Maplebear Inc (CART) Q4 2025 Earnings Call Highlights: Record GTV Growth and Strategic …

GuruFocus News

Fri, February 13, 2026 at 2:00 PM GMT+9 4 min read

In this article:

•                                       StockStory Top Pick 
  

  CART

  +0.94%

This article first appeared on GuruFocus.

Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Maplebear Inc (NASDAQ:CART) reported its strongest GTV growth in three years, with a 14% year-over-year increase, driven by a 16% rise in orders.

The company successfully repurchased $1.1 billion worth of shares in Q4, demonstrating strong confidence in its business performance.

Maplebear Inc (NASDAQ:CART) is leveraging AI to accelerate execution, with average output per engineer up nearly 40%, and new projects being developed four times faster.

The enterprise platform is a significant growth engine, with over 380 grocer e-commerce sites powered by Maplebear Inc (NASDAQ:CART), and substantial opportunities for expansion with new and existing partners.

The advertising ecosystem is expanding, with more than 9,000 brands advertising on Instacart, up from 7,000 last year, and the introduction of shoppable display ads on caper carts showing promising early engagement.

Negative Points

GAAP net income declined by 46% year over year, primarily due to higher G&A expenses related to non-recurring legal and regulatory matters, including a $60 million settlement with the FTC.

Average order value decreased by 1% year over year, reflecting growth in restaurant orders, which may impact profitability.

The company faces intense competition from major players like Amazon and DoorDash, which could impact market share and growth.

Despite strong advertising revenue growth, there is ongoing macro uncertainty affecting large brand partners, which could impact future performance.

The transition to an annual shareholder letter from quarterly updates may reduce the frequency of detailed investor communications, potentially impacting investor sentiment.

Q & A Highlights

Warning! GuruFocus has detected 6 Warning Signs with BROS.

Is CART fairly valued? Test your thesis with our free DCF calculator.

Q: How should we think about the scope of the opportunity for Maplebear Inc (NASDAQ:CART) in terms of both marketplace and enterprise adoption? A: Chris Rogers, CEO: Both marketplace and enterprise sides of our business are growing and healthy. Enterprise is a strategic advantage, enabling deeper strategic conversations and technical integrations with retailers. It drives growth through their operations and improves consumer experience. We see significant future opportunities in enterprise, including international expansion with partners like Costco in Spain and France. Our focus is to grow both marketplace and enterprise, with substantial runway ahead.

Story Continues  

Q: What has driven the acceleration in Maplebear Inc’s business, and how is competition affecting it? A: Chris Rogers, CEO: Our Q4 results were driven by strong user growth and engagement. We saw record customer usage and retention rates. Growth is not due to one factor but multiple initiatives, including product enhancements and partnerships. Despite competition from Amazon and DoorDash, we maintain a leading share in large baskets, which is 75% of the market. We are confident in our differentiation and ability to compete in the long run.

Q: Could you discuss the drivers behind the stronger-than-expected advertising revenue in Q4? A: Emily Reuter, CFO: Our advertising revenue grew 10% in Q4, driven by GTV growth and investment from brands across all segments. Our diversification strategy across supply and demand is working, with Carrot Ads expanding to over 310 partners and 9,000 brands advertising on Instacart. We are also scaling off-platform ads and data offerings, partnering with companies like Meta, Google, and TikTok.

Q: How is Maplebear Inc approaching international growth, and what are the opportunities in local commerce? A: Chris Rogers, CEO: We are excited about international expansion, focusing on major markets in Europe and Australia. Many markets are underdeveloped in grocery e-commerce, presenting opportunities for our technology. We are leveraging existing tech like Storefront Pro and Caper Carts. In local commerce, we serve all use cases, excelling in both big and small baskets, with a primary focus on grocery.

Q: What is the strategy for Instacart Plus, and how is it performing? A: Chris Rogers, CEO: Instacart Plus continues to represent the majority of GTV and orders. Paid members are growing, and they are more engaged and retain better than non-members. The program offers benefits like $0 delivery minimums and access to new services. We are pleased with its performance and continue to see strong user growth and retention.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Terms and Privacy Policy

Privacy Dashboard

More Info