Instacart, which is formally incorporated as Maplebear, released forward guidance and first-quarter results that indicate continued momentum in its online grocery and delivery business.
For the current quarter, the company expects gross transaction value (GTV) - the metric that reflects the value of products sold based on prices shown on its platform - to be between $10.10 billion and $10.25 billion. That range sits above the average analyst estimate of $10.07 billion, as compiled by LSEG.
Instacart also provided adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) guidance of $290 million to $300 million for the quarter, a range that is broadly in line with the average analyst forecast of $298.8 million.
Looking back at the quarter ended March 31, GTV rose 13% year-over-year to $10.29 billion, topping analyst expectations of $10.2 billion. Adjusted core profit increased 23% to $300 million, exceeding the consensus estimate of $287.4 million.
The company identified continued strength in demand across shopper segments. Instacart said it has observed steady purchase activity from both budget-conscious consumers and higher-income households seeking lower-cost essentials and faster, more convenient delivery.
CEO Chris Rogers said the company was "seeing strength with the consumer" and that it had not observed anything "materially change" in spending patterns so far despite macroeconomic uncertainty, including geopolitical conflicts. He cautioned that costs can be affected by external inputs, noting that "things like higher oil prices can flow through the system, whether that’s transportation, packaging, or eventually food costs," and said this dynamic supports the company’s focus on affordability.
On the advertising front, Instacart’s ad business grew 16% in the quarter to $286 million, compared with 14% growth a year earlier. Order volumes rose 10% year-over-year, a deceleration from 16% growth in the comparable period a year prior.
These results and the outlook highlight the company's current operating posture: GTV guidance modestly above consensus, adjusted EBITDA guidance tracking near estimates, and top-line growth supported by both consumer segments and advertising revenues. The company also pointed to cost pressures that could emanate from higher oil prices and related input costs, explaining its continued emphasis on affordability.