Key Highlights

  • Q3 2026 total Revenue of $884 million increased 12% year-over-year, with Transaction Revenue up 9% and Advertising Revenue up 16%.
  • Adjusted EBITDA of $248 million was generated, representing a 28% Margin on total revenue.
  • Gross Transaction Value (GTV) grew 10% year-over-year, reflecting expanding order volumes and basket sizes.
  • Instacart Platform enterprise offering continued to gain traction with grocery retail partners.

Maplebear Inc. (NASDAQ:CART), operating as Instacart, the leading online grocery marketplace in North America, reported third-quarter 2026 total revenue of $884 million, a 12% increase compared with the third quarter of 2025. Adjusted EBITDA reached $248 million for the quarter, representing a 28% margin. The company's revenue growth was driven by both its Transaction Revenue segment, which grew 9%, and its Advertising and Other Revenue segment, which grew 16%.

Transaction Revenue and GTV Growth

Instacart's Transaction Revenue, generated from orders placed through its marketplace connecting consumers with grocery retailers, grew 9% year-over-year, supported by an increase in Gross Transaction Value (GTV) of 10%. GTV represents the total value of goods sold through the Instacart platform and is the key operating metric reflecting the scale of the company's grocery commerce activity. Growth in GTV reflects both higher order volumes and modest increases in average basket size as consumers continue to incorporate online grocery shopping into their purchasing habits.

Instacart's marketplace partners more than 1,400 national and regional grocery banners across North America, connecting these retailers with Instacart's consumer base for same-day grocery delivery and pickup. The breadth of this retail partner network is a key competitive advantage, providing consumers with access to their preferred grocery chains and specialty retailers from a single app.

Advertising Revenue Acceleration

Advertising and Other Revenue grew 16% year-over-year in Q3 2026, outpacing Transaction Revenue growth. Instacart's advertising Business — which places sponsored product listings and other ad formats for consumer packaged goods brands seeking to reach grocery shoppers at the point of purchase decision — has become an increasingly important revenue contributor. The grocery advertising format is particularly valuable for CPG brands because it reaches consumers who are actively shopping for grocery products, making the advertising context highly relevant and conversion-oriented.

Instacart Platform Enterprise Offering

Beyond its consumer marketplace, Instacart offers the Instacart Platform, a suite of enterprise technology tools enabling grocery retailers to power their own digital storefronts, manage fulfillment logistics and access Data Analytics for their online businesses. This B2B offering diversifies Instacart's revenue beyond transaction fees and advertising into enterprise software services, providing grocery retailers with the technological capabilities to compete effectively in online grocery without building proprietary technology infrastructure.

Instacart closes Q3 2026 with double-digit revenue growth, strong Adjusted EBITDA margins and expanding Advertising revenue that is growing faster than the core transaction business. The company's positioning as the leading grocery delivery marketplace, combined with its growing Platform enterprise offering, provides a multi-dimensional foundation for continued growth as online grocery penetration expands across North American retail.