Maplebear (CART) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 performance with 14% order growth, robust user engagement, and Instacart Plus adoption, supported by deep retailer partnerships and ongoing AI-driven innovation.

• Revenue for Q1 2025 grew 9% year-over-year to $897 million, driven by 14% growth in orders and 10% growth in GTV.

• Net income for the quarter was $106 million, down from $130 million in Q1 2024, reflecting higher operating expenses and increased legal accruals.

• Announced the acquisition of Wynshop for approximately $105 million to enhance enterprise strategy and power more retailer storefronts.

• CEO Fidji Simo announced her intent to resign, with succession planning underway.

Financial highlights

• Q1 GTV grew 10% year over year to $9.1 billion, driven by a 14% increase in orders, the strongest in 10 quarters.

• Revenue reached $897 million, up 9% year-over-year, with gross profit of $671 million and gross margin steady at 75%.

• Adjusted EBITDA reached $244 million, up 23% year over year and above guidance, with margin expansion to 27% of revenue.

• Operating cash flow was $298 million, up $193 million year over year, aided by large accounts receivable collection.

• Repurchased $94 million in shares, ending Q1 with $218 million buyback capacity and $1.8 billion in cash and equivalents.

Outlook and guidance

• Q2 GTV expected between $8.85 billion and $9 billion, representing 8%-10% year-over-year growth.

• Orders growth anticipated to outpace GTV growth in Q2, with adjusted EBITDA guidance set at $240 million-$250 million.

• Advertising and other revenue growth expected to modestly outpace GTV growth.

• Committed to annual adjusted EBITDA expansion in both absolute terms and as a percentage of GTV for 2025.

• Management expects continued investment in growth and technology, with a focus on operational efficiency.