Grocery delivery platform Instacart beats Q3 revenue estimates on order growth

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

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 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

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