Maplebear (CART) Q2 2026 earnings summary

Executive summary

• GTV and total revenue grew 14% year-over-year in Q2 2026, reaching $10.35B and $1.043B respectively, with advertising and other revenue up 16% and orders up 9% to 90.3M.

• Adjusted EBITDA rose 19% to $313M, while operating cash flow surged 143% and free cash flow increased 156% to $480M, reflecting strong collections and engagement.

• Net income for Q2 2026 was $111M, down 4% year-over-year, with a net income margin of 11%.

• Customer activation and engagement accelerated, driven by AI-powered shopping, enterprise expansion, and new technology features.

• Acquisitions of Arpalus and Instaleap enhanced inventory intelligence and international picking technology.

Financial highlights

• Transaction revenue reached $746M, up 13% year-over-year; advertising and other revenue grew 16% to $297M.

• GAAP gross profit was $751M, up 11% year-over-year, with a gross margin of 72%.

• Adjusted EBITDA margin improved to 30% of revenue; net income margin was 11%.

• Repurchased $325M in shares in Q2; ended with $1B in cash and $998M buyback capacity.

• Operating expenses rose 10% to $608M, mainly from higher R&D and stock-based compensation.

Outlook and guidance

• Q3 2026 GTV guidance: $10.3B–$10.55B (midpoint $10.425B), 14% year-over-year growth.

• Q3 adjusted EBITDA guidance: $320M–$340M (midpoint $330M), 19% year-over-year growth.

• Advertising and other revenue expected to grow 15%–18% year-over-year in Q3, outpacing GTV.

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

• Management notes potential volatility from macroeconomic factors, regulatory changes, and competition.