Maplebear Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 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.
Sep 30, 2025 · Filed Nov 10, 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 2025-06-30; filed 2025-08-08.
0001579091-25-000067
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001579091-25-000097
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 181 previous paragraphs and 179 current paragraphs.
133 unchanged; 43 reworded; 2 added; 3 removed; 2 previous and 1 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 (2)
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA introduces changes to U.S. tax law, with certain provisions applicable to us beginning in 2025. These changes include the immediate expensing of domestic research and experimental expenditures, accelerated tax deductions for qualified property, and modifications to certain international tax frameworks. These changes were incorporated into the provision for income taxes for the nine months ended September 30, 2025, resulting in a decrease in deferred tax assets, offset by a corresponding decrease in income tax payable.
Current report
The increase in general and administrative expense during the third quarter of 2025, compared to the same quarter of 2024, was primarily due to an increase of $6 million in fixed asset impairments. Changes in total compensation costs were immaterial, reflecting similar benefits from the reversal of previously recognized stock-based compensation expense related to executive departures, including a $17 million benefit for the departure of the former chief executive officer in the third quarter of 2025 and a $16 million benefit for the departure of the former chief financial officer in the third quarter of 2024.
Removed paragraphs (3)
Previous 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.
Previous 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.
Previous report
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.
Reworded paragraphs (43)
Previous wording
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 wording
For purposes of clarity and ease of presentation, numbers presented within this section may not sum precisely to the totals provided. The underlying data used in the calculations, including percentages, is not rounded.
Previous wording
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 wording
As previously announced, Fidji Simo resigned as our Chief Executive Officer and President on August 15, 2025, and we appointed Chris Rogers as our Chief Executive Officer and President, and a member of our board of directors, effective as of such date. Ms. Simo remains Chair of our board of directors.
Previous 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.
Current wording
In the third quarter of 2025, orders increased to 83.4 million, or 14% growth, compared to the same quarter of 2024, driven primarily by new customers and increased engagement of existing customers.
Previous 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.
Current 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.
Previous 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.
Current wording
In the third quarter of 2025, GTV increased to $9,170 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.
Previous 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.
Current wording
In the third quarter of 2025, gross profit increased to$692 million, or 8% growth, compared to the same quarter of 2024, primarily driven by the increase intotal revenue. Gross margin decreased by 1% to 74% in the third 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 (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.”
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, (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 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.
Current wording
In the third quarter of 2025, Adjusted EBITDA increased to $278 million, or 22% 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
Comparison of the Three and Six Months Ended June 30, 2024 and 2025
Current wording
Comparison of the Three and Nine Months Ended September 30, 2024 and 2025
Previous 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.
Current wording
The increase in transaction revenue during the third quarter of 2025, compared to the same quarter of 2024, was primarily driven by growth in GTV, which grew 10%, increased fulfillment efficiencies, andlower consumer incentives, partially offset by our ongoing investment into affordability initiatives designed to increase customer engagement.
Previous wording
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 wording
The increase in transaction revenue during the first nine 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.
Previous wording
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 wording
The increase in advertising and other revenue during the third 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 2.9% was effectively flat during the third quarter of 2025, compared to the same quarter of 2024.
Previous 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.
Current wording
The increase in advertising and other revenue during the first nine 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 of 2.8% was effectively flat during the first nine months of 2025, compared to the same period of 2024.
Previous 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.
Current wording
The increase in cost of revenue during the third quarter of 2025, compared to the same quarter of 2024, was primarily due to an increase of $14 million in payments to publishers, an increase of $11 million in credit card processing fees, and an increase of $10 million in depreciation and amortization expense, primarily related to capitalized internal-use software.
Previous wording
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 wording
The increase in cost of revenue during the first nine months of 2025, compared to the same period of 2024, was primarily due to an increase of $33 million in credit card processing fees, an increase of $31 million in payments to publishers, and an increase of $24 million in depreciation and amortization expense, primarily related to capitalized internal-use software, partially offset by a decrease of $12 million in cancellation and redelivery costs.
Previous wording
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 wording
The increase in gross profit during the third quarter of 2025 and first nine months of 2025, compared to the same periods in 2024, was primarily driven by the increase in total revenue due to the factors described above. The decrease in gross margin during the third quarter of 2025 and first nine months of 2025, compared to the same periods of 2024, was primarily due to cost of revenue growing faster than revenue.
Previous 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.
Current wording
The decrease in operations and support expense during the third quarter and the first nine months of 2025, compared to the same periods in 2024, was immaterial.
Previous wording
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 wording
The increase in research and development expense during the third quarter of 2025, compared to the same quarter in 2024, was primarily due to a net increase of $16 million in total compensation costs.
Previous 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.
Current wording
The increase in research and development expense during the first nine months of 2025, compared to the same period of 2024, was primarily due to a net increase of $35 million in total compensation costs driven by a net increase in stock-based compensation expense. In 2024, stock-based compensation expense included a reversal of $79 million related to executive departures and terminated employees in connection with the restructuring plan that did not recur in 2025. The increase was partially offset by lower cash compensation reflecting changes in the mix of our employee cash and equity compensation and bonuses and a $10 million benefit from higher capitalized software development costs.
Previous wording
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 wording
The decrease in sales and marketing expense during the third quarter of 2025, compared to the same quarter in 2024, was primarily due to a decrease of $7 million in marketing costs, primarily from decreased paid marketing.
Previous 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.
Current wording
The increase in sales and marketing expense during the first nine months of 2025, compared to the same period of 2024, was primarily due to an increase of $29 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 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.
Current wording
The increase in general and administrative expense during the first nine months of 2025, compared to the same period of 2024, was primarily due to a net increase of $39 million in accruals for legal matters and sales and indirect taxes, and an increase of $12 million in fixed asset impairments, partially offset by a decrease of $17 million in total compensation costs, resulting from lower stock-based compensation expense.
Previous wording
The decrease in interest income during the second quarter of 2025, compared to the same quarter of 2024, was immaterial.
Current wording
The increase in interest income during the third quarter of 2025, compared to the same quarter of 2024, was immaterial.
Previous 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.
Current wording
The decrease in interest income during the first nine months of 2025, compared to the same period of 2024, was primarily due to lower interest rates.
Previous wording
The increase in the provision for income taxes during the first six months of 2025, compared to the same period of 2024, was immaterial.
Current wording
The increase in the provision for income taxes during the third quarter and the first nine months of 2025, compared to the same periods of 2024, was immaterial.
Previous 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.
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, (vii) certain legal and regulatory accruals and settlements, net, (viii)
Previous wording
•excludes payroll taxes related to stock-based compensation expense;
Current wording
•excludes payroll taxes related to stock-based compensation;
Previous 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.
Current wording
(1) The nine months ended September 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 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.
Current wording
(1) The nine months ended September 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 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.
Current wording
(1) The nine months ended September 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 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.
Current wording
(1) The nine months ended September 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
(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.
Current wording
(1) The nine months ended September 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 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.
Current wording
(1) The nine months ended September 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 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.
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 September 30, 2025, we had cash and cash equivalents of $1.7 billion and marketable securities of $101 million which were primarily held for working capital purposes.
Previous 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.
Current wording
Although we have generated profit in recent periods, including net income of $366 million for the nine months ended September 30, 2025, we have historically experienced significant net losses as reflected in our accumulated deficit of $3.5 billion as of September 30, 2025. While we generated positive cash flows from operating activities during the years ended December 31, 2023 and 2024 and during the nine months ended September 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 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.
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 nine months ended September 30, 2025, we repurchased and immediately retired 7 million shares of our common stock for an aggregate purchase price of $272 million, including broker commissions, fees, and excise taxes, under this share repurchase program.
Previous 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.
Current wording
For the nine months ended September 30, 2025, net cash provided by operating activities was $788 million, which consisted ofnet income of $366 million, adjustments for certain non-cash items of $420 million, and immaterial net cash inflows from changes in operating assets and liabilities. Adjustments for certain non-cash items were primarily driven by stock-based compensation expense of $253 million, which increased slightly from thenine months ended September 30, 2024. Fluctuations in operating assets and liabilities were driven by general business impacts including (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 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.
Current wording
For the nine months ended September 30, 2024, net cash provided by operating activities was $534 million, which consisted ofnet income of$309 million and adjustments for certain non-cash items of$335 million, partially offset by net cash outflows from changes in operating assets and liabilities of$110 million. The reduction in adjustments for certain non-cash items for the nine months ended September 30, 2024, as compared to the same period in 2023, was driven by a decrease in stock-based compensation expense resulting from incremental expense during the nine months ended September 30, 2023 related to aliquidity event-based vesting conditions that was satisfied in connection with our IPO. Fluctuations in operating assets and liabilities are driven by general business impacts including (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 and accruals.
Previous 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.
Current wording
For the nine months ended September 30, 2025, net cash used in investing activities was $163 million, comprised primarily of purchases of marketable securities of $230 million; acquisition of business, net of cash acquired, of $105 million; and purchases of property and equipment, including capitalized internal-use software, of $49 million, partially offset by maturities of marketable securities of $221 million.
Previous 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.
Current wording
For the nine months ended September 30, 2024, net cash used in investing activities was $26 million, comprised primarily of purchases of property and equipment, including capitalized internal-use software, of$52 million and purchases of marketable securities of $25 million, partially offset by maturities of marketable securities of $54 million.
Showing the first 40 of 43 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (2)
Previous report — wording carried 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
Previous report — wording carried elsewhere
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.