Maplebear Inc.
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
CART$58.12+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001579091-25-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001579091-25-000067
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 170 previous paragraphs and 181 current paragraphs.
124 unchanged; 40 reworded; 10 added; 4 removed; 2 previous and 7 current paragraphs rearranged.
Tables are not compared: 21 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
For purposes of clarity and ease of presentation, numbers presented within this section may not add up precisely to the totals provided. The underlying data used in the calculations, including percentages, is not rounded.
Current report
Leadership Transition
Current report
As previously announced, Fidji Simo has resigned as our Chief Executive Officer and President, to take effect on August 15, 2025, and we have appointed Chris Rogers to serve as our Chief Executive Officer and President, and a member of our board of directors, effective as of such date. Ms. Simo will continue to serve as Chair of our board of directors following her resignation.
Current report
Other Income (Expense), Net
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, including the restoration of immediate expensing of domestic Research and Experimental expenditures and modification of certain international tax frameworks. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our condensed consolidated financial statements.
Current report
The increase in gross profit during the second quarter of 2025, compared to the same quarter of 2024, was primarily driven by the increase in total revenue due to the factors described above. The decrease in gross margin during the second quarter of 2025, compared to the same period of 2024, was primarily due to cost of revenue growing faster than revenue.
Current report
The decrease in research and development expense during the second quarter of 2025, compared to the same quarter in 2024, was primarily due to a net decrease of $18 million in total compensation costs.
Current report
The decrease in general and administrative expense during the second quarter of 2025, compared to the same quarter of 2024, was primarily due to a decrease of $7 million in total compensation costs, a net decrease of $5 million in accruals for legal matters and sales and indirect taxes, partially offset by an increase of $4 million in fixed asset impairments.
Current report
•excludes acquisition-related expenses;
Current report
During the six months ended June 30, 2025, weamended a lease agreement for our corporate headquarters to terminate certain suites and extend the terms of other suites to 2034. As a result, our operating lease obligations increased by $21 million. Refer to Note 10 — Commitments and Contingencies in the notes to thecondensed consolidated financial statements included in Part 1, Item 1 of this Quarterly Report on Form 10-Q for more information.
Removed paragraphs (4)
Previous report
Other Expense, Net
Previous report
On March 10, 2025, lawmakers in the U.S. House of Representatives introduced the American Innovation and R&D Competitiveness Act of 2025. This proposed legislation intends to restore the immediate expensing of research and experimental expenditures, reversing the capitalization requirement. We are monitoring these developments and evaluating the potential impact on our results of operations.
Previous report
(1)Totals of percent of revenue may not foot due to rounding.
Previous report
(6) Totals of percent of GTV may not foot due to rounding.
Reworded paragraphs (40)
Previous wording
Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers’ owned and operated online storefronts that are powered by Instacart Enterprise Platform, our end-to-end technology solution encompassing e-commerce, fulfillment, Connected Stores, ads and marketing, and insights. As consumers and retailers move online, brands can use Instacart Ads as an effective way to reach
Current wording
Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers’ owned and operated online storefronts that are powered by Instacart Enterprise Platform, our end-to-end technology solution encompassing e-commerce, fulfillment, Connected Stores, ads and marketing, and insights. As consumers and retailers move online, brands can use Instacart Ads as an effective way to reach customers at the point of purchase and within minutes of delivery and consumption.
Previous wording
Our business, financial condition, customer acquisition and retention, and key business metrics, including GTV and orders, may be impacted by macroeconomic trends affecting our markets and industry and consumer shopping habits, such as inflation or interest rate fluctuations, the effects of supply chain challenges, the impact of tariffs or other trade restrictions, geopolitical conflicts, regulatory changes, uncertainty regarding an economic recession and associated decreases in consumer discretionary income, and the effects of severe weather patterns.
Current wording
Our business, financial condition, customer acquisition and retention, and key business metrics, including GTV and orders, may be impacted by macroeconomic trends affecting our markets and industry and consumer shopping habits, such as inflation or interest rate fluctuations, the effects of supply chain challenges, the impact of trade policies enacted or proposed by the United States, such as tariffs or other trade restrictions, and uncertainty related thereto, geopolitical conflicts, regulatory changes, uncertainty regarding an economic recession and associated decreases in consumer discretionary income, and the effects of severe weather patterns.
Previous wording
In the first quarter of 2025, orders increased to 83.2 million, or 14% growth, compared to the same quarter of 2024, driven primarily by new customers and increased engagement of existing customers.
Current wording
In the second quarter of 2025, orders increased to 82.7 million, or 17% growth, compared to the same quarter of 2024, driven primarily by new customers and increased engagement of existing customers.
Previous wording
We define GTV as the value of the products sold through Instacart, including applicable taxes, deposits and other local fees, customer tips, which go directly to shoppers, customer fees, which include flat subscription fees related to Instacart+ that are charged monthly or annually, and other fees. GTV consists of orders including those completed through Instacart Marketplace or services that are part of the Instacart Enterprise Platform. We believe that GTV indicates the health of our business, including our ability to drive revenue and profits, and the value we provide to our constituents. We have experienced and expect to continue to experience fluctuations in GTV growth, including due to the macroeconomic conditions described above, changes in customer and retailer engagement, and the effects of our strategic initiatives.
Current wording
Marketplace or services that are part of the Instacart Enterprise Platform. We believe that GTV indicates the health of our business, including our ability to drive revenue and profits, and the value we provide to our constituents. We have experienced and expect to continue to experience fluctuations in GTV growth, including due to the macroeconomic conditions described above, changes in customer and retailer engagement, and the effects of our strategic initiatives.
Previous wording
In the first quarter of 2025, GTV increased to $9,122 million, or 10% growth, compared to the same quarter of 2024, primarily driven by the increase in orders partially offset by lower average order value.
Current wording
In the second quarter of 2025, GTV increased to $9,081 million, or 11% growth, compared to the same quarter of 2024, primarily driven by the increase in orders partially offset by lower average order value.
Previous wording
In the first quarter of 2025, gross profit increased to$671 million, or 9% growth, compared to the same quarter of 2024, primarily driven by the increase intotal revenue. Gross margin remained flat at 75% in the first quarter of 2025, compared to the same quarter of 2024.
Current wording
In the second quarter of 2025, gross profit increased to$678 million, or 9% growth, compared to the same quarter of 2024, primarily driven by the increase intotal revenue. Gross margin decreased by 2% to 74% in the second quarter of 2025, compared to the same quarter of 2024, primarily due to cost of revenue growing faster than revenue.
Previous wording
We define Adjusted EBITDA as net income, adjusted to exclude (i) provision for income taxes, (ii) interest income, (iii) other expense, net, (iv) depreciation and amortization expense, (v) stock-based compensation expense, (vi) payroll taxes related to stock-based compensation expense, (vii) certain legal and regulatory accruals and settlements, net, (viii) reserves for sales and other indirect taxes, net, and (ix) restructuring charges. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of revenue. For more information about how we use these non-GAAP financial measures in our business, the limitations of these measures, and reconciliations of these measures to the most directly comparable GAAP financial measures, see the section titled “—Non-GAAP Financial Measures.”
Current wording
We define Adjusted EBITDA as net income, adjusted to exclude (i) provision for income taxes, (ii) interest income, (iii) other (income) expense, net, (iv) depreciation and amortization expense, (v) stock-based compensation expense, (vi) payroll taxes related to stock-based compensation expense, (vii) certain legal and regulatory accruals and settlements, net, (viii) reserves for sales and other indirect taxes, net, (ix) acquisition-related expenses, and (x) restructuring charges. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of revenue. For more information about how we use these non-GAAP financial measures in our business, the limitations of these measures, and reconciliations of these measures to the most directly comparable GAAP financial measures, see the section titled “—Non-GAAP Financial Measures.”
Previous wording
In the first quarter of 2025, Adjusted EBITDA increased to $244 million, or 23% growth, compared to the same quarter of 2024, primarily driven by a combination of strong GTV growth and operating leverage. Our Adjusted EBITDA, Adjusted EBITDA as a percent of GTV, and Adjusted EBITDA margin can vary significantly as we continue to make substantial investments to fuel our growth and scale our business.
Current wording
In the second quarter of 2025, Adjusted EBITDA increased to $262 million, or 26% growth, compared to the same quarter of 2024, primarily driven by a combination of strong GTV growth and operating leverage. Our Adjusted EBITDA, Adjusted EBITDA as a percent of GTV, and Adjusted EBITDA margin can vary significantly as we continue to make substantial investments to fuel our growth and scale our business.
Previous wording
Other expense, net primarily consists of gains and losses from transactions denominated in a currency other than the functional currency.
Current wording
Other income (expense), net primarily consists of gains and losses from transactions denominated in a currency other than the functional currency.
Previous wording
Comparison of the Three Months Ended March 31, 2024 and 2025
Current wording
Comparison of the Three and Six Months Ended June 30, 2024 and 2025
Previous wording
The increase in transaction revenue during the first quarter of 2025, compared to the same quarter of 2024, was primarily driven by growth in GTV, which grew 10%, lower consumer incentives, and increased fulfillment efficiencies, partially offset by our ongoing investment into affordability initiatives designed to increase customer engagement during the first quarter of 2025.
Current wording
The increase in transaction revenue during the second quarter of 2025, compared to the same quarter of 2024, was primarily driven by growth in GTV, which grew 11%, lower consumer incentives, and increased fulfillment efficiencies, partially offset by our ongoing investment into affordability initiatives designed to increase customer engagement.
Previous wording
The increase in advertising and other revenue during the first quarter of 2025, compared to the same quarter of 2024, was primarily driven by interrelated factors including an increase in advertising volume, activity on our platform, and strength from both large and emerging brand partners. Advertising and other investment rate increased by 10 basis points to 2.7% during the first quarter of 2025, compared to the same quarter of 2024, as advertising and other revenue grew faster than GTV.
Current wording
The increase in advertising and other revenue during the first six months of 2025, compared to the same period of 2024, was primarily driven by interrelated factors including an increase in advertising volume, activity on our platform, and strength from emerging brand partners. Advertising and other investment rate increased by six basis points to 2.8% during the first six months of 2025, compared to the same period of 2024, as advertising and other revenue grew faster than GTV.
Previous wording
The increase in cost of revenue during the first quarter of 2025, compared to the same quarter of 2024, was primarily due to an increase of $10 million in credit card processing fees, an increase of $7 million in depreciation and amortization expense primarily related to capitalized internal-use software, and an increase of $7 million in payments to publishers.
Current wording
The increase in cost of revenue during the second quarter of 2025, compared to the same quarter of 2024, was primarily due to an increase of $12 million in credit card processing fees, an increase of $9 million in payments to publishers, and an increase of $8 million in depreciation and amortization expense, primarily related to capitalized internal-use software.
Previous wording
The increase in gross profit during the first quarter of 2025, compared to the same quarter of 2024, was primarily driven by the increase in total revenue due to the factors described above. Gross margin during the first quarter of 2025, compared to the same period of 2024, remained flat.
Current wording
The increase in gross profit during the first six months of 2025, compared to the same period of 2024, was primarily driven by the increase in total revenue due to the factors described above. Gross margin during the first six months of 2025, compared to the same period of 2024, remained flat.
Previous wording
The increase in operations and support expense during the first quarter of 2025, compared to the same quarter in 2024, was not material.
Current wording
The decreases in operations and support expense during the three and six months ended June 30, 2025, compared to the same periods in 2024, were immaterial.
Previous wording
The increase in research and development expense during the first quarter of 2025, compared to the same quarter in 2024, was primarily due to a net increase of $34 million in total compensation costs. The net increase in total compensation cost was primarily driven by an increase in stock-based compensation expense due to a $79 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures and for terminated employees in connection with our restructuring plan in the first quarter of 2024, partially offset by a decrease in cash compensation expenses related to changes in the mix of our employee cash and equity compensation and bonuses.
Current wording
The increase in research and development expense during the first six months of 2025, compared to the same period of 2024, was primarily due to a net increase of $19 million in total compensation costs. The increase in total compensation cost was primarily driven by an increase in stock-based compensation expense due to a $79 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures and for terminated employees in connection with the restructuring plan in the first quarter of 2024, partially offset by a decrease in cash compensation expenses related to changes in the mix of our employee cash and equity compensation and bonuses and a decrease of $9 million from higher capitalized software development costs.
Previous wording
The increase in sales and marketing expense during the first quarter of 2025, compared to the same quarter in 2024, was primarily due to an increase of $22 million in marketing costs, primarily from increased paid marketing, and an increase of $10 million in consulting costs.
Current wording
The increase in sales and marketing expense during the first six months of 2025, compared to the same period of 2024, was primarily due to an increase of $36 million in marketing costs, primarily from increased paid marketing, and an increase of $10 million in consulting costs.
Previous wording
The increase in general and administrative expense during the first quarter of 2025, compared to the same quarter of 2024, was primarily due to an increase of $41 million in accruals for legal matters and sales and indirect taxes, partially offset by a decrease of $11 million in total compensation costs.
Current wording
The increase in general and administrative expense during the first six months of 2025, compared to the same period of 2024, was primarily due to a net increase of $36 million in accruals for legal matters and sales and indirect taxes, partially offset by a decrease of $19 million in total compensation costs.
Previous wording
The decrease in interest income during the first quarter of 2025, compared to the same quarter of 2024, was primarily due to lower interest rates and a reduction in the average balance of our cash, cash equivalents, and marketable securities over the respective periods.
Current wording
The decrease in interest income during the first six months of 2025, compared to the same period of 2024, was primarily due to lower interest rates and a reduction in the average balance of our cash, cash equivalents, and marketable securities over the respective periods.
Previous wording
The decrease in the provision for income taxes during the first quarter of 2025, compared to the same quarter of 2024, was primarily driven by the decrease in profit before provision for income taxes due to the factors described above and an increase in the tax benefit from stock-based compensation during the first quarter of 2025, compared to the same quarter of 2024.
Current wording
The increase in the provision for income taxes during the second quarter of 2025, compared to the same period of 2024, was primarily driven by the increase in profit before provision for income taxes due to the factors described above and a decrease in the tax benefit from stock-based compensation during the second quarter of 2025.
Previous wording
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated statements of operations prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies, which reduce their usefulness as comparative measures. In addition, other companies may not publish these or similar measures. Further, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations.
Current wording
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated statements of operations prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies, which reduce their usefulness as comparative measures. In addition, other companies may not publish these or similar measures. Further, these measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations.
Previous wording
We define Adjusted EBITDA as net income, adjusted to exclude (i) provision for income taxes, (ii) interest income, (iii) other expense, net, (iv) depreciation and amortization expense, (v) stock-based compensation expense, (vi) payroll taxes related to stock-based compensation expense, (vii) certain legal and regulatory accruals and settlements, net, (viii) reserves for sales and other indirect taxes, net, and (ix) restructuring charges. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of revenue.
Current wording
We define Adjusted EBITDA as net income, adjusted to exclude (i) provision for income taxes, (ii) interest income, (iii) other (income) expense, net, (iv) depreciation and amortization expense, (v) stock-based compensation expense, (vi) payroll taxes related to stock-based compensation expense, (vii) certain legal and regulatory accruals and settlements, net, (viii) reserves for sales and other indirect taxes, net, (ix) acquisition-related expenses, and (x) restructuring charges. We define Adjusted EBITDA margin as Adjusted EBITDA as a percent of revenue.
Previous wording
(1) The first quarter of 2024 includes an aggregate $95 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures in the first quarter of 2024 and for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Current wording
(1) The six months ended June 30, 2024 includes an aggregate $95 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures and for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Previous wording
(1) The first quarter of 2024 includes a $4 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Current wording
(1) The six months ended June 30, 2024 includes a $4 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Previous wording
(1) The first quarter of 2024 includes a $79 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures in the first quarter of 2024, and for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Current wording
(1) The six months ended June 30, 2024 includes a $79 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures and for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Previous wording
(1) The first quarter of 2024 includes an $8 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Current wording
(1) The six months ended June 30, 2024 includes an $8 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Previous wording
We exclude depreciation and amortization expense and stock-based compensation expense as these are non-cash in nature. We exclude payroll taxes related to the vesting and settlement of certain equity awards; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; and restructuring charges as they are not indicative of our operating performance.
Current wording
We define adjusted general and administrative expense as general and administrative expense excluding depreciation and amortization expense; stock-based compensation expense; payroll taxes related to stock-based compensation; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; acquisition-related expenses; and restructuring charges. We exclude depreciation and amortization expense and stock-based compensation expense as these are non-cash in nature. We exclude payroll taxes related to the vesting and settlement of certain equity awards; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; acquisition-related expenses; and restructuring charges as they are not indicative of our operating performance.
Previous wording
(1) The first quarter of 2024 includes a $4 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Current wording
(1) The six months ended June 30, 2024 includes a $4 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Previous wording
We define adjusted total operating expenses as the sum of adjusted operations and support expense, adjusted research and development expense, adjusted sales and marketing expense, and adjusted general and administrative expense. We exclude depreciation and amortization expense and stock-based compensation expense as these are non-cash in nature. We exclude payroll taxes related to the vesting and settlement of certain equity awards; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; and restructuring charges as these are not indicative of our operating performance.
Current wording
We define adjusted total operating expenses as the sum of adjusted operations and support expense, adjusted research and development expense, adjusted sales and marketing expense, and adjusted general and administrative expense. We exclude depreciation and amortization expense and stock-based compensation expense as these are non-cash in nature. We exclude payroll taxes related to the vesting and settlement of certain equity awards; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; acquisition-related expenses, and restructuring charges as these are not indicative of our operating performance.
Previous wording
(1) The first quarter of 2024 includes an aggregate $95 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures in the first quarter of 2024 and for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Current wording
(1) The six months ended June 30, 2024 includes an aggregate $95 million benefit related to the reversal of previously recognized stock-based compensation expense for unvested equity awards for executive departures in the first quarter of 2024 and for terminated employees in connection with our restructuring plan during the first quarter of 2024.
Previous wording
We have financed our operations primarily through the net proceeds we have received from the issuance of equity securities and through fees received from retailers, customers, and brands. As of March 31, 2025, we had cash and cash equivalents of $1.6 billion and marketable securities of $72 million which were primarily held for working capital purposes.
Current wording
We have financed our operations primarily through the net proceeds we have received from the issuance of equity securities and through fees received from retailers, customers, and brands. As of June 30, 2025, we had cash and cash equivalents of $1.5 billion and marketable securities of $109 million which were primarily held for working capital purposes.
Previous wording
Although we have generated profit in recent periods, including net income of $106 million for the three months ended March 31, 2025, we have historically experienced significant net losses as reflected in our accumulated deficit of $3.6 billion as of March 31, 2025. While we generated positive cash flows from operating activities during the years ended December 31, 2023 and 2024 and during the three months ended March 31, 2025, our future cash flows from operating activities may fluctuate as a result of investments we continue to make across our organization. As a result, we may require additional capital resources to execute strategic initiatives to grow our business.
Current wording
Although we have generated profit in recent periods, including net income of $222 million for the six months ended June 30, 2025, we have historically experienced significant net losses as reflected in our accumulated deficit of $3.6 billion as of June 30, 2025. While we generated positive cash flows from operating activities during the years ended December 31, 2023 and 2024 and during the six months ended June 30, 2025, our future cash flows from operating activities may fluctuate as a result of investments we continue to make across our organization. As a result, we may require additional capital resources to execute strategic initiatives to grow our business.
Previous wording
In June 2024, our board of directors authorized a share repurchase program to purchase up to an aggregate of $500 million of our common stock, which was subsequently increased to $750 million in November 2024. During the three months ended March 31, 2025, we repurchased and immediately retired 2 million shares of our common stock for an aggregate purchase price of $94 million, including broker commissions, fees, and excise taxes, under this share repurchase program.
Current wording
In June 2024, our board of directors authorized a share repurchase program to purchase up to an aggregate of $500 million of our common stock, which was subsequently increased to $750 million and later $1 billion in November 2024 and May 2025, respectively. During the six months ended June 30, 2025, we repurchased and immediately retired 5 million shares of our common stock for an aggregate purchase price of $205 million, including broker commissions, fees, and excise taxes, under this share repurchase program.
Previous wording
For the three months ended March 31, 2025, net cash provided by operating activities was $298 million, which consisted ofnet income of $106 million, adjusted for certain non-cash items of $96 million, primarily driven by stock-based compensation expense of $66 million and by net cash inflows from changes in operating assets and liabilities of $96 million. The year over year increase in net changes in operating assets and liabilities, which impacted cash provided by operating activities, from a net cash inflow of $105 million to $298 million was primarily driven by fluctuations in working capital from general business impacts such as the timing of customer collections primarily due to the collection of a large accounts receivable balance from a retailer; the timing of customer, vendor, and other third party payments and accruals; and the overall growth of our business.
Current wording
For the six months ended June 30, 2025, net cash provided by operating activities was $501 million, which consisted ofnet income of $222 million, adjusted for certain non-cash items of $232 million, primarily driven by stock-based compensation expense of $172 million and by net cash inflows from changes in operating assets and liabilities of $47 million. The year over year increase in net changes in operating assets and liabilities, which impacted cash provided by operating activities, from a net cash inflow of $349 million to $501 million, was primarily driven by fluctuations in working capital from general business impacts such as (i) the timing of customer collections due to the collection of a large accounts receivable balance from a retailer and the mix of transaction types, such as those involving EBT SNAP and alcohol sales, which result in longer and uneven collection cycles; (ii) the timing of customer, vendor, and other third party payments and accruals; (iii) the timing of spend and usage of software subscriptions for hosting arrangements, and (iv) the overall growth of our business.
Previous wording
For the three months ended March 31, 2024, net cash provided by operating activities was $105 million, which consisted ofnet income of$130 million, adjusted by non-cash items of$74 million, primarily driven by deferred income taxesof $41 million and by net cash outflows from changes in operating assets and liabilities of$99 million. The year over year decrease in net changes in operating assets and liabilities, which impacted cash provided by operating activities, from a net cash inflow of $70 million to $105 million was primarily driven by fluctuations in working capital from general business impacts such as the timing of customer collections impacted by the mix of transaction types, such as those involving EBT SNAP, which result in longer and uneven collection cycles, the overall growth of our business, and the timing of customer, vendor, and other third party payments.
Current wording
For the six months ended June 30, 2024, net cash provided by operating activities was $349 million, which consisted ofnet income of$191 million, adjusted for certain non-cash items of$216 million, primarily driven by stock-based compensation expense of$145 million and by net cash outflows from changes in operating assets and liabilities of$58 million. The year over year increase in cash provided by operating activities, which impacted cash provided by operating activities, from a net cash inflow of $242 million to $349 million, was primarily driven by net fluctuations in working capital from general business impacts such as (i) the timing of customer collections impacted by the mix of transaction types, such as those involving EBT SNAP, which result in longer and uneven collection cycles, (ii) the overall growth of our business, and (iii) the timing of customer, vendor, and other third party payments.
Previous wording
For the three months ended March 31, 2024, net cash provided by investing activities was $13 million, comprised primarily of maturities of marketable securities of $28 million, partially offset by purchases of property and equipment, including capitalized internal-use software of$14 million.
Current wording
For the six months ended June 30, 2025, net cash used in investing activities was $156 million, comprised primarily of purchases of marketable securities of $144 million; acquisition of business, net of cash acquired, of $105 million; and purchases of property and equipment, including capitalized internal-use software, of $34 million, partially offset by maturities of marketable securities of $127 million.
Previous wording
For the three months ended March 31, 2025, net cash provided by investing activities was $1 million, comprised primarily of maturities of marketable securities of $81 million, partially offset by purchases of marketable securities of $62 million and purchases of property and equipment, including capitalized internal-use software of $18 million.
Current wording
For the six months ended June 30, 2024, net cash used in investing activities was flat, comprised primarily of maturities of marketable securities of $44 million, partially offset by purchases of property and equipment, including capitalized internal-use software, of$38 million and purchases of marketable securities of $5 million.
Previous wording
For the three months ended March 31, 2025, net cash used in financing activities was $46 million, comprised primarily of repurchases of common stock of $89 million and taxes paid related to net share settlement of equity awards of $8 million, partially offset by changes in advances from a payment card issuer of $47 million and proceeds from the exercise of stock options of $4 million.
Current wording
For the six months ended June 30, 2025, net cash used in financing activities was $175 million, comprised primarily of repurchases of common stock of $210 million and taxes paid related to net share settlement of equity awards of $14 million, partially offset by changes in advances from a payment card issuer of $43 million and proceeds from the exercise of stock options of $6 million.
Previous wording
For thethree months ended March 31, 2024, net cash used in financing activities was $750 million, comprised primarily of repurchases of common stock $715 million and taxes paid related to net share settlement of equity awards of $83 million, partially offset by proceeds from the exercise of stock options of $49 million.
Current wording
For thesix months ended June 30, 2024, net cash used in financing activities was $1,055 million, comprised primarily of repurchases of common stock of $1,040 million and taxes paid related to net share settlement of equity awards of $89 million, partially offset by proceeds from the exercise of stock options of $74 million.
Previous wording
As of March 31, 2025, there have been no material changes from the contractual obligations and commitments as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
As of June 30, 2025, there have been no material changes from the non-cancellable purchase commitments as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
We define GTV as the value of the products sold through Instacart, including applicable taxes, deposits and other local fees, customer tips, which go directly to shoppers, customer fees, which include flat subscription fees related to Instacart+ that are charged monthly or annually, and other fees. GTV consists of orders including those completed through Instacart
Current report — wording carried from elsewhere
The increase in transaction revenue during the first six months of 2025, compared to the same period of 2024, was primarily driven by growth in GTV, which grew 10%, lower consumer incentives, and increased fulfillment efficiencies, partially offset by our ongoing investment into affordability initiatives designed to increase customer engagement.
Current report — wording carried from elsewhere
The increase in advertising and other revenue during the second quarter of 2025, compared to the same quarter of 2024, was primarily driven by interrelated factors including an increase in advertising volume, activity on our platform, and strength from emerging and mid-size brand partners. Advertising and other investment rate of 2.8% remained flat during the second quarter of 2025, compared to the same quarter of 2024.
Current report — wording carried from elsewhere
The increase in cost of revenue during the first six months of 2025, compared to the same period of 2024, was primarily due to an increase of $22 million in credit card processing fees, an increase of $17 million in payments to publishers, and an increase of $15 million in depreciation and amortization expense, primarily related to capitalized internal-use software.
Current report — wording carried from elsewhere
The increase in sales and marketing expense during the second quarter of 2025, compared to the same quarter in 2024, was primarily due to an increase of $14 million in marketing costs, primarily from increased paid marketing.
Current report — wording carried from elsewhere
The decrease in interest income during the second quarter of 2025, compared to the same quarter of 2024, was immaterial.
Current report — wording carried from elsewhere
The increase in the provision for income taxes during the first six months of 2025, compared to the same period of 2024, was immaterial.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
customers at the point of purchase and within minutes of delivery and consumption
Previous report — wording carried elsewhere
We define adjusted general and administrative expense as general and administrative expense excluding depreciation and amortization expense; stock-based compensation expense; payroll taxes related to stock-based compensation; certain legal and regulatory accruals and settlements, net; reserves for sales and other indirect taxes, net; and restructuring charges.