What it is
Maplebear Inc., which trades as Instacart, filed with the Securities and Exchange Commission in February 2026.
The annual report for the year ended 31 December 2025. Gross transaction value, the value of goods sold through the platform, was 37,224 million dollars, up 11%. Total revenue was 3,742 million, up 11%, which is 10.1% of that value; gross profit 2,758 million; net income 447 million; adjusted EBITDA 1,087 million. Orders were 338.8 million, up 15%.
Gross transaction value is not revenue, and the 10.1% take rate is computed rather than stated by the company. The filing discloses no split of revenue between transaction fees and advertising for the year.
What the commerce leader should take from it
- About a tenth of every basket that moves through the platform stays with the platform. That is the cost of not owning the shopper’s order.
- Orders grew faster than the value of goods, so the average order is getting smaller: the fill-in trip is moving to the intermediary.
- Instacart runs the online storefront for a number of grocers in this release and supplies smart carts to others; its scale is the scale of the partner and the competitor at once.
Where to start
Finding 4.4 cites it for the scale of the intermediary a shopping assistant would be built on or against. Before funding an assistant, put the ten most common service questions through your own chatbot and publish the containment rate; the platform has already answered those questions for its own shoppers.
Keep in mind
No grocery-level economics, no count of shoppers who let an assistant build a cart, and a take rate the report computed rather than the company stated.