform with a deep focus on the unique needs of grocery retailers across diverse international markets. Joining Instacart enables us to scale our impact with the support of a trusted partner that shares our commitment to retailer success."
Instaleap will initially operate as a wholly-owned subsidiary of Instacart to ensure continuity for Instaleap retailers. Instacart looks forward to serving Instaleap's retail partners with its existing product line, and over time, Instacart expects to expand more of its enterprise technology offerings to Instaleap's partners, including Ecommerce, Connected Stores, Retailer Media, AI, and Data solutions. Marquee offerings – in-store and online – include:
The acquisition reinforces Instacart's continued commitment to providing retailers with integrated solutions that help drive their business growth and deliver better experiences for consumers. For more information on the Instacart Enterprise platform, please visit: https://www.instacart.com/company/retailer-platform.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including without limitation statements regarding anticipated benefits and outcomes of the acquisition of Instaleap and expectations regarding international expansion. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include the risks described from time to time in Instacart's filings with the Securities and Exchange Commission, including in Instacart's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Commission on February 26, 2026. You should not rely on forward-looking statements as predictions of future events. Instacart has based these forward-looking statements primarily on information available to it as of the date of this press release and its current expectations and projections about future events and trends that it believes may affect its business, financial condition, and results of operations. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Except as required by law, Instacart undertakes no obligation, and does not intend, to update these forward-looking statements.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers ecommerce, fulfillment, in-store technology, AI solutions, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
About Instaleap
Instaleap is a global enablement and fulfillment solutions services platform that empowers retailers to streamline and scale their online operations. Serving clients across nearly 30 countries in Latin America, Europe, and the Middle East, the company integrates the full digital commerce lifecycle — including order management, picking, routing, logistics, and customer experience — enabling retailers to operate with enhanced efficiency, scalability, and reliability. Its technology empowers retailers to consistently meet their on-time delivery commitments, optimize operational costs, and deliver high-quality customer experiences that foster long-term loyalty. For more details, visit www.instaleap.io.
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SOURCE Maplebear Inc. dba Instacart
Original: Instacart Acquires Instaleap to Accelerate Global Expansion of Its Enterprise Platform
Instacart to Report First Quarter 2026 Financial Results on May 6, 2026
April 9, 2026 4:45 PM
PR Newswire (US)
SAN FRANCISCO, April 9, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART) today announced it will report its first quarter 2026 financial results before market open on Wednesday, May 6, 2026.
Instacart management will also host a conference call to discuss the company's results at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) on Wednesday, May 6, 2026. To access a live webcast of the call, please visit Instacart's Investor Relations website at https://investors.instacart.com. After the call concludes, a replay will be made available on Instacart's Investor Relations website.
Instacart uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Instacart's Investor Relations website, press releases, SEC filings, public conference calls, and public webcasts, in addition to following Instacart's blog at www.instacart.com/company/blog.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers ecommerce, fulfillment, in-store technology, AI solutions, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
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SOURCE Maplebear Inc. dba Instacart
Original: Instacart to Report First Quarter 2026 Financial Results on May 6, 2026
ALDI U.S. Debuts New Nationwide Digital Experience Using Instacart's Enterprise Technology
March 30, 2026 9:00 AM
PR Newswire (US)
The upgraded website and app deliver a simpler online shopping experience for ALDI customers nationwide
Instacart is now the exclusive fulfillment partner across aldi.us and the ALDI app
SAN FRANCISCO and BATAVIA, Ill., March 30, 2026 /PRNewswire/ -- Instacart (Nasdaq: CART), the leading grocery technology company in North America, and ALDI U.S., America's fastest-growing grocer, today launched a redesigned ALDI U.S. website, aldi.us, and mobile app. The enhanced experience offers a more seamless, personalized way for customers to shop their favorite ALDI products online, powered by Instacart's Storefront Pro enterprise commerce platform and fulfillment solutions. Instacart first began powering fulfillment for ALDI U.S. in 2019, and is now the retailer's exclusive fulfillment partner across their website and app.
"ALDI is known for offering their customers incredible value, and we're proud to partner with them to make sure that value translates seamlessly into their digital experience," said Ryan Hamburger, Vice President of Commercial Partnerships at Instacart. "What makes this partnership special is that it goes beyond ecommerce. By combining Storefront Pro and fulfillment into one integrated platform, we're helping ALDI U.S. scale faster while preserving everything that makes their brand special. We're proud to deepen our partnership and support their continued expansion across the U.S."
"Shoppers define value in more ways than one — often by saving both time and money," said Dave Rinaldo, Chief Operating Officer at ALDI U.S. "As customers look for more flexibility, our partnership with Instacart enhances the ALDI online experience, giving the 1-in-3 U.S. households that shop our aisles another convenient way to get their groceries when and how they want.*"
Powered by Instacart's Storefront Pro enterprise commerce platform and fulfillment solutions, the ALDI U.S. website and app deliver better personalized product recommendations, enhanced product discovery, and expanded meal planning support through shoppable recipes. Since 2019, Instacart's fulfillment solutions have powered high- quality delivery and curbside pickup for ALDI customers in as fast as an hour on their owned and operated platforms, and customers can continue to count on that same speed and reliability with Instacart as their exclusive fulfillment partner.
ALDI and Instacart first partnered in 2017 to offer same-day delivery to ALDI customers on the Instacart Marketplace in the U.S. Since then, ALDI has deployed several other solutions to connect its online presence and in-store experiences and fulfillment technology across its more than 2,600 stores nationwide.
Instacart Storefront Pro is an enterprise-grade grocery solution that unifies a retailer's website, mobile app, and in-store digital touchpoints into one platform, combining AI-powered discovery and integrated fulfillment. Paired with Instacart's fulfillment technology, it delivers an end-to-end owned ecommerce solution. Together, they are part of the Instacart Enterprise platform, a suite of integrated software and hardware solutions that connect in-store and online grocery and help retailers like ALDI maintain full control of their brand and customer experience without managing fragmented ecommerce systems. ALDI joins more than 380 grocery retailers that use Instacart's Storefront technology to power and scale their digital e-commerce presence.
The new ALDI website and app are available now across the United States. Customers can visit aldi.us or download the ALDI mobile app for iOS and Android.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers ecommerce, fulfillment, in-store technology, AI Solutions, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
ABOUT ALDI U.S.
ALDI is America's fastest-growing grocer, serving millions of customers across the country each month. Our disciplined approach to operating with simplicity and efficiency gives our customers great products at the lowest possible prices, earning ALDI recognition as No. 1 in Every Day Low Price according to the 2026 dunnhumby Retailer Preference Index Report.* ALDI strives to have a positive impact on its customers, employees and communities by being socially and environmentally responsible, earning ALDI recognition as a leading grocer in sustainability.** In addition to helping protect the planet, ALDI helps customers save time and money through convenient shopping options via in-store, curbside pickup or delivery at shop.aldi.us. For more information about ALDI, visit aldi.us.
*According to ALDI proprietary data
**According to the dunnhumby® ©2026 Retailer Preference Index.
**According to Progressive Grocer's 2023-2025 Top 10 Most Sustainable Grocers lists.
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SOURCE Maplebear Inc. dba Instacart
Original: ALDI U.S. Debuts New Nationwide Digital Experience Using Instacart's Enterprise Technology
Instacart CEO to Participate in Fireside Chat at Morgan Stanley Conference
February 24, 2026 4:30 PM
PR Newswire (US)
SAN FRANCISCO, Feb. 24, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART) today announced that Chris Rogers, CEO, will participate in a fireside chat at the Morgan Stanley Technology, Media & Telecom Conference on Wednesday, March 4th, 2026 at 12:20 p.m. PT.
An audio webcast of the event will be available on Instacart's Investor Relations website at https://investors.instacart.com/.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers e-commerce, fulfillment, in-store technology, AI Solutions, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
Forward-Looking Statements
In the course of the fireside chat, Instacart may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Instacart's future financial or operating performance as well as Instacart's other expectations, strategies, priorities, plans or intentions. Instacart's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described in Instacart's filings with the Securities and Exchange Commission.
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SOURCE Maplebear Inc. dba Instacart
Original: Instacart CEO to Participate in Fireside Chat at Morgan Stanley Conference
Instacart Announces Fourth Quarter and Full Year 2025 Financial Results
February 12, 2026 4:08 PM
PR Newswire (US)
SAN FRANCISCO, Feb. 12, 2026 /PRNewswire/ -- Instacart (NASDAQ: CART) today released financial results for its fourth quarter and full year ended December 31, 2025. These financial results are available within Instacart's fourth quarter 2025 Shareholder Letter, which can be found on the company's Investor Relations website at https://investors.instacart.com/.
Instacart management will host a conference call to discuss the company's results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. An audio webcast of the conference call will be available on the company's Investor Relations website at https://investors.instacart.com/.
Effective this quarter, the company is transitioning to an annual rather than quarterly shareholder letter and will continue to provide regular updates through a quarterly earnings call, earnings release, and supplemental materials.
About Instacart
Instacart is a leading grocery technology company that partners with more than 2,200 retail banners – representing nearly 100,000 stores – to transform how people shop for the groceries they need from the retailers they trust, while creating flexible earning opportunities for shoppers. Through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem, the company powers e-commerce, fulfillment, in-store technology, AI Solutions, and advertising for partners. For more information, visit www.instacart.com/company. Maplebear Inc. is the registered corporate name of Instacart.
Investor Relations:
investors@instacart.com
Press:
press@instacart.com
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SOURCE Maplebear Inc. dba Instacart
Original: Instacart Announces Fourth Quarter and Full Year 2025 Financial Results
CART, new 52/week high
CART
Instacart (CART) Reported A 12.37% Operating Margin Last Year—What’s The Real Story?
By Samuel Moore-December 6, 2024
LINK
Deutsche Bank has recently initiated Instacart (CART) stock to Hold rating, as announced on December 3, 2024, according to Finviz. Earlier, on October 16, 2024, Jefferies had initiated the stock to Hold, setting a price target of $43. Raymond James also initiated Mkt Perform rating.
Additionally, Cantor Fitzgerald initiated Overweight rating on September 5, 2024, with a target price of $45. Wolfe Research analysts, in their report published on July 16, 2024, also initiated Peer Perform rating for Instacart’s stock. Analyst ratings are significant because they provide insights into stock performance expectations, influencing investor decisions and market sentiment.
Was just featured on CBS Sunday Morning. Never heard of it before, did a bit of DD, I'm in tomorrow.
Beautiful chart. Looking forward to earnings next week.
CART, new 52 week high
UBER EATS TO POWER RESTAURANT DELIVERY ON INSTACART
UBER PR
May 07, 2024
Partnership gives Instacart customers easy access to food delivery from hundreds of thousands of Uber Eats restaurant partners across the U.S.
Instacart+ members now get even more value, with $0 delivery on grocery and restaurant orders over $35
SAN FRANCISCO--(BUSINESS WIRE)-- Instacart (Nasdaq: CART) and Uber Technologies, Inc. (NYSE: UBER) today announced a strategic partnership to bring Uber Eats restaurant delivery to Instacart customers. In the coming weeks, Instacart customers nationwide will be able to use the Instacart app to order from hundreds of thousands of restaurants, powered by Uber Eats.
The experience will be featured through a new “Restaurants” tab in the Instacart app, providing a user-friendly interface that allows consumers to choose from a selection of nearby restaurants, browse menus, place orders, and track deliveries in real-time.
Customers will be able to order groceries for the week from Instacart’s more than 1,500 national, regional, and local retail banners across more than 85,000 stores – all fulfilled by Instacart and its shopper community – as well as dinner for the night from hundreds of thousands of restaurants, which will be fulfilled by Uber Eats and the couriers on its platform. Instacart+ members will also get even more value from their membership at no additional cost, with $0 delivery on grocery and restaurant orders over $35.
“Our goal is to make it effortless for people to go anywhere and get anything,” said Dara Khosrowshahi, CEO of Uber. “We’re excited that this new strategic partnership with Instacart will bring the magic of Uber Eats to even more consumers, drive more business for restaurants, and create more earnings opportunities for couriers.”
“Through this partnership, Instacart customers now have access to both the best online grocery selection in the U.S. and restaurant delivery, making it even easier for them to conveniently tackle all their food needs from a single app,” said Fidji Simo, CEO and Chair of Instacart. “Whether it’s ingredients for a beloved family recipe, a prepared meal from a nearby grocer or takeout from a favorite restaurant – customers can now get the food they want, from the retailers and restaurants they love, all within the Instacart app.”
For Uber, powering restaurant delivery in the Instacart app is another way to help drive more orders to Uber Eats restaurant partners. This new channel also enables Uber to extend its leading restaurant selection to millions of customers across the U.S., including families in suburban markets that use Instacart.
This partnership also extends the efforts of both companies to create technologies and solutions that support brick-and-mortar businesses. Through this launch, Uber and Instacart are helping restaurants and retailers grow by increasing opportunities for them to reach new customers online and drive more sales through an even more engaging Instacart experience.
IGA ANNOUNCES NEW NATIONAL PARTNERSHIP WITH INSTACART
Supermarket News Staff | Mar 12, 2024
LINK
The partnership is intended to make it easier for IGA’s U.S. member stores to access Instacart’s technologies, insights, and benefits
The Independent Grocers Alliance (IGA) has announced a partnership with Instacart. The new partnership is intended to make it easier for IGA’s 2,000-plus member stores across the U.S to access Instacart’s suite of technologies, insights, and benefits.
“IGA’s partnership with Instacart gives our independent retail members access to a dedicated team and a suite of capabilities and services to help drive greater omnichannel efficiency and effectiveness,” IGA VP brand development Michael La Kier said.
IGA members will now have a direct line to Instacart Platform and Connected Stores technologies, including:
* Storefront, Instacart’s storefront white-label solution
* Caper Carts, artificial intelligence-powered (AI) smart carts
* Scan and Pay, allowing customers to checkout in store with their mobile phone
* Carrot Tags, electronic shelf labels with pick-to-light capabilities for employees, Instacart shoppers, and in-store customers
* FoodStorm, helping manage food service and order ahead offerings
* Out of Stock Insights, alerting stores in real time when an item is out of stock to help improve in-store sales
* Eversight, an SaaS platform that leverages dynamic rules management, AI-powered experimentation, and an easy merchant interface to drive business performance at scale across all channels
* Fulfillment as a Service, expands the ecommerce experience beyond delivery with curbside pickup services and overflow pick and pack support
Members of the Independent Grocers Alliance will also have access to Instacart’s App and website Marketplace, which gives retailers a way to connect with customers through the company’s marketplace and offer same-day delivery in as fast as an hour.
Several IGA retailers have already deployed Instacart solutions. Geissler’s Supermarkets, a seven-store IGA retailer with locations in Connecticut and Massachusetts, uses Instacart’s Storefront white-label solution to power their ecommerce platform, as well as plans to deploy Caper Carts, AI-powered smart carts, replacing most of its traditional shopping carts over the coming months.
With the new partnership, Instacart will have Merrick Rosner, head of revenue, local independent grocery join IGA’s National Retailer Advisory Board.
INSTACART LAUNCHES BRANDS DATABASE TO CONNECT GROCERS TO CPGs
By Timothy Inklebarger on Nov. 16, 2023
LINK
The database also includes information about product attributes, pricing, sales performance and contact information to establish direct contact with brands, the company said. / Photo courtesy: Shutterstock
Instacart on Thursday announced the release of new tools that will enable consumer packaged goods manufacturers to showcase their products for the delivery company’s network of more than 1,400 retail banners.
The Brand Explorer portal gives the San Francisco-based company’s retail partners the ability to review digital sell sheets with a wide variety of emerging brands and products, and “make smarter decisions when looking for new products to stock their shelves,” Instacart said.
In addition to browsing sell sheets, retailers can also filter their searches to specify particular trends, metrics and assortment gaps.
The database also includes information about product attributes, pricing, sales performance and contact information to establish direct contact with brands, the company said.
“We know that driving distribution in more stores is a significant challenge for emerging brands. They’re working hard to break into a crowded industry, from attending trade shows to cold-calling retailers. Meanwhile, retail category teams are sifting through thousands of new products to find the right fit for their business and customers,” said Chris Rogers, chief business officer at Instacart, in a statement. “The process is still fairly manual and time-consuming for everyone involved. Instacart is well positioned to connect innovative brands with retailers looking to expand their selection, empowering everyone with easy-to-access insights directly within Instacart’s self-serve technology.”
Matt Meloy, vice president of sales at beef jerky company Chomps, said in a statement that its crucial for Chomps' success to share its vision and sales metrics with retailers. “We love that Instacart is creating a new opportunity for retail category managers to easily find brands like ours, see the sales our products are driving—like our new Taco Beef flavor—and connect with our team directly,” Meloy said.
The Brand Explorer portal's debut follows a string of innovations Instacart has rolled out over the last year in advance of its September IPO. They include its integration with e-commerce platform provider Shopify, enabling customers to connect with Instacart Ads products and insights, the company said.
Instacart's retail banners represent more than 80,000 locations in North America.
TRUISM
INSTACART PARTNERS WITH MOUNT SINAI, LAUNCHES CO-BRANDED MA PLANS WITH ALIGNMENT
By MARISSA PLESCIA-Oct 5, 2023 at 7:41 PM
LINK
Through a partnership with Mount Sinai Solutions, Instacart is offering post-operative and post-partum patients a grocery stipend. Instacart is also launching co-branded Medicare Advantage plans with Alignment Healthcare that address food insecurity issues for seniors.
Photo: vgajic, Getty Images
Instacart launched a new partnership with Mount Sinai Solutions on Wednesday that provides post-operative and post-partum patients with grocery stipends. In addition, Instacart announced Tuesday that in 2024, it is offering co-branded Medicare Advantage plans with Alignment Healthcare that offer food as medicine programs to seniors.
San Francisco-based Instacart is a grocery technology company. With Instacart Health, the company is rolling out solutions to improve food insecurity. Mount Sinai Solutions is part of Mount Sinai Health System and serves employers and unions.
Through the new partnership, the companies will offer a $110 grocery stipend to patients of Mount Sinai Solutions’ employer and union customers after they leave a health facility for events like a joint replacement, birth or bariatric surgery. This partnership is available for patients who receive care at Mount Sinai facilities in New York City and extended partners in Connecticut, Florida, Massachusetts, New Jersey and Pennsylvania.
These funds can be used for fresh groceries, pantry items and household essentials. In addition, they’ll gain access to a Mount Sinai Virtual Storefront, where they can shop for provider-recommended foods from local, regional and national retailers through Instacart.
“The program gives patients covered by Mount Sinai Solution’s network the additional access, education and support they need through their recovery,” said Sarah Mastrorocco, vice president and general manager of Instacart Health, in an email.
As well as partnering with Mount Sinai Solutions, Instacart is working with Alignment Healthcare to launch co-branded Medicare Advantage plans starting January 1, 2024, in California’s Los Angeles, Marin, Orange, San Diego, San Francisco, Santa Clara and Stanislaus counties.
In addition, the Alignment Health Platinum + Instacart HMO plan will be offered to eligible Nevadans in Carson City and Clark, Douglas, Nye, Storey and Washoe counties. The plans are pending regulatory approval, however.
Members of these plans with a qualifying chronic condition will have access to $50-$100 quarterly grocery allowances from Instacart. They’ll also get an Instacart+ membership (which includes free delivery on orders over $35) and a customer support line to help members with their Instacart account. Like Mount Sinai Solutions’ patients, the plans will have an Alignment Health Virtual Storefront to shop items recommended by Alignment.
“By providing members with a curated Alignment Health Virtual Storefront on Instacart, they can easily shop from recommended items, add them to their cart and checkout using their health benefit card as payment,” Mastrorocco said.
The announcement of these plans comes after Alignment released a report that showed food insecurity and lack of transportation access are among the top social barriers affecting senior health.
Instacart declined to say the business model of the arrangements with Mount Sinai Solutions and Alignment Healthcare. Mastrorocco said the company aims to “use the power of Instacart’s platform, products and partnerships to empower healthy living. Working alongside health professionals, hospitals, businesses, nonprofits, researchers, and policymakers, we aim to champion nutrition access, resources, and education.”
TRUISM
INSTACART HIGHLIGHTS NEW TECH AT GROCERYSHOP
By Timothy Inklebarger on Sep. 28, 2023
LINK
Jerry Baki, retail partnerships with Instacart, demonstrates the new generation of AI-powered smart carts. / Photo by Timothy Inklebarger
It’s been a big month for San Francisco-based grocery tech company Instacart, with the launch of its long-awaited IPO at the end of August and the recent rollout of new technology such as its ChatGPT-powered function “Ask Instacart.”
The tech company was off to a bumpy start, though, in its first month of trading on Nasdaq under the ticker symbol CART, with its stock price, originally set at $30 a share, dropping to just below that by the close of the market on Thursday.
The last-mile delivery company was out in full force at last week’s Groceryshop conference in Las Vegas, though, and gave attendees a tour of the new tech its launching at grocery stores across the country. Winsight Grocery Business caught up with Instacart for a quick video tour of some of its newest tech.
TRUISM
Instacart's Stock Ends Below IPO Price for First Time
By Reuters-Sept. 26, 2023, at 4:23 p.m.
US NEWS
FILE PHOTO: Instacart employee Eric Cohn, 34, navigates a Safeway grocery store while preparing a delivery order while wearing a respirator mask to help protect himself and slow the spread of the coronavirus disease (COVID-19) in Tucson, Arizona, U.S., April 4, 2020. REUTERS/Cheney Orr/File Photo REUTERS
(Reuters) -Grocery delivery platform Instacart's stock on Tuesday closed for the first time below the price in its initial public offering.
Shares of Instacart, formally called Maplebear, dropped 1.65% to end the session at $29.89, compared to the company's IPO price of $30 on Sept. 18.
Chip designer Arm Holdings' stock dipped 1.69% to $53.52 compared to the $51 price set in its IPO on Sept. 13. After surging in its Wall Street debut, Arm's stock has mostly lost ground, and it has touched intra-day lows below $51 in three of the past four sessions.
Meanwhile, shares of Klaviyo, which debuted last Wednesday, dipped 1.6% to $34.11. The marketing automation firm's stock remains above its $30 IPO price, but well below its intraday high of $37 in its first day of trading.
The lackluster performances of Arm and Instacart's stocks since their market debuts add to doubts about whether a hoped-for revival in IPOs will materialize after a drought of more than 18 months.
(Reporting by Noel Randewich in Oakland, Calif., and by Niket Nishant in Bengaluru; Editing by Shweta Agarwal and Aurora Ellis)
TRUISM
What Instacart's IPO Means For India's New-Age Firms-EXCERPT
By Rishabh Bhatnagar Sep. 25, 2023,
LINK
The success of U.S.-based Instacart's initial public offering bodes well for India's new-age companies, both listed and soon-to-be listed. On debut, the grocery delivery firm's shares opened 40% higher at $42 apiece after selling for $30, the upper limit of its price band. The stock closed at $33.70 a pop in New York on Tuesday, giving the company a valuation of $9.3 billion.
While the stock gave up its gains in the following days, the sentiment for its offering shows the viability of business models that consumer-tech and venture-capital backed companies have been striving for, in India and abroad.
Settlement Payments from Instacart Lawsuit in San Diego Begin Friday
Story by Times of San Diego
MSN LINK
More than 125,000 people who worked for grocery delivery company Instacart are expected to receive payments starting Friday stemming from a lawsuit filed by the city of San Diego that alleged the company improperly classified workers as independent contractors.
In its lawsuit, the city alleged Instacart’s workers were deprived of protections and compensation they would have received as employees, such as overtime pay, paid breaks and reimbursement for expenses including gas mileage and cellphone data.
The case was settled last year and Instacart agreed to pay $46.5 million in restitution and penalties. Nearly $40 million of that total will be sent out this week as restitution, according to the San Diego City Attorney’s Office, which said the remaining civil penalty funds will be placed into a trust fund used for enforcement of consumer protection laws.
Eligible recipients worked as Instacart “shoppers” between Sept. 13, 2015 and Dec. 15, 2020 and should receive payments from settlement administrator Simpluris. The size of payments depends on the number of hours worked during that time period, but the City Attorney’s Office said the most active workers could see payments exceeding $10,000.
San Diego City Attorney Mara Elliot said in a statement, “Many vulnerable San Diegans depended on Instacart shoppers and other frontline workers to survive the COVID-19 crisis, and it is gratifying to see these workers finally get the respect and pay they deserve.”
After the settlement was reached, Instacart said in a statement that its California workers were always properly classified as independent contractors and noted the settlement contains no admission of any wrongdoing.
“We’re pleased to have reached an agreement with the city of San Diego. Instacart has always properly classified shoppers as independent contractors, giving them the ability to set their own schedule and earn on their own terms,” the company’s statement read. “We remain committed to continuing to serve our customers across California while also protecting access to flexible earnings opportunities for Instacart shoppers.”
TRUISM
INSTACART SHARES RISE 12.7% IN NASDAQ DEBUT
Mark Hamstra | Sep 19, 2023
LINK
IPO nets grocery-delivery specialist more than $420 million, per reports
Newly issued shares of grocery-delivery specialist Instacart rose 12.7% in their debut on the NASDAQ exchange on Tuesday, closing at $33.80.
The initial public offering of 22 million shares was priced on Monday at $30 per share, but the stock (listed as CART) hit the market around midday at $42 per share before gradually trailing downward in afternoon trading.
The offering netted the company more than $420 million, according to a CNBC report.
At its opening price of $42 per share, the company was valued at about $14 billion, which several reports noted was much less than the $39 billion valuation the company enjoyed in 2021 after its sales soared during the height of the COVID pandemic. The pre-IPO pricing of $30 per share valued the company at $10 billion.
“This IPO is not about raising money for us,” Instacart CEO Fidji Simo said in an interview on CNBC on Tuesday. “It’s really about making sure that all employees can have liquidity on stocks that they work very hard for. We weren’t looking for a perfect market window.”
According to the CNBC report, Instacart co-founders Brandon Leonardo and Maxwell Mullen were slated to sell 1.5 million shares, and Apoorva Mehta, another co-founder, was selling another 700,000 shares. Former employees were selling a combined 3.2 million shares.
Simo noted that the company has been profitable for five consecutive quarters, although its transaction volume has slowed somewhat recently.
For the first six months of this year, Instacart in its IPO prospectus reported net income of $242 million on revenues of $1.475 billion, compared with a loss of $74 million on revenues of $1.126 billion in the year-ago, six-month span.
The company said it filled 132.9 million orders in the first half of 2023, up slightly from 132.3 million in the first six months of 2022.
Some analysts were cautious about Instacart stock, noting that profitable growth could be difficult to achieve as competitors such as Shipt, DoorDash and Uber Eats seek a larger share of the grocery-delivery market.
“As online grocery delivery rises in popularity, Instacart will find it tougher to maintain and take market share, as new competition floods into the industry,” said David Trainer, an analyst on Seeking Alpha, in a column on Tuesday.
In its prospectus, Instacart detailed three divisions of its business:
Instacart Marketplace, the platform that consumers use to shop for groceries from the retail stores that Instacart partners with. This is the “gig economy” aspect of its business that leverages independent shoppers and drivers Instacart Enterprise Platform, which retailers can use for a range of digital and ecommerce services
Instacart Ads, which offers a platform for CPG companies to advertise their products to Instacart shoppers
Each of these divisions has their own sets of competitors, which in some cases include the same retail companies that Instacart partners with.
In the interview with CNBC, Simo said Instacart “has an 11-year advantage” over its competitors, referring to its founding in 2012. That longevity has given the company a wealth of data and the opportunity for deep integrations with its retail partners.
She also reiterated that the company has no plans to open its own retail stores or own its inventory.
“We see ourselves as an enabler for retailers,” Simo said, noting that consumers are highly loyal to their grocery stores and are interested in the breadth of inventory that they carry.
TRUISM
INSTACART DELIVERS IN ITS STOCK MARKET DEBUT
By The Associated Press | Today at 3:45 a.m.
LINK
An instacart logo and an instacart webpage are shown in this photo, in New York, Wednesday, Sept. 6, 2023. (AP Photo/Richard Drew)
Instacart delivered in its stock market debut.
The grocery delivery company's shares -- priced at $30 per share ahead of the IPO -- hit a peak of $42.95 Tuesday in the first few minutes of trading on the Nasdaq stock exchange. They finished the day up 12.3 percent at $33.70, giving the company a market value of more than $11 billion.
At Instacart's San Francisco headquarters, CEO Fidji Simo and other executives celebrated the IPO by ringing a bell shaped like the company's carrot logo. Around 1,000 employees attended, the company said. Instacart's shares are trading under the ticker symbol "CART."
The IPO is a long-awaited step for Instacart, which was founded in 2012. The company filed privately for an IPO in May 2022 but delayed those plans last fall when the markets were roiling due to recession fears. There were just 71 IPOs in the U.S. last year, the lowest number since 2009, according to Renaissance Capital.
But a resurgent market is seeing more IPO activity this year. Last week, shares of U.K. chip maker Arm Holdings rose almost 25 percent in their stock market debut on the Nasdaq, the largest IPO in nearly two years.
Joe Endoso, President at Linqto, an investment platform, said a successful listing by Instacart could prod others -- especially tech companies -- to consider IPOs in the coming months.
"The global financial markets are buzzing with optimism for a potential resurgence in the IPO market," he said.
Instacart raised $660 million in its initial public offering, selling 22 million shares at $30 apiece. The pricing of the IPO gave Instacart a market value of around $10 billion, significantly lower than the $39 billion value placed on it after a fund-raising round in 2021.
Instacart provides delivery and pickup from 85 percent of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers. It also provides in-store technology, like smart carts and electronic shelf tags, and sells online ads to food companies and retailers.
It says it has 7.7 million active customers who spend about $317 per month on the platform.
In a letter to investors earlier this month, said grocery delivery has tremendous potential. The U.S. grocery market is a $1.1. trillion industry, but only 12 percent of sales are made online. She said she expects that to at least double over time.
"We have demonstrated our ability to help our retail partners drive strong growth and stay competitive in a complex and increasingly digital industry," wrote Simo, a former Facebook executive who became Instacart's CEO in 2021. Simo grew up in France and is the daughter and granddaughter of fishermen.
The grocery delivery market boomed early in the pandemic. Growth has stabilized, but the market is still about four times larger than it was in 2019, said David Bishop, a partner and lead researcher with Brick Meets Click, a consulting firm that specializes in online grocery shopping.
That market is also increasingly competitive. Instacart faces growing pressure from companies including Uber Eats and DoorDash, which both began delivering groceries in 2020.
As of August, Instacart controlled 70 percent of the third-party U.S. grocery delivery market, according to YipitData, a market research firm. DoorDash controls around 10 percent. This week, DoorDash added more U.S. grocers to its offerings, including Cub, Lowe's Markets and Eataly.
Instacart also faces pressure from grocers themselves, who sometimes bristle at the higher prices Instacart charges or at the pricing rules it puts in place for grocers using its software to run their own websites.
Instacart orders can cost consumers 15-20 percent more than shopping in stores because of delivery fees and product markups, Bishop said.
Some grocers have unwound partnerships with Instacart or built up their own delivery capability. H-E-B, a Texas chain, encourages customers to shop on its own site, not Instacart's, if they want lower-cost delivery, Bishop said. Other big grocers, like Walmart and Target, also do their own deliveries.
Food price inflation during the last two years has also dampened demand for delivery in favor of curbside pickup, which is less expensive. U.S. grocery pickup orders grew 3 percent to $10.5 billion in the April to June period this year compared to the same period a year ago, Bishop said. Grocery delivery orders grew just 1 percent to $7.8 billion.
Instacart's orders also slowed in the first half of this year after growing 18 percent between 2021 and 2022, the company said in its IPO filing.
Still, Instacart's revenue was up 31 percent to $1.47 million in the first six months of this year, largely due to increases in the advertising fees it collects from retailers and food companies.
TRUISM
INSTACART'S IPO SURGES AS THE GROCERY DELIVERY COMPANY GOES FROM THE SUPERMARKET TO THE STOCK MARKET
ByDEE-ANN DURBIN AP business writer-September 18, 2023, 9:07 PM
ABC NEWS
An instacart logo and an instacart webpage are shown in this photo, in New York, Wednesday, Sept. 6, 2023. (AP Photo/Richard Drew)
The Associated Press
Instacart delivered in its stock market debut.
The grocery delivery company's shares __ priced at $30 per share ahead of the IPO __ hit a peak of $42.95 Tuesday in the first few minutes of trading on the Nasdaq stock exchange. They finished the day up 12.3% at $33.70, giving the company a market value of more than $11 billion.
At Instacart's San Francisco headquarters, CEO Fidji Simo and other executives celebrated the IPO by ringing a bell shaped like the company's carrot logo. Around 1,000 employees attended, the company said. Instacart’s shares are trading under the ticker symbol “CART.”
The IPO is a long-awaited step for Instacart, which was founded in 2012. The company filed privately for an IPO in May 2022 but delayed those plans last fall when the markets were roiling due to recession fears. There were just 71 IPOs in the U.S. last year, the lowest number since 2009, according to Renaissance Capital.
But a resurgent market is seeing more IPO activity this year. Last week, shares of U.K. chip maker Arm Holdings rose almost 25% in their stock market debut on the Nasdaq, the largest IPO in nearly two years.
Joe Endoso, President at Linqto, an investment platform, said a successful listing by Instacart could prod others __ especially tech companies __ to consider IPOs in the coming months.
“The global financial markets are buzzing with optimism for a potential resurgence in the IPO market,” he said.
Instacart raised $660 million in its initial public offering, selling 22 million shares at $30 apiece. The pricing of the IPO gave Instacart a market value of around $10 billion, significantly lower than the $39 billion value placed on it after a fund-raising round in 2021.
Instacart provides delivery and pickup from 85% of U.S. grocers, or more than 80,000 stores, using a network of 600,000 freelance shoppers. It also provides in-store technology, like smart carts and electronic shelf tags, and sells online ads to food companies and retailers.
It says it has 7.7 million active customers who spend about $317 per month on the platform.
In a letter to investors earlier this month, said grocery delivery has tremendous potential. The U.S. grocery market is a $1.1. trillion industry, but only 12% of sales are made online. She said she expects that to at least double over time.
“We have demonstrated our ability to help our retail partners drive strong growth and stay competitive in a complex and increasingly digital industry,” wrote Simo, a former Facebook executive who became Instacart’s CEO in 2021. Simo grew up in France and is the daughter and granddaughter of fishermen.
The grocery delivery market boomed early in the pandemic. Growth has stabilized, but the market is still about four times larger than it was in 2019, said David Bishop, a partner and lead researcher with Brick Meets Click, a consulting firm that specializes in online grocery shopping.
That market is also increasingly competitive. Instacart faces growing pressure from companies including Uber Eats and DoorDash, which both began delivering groceries in 2020.
As of August, Instacart controlled 70% of the third-party U.S. grocery delivery market, according to YipitData, a market research firm. DoorDash controls around 10%. This week, DoorDash added more U.S. grocers to its offerings, including Cub, Lowe’s Markets and Eataly.
Instacart also faces pressure from grocers themselves, who sometimes bristle at the higher prices Instacart charges or at the pricing rules it puts in place for grocers using its software to run their own websites.
Instacart orders can cost consumers 15% to 20% more than shopping in stores because of delivery fees and product markups, Bishop said.
Some grocers have unwound partnerships with Instacart or built up their own delivery capability. H-E-B, a Texas chain, encourages customers to shop on its own site, not Instacart’s, if they want lower-cost delivery, Bishop said. Other big grocers, like Walmart and Target, also do their own deliveries.
Bishop said Instacart needs to keep its customers coming back because it relies on them to sell ads.
“It's increasingly difficult to see how Instacart can do that as its competitors are expanding into grocery and grocers are looking more closely at how they can improve the profitability of selling online," he said.
Food price inflation over the last two years has also dampened demand for delivery in favor of curbside pickup, which is less expensive. U.S. grocery pickup orders grew 3% to $10.5 billion in the April-June period this year compared to the same period a year ago, Bishop said. Grocery delivery orders grew just 1% to $7.8 billion.
Instacart’s orders also slowed in the first half of this year after growing 18% between 2021 and 2022, the company said in its IPO filing.
Still, Instacart’s revenue was up 31% to $1.47 million in the first six months of this year, largely due to increases in the advertising fees it collects from retailers and food companies. The company reported net income of $242 million in the first six months of this year.
Among those bullish about Instacart's prospects is PepsiCo, which agreed to buy $175 million in convertible preferred stock in a private placement.
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