Maplebear (CART) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2024 results, with double-digit GTV and order growth year-over-year, driven by innovation and expanded offerings in grocery and restaurants.

• Continued to lead the digital grocery market, especially in large basket sizes, and deepened engagement with Instacart+ members.

• Investments in affordability, enterprise solutions, and advertising technology fueled growth and improved customer and retailer value.

Financial highlights

• Q4 GTV grew 10% year-over-year, at the high end of guidance; orders increased 11%, offset by a 1% decline in average order value due to restaurant orders.

• Transaction revenue and advertising/other revenue both increased 10% year-over-year.

• GAAP net income was $148 million, up $13 million year-over-year; Adjusted EBITDA reached $252 million, up 27% year-over-year.

• Operating cash flow was $153 million, down year-over-year due to working capital changes; year-end cash and equivalents were $1.5 billion.

• Repurchased 46 million shares for $1.4 billion in 2024, with $312 million buyback capacity remaining.

Outlook and guidance

• Q1 2025 GTV expected between $9–$9.15 billion, up 8–10% year-over-year, with orders growth outpacing GTV due to lower average order value.

• Q1 Adjusted EBITDA guidance is $220–$230 million; annual Adjusted EBITDA expansion expected, though at a more moderate pace.

• Stock-based compensation for 2025 targeted below $425 million.