Maplebear (CART) Q4 2025 earnings summary

Executive summary

• Achieved $37.2B in GTV for 2025, up 11% year-over-year, with Q4 2025 GTV at $9.85B, up 14% year-over-year, marking the strongest quarterly growth in three years and robust momentum across Marketplace, Enterprise, and Ads.

• Adjusted EBITDA reached $1.09B for 2025, a 23% increase year-over-year, with Q4 adjusted EBITDA up 20% to $303M, reflecting strong operating leverage and profitability expansion.

• Repurchased $1.4B in shares during 2025, including $1.1B in Q4, and completed a $250M accelerated share repurchase in January 2026.

• Expanded international presence with launches in Spain and France, deepened partnerships with major retailers, and piloted in-store technology with Morrisons and Coles.

• Leveraged AI to accelerate execution, improve efficiency, and enhance customer and advertiser experiences, including Cart Assistant AI and ChatGPT integration.

Financial highlights

• Total revenue grew at an 11% CAGR from 2023 to 2025, reaching $3.7B in 2025.

• Q4 2025 GTV reached $9.85B, up 14% year-over-year; orders grew 16% to 89.5M.

• GAAP net income for 2025 was $457M, rebounding from a loss of $1.62B in 2023, despite $116M in higher G&A expenses from legal and regulatory matters; Q4 GAAP net income was $81M, down 46% year-over-year due to $60M in non-recurring legal expenses.

• Adjusted EBITDA margin improved to 2.9% of GTV in 2025, up from 2.1% in 2023.

• Operating cash flow reached $1.4B in 2025, with Q4 operating cash flow at $184M, up 20% year-over-year.

Outlook and guidance

• Q1 2026 GTV expected between $10.125B and $10.275B, up 11%-13% year-over-year.

• Q1 2026 advertising and other revenue projected to grow 11%-14% year-over-year.

• Q1 2026 adjusted EBITDA guidance of $280M-$290M, up 15%-19% year-over-year but down sequentially due to seasonality.

• Committed to annual adjusted EBITDA growth outpacing GTV growth in 2026, though rate of expansion will moderate as reinvestment increases.

• Multiple growth engines and efficiency levers are expected to drive further omnichannel grocery adoption and durable, long-term profitable growth.