Instacart(NASDAQ:CART) 
Maplebear Inc., doing business as Instacart, provides online grocery shopping services to households in North America. The company connects the consumer with a personal shopper to shop and deliver a range of products, such as food, alcohol, consumer health, pet care, ready-made meals, and others. Th...
Website: https://www.instacart.com/
Founded: 2012
IPO Price: $30 (Sep 19, 2023)
Full Time Employees: 3,436 (Jun 2023)
Founder: Apoorva Mehta
CEO: Fidji Simo
Sector: Consumer Cyclical
Industry: Internet Retail
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|
revenue | 939,000,000 | 914,000,000 | 897,000,000 | 883,000,000 | 852,000,000 | 823,000,000 | 820,000,000 | 803,000,000 | 764,000,000 |
yoy | 10.21% | 11.06% | 9.39% | 9.96% | 11.52% | ||||
qoq | 2.74% | 1.90% | 1.59% | 3.64% | 3.52% | 0.37% | 2.12% | 5.10% | |
cost of revenue | 247,000,000 | 236,000,000 | 226,000,000 | 219,000,000 | 211,000,000 | 200,000,000 | 206,000,000 | 195,000,000 | 203,000,000 |
gross profit | 692,000,000 | 678,000,000 | 671,000,000 | 664,000,000 | 641,000,000 | 623,000,000 | 614,000,000 | 608,000,000 | 561,000,000 |
yoy | 7.96% | 8.83% | 9.28% | 9.21% | 14.26% | ||||
qoq | 2.06% | 1.04% | 1.05% | 3.59% | 2.89% | 1.47% | 0.99% | 8.38% | |
gross margin % | 73.70% | 74.18% | 74.80% | 75.20% | 75.23% | 75.70% | 74.88% | 75.72% | 73.43% |
operating expenses: | |||||||||
operations and support | 62,000,000 | 66,000,000 | 75,000,000 | 72,000,000 | 64,000,000 | 69,000,000 | 73,000,000 | 71,000,000 | 145,000,000 |
research and development | 169,000,000 | 166,000,000 | 144,000,000 | 155,000,000 | 149,000,000 | 185,000,000 | 115,000,000 | 205,000,000 | 1,850,000,000 |
sales and marketing | 206,000,000 | 217,000,000 | 216,000,000 | 208,000,000 | 213,000,000 | 203,000,000 | 184,000,000 | 179,000,000 | 455,000,000 |
general and administrative | 87,000,000 | 106,000,000 | 126,000,000 | 74,000,000 | 77,000,000 | 114,000,000 | 98,000,000 | 107,000,000 | 568,000,000 |
total operating expenses | 525,000,000 | 554,000,000 | 561,000,000 | 509,000,000 | 503,000,000 | 571,000,000 | 470,000,000 | 562,000,000 | 3,018,000,000 |
income from operations | 166,000,000 | 124,000,000 | 110,000,000 | 155,000,000 | 138,000,000 | 52,000,000 | 144,000,000 | 46,000,000 | -2,457,000,000 |
yoy | 20.29% | 138.46% | -23.61% | 236.96% | -105.62% | ||||
qoq | 33.87% | 12.73% | -29.03% | 12.32% | 165.38% | -63.89% | 213.04% | -101.87% | |
operating margin % | 17.68% | 13.57% | 12.26% | 17.55% | 16.20% | 6.32% | 17.56% | 5.73% | -321.60% |
other income | -1,000,000 | 3,000,000 | -1,000,000 | ||||||
interest income | 16,000,000 | 15,000,000 | 14,000,000 | 12,000,000 | 15,000,000 | 17,000,000 | 22,000,000 | 24,000,000 | 23,000,000 |
income before provision for income taxes | 181,000,000 | 142,000,000 | 124,000,000 | 166,000,000 | 153,000,000 | 68,000,000 | 165,000,000 | ||
provision for income taxes | 37,000,000 | 26,000,000 | 18,000,000 | 18,000,000 | 35,000,000 | 7,000,000 | 35,000,000 | ||
net income | 144,000,000 | 116,000,000 | 106,000,000 | 148,000,000 | 118,000,000 | 61,000,000 | 130,000,000 | 135,000,000 | -1,999,000,000 |
yoy | 22.03% | 90.16% | -18.46% | 9.63% | -105.90% | ||||
qoq | 24.14% | 9.43% | -28.38% | 25.42% | 93.44% | -53.08% | -3.70% | -106.75% | |
net income margin % | 15.34% | 12.69% | 11.82% | 16.76% | 13.85% | 7.41% | 15.85% | 16.81% | -261.65% |
accretion related to series a redeemable convertible preferred stock | -2,000,000 | -2,000,000 | -2,000,000 | -2,000,000 | -2,000,000 | -3,000,000 | -2,000,000 | ||
net income attributable to common stockholders, basic | 142,000,000 | 114,000,000 | 104,000,000 | 146,000,000 | 116,000,000 | 58,000,000 | 128,000,000 | ||
net income attributable to common stockholders, diluted | 144,000,000 | 116,000,000 | 104,000,000 | 155,000,000 | 118,000,000 | 58,000,000 | 130,000,000 | ||
net income per share | -5.48 | -20.86 | |||||||
basic | 0.54 | 0.43 | 0.4 | 0.56 | 0.45 | 0.22 | 0.47 | ||
diluted | 0.51 | 0.41 | 0.37 | 0.52 | 0.42 | 0.2 | 0.43 | ||
weighted-average shares used for eps calculation | 95,836 | ||||||||
basic | 264,895 | 262,588 | 262,432 | 264,640 | 259,660 | 265,542 | 274,763 | 130,616 | |
diluted | 283,176 | 281,293 | 277,193 | 289,158 | 281,003 | 286,256 | 302,126 | 130,616 | |
other expense | -1,000,000 | -1,000,000 | -500,000 | -5,000,000 | |||||
undistributed earnings attributable to preferred stockholders | |||||||||
undistributed earnings reallocated to common stockholders | |||||||||
income before benefit from income taxes | -533,250,000 | -2,439,000,000 | |||||||
benefit from income taxes | -94,000,000 | -440,000,000 | |||||||
net income attributable to common stockholders, basic and diluted | -439,250,000 | -1,999,000,000 | |||||||
net income per share | -5.48 | -20.86 | |||||||
weighted-average shares used for eps calculation | 95,836 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 |
|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||
current assets: | |||||||||
cash and cash equivalents | 1,690,000,000 | 1,489,000,000 | 1,558,000,000 | 1,278,000,000 | 1,288,000,000 | 1,434,000,000 | 1,514,000,000 | 2,137,000,000 | 2,010,000,000 |
short-term marketable securities | 39,000,000 | 109,000,000 | 72,000,000 | 91,000,000 | 20,000,000 | 9,000,000 | 20,000,000 | 49,000,000 | 56,000,000 |
accounts receivable | 1,042,000,000 | 1,043,000,000 | 974,000,000 | 1,014,000,000 | 949,000,000 | 888,000,000 | 917,000,000 | 853,000,000 | 841,000,000 |
restricted cash and cash equivalents, current | 126,000,000 | 122,000,000 | 130,000,000 | 152,000,000 | 134,000,000 | 128,000,000 | 124,000,000 | 137,000,000 | 75,000,000 |
prepaid expenses and other current assets | 134,000,000 | 127,000,000 | 139,000,000 | 162,000,000 | 118,000,000 | 126,000,000 | 132,000,000 | 129,000,000 | 91,000,000 |
total current assets | 3,031,000,000 | 2,890,000,000 | 2,873,000,000 | 2,697,000,000 | 2,509,000,000 | 2,585,000,000 | 2,707,000,000 | 3,305,000,000 | 3,073,000,000 |
long-term marketable securities | 62,000,000 | ||||||||
restricted cash and cash equivalents, noncurrent | 18,000,000 | 15,000,000 | 15,000,000 | 19,000,000 | 19,000,000 | 19,000,000 | 19,000,000 | 19,000,000 | 19,000,000 |
property and equipment | 218,000,000 | 221,000,000 | 213,000,000 | 200,000,000 | 192,000,000 | 174,000,000 | 153,000,000 | 135,000,000 | 108,000,000 |
operating lease right-of-use assets | 31,000,000 | 33,000,000 | 18,000,000 | 21,000,000 | 23,000,000 | 26,000,000 | 28,000,000 | 31,000,000 | 33,000,000 |
intangible assets | 74,000,000 | 81,000,000 | 47,000,000 | 52,000,000 | 58,000,000 | 64,000,000 | 71,000,000 | 77,000,000 | 82,000,000 |
goodwill | 392,000,000 | 392,000,000 | 317,000,000 | 317,000,000 | 318,000,000 | 318,000,000 | 318,000,000 | 318,000,000 | 318,000,000 |
deferred tax assets | 696,000,000 | 775,000,000 | 780,000,000 | 771,000,000 | 775,000,000 | 802,000,000 | 789,000,000 | 830,000,000 | 775,000,000 |
other assets | 18,000,000 | 25,000,000 | 29,000,000 | 38,000,000 | 32,000,000 | 39,000,000 | 12,000,000 | 12,000,000 | 13,000,000 |
total assets | 4,540,000,000 | 4,433,000,000 | 4,292,000,000 | 4,115,000,000 | 3,926,000,000 | 4,027,000,000 | 4,097,000,000 | 4,727,000,000 | 4,421,000,000 |
liabilities, redeemable convertible preferred stock, and stockholders’ equity | |||||||||
current liabilities: | |||||||||
accounts payable | 78,000,000 | 69,000,000 | 77,000,000 | 80,000,000 | 69,000,000 | 57,000,000 | 49,000,000 | 72,000,000 | 57,000,000 |
accrued and other current liabilities | 532,000,000 | 579,000,000 | 580,000,000 | 505,000,000 | 530,000,000 | 466,000,000 | 442,000,000 | 451,000,000 | 412,000,000 |
operating lease liabilities, current | 3,000,000 | 3,000,000 | 13,000,000 | 13,000,000 | 12,000,000 | 13,000,000 | 13,000,000 | 13,000,000 | 13,000,000 |
deferred revenue | 219,000,000 | 220,000,000 | 217,000,000 | 200,000,000 | 209,000,000 | 214,000,000 | 212,000,000 | 197,000,000 | 201,000,000 |
total current liabilities | 832,000,000 | 871,000,000 | 887,000,000 | 798,000,000 | 820,000,000 | 750,000,000 | 716,000,000 | 733,000,000 | 683,000,000 |
operating lease liabilities, noncurrent | 34,000,000 | 34,000,000 | 9,000,000 | 13,000,000 | 16,000,000 | 19,000,000 | 23,000,000 | 27,000,000 | 30,000,000 |
other long-term liabilities | 23,000,000 | 37,000,000 | 32,000,000 | 25,000,000 | 34,000,000 | 37,000,000 | 38,000,000 | 40,000,000 | 49,000,000 |
total liabilities | 889,000,000 | 942,000,000 | 928,000,000 | 836,000,000 | 870,000,000 | 806,000,000 | 777,000,000 | 800,000,000 | 762,000,000 |
commitments and contingencies | |||||||||
series a redeemable convertible preferred stock; 0.0001 par value per share... | 193,000,000 | 191,000,000 | 188,000,000 | 186,000,000 | 184,000,000 | 182,000,000 | 179,000,000 | 177,000,000 | 175,000,000 |
stockholders’ equity: | |||||||||
preferred stock, 0.0001 par value per share... | |||||||||
common stock, 0.0001 par value per share... | |||||||||
additional paid-in capital | 6,953,000,000 | 6,869,000,000 | 6,758,000,000 | 6,687,000,000 | 6,600,000,000 | 6,525,000,000 | 6,363,000,000 | 6,382,000,000 | 6,220,000,000 |
accumulated other comprehensive loss | -4,000,000 | -1,000,000 | -9,000,000 | -2,000,000 | |||||
accumulated deficit | -3,491,000,000 | -3,568,000,000 | -3,573,000,000 | -3,585,000,000 | -3,728,000,000 | -3,484,000,000 | -3,220,000,000 | -2,635,000,000 | -2,734,000,000 |
total stockholders’ equity | 3,458,000,000 | 3,299,000,000 | 3,176,000,000 | 3,093,000,000 | 2,872,000,000 | 3,039,000,000 | 3,141,000,000 | 3,750,000,000 | 3,484,000,000 |
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 4,540,000,000 | 4,433,000,000 | 4,292,000,000 | 4,115,000,000 | 3,926,000,000 | 4,027,000,000 | 4,097,000,000 | 4,727,000,000 | 4,421,000,000 |
accumulated other comprehensive income | -9,000,000 | -2,000,000 | -2,000,000 | 3,000,000 | |||||
redeemable convertible preferred stock, 0.0001 par value per share... | |||||||||
stockholders’ equity | |||||||||
exchangeable shares, no par value; 702 and zero shares authorized as of december 31, 2022 and december 31, 2023, respectively; 689 and zero shares issued and outstanding as of december 31, 2022 and december 31, 2023, respectively | |||||||||
exchangeable shares, no par value; 702 and zero shares authorized as of december 31, 2022 and september 30, 2023, respectively; 689 and zero shares issued and outstanding as of december 31, 2022 and september 30, 2023, respectively |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 |
|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||
net income | 144,000,000 | 116,000,000 | 106,000,000 | 148,000,000 | 118,000,000 | 61,000,000 | 130,000,000 | |
adjustments to reconcile net income to net cash from operating activities: | ||||||||
depreciation and amortization expense | 25,000,000 | 21,000,000 | 19,000,000 | 17,000,000 | 15,000,000 | 12,000,000 | 12,000,000 | 10,000,000 |
stock-based compensation expense | 81,000,000 | 106,000,000 | 66,000,000 | 86,000,000 | 69,000,000 | 136,000,000 | 9,000,000 | 142,000,000 |
impairments of long-lived assets and other assets | ||||||||
provision for bad debts | 3,000,000 | 5,000,000 | 4,000,000 | 3,000,000 | 4,000,000 | 4,000,000 | 8,000,000 | 5,000,000 |
amortization of operating lease right-of-use assets | 2,000,000 | 2,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 |
deferred income taxes | 67,000,000 | 1,000,000 | -2,000,000 | 4,000,000 | 28,000,000 | -14,000,000 | 41,000,000 | -65,000,000 |
other | -11,000,000 | 1,000,000 | 6,000,000 | 2,000,000 | 0 | 1,000,000 | 1,000,000 | -1,000,000 |
changes in operating assets and liabilities, net of effects of business acquisitions: | ||||||||
accounts receivable | -4,000,000 | -67,000,000 | 36,000,000 | -73,000,000 | -63,000,000 | 24,000,000 | -73,000,000 | -16,000,000 |
prepaid expenses and other assets | 0 | 18,000,000 | 28,000,000 | -51,000,000 | 15,000,000 | -20,000,000 | -2,000,000 | -36,000,000 |
accounts payable | 9,000,000 | -9,000,000 | -3,000,000 | 11,000,000 | 13,000,000 | 9,000,000 | -25,000,000 | 15,000,000 |
accrued and other current liabilities | -49,000,000 | 10,000,000 | 22,000,000 | 24,000,000 | -2,000,000 | 29,000,000 | -9,000,000 | 46,000,000 |
deferred revenue | 0 | 1,000,000 | 17,000,000 | -9,000,000 | -5,000,000 | 2,000,000 | 16,000,000 | -4,000,000 |
operating lease liabilities | -1,000,000 | -3,000,000 | -3,000,000 | -4,000,000 | -5,000,000 | -3,000,000 | -4,000,000 | -4,000,000 |
other long-term liabilities | -1,000,000 | -7,000,000 | -5,000,000 | 0 | -2,000,000 | 3,000,000 | ||
net cash from operating activities | 287,000,000 | 203,000,000 | 298,000,000 | 153,000,000 | 185,000,000 | 244,000,000 | 105,000,000 | 233,000,000 |
capital expenditures | -15,000,000 | -16,000,000 | -18,000,000 | -12,000,000 | -14,000,000 | -24,000,000 | -14,000,000 | -16,000,000 |
free cash flows | 272,000,000 | 187,000,000 | 280,000,000 | 141,000,000 | 171,000,000 | 220,000,000 | 91,000,000 | 217,000,000 |
investing activities | ||||||||
purchases of marketable securities | -86,000,000 | -82,000,000 | -62,000,000 | -85,000,000 | -20,000,000 | -20,000,000 | ||
maturities of marketable securities | 94,000,000 | 46,000,000 | 81,000,000 | 16,000,000 | 10,000,000 | 16,000,000 | 28,000,000 | 27,000,000 |
purchases of property and equipment, including capitalized internal-use software | -15,000,000 | -16,000,000 | -18,000,000 | -12,000,000 | -14,000,000 | -24,000,000 | -14,000,000 | -16,000,000 |
acquisitions of businesses, net of cash acquired | 0 | |||||||
other investing activities | 0 | 0 | -2,000,000 | |||||
net cash from investing activities | -7,000,000 | -157,000,000 | 1,000,000 | -81,000,000 | 13,000,000 | |||
financing activities | ||||||||
taxes paid related to net share settlement of equity awards | -7,000,000 | -6,000,000 | -8,000,000 | -9,000,000 | -3,000,000 | -6,000,000 | -83,000,000 | 0 |
proceeds from exercise of stock options | 2,000,000 | 2,000,000 | 4,000,000 | 4,000,000 | 2,000,000 | 25,000,000 | 49,000,000 | 3,000,000 |
changes in advances from payment card issuer | -2,000,000 | -4,000,000 | 47,000,000 | -47,000,000 | ||||
repurchases of common stock | -62,000,000 | -121,000,000 | -89,000,000 | -5,000,000 | -357,000,000 | -325,000,000 | -715,000,000 | |
net cash from financing activities | -70,000,000 | -129,000,000 | -46,000,000 | -57,000,000 | -301,000,000 | -305,000,000 | -750,000,000 | -36,000,000 |
effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents | -1,000,000 | 4,000,000 | 1,000,000 | -7,000,000 | 2,000,000 | -2,000,000 | -4,000,000 | |
net increase in cash, cash equivalents, and restricted cash and cash equivalents | 208,000,000 | -78,000,000 | 254,000,000 | 8,000,000 | -140,000,000 | -76,000,000 | -636,000,000 | 189,000,000 |
cash, cash equivalents, and restricted cash and cash equivalents - beginning of period | 0 | 0 | 1,449,000,000 | 0 | 0 | 0 | 2,293,000,000 | 0 |
cash, cash equivalents, and restricted cash and cash equivalents - end of period | 208,000,000 | -78,000,000 | 1,703,000,000 | 8,000,000 | -140,000,000 | -76,000,000 | 1,657,000,000 | 189,000,000 |
other financing activities | -1,000,000 | |||||||
proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts | 0 | |||||||
proceeds from the issuance of series a redeemable convertible preferred stock | ||||||||
proceeds from exercise of common stock warrants | ||||||||
proceeds from modification of common stock warrants | ||||||||
deferred offering costs paid | -3,000,000 | |||||||
purchases of patents | -1,000,000 | |||||||
amortization of common stock warrants | ||||||||
amortization and remeasurement of common stock issuable pursuant to subscription agreement | ||||||||
net cash provided (used in) by investing activities | ||||||||
proceeds from the issuance of redeemable convertible preferred stock, net of issuance costs | ||||||||
proceeds from the issuance of non-voting common stock | ||||||||
net loss | ||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||
proceeds from issuance of series a redeemable convertible preferred stock |