CART Maplebear Inc.
Price Chart
Executive Summary
Instacart (CART) reported strong Q1 2026 results with revenue of $1.019B (+14% YoY) and GAAP EPS of $0.57, beating consensus estimates of $0.58 on EPS and $1.01B on revenue. The company also secured a new $500M revolving credit facility, increased its share repurchase authorization to $3.5B, and guided Q2 2026 GTV of $10.1B-$10.25B (11-13% YoY growth) with Adjusted EBITDA of $290M-$300M. The combination of accelerating revenue growth, expanding margins, and a strengthened balance sheet supports a bullish outlook.
Key Financial Metrics
Actionable Insight
The strong Q1 beat and raised Q2 guidance (11-13% GTV growth) confirm accelerating momentum. The new $500M credit facility and $3.5B buyback authorization provide significant financial flexibility for M&A and capital returns. Watch for continued advertising revenue acceleration and international expansion progress as catalysts. The stock should re-rate higher on the combination of growth acceleration and margin expansion.
Key Facts
- Q1 2026 total revenue of $1.019B, up 14% YoY, exceeding $1B for the first time
- GAAP net income of $144M, up 36% YoY; GAAP EPS of $0.57 vs consensus $0.58
- Adjusted EBITDA of $300M, up 23% YoY, with margin expanding to 29% of revenue
- GTV of $10.288B, up 13% YoY, with orders up 10% to 91.2M
- Advertising & other revenue of $286M, up 16% YoY (fastest growth since Q3 2023)
- Operating cash flow of $268M and free cash flow of $253M in Q1
- New $500M unsecured revolving credit facility (undrawn at close) with $1B+ incremental capacity
- Share repurchase authorization increased to $3.5B; $349M repurchased in Q1
- Q2 2026 guidance: GTV $10.1B-$10.25B (11-13% YoY growth), Adjusted EBITDA $290M-$300M (11-15% YoY growth)
- Acquired Instaleap to accelerate international expansion of enterprise platform
Financial Impact
Q1 revenue beat consensus by ~$9M (0.9%); GAAP net income grew 36% YoY to $144M; Adjusted EBITDA grew 23% YoY to $300M; free cash flow of $253M
Risk Factors
- GAAP net income growth of 36% YoY is strong but GAAP net income margin remains thin at 14% of revenue
- Operating cash flow declined 10% YoY to $268M due to working capital timing; free cash flow also down 10%
- Share count declined ~9% YoY due to aggressive buybacks, which may not be sustainable at current pace
- Q2 Adjusted EBITDA guidance of $290M-$300M implies sequential decline from Q1's $300M due to advertising seasonality
- Integration risk from Instaleap acquisition and international expansion execution
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001579091-26-000032 |
| Document: q12026pressrelease.htm | 0001579091-26-000032 |
| Document: cart-20260501.htm | 0001579091-26-000032 |
| Document: 0001579091-26-000032-index-headers.html | 0001579091-26-000032 |
| Document: 0001579091-26-000032-index.html | 0001579091-26-000032 |
| Document: 0001579091-26-000032.txt | 0001579091-26-000032 |
| 8-K Data (Synthetic) | 0001579091-26-000032 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 4, 2026
10d ago
|
Insider Cluster
| $41.47 awaiting T+20 | awaiting T+20 | — | $41.24 (−0.54%) |
|
May 6, 2026
5w ago
|
8-K
| $40.16 $39.98 | ▼ −0.45% | ▼ −3.23% | $41.24 (+2.70%) |
|
Mar 11, 2026
13w ago
|
Insider Cluster
| $36.88 $40.34 | ▲ +9.38% | ▲ +8.86% | $41.24 (+11.84%) |
US Market Status
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