Maplebear Inc Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Eric Sheridan - Goldman Sachs Group Inc - Analyst : Thanks so much for taking the question. Fidji, thank you for everything and wishing you the best in the roles ahead. I wanted to come back to some of the comments, Fidji, you made about the competitive landscape more broadly. When you think about the array of supply that the company is bringing into the ecosystem and widening out the experiences that consumers have, can you talk a little bit about improvement in conversion and frequency of behavior and some of the things that we should be thinking about in terms of LTV across the landscape as we look at how the company evolves in the years ahead? Thanks so much.

Question: Eric Sheridan - Goldman Sachs Group Inc - Analyst : Thanks so much.

Question: Nikhil Devnani - Bernstein Autonomous LLP - Analyst : Hi there, thank you for taking my question. I had a couple on growth, please. Maybe for the first one, nice to see the acceleration in the quarter around order growth. Can you just help us understand the composition of that between grocery and restaurants? I appreciate you think of it as one ecosystem, but it would just be helpful to understand if grocery orders and GTV also accelerated this quarter? And then I'll follow up with my second one.

Question: Nikhil Devnani - Bernstein Autonomous LLP - Analyst : And then just on the Q3 guide commentary there. So the Uber Eats lapping commentary is clear. On the grocery side of things, are you seeing any moderation or embedding any moderation there as well? Or is it predominantly just the comps in restaurants that you're flagging here?

Question: Nikhil Devnani - Bernstein Autonomous LLP - Analyst : Thanks, Emily, and all the best (inaudible) in the new role.

Question: Ross Sandler - Barclays Services Corp - Analyst : Great. And Fidji, I know your first job over at the new place is going to be wiring up operators who can all order our Instacart through the new (inaudible) Just a follow-up on the advertising question. I think we all understand the macro weakness in large CPG. But if we look at stronger growth in emerging brands and then all this new kind of off-site retail media network stuff with like Pinterest and TTD, how should we think about those two areas, the emerging brands and the off-site data deals in terms of contributing to overall ad revenue growth? Like when are those going to be big enough to move the needle relative to the big CPG? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2025 / 9:00PM, CART.OQ - Q2 2025 Maplebear Inc Earnings Call

Question: Andrew Boone - Citizens JMP Securities LLC - Analyst : Thanks so much for taking the question. You highlighted gains in batching on the letter. What I'm trying to understand is whether you guys have now more dollars to put towards promotion or customer acquisition or however you want to frame that today versus a year ago. So can you talk about the gains that you're getting from batching and then how you're deploying that and kind of the intensity of that? And then, Fidji, in your prepared remarks, you talked about the efficiency of AI that's coming across kind of the platform on the back end. Can you connect that either to headcount or OpEx? Or what should our expectations be as AI is just more broadly deployed across Instacart from a cost perspective? Thank you.

Question: Andrew Boone - Citizens JMP Securities LLC - Analyst : AI efficiencies and anything to note in terms of headcount or OpEx that we should be thinking through as it's further deployed across the platform?

Question: Andrew Boone - Citizens JMP Securities LLC - Analyst : Thank you.

Question: Steven Fox - Fox Advisors LLC - Analyst : I had two questions, too. From a big picture standpoint, you mentioned personalization in your letter. And I was just curious if there's any KPIs that you're tracking in particular that shows success there or anything you can describe as recent and future success? And then Emily, I was just curious, just on the cash flows, it looks like what you're describing for the second half of the year is sort of seasonal from a working capital standpoint. I don't know if that's correct or not, but if you could help on that. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2025 / 9:00PM, CART.OQ - Q2 2025 Maplebear Inc Earnings Call

Question: Steven Fox - Fox Advisors LLC - Analyst : Great, that's all very helpful. Thank you.

Question: Jason Helfstein - Oppenheimer & Co Inc - Analyst : Thank you for taking the question. I'll just ask one busy night. So I guess, what will it take for advertising to accelerate? Do you need a healthier CPG spending environment broadly? Or are there actions that CART can take to improve to drive more demand? Thank you.

Question: Justin Patterson - KeyBanc Capital Markets Inc - Analyst : Great, thanks for taking the question. This is Miles on for Justin. I would like to go back to Instacart+ on your comments of penetration increasing there. You guys have added a lot of value to the membership over the last year. So curious if you could just provide any more information on how you're seeing adoption trend or behavior within members like retention or order frequency or anything on that? And then one follow-up on the Costco partnership. I thought that was pretty interesting. Should we be expecting more of these unique retailer offerings moving forward? Or is that just more of a one-off with Costco being such a big retailer? Thank you.

Question: Justin Patterson - KeyBanc Capital Markets Inc - Analyst : Great, thank you, both.