Maplebear Inc., operating as Instacart, has unveiled its robust financial performance for the third quarter of 2025, showcasing significant growth across its core operations. The company reported a 14% increase in orders and a 10% rise in Gross Transaction Value (GTV) compared to the previous year. This positive trajectory is attributed to Instacart's multifaceted approach, which encompasses a dominant online grocery marketplace, advanced enterprise technology solutions for retailers, and an expanding advertising platform. The leadership's strategic focus for the future revolves around enhancing service affordability, accelerating the expansion of its enterprise offerings, and integrating cutting-edge AI solutions to further solidify its market position and drive sustainable growth.
Chris Rogers, Instacart's Chief Executive Officer, emphasized the company's strong foundation, noting its established leadership in the online grocery sector. He detailed how the marketplace, which constitutes the majority of Instacart's business, is built on a commitment to extensive selection, superior quality, competitive pricing, and an intuitive user experience. This focus has cultivated a growing base of loyal customers, with increasing retention rates and order frequency. Instacart+ members, in particular, demonstrate heightened engagement, spending more and utilizing the service for a broader range of needs, including larger grocery orders and other retail categories. Rogers highlighted that this consistent growth enhances Instacart's operational scale, leading to improved efficiency and profitability, with positive and strengthening unit economics across all basket sizes. This efficiency is achieved through continuous technological advancements in areas like routing, batching, and replacements, creating a positive feedback loop that benefits shoppers, customers, and the company's cost-to-serve.
A significant differentiator for Instacart, as underscored by Rogers, is its enterprise platform, which empowers retailers with comprehensive technology and enablement solutions. This platform is built on five key pillars: a white-label e-commerce storefront technology, versatile fulfillment services, Carrot Ads technology for advertising, in-store technology like Caper Carts, and new AI Solutions. These offerings enable retailers to enhance their online presence, optimize physical store operations, and leverage advanced advertising tools. Rogers highlighted that the enterprise platform is a crucial growth driver, providing retailers with world-class technology and engineering resources that would otherwise be difficult to develop. The recent launch of AI products, aimed at transforming grocery shopping experiences, has garnered significant interest from retailers, positioning Instacart as a vital partner in the evolving retail landscape.
The company's advertising ecosystem also plays a pivotal role in its overall strategy, offering brands extensive reach across Instacart's marketplace and partner websites. With over 7,500 brand partners, Instacart's advertising solutions drive measurable sales boosts, averaging 25%. Rogers outlined plans to further diversify the advertising base and expand reach through new formats, AI tools, and partnerships with major platforms like TikTok and Pinterest. The integration of advertising capabilities on Caper Carts and the development of off-platform insights further enhance the ecosystem's value. Despite a challenging operating environment for CPGs, Instacart remains confident in its ability to achieve double-digit advertising revenue growth in the coming year, supported by its innovative offerings and broad market penetration.
Looking ahead, Instacart is actively exploring new growth avenues, including B2B distribution and international expansion. The company has developed a suite of products tailored for businesses, such as invoicing and Will Call Delivery, and is extending these capabilities to its Storefront technology. In the international arena, Instacart aims to leverage its existing enterprise products, like Storefront Pro, Caper, and Foodstorm, to address similar challenges faced by retailers in markets like Europe and Australia. This disciplined approach to global expansion, focusing on established technologies, is expected to drive long-term growth while maintaining profitability objectives. Emily Reuter, CFO, provided insights into the company's financial discipline, noting a GAAP net income of $144 million and an adjusted EBITDA of $278 million in Q3, both up 22% year-over-year. The company's commitment to shareholder value was reinforced by a $1.5 billion increase in its share repurchase program, underscoring confidence in its future trajectory.
Instacart’s strategic vision extends beyond its current achievements, aiming to continually innovate and adapt to market dynamics. The ongoing efforts to enhance affordability, expand enterprise solutions, and integrate AI technologies are designed to create a more valuable ecosystem for customers, retailers, and brands. By leveraging its robust data sets and technological prowess, Instacart is poised to redefine the grocery experience, making it more personalized, efficient, and accessible. The company's proactive approach to competitive pressures and regulatory changes, particularly in markets like New York City, demonstrates its resilience and commitment to navigating complex challenges while maintaining its growth objectives. This comprehensive strategy, rooted in innovation and strong financial management, positions Instacart as a transformative force in the grocery industry, driving sustainable long-term value for all stakeholders.