Maplebear Inc.

instacart.com

What Do They Do?

Runs a grocery shopping marketplace for consumers, sells online and in-store technology to retailers, and offers advertising tools to brands.

How Do They Make Money?

Transaction services are the largest revenue stream. Brands pay for ads per click, impression or coupon redemption, or for fixed-fee campaigns; software partners pay over the subscription period.

revenue

Segment	Share	Revenue
Transaction	72% FY2022: 71%
Advertising and other	28% FY2022: 29%

Who Are Their Customers?

Consumers order groceries for delivery or pickup through Instacart's app or website; retailers use its marketplace and enterprise technology for online and in-store operations, while brands buy advertising tools.

Customers above 10% of revenue, FY2025

of revenue from two customers (11%, 17%)

FY2023: 38% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 24 cents into free cash flow.

Operating income, FY2025

13% of revenue

▲ +2% vs FY2024 ($489M, 14%)

Net income, FY2025

12% of revenue

▼ −2% vs FY2024 ($457M, 14%)

Free cash flow, FY2025

24% of revenue

▲ +46% vs FY2024 ($623M, 18%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +14%; vs $914M in Q2 FY2025
Net income: ▼ −4%; vs $116M in Q2 FY2025

Transaction share of revenue vs 72.1% in Q2 FY2025

Aug 6, 2026 Acquired Arpalus and gave an outlook Arpalus develops inventory intelligence technology for grocery retail; the outlook includes GTV and Adjusted EBITDA ranges.
May 6, 2026 Acquired Instaleap and gave an outlook Instaleap provides retailer enablement and fulfillment services; the company also issued GTV and Adjusted EBITDA guidance ranges.

Growing. Revenue grew 2.0x in 4 years, from $1.8B in FY2021 to $3.7B in FY2025, about 20% a year.

Revenue over time

Transaction Advertising and other

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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