Instacart Growth Reaccelerates as DoorDash Deal Is Signed

The Tip Desk · October 30, 2026 · 3 min read

GTV reached $10.53 billion, up 15% year over year, and the company agreed to be acquired for about $17 billion in cash and stock.

Maplebear Inc. (CART), the grocery technology company operating as Instacart, reported that year-over-year growth in gross transaction value and total revenue reaccelerated in the third quarter, and that it had agreed to be acquired by DoorDash in a cash-and-stock transaction valued at approximately $17 billion.

GTV was $10,528 million, up 15% from a year earlier, after 14% growth in the second quarter and 13% in the first. Total revenue was $1,095 million, up 17% from 14% growth in both of the prior two quarters, and equal to 10.4% of GTV. Orders were 91.4 million, up 10%.

Chief executive Chris Rogers said the quarter was the company’s best as a public company, citing solid consumer demand, deeper customer engagement, and expanding profitability. He said online grocery remains underpenetrated and that Instacart is building an integrated platform spanning ecommerce, fulfillment, in-store technology, retail media, and AI solutions.

Advertising and other revenue was $331 million, up 23% from 16% growth in both the second and first quarters, and equal to 3.1% of GTV. Transaction revenue was $764 million, up 14% from 13% growth in the two prior quarters, and equal to 7.3% of GTV.

GAAP gross profit was $786 million, up 14% from 11% growth in the second quarter and 10% in the first. Gross profit was 7.5% of GTV and 72% of total revenue. GAAP net income was $147 million, up 2% after a 4% year-over-year decline in the second quarter and a 36% increase in the first. Net income was 13% of total revenue and 1.4% of GTV. Diluted earnings were $0.60 a share.

Adjusted EBITDA was $342 million, up 23% from 19% growth in the second quarter, matching the first quarter’s 23% pace. Adjusted EBITDA was 31% of total revenue and 3.2% of GTV. Operating cash flow was $324 million and free cash flow was $307 million, each up 13%.

The company repurchased $230 million of shares in the quarter, after $325 million in the second quarter and $349 million in the first, and ended September 30 with $1 billion in cash and similar assets. Cash and cash equivalents were $830 million, with $97 million of short-term marketable securities.

In a separate release issued the same day, Instacart said it had entered a definitive agreement to be acquired by DoorDash, Inc. (DASH) in a cash-and-stock transaction with an equity value of approximately $17 billion. The company cancelled its earnings conference call previously scheduled for November 5, 2026. As is customary during the pendency of such a transaction, Instacart suspended its financial guidance and withdrew previously issued long-term guidance.

The company said it partners with more than 2,200 retail banners representing nearly 100,000 stores, and that through the Instacart Marketplace, Instacart Enterprise platform, and Instacart Ads ecosystem it powers ecommerce, fulfillment, in-store technology, AI offerings, and advertising for partners.

Forward-looking statements in the release include risks related to completion of the merger, regulatory or stockholder approval, conditions to closing, contractual restrictions on operations during the pendency of the deal, disruption of management’s time, retention of key personnel, legal action in connection with the merger, termination rights, and the company’s ability to forecast performance and maintain relationships with customers, retailers, brands, and shoppers after the announcement.