| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 51 | 26.5x | 17.8x | Around median | |
Growth | 75 | 12.6% | 7.1% | Top tier | |
Quality | 94 | 15.6% | 4.5% | Top tier | |
Safety | 89 | — | 2.6x | Top tier | |
Capital Return | 84 | — | 2.12% | Top tier | |
Momentum | 76 | 15.3% | 2.9% | Top tier | |
Sentiment | 63 | 21 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Maplebear Inc., which operates under the trade name Instacart, runs a grocery technology platform connecting consumers, retailers, brands, and a shopper network. The company generates revenue primarily from transactions completed through the marketplace and from advertising and other services, while also selling retailers solutions including Storefront Pro for e-commerce, Caper smart carts, the FoodStorm order management system, fulfillment and analytics technologies, and AI-powered assistants.
In fiscal Q2 2026, gross transaction value reached $10.35 billion, up 14% year over year, and 90.3 million orders were completed, up 9%, while average order value rose 4% to $115. The company reported revenue of $1.04 billion, up 14% and exceeding Wall Street expectations of $1.03 billion; revenue consisted of $746 million from transactions and $297 million from advertising and other revenue, representing approximately 72% and 28% of the total, respectively.
GAAP gross profit was $751 million in fiscal Q2 2026, equivalent to approximately 72% of revenue, but declined as a percentage of gross transaction value to 7.3% from 7.5% in fiscal Q2 2025. Net income was $111 million and earnings per share were $0.45, while adjusted earnings before interest, taxes, depreciation, and amortization increased 19% to $313 million, and free cash flow reached $480 million; meanwhile, EDGAR data for the twelve months in fiscal 2026 shows revenue of $4.0 billion and net income of $480 million.
The analyst consensus is Buy, with an average price target of $56.47, a low of $45, and a high of $77. The average target is approximately 8.5% above the 52-week range high of $52.05, but the $32 spread in targets reflects substantial disagreement over the sustainability of growth and margins; the available data does not provide a published earnings multiple that could be used as an additional valuation anchor.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Gross transaction value rose 14% to $10.35 billion, and the number of orders increased 9% to 90.3 million in fiscal Q2 2026. Average order value rose 4% to $115, driven by deeper customer engagement and the strength of membership stores and business customers with large baskets. Revenue also increased 14% to $1.04 billion, exceeding Wall Street expectations of $1.03 billion. The outlook supports this momentum through a targeted midpoint gross transaction value growth rate of 14% in fiscal Q3 2026.
Of fiscal Q2 2026 revenue, $746 million came from transactions, equivalent to approximately 72% of total revenue of $1.04 billion. Advertising and other revenue added $297 million, or approximately 28% of the total, after growing 16% year over year. The company is expanding this driver through Carrot Ads, AI-powered campaign optimization tools, Immersive Feed, and integration with Pinterest. Storefront Pro, Caper, FoodStorm, and artificial intelligence solutions also support its technical and commercial relationships with retailers.
The assistant relies on more than 1.6 billion historical orders, a catalog exceeding two billion products, and more than 10 million daily inventory signals. It uses customer preferences, purchase history, available inventory, and promotions to build an orderable basket rather than merely suggesting general recipes. Management stated on August 6, 2026, that orders created by the assistant are larger on average than the typical $115 basket. However, it also explained that the expected effects of artificial intelligence on conversion, retention, and order frequency will emerge over time and are not yet all financially proven.
Automated analysis for informational purposes only — not investment advice.
Management expects gross transaction value between $10.3 billion and $10.55 billion in fiscal Q3 2026, with a midpoint of $10.425 billion and year-over-year growth of 14%. It also expects adjusted earnings before interest, taxes, depreciation, and amortization between $320 million and $340 million, with a midpoint of $330 million and year-over-year growth of 19%. Advertising and other revenue is expected to grow between 15% and 18%, once again outpacing gross transaction value growth. Management confirmed that the midpoint represents its best estimate and that results are expected to fall within the announced range.
Adjusted earnings before interest, taxes, depreciation, and amortization reached $313 million in fiscal Q2 2026, up 19% year over year. Operating cash flow increased 143% to $493 million, and free cash flow jumped 156% to $480 million, with the figures benefiting from the collection of a large accounts receivable balance. In contrast, net income declined 4% to $111 million due to higher stock-based compensation. Gross profit as a percentage of gross transaction value also declined to 7.3% from 7.5%, showing that the improvement in adjusted profitability was accompanied by pressure on this accounting margin.
The first risk is margin pressure, as publisher payments increased with the expansion of Carrot Ads partnerships, reducing gross profit as a percentage of gross transaction value to 7.3% in fiscal Q2 2026. The second is competition from Amazon and other digital platforms, along with the partial dependence of price competitiveness on retailer decisions about eliminating price markups. The third is that partnerships with Gemini, OpenAI, and Anthropic remain early and had no material short-term financial impact according to the August 6, 2026, call. Additional factors include the wide range of analyst targets from $45 to $77 and insider net sales of $18.5 million over three months, while insider sales should be treated cautiously because they may be prearranged.
