Maplebear, Inc. (CART)

This morning, Maplebear, d/b/a Instacart (CART; $44.35; E/W) confirmed in an 8-K filing that CEO Fidji Simo, who has served in her current role for nearly four years, plans to resign from the company and…

We raise 2025/2026E EBITDA for Maplebear, d/b/a Instacart (CART; $44.35; E/W), from $1.025B/$1.175B to $1.075B/$1.225B, which implies EBITDA margins expand from 2.6% of GTV in 2024 to 2.9% in 2025 and 3.1% in 2026E, after…

Maplebear, d/b/a Instacart, (CART; $39.80; E/W) posted Q1 adjusted EBITDA of $244mm (2.7% of GTV), which was ahead of our forecast of $230mm (2.5% of GTV) and the Street’s $229mm (2.5% of GTV). At the…

There has been a flurry of announcements out of Maplebear, d/b/a Instacart (CART; $40.17; E/W) in recent weeks, that highlight how it continues to deploy new large language models (LLMs), AI and machine learning (ML)…

Maplebear, d/b/a Instacart (CART; $48.78; E/W), produced Q4 results and guidance that were a bit of a “mixed bag” relative to consensus expectations. On the plus side, Q4 EBITDA of $252mm (2.9% of Gross Transaction Value…

Maplebear, doing business as Instacart, (CART; $48.78; E/W) posted Q4 adjusted EBITDA of $252mm (2.9% of GTV), which was ahead of our forecast of $239mm (2.8% of GTV) and the Street’s $240mm (2.8% of GTV)….

Yesterday (12/16), Maplebear, d/b/a Instacart (CART; $42.18; E/W), announced it is now offering several new supplier and merchant solutions to Instacart Business users on its platform. Recall, CART’s higher margin Instacart Business offering allows customers…

We adjust our 2024/2025E EBITDA for Maplebear, d/b/a Instacart (CART; $48.34; E/W), from $855mm (2.6% of GTV)/$960mm (2.7% of GTV) to $865mm (2.6% of GTV) and $975mm (2.8% of GTV) after the company reported solid…

Maplebear, doing business as Instacart, (CART; $48.34; E/W), posted Q3 adjusted EBITDA of $227mm (2.7% of GTV), which was ahead of our forecast of $211mm (2.6% of GTV) and the Street’s $212mm (2.6% of GTV)….

We think recent news out of Maplebear, doing business as Instacart (CART; $42.14; E/W), provides further support for longer term operating leverage available to the company from its advertising offering ($910mm of LTM sales or…

Recent news flow out of Maplebear, doing business as Instacart (CART; $32.01; E/W), provides further support for the idea that the company is enabling a wider range of avenues for deepening relationships with existing retail…

We raise our 2024/2025E EBITDA for Maplebear, doing business as Instacart (CART; $31.43; E/W) from $825mm/$915mm to $855mm/$960mm after it produced a solid “beat and meet” while warning that a recent YTD acceleration in top…

Maplebear, doing business as Instacart, (CART; $31.43; E/W) posted Q2 adjusted EBITDA of $208mm (2.5% of GTV), which beat our forecast of $185mm (2.3% of GTV) and the Street’s $187mm (2.3% of GTV). Sales of…

We think Street estimates for Maplebear, doing business as Instacart (CART; $34.25; E/W) and scheduled to report Q2 results next Thursday, (8/8 after market) are basically set appropriately. We peg Q2E Gross Transaction Value (GTV)…

We think recent news flow out of Maplebear, doing business as Instacart (CART; $32.00; E/W), provides further support for longer term operating leverage available to the company from its high-margin advertising business, albeit in the…