Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Loading
Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Eric Sheridan | Goldman Sachs | 7 questions · 0% challenging |
| Jason Helfstein | Oppenheimer | 7 questions · 29% challenging |
| Shweta Khajuria | Wolfe Research | 7 questions · 0% challenging |
| Nikhil Devnani | Bernstein | 7 questions · 14% challenging |
| Colin Sebastian | Robert W. Baird | 6 questions · 0% challenging |
| Andrew Boone | Citizens JMP Securities | 6 questions · 0% challenging |
| Deepak Mathivanan | Cantor Fitzgerald | 5 questions · 0% challenging |
| Ron Josey | Citigroup | 4 questions · 0% challenging |
| Michael Morton | MoffettNathanson | 4 questions · 0% challenging |
| Ross Sandler | Barclays | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 analyst | 7 questions · 0% challenging |
| Bernstein | 1 analyst | 7 questions · 14% challenging |
| Wolfe Research | 1 analyst | 7 questions · 0% challenging |
| Oppenheimer | 1 analyst | 7 questions · 29% challenging |
| Citizens JMP Securities | 1 analyst | 6 questions · 0% challenging |
| Robert W. Baird | 1 analyst | 6 questions · 0% challenging |
| Cantor Fitzgerald | 1 analyst | 5 questions · 0% challenging |
| Citigroup | 1 analyst | 4 questions · 0% challenging |
No 8-K events recorded for this window.
Calendar quarter Q1 2026Earnings call May 6, 2026
FY2026 Q1 in brief
Instacart's fiscal 2026 opened strongly, with GTV up 13% to $10.29 billion and total revenue up 14% to $1.02 billion, crossing $10 billion in GTV and $1 billion in revenue for the first time in a ninth consecutive quarter of double-digit growth.
Newest scored quarter FY2026 Q2 is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Maplebear Inc. (CART), FY2026 Q1: 8/10. Scores: Maplebear Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CART daily prices (open, high, low, close) with a 50-day moving average; lines mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $883M | +10.0% | $0.53 | +20.5% | 75.2% | 17.6% | 16.8% | $141M |
| FY2025 Q1 | $897M | +9.4% | $0.37 | -14.0% | 74.8% | 12.3% | 11.8% | $280M |
| FY2025 Q2 | $914M | +11.1% | $0.41 | +105.0% | 74.2% | 13.6% | 12.7% | $187M |
| FY2025 Q3 | $939M | +10.2% | $0.51 | +21.4% | 73.7% | 17.7% | 15.3% | $272M |
| FY2025 Q4 | $992M | +12.3% | $0.30 | -43.4% | 72.3% | 9.8% | 8.2% | $171M |
| FY2026 Q1Selected | $1.02B | +13.6% | $0.57 | +54.1% | 72.4% | 17.9% | 14.1% | $252M |
| FY2026 Q2 | $1.04B | +14.1% | $0.45 | +9.8% | 72.0% | 13.7% | 10.6% | $481M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY +13.6% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Instacart's fiscal 2026 opened strongly, with GTV up 13% to $10.29 billion and total revenue up 14% to $1.02 billion, crossing $10 billion in GTV and $1 billion in revenue for the first time in a ninth consecutive quarter of double-digit growth. Advertising and other revenue rose 16% to $286 million, the fastest pace since Q3 2023, while GAAP net income climbed 36% to $144 million and adjusted EBITDA grew 23% to $300 million on operating leverage that trimmed adjusted operating expenses to 4.5% of GTV. Growth composition shifted as orders rose 10% and average order value gained 3%, with GAAP gross profit easing to 7.2% of GTV from 7.4% as payments to publishers scaled. Management leaned into enterprise (over 380 storefronts and ALDI's return to Storefront Pro), AI (Cart Assistant now reaching about 25% of U.S. customers plus ChatGPT and Claude integrations), and international expansion via the Instaleap acquisition and Costco launches in Spain and France. Capital return stayed aggressive with $349 million of buybacks and a new $1 billion authorization increase, and management guided Q2 GTV growth of 11% to 13% and adjusted EBITDA of $290 million to $300 million.
Competitive Dynamics | Revenue Growth | Demand | Cloud & AI | Margin | Pricing | Product Launch | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 5 | 4 | 3 | 3 | 1 | 2 | |
| 2025Q1 | 5 | 6 | 4 | 2 | 1 | 1 | 2 | |
| 2025Q2 | 5 | 4 | 5 | 2 | 2 | 1 | 2 | |
| 2025Q3 | 6 | 3 | 2 | 2 | 1 | 2 | 1 | 1 |
| 2025Q4 | 7 | 4 | 5 | 2 | 1 | 1 | 1 | |
| 2026Q1 | 3 | 4 | 1 | 4 | 2 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 3 | 5 | 5 | 6 | 7 | 3 |
| Revenue Growth | 5 | 6 | 4 | 3 | 4 | 4 |
| Demand | 4 | 4 | 5 | 2 | 5 | 1 |
| Cloud & AI | 2 | 2 | 2 | 2 | 4 | |
| Margin | 3 | 1 | 2 | 1 | 1 | 2 |
| Pricing | 3 | 1 | 2 | 1 | 2 | |
| Product Launch | 1 | 2 | 1 | 1 | 1 | 2 |
| Innovation & R&D | 2 | 2 | 1 | 1 |
Mentions of other companies on CART's FY2026 Q1 call, and mentions of CART on other companies' calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the impact of the $10 Instacart credit that we're offering each month for online shopping”
A monthly $10 Instacart credit for Costco members is driving executive membership upgrades, underscoring a deep Instacart delivery partnership.
“So for example, we've already announced grocery. That's a third party. We're working at Instacart.”
Airbnb is partnering with Instacart to offer third-party grocery delivery as part of its services expansion, a signal on Instacart as Airbnb's grocery fulfillment partner.
“Together with Instacart, we expect our convenience offerings to deliver over $1.5 billion in sales in 2026, which will help us accelerate our e-commerce growth.”
Kroger expects its convenience offerings, including Instacart, to top $1.5B in 2026 sales, underscoring Instacart's role in Kroger's e-commerce acceleration.
“we've decided to integrate Instacart with AI platforms like ChatGPT and most recently with Claude.”
Instacart integrated conversational grocery shopping with Anthropic's Claude, adding another agentic AI distribution channel for its marketplace.
“we've decided to integrate Instacart with AI platforms like ChatGPT and most recently with Claude.”
Instacart integrated its shopping into ChatGPT as an incremental agentic demand channel while retaining control of its data and experience.
“we acquired Instaleap, a strategic acquisition that aligns perfectly with our goal of bringing our grocery technology to a global audience.”
Instacart acquired Instaleap, a fulfillment-technology firm with European and Latin American retailer relationships, to accelerate its international enterprise expansion.
“the AI platform chooses whether it is Instacart or DoorDash or Uber Eats, which platform is the best use case”
An analyst names Uber Eats among the delivery platforms agentic AI could choose between, framing it as a competitor in the emerging agentic-commerce channel.
“the AI platform chooses whether it is Instacart or DoorDash or Uber Eats, which platform is the best use case”
An analyst frames DoorDash as part of the delivery competitive set that agentic AI platforms could route orders to, a potential disintermediation dynamic.
“consumer insights portal, which aggregates real-time high-quality insights into consumer behavior, continues to attract new subscribers like Kraft Heinz”
Kraft Heinz is cited as a new subscriber to Instacart's consumer insights portal, indicating CPGs like Kraft Heinz are buying Instacart's first-party data products.
“We've also been expanding our platform through partnerships with Meta and Google and TikTok and Pinterest and The Trade Desk.”
The Trade Desk is named among Instacart's off-platform ad partners, with Instacart's first-party data enhancing campaign targeting and measurement across the DSP.
“We've also been expanding our platform through partnerships with Meta and Google and TikTok and Pinterest and The Trade Desk.”
Pinterest is named among Instacart's off-platform advertising partners where CPG brands use Instacart's first-party data to target audiences.
“We've also been expanding our platform through partnerships with Meta and Google and TikTok and Pinterest and The Trade Desk.”
Instacart's off-platform ad program extends brand campaigns onto Google using Instacart's first-party data, a partner signal for Google's ad ecosystem.
“We've also been expanding our platform through partnerships with Meta and Google and TikTok and Pinterest and The Trade Desk.”
Instacart routes brands' first-party-data campaigns onto off-platform partners including Meta, tapping incremental ad budgets that flow through Meta's ad platform.
“we partnered closely with Sprouts to launch Sprouts Rewards across their online properties”
Instacart partnered with Sprouts to launch Sprouts Rewards and enable native sign-up and digital coupons, deepening its enterprise relationship with the grocer.
“we're working with partners like Kroger and Sprouts to bring these capabilities to life”
Instacart is deploying its AI solutions, particularly Cart Assistant, on retailer channels with partners including Kroger, extending Instacart's technology into Kroger's owned properties.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| CARTMaplebear Inc. | 8 | +13.6% | Instacart's fiscal 2026 opened strongly, with GTV up 13% to $10.29 billion and total revenue up 14% to $1.02 billion, crossing $10 billion in GTV and $1 billion in revenue for the first time in a ninth consecutive quarter of double-digit growth | |
| AMZNAmazon.com, Inc. | 9 | +16.6% | AWS Growth Accelerates to 28% on $150B Run Rate | |
| BABAAlibaba Group Holding Limited | 6 | +2.9% | Alibaba closed fiscal 2026 with reported group revenue of RMB 243.4 billion, held to low single-digit GAAP growth by the divestitures of Sun Art and Intime; excluding those units, management said revenue grew 11% year-over-year | |
| DASHDoorDash | 7 | +33.1% | DoorDash delivered exceptional Q1 FY2026 revenue growth of approximately 33% year-over-year across all geographies, growing at near historical highs | |
| EBAYeBay | 8 | +19.5% | Broad-Based GMV Acceleration to 14% on Strategic Priorities | |
| MELIMercadoLibre | 7 | +49.0% | Brazil commerce acceleration from free shipping | |
| PDDPDD Holdings | 6 | +10.4% | PDD Holdings reported first quarter 2026 (ended March 31, 2026) total revenue of RMB 106.2 billion, up 11% year over year, as transaction services revenue grew 20% to RMB 56.3 billion while online marketing services and other revenue was roughly flat at RMB 49.9 billion |
Instacart's fiscal 2026 opened strongly, with GTV up 13% to $10.29 billion and total revenue up 14% to $1.02 billion, crossing $10 billion in GTV and $1 billion in revenue for the first time in a ninth consecutive quarter of double-digit growth
Alibaba closed fiscal 2026 with reported group revenue of RMB 243.4 billion, held to low single-digit GAAP growth by the divestitures of Sun Art and Intime; excluding those units, management said revenue grew 11% year-over-year
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| CART | 8 | 6 | 8 | 8 | 7 | 8 |
| AMZN | 8 | 8 | 8 | 8 | 7 | 9 |
| BABA | 6 | 8 | 7 | 7 | 6 | 6 |
| DASH | 9 | 9 | 9 | 9 | 7 | 7 |
| EBAY | 7 | 5 | 6 | 6 | 8 | 8 |
| MELI | 9 | 9 | 7 | 7 | 7 | 7 |
| PDD | 7 | 6 | 5 | 6 | 7 | 6 |
DoorDash delivered exceptional Q1 FY2026 revenue growth of approximately 33% year-over-year across all geographies, growing at near historical highs
PDD Holdings reported first quarter 2026 (ended March 31, 2026) total revenue of RMB 106.2 billion, up 11% year over year, as transaction services revenue grew 20% to RMB 56.3 billion while online marketing services and other revenue was roughly flat at RMB 49.9 billion