Maplebear (NASDAQ:CART) Releases Earnings Results, Meets Estimates

Key Points

• Maplebear reported Q1 EPS of $0.57 (in line with estimates) and revenue of $1.02B, up ~13.6% year‑over‑year, with GTV of $10.29B, GAAP net income and adjusted EBITDA rising and the company repurchasing $349M of stock while increasing its buyback authorization by $1B.
• Management highlighted secular growth drivers including accelerating advertising and enterprise momentum (Carrot Ads expansion, Storefront Pro powering 380+ retailer sites and wins with partners like Costco and Aldi) and AI/product innovation — notably testing Cart Assistant with ~25% of U.S. customers and integrations with ChatGPT/Claude.
• Outlook and market reaction were mixed: Q2 guidance of GTV $10.1B–$10.25B and adjusted EBITDA $290M–$300M amid one‑time items (including a ~$60M regulatory settlement) that pressured FCF, and the stock fell ~8.3% to $40.11 despite a consensus analyst rating of "Moderate Buy" (avg. PT ~$51.13) and recent insider selling.

Maplebear (NASDAQ:CART - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.57, FiscalAI reports. Maplebear had a net margin of 11.89% and a return on equity of 16.28%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the firm earned $0.37 EPS. The company's quarterly revenue was up 13.6% compared to the same quarter last year.

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

• Strong Q1 results: GTV $10.29B (+13%), total revenue $1.02B (+14%)$144M (+36%), adjusted EBITDA $300M (+23%), and repurchased $349M of stock with a $1B buyback authorization increase.
• Advertising and enterprise momentum: advertising & other revenue grew 16% (fastest since Q3'23), Carrot Ads expanded to >310 partners and 9,000+ brands are active, while Storefront Pro now powers 380+ retailer sites and enterprise deals (including Costco, Aldi) are accelerating.
• AI and product innovation are core growth drivers: testing Cart Assistant with ~25% of U.S. customers, integrating with ChatGPT/Claude, and rolling out AI-powered search and generative recommendations that boost discovery, basket build and ad relevance.
• Guidance and margin dynamics are mixed: Q2 GTV guide of $10.1B–$10.25B and adjusted EBITDA $290M–$300M; management expects EBITDA to grow faster than GTV over the year but at a moderating rate, while Q1 saw one-time items (Canada DST repeal benefit) and GAAP gross profit % pressured by publisher payments and a $60M regulatory settlement impacting FCF.

Maplebear Stock Down 8.3%

Shares of NASDAQ:CART traded down $3.63 during trading on Wednesday, hitting $40.11. The stock had a trading volume of 7,892,426 shares, compared to its average volume of 4,730,447. Maplebear has a 12-month low of $32.73 and a 12-month high of $53.50. The stock has a market capitalization of $9.50 billion, a price-to-earnings ratio of 25.23, a price-to-earnings-growth ratio of 0.66 and a beta of 0.96. The stock has a 50-day simple moving average of $39.14 and a two-hundred day simple moving average of $39.89.

Key Headlines Impacting Maplebear

Here are the key news stories impacting Maplebear this week:

• Positive Sentiment: Instacart reported a strong Q1: GTV rose ~13% y/y, total revenue topped $1B (up ~14% y/y), GAAP net income and adjusted EBITDA both rose substantially, and management said Q2 GTV guidance was largely above Street expectations — a bullish signal for growth and profitability momentum. Instacart Announces First Quarter 2026 Financial Results
• Positive Sentiment: Instacart is commercializing its decade of grocery data into AI features (a “personal shopper” that plans meals, builds baskets and predicts forgotten items). This productization could raise engagement, basket size and monetization over time. Instacart's Data Advantage Is Now a Personal Shopper
• Positive Sentiment: Maplebear secured a $500 million unsecured revolving credit facility, strengthening liquidity and giving the company flexibility to fund growth or weather volatility without dilutive capital raises. Maplebear Secures $500 Million Revolving Credit Facility
• Neutral Sentiment: Company press materials/earnings release showed Q1 EPS of $0.57 and revenue of $1.02B, with revenue up ~13.6% y/y and ROE/net margin healthy — broadly in line with management’s story of improving scale and profitability. (Management provided slides and the call are available.) Maplebear Q1 Earnings Release
• Negative Sentiment: Some outlets flagged a miss versus certain consensus numbers (Zacks noted EPS of $0.57 versus its $0.58 estimate). That perception of a marginal earnings miss, combined with high intraday trading volume, likely triggered selling pressure and amplified downside. Maplebear (CART) Q1 Earnings Lag Estimates

Analysts Set New Price Targets

Several equities research analysts have weighed in on CART shares. BNP Paribas Exane began coverage on shares of Maplebear in a research note on Wednesday, January 14th. They issued an "underperform" rating and a $41.00 target price for the company. Wells Fargo & Company raised their price objective on Maplebear from $43.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Monday, March 30th. Jefferies Financial Group upgraded Maplebear from a "hold" rating to a "buy" rating and boosted their target price for the stock from $38.00 to $45.00 in a research note on Monday, March 30th. Argus raised Maplebear to a "strong-buy" rating in a research report on Thursday, March 5th. Finally, Needham & Company LLC increased their price target on Maplebear from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $51.13.

Insider Buying and Selling

In related news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares in the company, valued at approximately $2,373,582.75. This represents a 13.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Morgan Fong sold 126,083 shares of the company's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the sale, the general counsel directly owned 386,643 shares in the company, valued at $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 144,863 shares of company stock worth $5,418,135. 24.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the company. PenderFund Capital Management Ltd. purchased a new stake in shares of Maplebear during the 4th quarter worth about $27,000. Allworth Financial LP lifted its position 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 in the last quarter. Sunbelt Securities Inc. increased 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 purchasing an additional 787 shares in the last quarter. Wilmington Savings Fund Society FSB grew its holdings 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 buying an additional 482 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Maplebear by 71.6% in the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company's stock worth $67,000 after buying an additional 698 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

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.

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