Maplebear (CART) investor relations material

Executive summary

• Achieved record GTV of $10.29B, up 13% year-over-year, and surpassed $1B in revenue for the first time, with ninth consecutive quarter of double-digit GTV growth.

• Expanded profitability with GAAP net income of $144M, up 36% year-over-year, and Adjusted EBITDA of $300M, up 23%.

• Repurchased $349M in shares, reflecting confidence in business trajectory and ended Q1 with $880M in cash and equivalents.

• Strategy centers on marketplace, enterprise, and advertising, with AI as a key accelerant and international expansion through Storefront Pro launches and Instaleap acquisition.

• Storefront Pro adoption drove a 10+ percentage-point lift in online sales and improved new user retention for retail partners, with ALDI U.S. launching nationwide.

Financial highlights

• Q1 GTV: $10.29B, up 13% year-over-year; orders: 91.2M, up 10% year-over-year.

• Average order value: $113, up 3% year-over-year; transaction revenue: $733M, up 13% year-over-year.

• Advertising and other revenue: $286M, up 16% year-over-year, fastest growth since Q3 2023.

• Total revenue: $1.02B, up 14% year-over-year; GAAP gross profit: $738M, up 10% year-over-year.

• GAAP net income: $144M, up 36% year-over-year; adjusted EBITDA: $300M, up 23% year-over-year.

• Operating cash flow: $268M and free cash flow: $253M, both down 10% year-over-year due to prior year AR collection and regulatory settlements.

Outlook and guidance

• Q2 GTV expected between $10.1B–$10.25B, 11%–13% year-over-year growth.

• Q2 advertising and other revenue projected to grow 11%–14% year-over-year.

• Q2 adjusted EBITDA guidance: $290M–$300M, 11%–15% year-over-year growth.

• Full-year adjusted EBITDA expected to grow faster than GTV, with rate of expansion moderating as investments increase.

• Management highlighted ongoing investments in technology and partnerships to drive future growth.