--- title: "Instacart（Maplebear）| 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 1.019 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285612109.md" datetime: "2026-05-07T20:26:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285612109.md) - [en](https://longbridge.com/en/news/285612109.md) - [zh-HK](https://longbridge.com/zh-HK/news/285612109.md) --- # Instacart（Maplebear）| 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 1.019 B Revenue: As of FY2026 Q1, the actual value is USD 1.019 B, beating the estimate of USD 1.007 B. EPS: As of FY2026 Q1, the actual value is USD 0.57, missing the estimate of USD 0.5727. EBIT: As of FY2026 Q1, the actual value is USD 176 M. #### Key Financial and Operational Highlights - **Gross Transaction Value (GTV)**: Instacart (Maplebear) reported GTV of $10,288 million in Q1 2026, an increase of 13% from $9,122 million in Q1 2025. - **Orders**: Total orders reached 91.2 million in Q1 2026, up 10% from 83.2 million in Q1 2025. - **Gross Profit**: Gross profit was $738 million in Q1 2026, an increase of 10% from $671 million in Q1 2025. - **Gross Margin**: The gross margin was 72% in Q1 2026, a decrease of 2% from 75% in Q1 2025. - **Gross Profit as a Percent of GTV**: This metric was 7.2% in Q1 2026, a decrease from 7.4% in Q1 2025. - **Net Income**: Net income for Q1 2026 was $144 million, marking a 36% increase from $106 million in Q1 2025. - **Net Income as a Percent of Revenue**: Net income as a percent of revenue increased to 14% in Q1 2026 from 12% in Q1 2025. - **Net Income as a Percent of GTV**: This metric increased to 1.4% in Q1 2026 from 1.2% in Q1 2025. - **Adjusted EBITDA**: Adjusted EBITDA grew by 23% to $300 million in Q1 2026 from $244 million in Q1 2025. - **Adjusted EBITDA Margin**: The Adjusted EBITDA margin was 29% in Q1 2026, an increase from 27% in Q1 2025. - **Adjusted EBITDA as a Percent of GTV**: This was 2.9% in Q1 2026, an increase from 2.7% in Q1 2025. #### Segment Revenue - **Transaction Revenue**: In Q1 2026, transaction revenue was $733 million, an increase of $82 million (13%) from $650 million in Q1 2025. This increase was primarily driven by GTV growth and increased fulfillment efficiencies, partially offset by lower payment revenue. - **Advertising and Other Revenue**: Advertising and other revenue increased by $40 million (16%) to $286 million in Q1 2026 from $247 million in Q1 2025, primarily due to increased advertising volume, platform activity, and strength from emerging and mid-size brand partners. The advertising and other investment rate increased by 8 basis points to 2.8% in Q1 2026 compared to Q1 2025. #### Cost of Revenue - Cost of revenue for Q1 2026 was $281 million, an increase of $55 million (24%) from $226 million in Q1 2025. This was mainly due to a $16 million increase in credit card processing fees, a $12 million increase in payments to publishers, and a $10 million increase in depreciation and amortization expense. #### Operating Expenses - **Operations and Support Expense**: This expense was $74 million (7% of revenue) in Q1 2026, a decrease of -$1 million (-1%) from $75 million (8% of revenue) in Q1 2025. - **Research and Development Expense**: R&D expense was $164 million (16% of revenue) in Q1 2026, an increase of $20 million (14%) from $144 million (16% of revenue) in Q1 2025, primarily due to a $13 million net increase in total compensation costs. - **Sales and Marketing Expense**: Sales and marketing expense totaled $230 million (23% of revenue) in Q1 2026, an increase of $14 million (6%) from $216 million (24% of revenue) in Q1 2025, primarily due to a $10 million increase in marketing costs. - **General and Administrative Expense**: G&A expense was $88 million (9% of revenue) in Q1 2026, a decrease of -$38 million (-30%) from $126 million (14% of revenue) in Q1 2025, primarily due to a $46 million decrease in accruals for legal matters and sales and indirect taxes. #### Interest Income - Interest income was $6 million in Q1 2026, a decrease of -$8 million (-58%) from $14 million in Q1 2025, primarily due to lower interest rates and a reduction in the average balance of cash, cash equivalents, and marketable securities. #### Provision for Income Taxes - The provision for income taxes was $44 million in Q1 2026, an increase of $26 million (148%) from $18 million in Q1 2025, due to tax effects of recognized stock-based compensation, generated U.S. research and development credits, and income taxes in various jurisdictions. #### Cash Flow Activities - **Net Cash Provided by Operating Activities**: This was $268 million in Q1 2026, compared to $298 million in Q1 2025. The decrease was primarily due to working capital fluctuations and the payment of $60 million in regulatory settlements in January 2026. - **Net Cash Used in Investing Activities**: This amounted to -$8 million in Q1 2026, compared to $1 million provided in Q1 2025. - **Net Cash Used in Financing Activities**: This was -$328 million in Q1 2026, compared to -$46 million in Q1 2025. - **Free Cash Flow**: Free cash flow was $253 million in Q1 2026, a decrease of -10% from $280 million in Q1 2025. #### Future Outlook and Strategy Instacart (Maplebear) plans to grow by enabling digital transformation for retailers, enhancing customer engagement through Instacart Marketplace and Instacart Enterprise platform, and providing measurable advertising offerings for brands. The company expects existing cash, cash equivalents, and marketable securities to cover anticipated cash needs for at least the next 12 months and beyond, and secured a new $500 million unsecured revolving credit facility in May 2026. Future cash requirements will depend on growth rate, timing of payments, and spending on R&D, sales, marketing, and potential acquisitions. #### Share Repurchase Program Instacart (Maplebear)’s board of directors authorized a $1.0 billion increase to its share repurchase program in April 2026, bringing the total authorization to $3.5 billion. For the three months ended March 31, 2026, Instacart (Maplebear) repurchased and retired 9 million shares of common stock for $402 million, including shares from an accelerated share repurchase agreement completed in January 2026. 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