Maplebear (CART) Q2 2024 earnings summary

Executive summary

• Achieved 10% year-over-year GTV growth and 15% revenue growth in Q2 2024, with strong gains in adjusted EBITDA, operating cash flow, and third consecutive quarter of positive GAAP net income.

• Reinforced position as the largest online grocery marketplace in North America, driven by deep retailer integrations and a broad suite of services including pickup, virtual convenience, and catering.

• Expanded enterprise platform and in-store technology, including international launch of AI-powered Caper Cart and new partnerships with ALDI and Sprouts.

• Gross profit rose 18% year-over-year to $623 million, with gross margin improving to 76% from 74% in the prior year.

• A restructuring plan in Q1 2024 reduced headcount by 7% to drive cost savings and reinvest in growth.

Financial highlights

• Q2 2024 revenue: $823 million (+15% YoY); gross profit: $623 million (+18% YoY); net income: $61 million (-46% YoY).

• GTV reached $8.2 billion (+10% YoY); orders totaled 70.8 million (+7% YoY); AOV grew 3%.

• Adjusted EBITDA reached $208 million, up 89% year-over-year; margin: 25% of revenue.

• Operating cash flow was $244 million, up 42% year-over-year.

• Share repurchases totaled $1.04 billion in H1 2024, with $425 million remaining under the new program.

Outlook and guidance

• Q3 GTV guidance: $8.1–$8.25 billion, representing 8–10% year-over-year growth.

• Q3 adjusted EBITDA guidance: $205–$215 million.

• GTV growth expected to be driven more by orders than basket size, with continued strength in core service and modest contribution from restaurant orders.

• Management expects continued investment in growth initiatives, with cost savings from restructuring to be reinvested.

• Sufficient liquidity is anticipated for at least the next 12 months, but future cash needs may fluctuate with business growth and market conditions.