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Sep 30
Instacart Q3 2025 Earnings Report
Instacart reported solid growth in revenue, net income, and profitability in Q3 2025.
Key Takeaways
Instacart delivered strong Q3 results with increases in orders, GTV, and profitability. The company achieved $939M in revenue and $144M in net income, driven by growth across marketplace and enterprise platforms, alongside strength in its advertising business.
Revenue reached $939M, up from $852M a year earlier.
Net income rose to $144M, reflecting a 22% YoY increase.
Orders hit 83.4 million, a 14% increase YoY.
Adjusted EBITDA grew to $278M, driven by GTV expansion and operating leverage.
Instacart
Instacart
Instacart Revenue by Segment
Revenue by Segment
Transaction Revenue
CapyFin.comAdvertising & Other Revenue
CapyFin.com Forward Guidance
Instacart expects GTV between $9.45B and $9.6B and Adjusted EBITDA between $285M and $295M in Q4 2025.
Positive Outlook
- Strong October performance carried into Q4.
- Enterprise partnerships continue to expand.
- Momentum in AI and ads ecosystem expected to persist.
- Orders growth expected to outpace GTV growth.
- Operational leverage and efficiency remain strong.
Challenges Ahead
- EBT SNAP funding scenarios may impact growth.
- No GAAP equivalent guidance provided for EBITDA.
- Macroeconomic uncertainties could weigh on consumer behavior.
- Lower basket minimums may continue to affect AOV.
- Revenue growth may be pressured by affordability initiatives.
Revenue & Expenses
Visualization of income flow from segment revenue to net income