Key Highlights

  • Diluted EPS of USD 0.60 rose from USD 0.51 but fell short of the consensus estimate of USD 0.63.
  • Revenue of USD 1,095 million grew 17% year over year, above the consensus estimate of USD 1.07 billion.
  • Gross transaction value rose 15% to USD 10,528 million; orders increased 10% to 91.4 million.
  • A definitive agreement to be acquired by DoorDash values the company at about USD 17 billion in equity.

Maplebear Inc. (NASDAQ:CART), which does business as Instacart, reported third quarter 2026 diluted earnings per share of USD 0.60, up from USD 0.51 a year earlier and below a consensus estimate of USD 0.63. Revenue was USD 1,095 million, up 17% from USD 939 million and above a consensus estimate of USD 1.07 billion. GAAP net income was USD 147 million, up 2%, while Adjusted EBITDA rose 23% to USD 342 million, a 31% margin. In a separate release, the company announced a definitive agreement to be acquired by DoorDash in a cash-and-stock transaction valued at about USD 17 billion in equity.

Advertising and Cash Flow Lead the Quarter

Transaction revenue grew 14% to USD 764 million, or 7.3% of gross transaction value, while advertising and other revenue grew 23% to USD 331 million, or 3.1% of gross transaction value. Gross profit rose 14% to USD 786 million, but gross margin eased to 72% from 74% of revenue. Total operating expenses rose to USD 612 million from USD 525 million, led by sales and marketing at USD 242 million and research and development at USD 194 million, and stock-based compensation climbed to USD 120 million from USD 82 million.

Income from operations was USD 174 million versus USD 166 million. Operating cash flow was USD 324 million and free cash flow was USD 307 million, each up 13%. The company repurchased USD 230 million of shares and ended the quarter with about USD 1 billion in cash and similar assets. Chief Executive Officer Chris Rogers described it as the best quarter as a public company and pointed to solid consumer demand and deeper customer engagement.

Guidance Suspended During the Merger

Because of the pending DoorDash transaction, the company cancelled the earnings call that had been scheduled for November 5, 2026. It also suspended its financial guidance and withdrew previously issued long-term guidance, which it described as customary while such a deal is pending. As a result, the company provided no forward financial targets.

The company listed merger related risks, including the completion of the deal within the anticipated timeframe or at all, regulatory and stockholder approvals, contractual limits on operating the business during the pendency, retention of key personnel, possible legal action, and a termination fee the company could be obligated to pay if the agreement ends.

Signposts During the Pending Deal

With guidance withdrawn, the items to follow are mostly tied to the transaction and to reported metrics. The regulatory and stockholder approvals the company named as risks are pending, and the equity value of about USD 17 billion is the headline term. Operating metrics include the 15% rise in gross transaction value, the 10% increase in orders, and advertising and other revenue at 3.1% of gross transaction value. Cost items include stock-based compensation of USD 120 million and operating expenses of USD 612 million, while free cash flow of USD 307 million and the USD 230 million repurchase show cash use.