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Dec 31, 2025
Instacart Q4 2025 Earnings Report
Instacart reported Q4 2025 revenue of $992000000 and net income of $81000000, driven by 14% GTV growth and strong Adjusted EBITDA expansion.
Key Takeaways
Instacart delivered Q4 2025 revenue of $992000000, up 12% year-over-year, with net income of $81000000. GTV reached $9852000000, up 14%, and orders increased 16% to 89500000, marking the strongest quarterly GTV growth in three years.
GTV grew 14% year-over-year to $9852000000.
Orders increased 16% year-over-year to 89500000.
Revenue rose 12% year-over-year to $992000000.
Adjusted EBITDA increased 20% year-over-year to $303000000.
Revenue by Segment
Forward Guidance
For Q1 2026, Instacart expects GTV between $10125000000 and $10275000000 and Adjusted EBITDA between $280000000 and $290000000.
Positive Outlook
- Q1 2026 GTV expected between $10125000000 and $10275000000.
- GTV growth expected between 11% and 13% year-over-year.
- Q1 2026 Adjusted EBITDA expected between $280000000 and $290000000.
- Adjusted EBITDA growth expected between 15% and 19% year-over-year.
- GTV growth expected to outpace orders growth.
Challenges Ahead
- Sequential decline in Adjusted EBITDA due to seasonality in advertising revenue.
- Average order value decreased 1% year-over-year in Q4.
- Higher GAAP operating expenses due to legal and regulatory matters.
- Exposure to macroeconomic and regulatory risks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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