Maplebear (NASDAQ: CART), the parent company of Instacart, reported robust growth for the second quarter of 2026, with Gross Transaction Value (GTV) climbing 14% year-over-year to $10.35 billion. This performance, driven by a 9% increase in order volume and a 4% rise in average order value, highlights the company’s expanding influence across its marketplace, enterprise, and advertising segments.
Financial Performance and Cash Flow Metrics
Total revenue reached $1.04 billion, a 14% increase, while the advertising and other revenue segment surged 16% to $297 million. CEO Chris Rogers noted that the company has accelerated its growth over the past three quarters, bolstered by its strongest rate of net new customer activations since 2022.
While GAAP net income settled at $111 million—a 4% year-over-year decline attributed to shifts in stock-based compensation vesting schedules—adjusted EBITDA demonstrated strength, rising 19% to $313 million. Furthermore, operational efficiency gains were evident as operating cash flow jumped 143% to $493 million, and free cash flow increased by 156% to $480 million. CFO Emily Reuter confirmed that the company remains committed to returning the majority of its free cash flow to shareholders, having repurchased $325 million in shares during the quarter.
Technological Innovation: AI and Computer Vision
Instacart is doubling down on its data and fulfillment infrastructure, which currently supports a catalog of over 2 billion products and generates 10 million daily inventory signals. The company’s recent acquisition of Arpalis, a computer-vision specialist, is expected to enhance shelf-availability intelligence and AI-powered shopping experiences.
In the coming weeks, the company plans to launch a new AI assistant across its North American marketplace. The tool leverages purchase history, real-time inventory, and dietary preferences to streamline the shopping experience, with early tests showing larger basket sizes compared to traditional orders. Additionally, the company is integrating with major AI platforms, including Google Gemini, OpenAI, and Anthropic, to explore new demand channels.
Enterprise Expansion and International Growth
The company’s B2B offerings continue to gain traction. The Storefront solution now powers over 380 grocery websites, with new partners like Calgary Co-op and Dierbergs joining the platform. Meanwhile, specialized technologies such as Caper smart carts and Foodstorm—now utilized by Costco for nationwide catering orders—are seeing widespread adoption.
Internationally, Instacart is pursuing an “enterprise-first” strategy. By deploying proven North American technologies to markets in France, Spain, and the U.K. (via a partnership with Morrisons following the Instaleap acquisition), the company aims to scale its e-commerce and fulfillment capabilities without requiring overly customized market solutions.
Advertising Strategy and Future Outlook
Advertising revenue continues to outpace overall GTV growth, supported by new tools in Ads Manager. Recent rollouts include AI-powered creative recommendations, an “Immersive Feed” for shoppable vertical video, and new objectives designed to increase customer lifetime value.
Looking ahead to the third quarter of 2026, management forecasts GTV between $10.3 billion and $10.55 billion. Adjusted EBITDA is projected to reach between $320 million and $340 million, representing a 19% growth trajectory at the midpoint. The company expects advertising and other revenue to maintain its momentum, with a forecasted increase of 15% to 18%.
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