Instacart（Maplebear）

Q2 FY2026 EarningsQ2 FY26 results presented a top-line beat but a bottom-line miss relative to consensus. Revenue reached $1,043M, exceeding expectations by 1.63% driven by 14% YoY GTV growth. However, GAAP diluted EPS of $0.45 missed the $0.54 estimate by 16.67%, primarily due to a 1.33pct contraction in gross margin and a surge in R&D expenses linked to a shift in equity grant vesting schedules. Conversely, Free Cash Flow of $480M significantly outperformed consensus due to accelerated accounts receivable collections.