CART Q4 2025 Earnings

Call Details

• Call Title: Instacart Q4 2025 Earnings Call
• Date: February 12, 2026 at 10:00 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 $9.85 billion in Q4, up 14% year over year, which the company described as its strongest growth in three years.
• Orders reached $89.5 million in Q4, up 16% year over year while average order value declined by 1% year over year.
• Transaction revenue grew 13% year over year and represented 7.1% of GTV, which was flat year over year.
• Advertising and other revenue grew 10% year over year and exceeded internal expectations in Q4.
• GAAP net income was $81 million in Q4, down 46% year over year, driven primarily by higher G&A and a $60 million FTC settlement.
• Adjusted EBITDA was $303 million in Q4, up 20% year over year.
• Operating cash flow was $184 million in Q4, up 20% year over year.

Guidance

• Q1 GTV is guided to a range of $10.125 billion to $10.275 billion, implying year-over-year growth of 11% to 13%.
• Q1 advertising and other revenue is guided to grow 11% to 14% year over year.
• Q1 adjusted EBITDA is guided to $280 million to $290 million, implying year-over-year growth of 15% to 19% and a quarter-over-quarter decline due to seasonality in advertising.
• Fiscal 2026 guidance targets steady annual adjusted EBITDA growth that outpaces GTV growth, with the rate of EBITDA expansion expected to moderate versus prior years due to reinvestment.
• The company expects year-over-year growth in payments to publishers to moderate in 2026 after scaling through 2025.
• No full-year 2026 revenue or GTV targets beyond adjusted EBITDA ambition were provided on the call.