Maplebear Reports Strong Q4 2025 Results

Company sees accelerating growth across Marketplace, enterprise, and advertising business

Published on Feb. 12, 2026

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Maplebear (NASDAQ:CART), the parent company of online grocery delivery service Instacart, reported strong fourth-quarter 2025 results, with the company closing out the year with its highest gross transaction value (GTV) growth in three years. CEO Chris Rogers highlighted accelerating growth and said the company is 'in a position to press our advantage', while CFO Emily Reuter emphasized continued operating leverage and disciplined investment.

Why it matters

Maplebear's performance in Q4 2025 demonstrates the company's ability to drive growth across its key business segments, including its Marketplace, enterprise technology platform, and advertising offerings. As the company heads into 2026, this momentum positions it well to continue expanding its reach and solidifying its position as a leading player in the online grocery delivery space.

The details

Transaction revenue rose 13% year-over-year and represented 7.1% of GTV, flat from the prior year. Advertising and other revenue increased 10% year-over-year, outperforming expectations. On profitability, the company reported GAAP net income of $81 million, down 46% year-over-year, primarily due to higher general and administrative expenses related to non-recurring legal and regulatory matters, including a $60 million settlement with the FTC. Adjusted EBITDA grew 20% to $303 million, and operating cash flow was $184 million, also up 20% year-over-year.

  • Maplebear reported its Q4 2025 earnings on February 13, 2026.
  • The company will stop publishing quarterly shareholder letters and instead move to an annual shareholder letter, beginning in Q1 2026.

The players

Chris Rogers

CEO of Maplebear, the parent company of Instacart.

Emily Reuter

CFO of Maplebear.

Maplebear, Inc.

The parent company of online grocery delivery service Instacart, operating a leading online grocery and essentials marketplace.

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What they’re saying

“We must be in a position to press our advantage.”

— Chris Rogers, CEO (transcriptdaily.com)

“We remain committed to steady annual adjusted EBITDA growth that outpaces GTV growth, while noting the rate of expansion is expected to moderate as we reinvest across our growth engines and lap operating expense efficiencies realized in 2024 and 2025.”

— Emily Reuter, CFO (transcriptdaily.com)

What’s next

Maplebear plans to roll out its Cart Assistant feature on the Instacart Marketplace by the end of Q1 2026.

The takeaway

Maplebear's strong Q4 2025 results, driven by momentum across its Marketplace, enterprise, and advertising business, position the company well to continue expanding its reach and solidifying its position as a leading player in the online grocery delivery space as it heads into 2026.