Maplebear (NASDAQ:CART) Releases Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Maplebear (NASDAQ:CART) released its earnings results on Thursday. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09), Zacks reports. Maplebear had a net margin of 11.97% and a return on equity of 19.34%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the business posted $0.41 earnings per share. The company’s revenue for the quarter was up 14.1% on a year-over-year basis.

Here are the key takeaways from Maplebear’s conference call:

• Q2 performance was strong, with GTV and total revenue both rising 14% year over year to $10.35 billion and $1.04 billion, respectively. Advertising and other revenue grew 16%, outpacing GTV growth.
• Profitability and cash generation improved, with adjusted EBITDA up 19% to $313 million, operating cash flow up 143% to $493 million, and free cash flow up 156% to $480 million. Instacart repurchased $325 million of shares and retains nearly $1 billion in buyback capacity.
• Management cited accelerating customer acquisition, improving order accuracy for the 16th consecutive quarter, strong enterprise adoption, and continued expansion of advertising and international offerings. The AI shopping assistant is expected to launch across North America and is already producing larger-than-average baskets.
• GAAP net income declined 4% year over year to $111 million, while GAAP gross profit as a percentage of GTV fell to 7.3% from 7.5%, partly due to higher publisher payments and stock-based compensation.
• Q3 guidance calls for GTV of $10.3 billion-$10.55 billion and adjusted EBITDA of $320 million-$340 million, both representing approximately 14% and 19% year-over-year growth at the midpoint. The company widened its guidance ranges and said it now expects results to land within the ranges, with the midpoint as its best estimate.

Maplebear Stock Performance

CART stock traded up $5.14 during midday trading on Friday, reaching $50.17. 14,310,675 shares of the company were exchanged, compared to its average volume of 3,686,009. Maplebear has a 1-year low of $32.73 and a 1-year high of $53.50. The stock’s 50-day simple moving average is $44.97 and its 200 day simple moving average is $40.89. The company has a market cap of $11.79 billion, a price-to-earnings ratio of 27.42, a price-to-earnings-growth ratio of 0.61 and a beta of 0.78.

Analysts Set New Price Targets

CART has been the topic of a number of analyst reports. Oppenheimer increased their price target on Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company boosted their price target on shares of Maplebear from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Friday. Needham & Company LLC increased their price objective on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Friday. Benchmark raised their price objective on shares of Maplebear from $55.00 to $63.00 and gave the company a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Maplebear from $55.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.27.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares in the company, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 24.00% of the company’s stock.

Institutional Trading of Maplebear

A number of large investors have recently made changes to their positions in CART. PenderFund Capital Management Ltd. acquired a new position in Maplebear during the fourth quarter worth approximately $27,000. Allworth Financial LP boosted its holdings in shares of Maplebear by 35.7% in the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares during the period. Sunbelt Securities Inc. grew its position in shares of Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after acquiring an additional 787 shares during the last quarter. Wilmington Savings Fund Society FSB grew its position in shares of Maplebear by 49.2% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 1,462 shares of the company’s stock worth $66,000 after acquiring an additional 482 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Maplebear by 71.6% in the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after acquiring an additional 698 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear News Roundup

Here are the key news stories impacting Maplebear this week:

• Positive Sentiment: Analyst sentiment improved significantly. Barclays raised its price target from $69 to $77 and maintained an “overweight” rating. JPMorgan, Oppenheimer, Cantor Fitzgerald, Benchmark and Needham also increased their targets, generally citing growth prospects and assigning bullish ratings. Analyst price-target updates
• Positive Sentiment: Second-quarter revenue and platform activity exceeded expectations. Maplebear reported revenue of $1.04 billion, above the $1.03 billion consensus estimate, while gross transaction value and revenue each grew 14% year over year. Adjusted EBITDA rose 19% to $313 million, and GAAP net income reached $111 million. Instacart second-quarter 2026 results
• Positive Sentiment: Management’s outlook supported the bullish case. The company raised its third-quarter revenue outlook above Wall Street expectations, suggesting continued demand for online grocery services. Advertising growth, artificial-intelligence initiatives and expansion with enterprise customers also provided additional growth drivers. CART second-quarter earnings analysis
• Neutral Sentiment: Retailer pricing changes could expand adoption but affect economics. More retailers are offering grocery delivery through Instacart without item markups to appeal to cost-conscious shoppers. The strategy may increase order volume and online grocery penetration, although lower markups could pressure transaction economics. Retailers cut grocery delivery markups
• Negative Sentiment: The earnings miss remains a risk. Adjusted earnings were $0.45 per share, below estimates ranging from $0.54 to $0.55, though earnings increased from $0.41 a year earlier. Guggenheim kept a “neutral” rating and set a $46 target, implying downside from recent levels. CART misses second-quarter earnings estimates

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.