CART Q2 2026 Earnings

Call Details

• Call Title: Instacart Q2 2026 Earnings Call
• Date: August 6, 2026 at 9:00 PM UTC
• Management Team:
  • Rebecca Yoshiyama (Vice President of Investor Relations)
  • Chris Rogers (Chief Executive Officer)
  • Emily Reuter (Chief Financial Officer)

Call Summary

Financial Performance

• GTV was $10.35B in Q2, which grew 14% year over year.
• Total revenue was $1.04B in Q2, up 14% year over year.
• Transaction revenue was $746M in Q2 and represented 7.2% of GTV versus 7.3% in Q2 2025.
• Advertising and other revenue was $297M in Q2, growing 16% year over year and representing 2.9% of GTV versus 2.8% in Q2 2025.
• GAAP gross profit was $751M in Q2 and represented 7.3% of GTV versus 7.5% in Q2 2025.
• Adjusted EBITDA was $313M in Q2, up 19% year over year, and GAAP net income was $111M, down 4% year over year.
• Operating cash flow was $493M in Q2, up 143% year over year, and free cash flow was $480M, up 156% year over year, with the CFO attributing this partly to a large accounts receivable collection in the quarter.

Guidance

• Q3 2026 GTV guidance is $10.3B to $10.55B with a midpoint of $10.425B representing 14% year-over-year growth at the midpoint.
• Q3 2026 adjusted EBITDA guidance is $320M to $340M with a midpoint of $330M representing 19% year-over-year growth at the midpoint.
• Advertising and other revenue is expected to grow 15% to 18% year over year in Q3 2026, once again outpacing expected GTV growth.
• The company stated it has widened its GTV and adjusted EBITDA guidance ranges starting in Q3 to reflect increased operating scale.
• The company stated that going forward it expects to land within the provided guidance ranges with the midpoint representing the best estimate.
• For the full year, the company expects adjusted EBITDA to continue to grow faster than GTV year over year while moderating expansion as it reinvests in growth initiatives and laps some prior expense efficiencies.