Maplebear Inc Q3 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 : Thank you so much for taking the question. Maybe just to dovetail with the comments and all the details in the materials so far today. If you had to isolate what you see as some of the biggest strategic investments you want to make across your technology stack growing supply or aggregating demand. How should we think about what those key investments are to build the types of growth narratives you're talking about today? Thank you.

Question: Eric Sheridan - Goldman Sachs Group Inc - Analyst : Thank you.

Question: Nikhil Devnani - Bernstein Autonomous LLP - Analyst : Hi there, thank you for taking the question. Chris, you've spoken a lot about affordability. Can you maybe level set for us where we are today? What is the direction of travel been on markups over the past year or two? And where are we today versus your desired end goal on this objective? And then when you think about pushing towards price parity or reduced markups, it all makes a lot of sense, but there obviously is some tension with merchant partners that worry about their margins on third-party platforms. So how do you get the partner base to buy into the strategy longer term? And is anything after evolve or change about the Instacart model or structure as more retailers adopt this? Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, CART.OQ - Q3 2025 Maplebear Inc Earnings Call

Question: Nikhil Devnani - Bernstein Autonomous LLP - Analyst : Thanks, Chris. Appreciate it.

Question: Ronald Josey - Citi Infrastructure Investments LLC - Analyst : Great, thanks for taking the question. Maybe Chris, as a follow-up to that one, and I wanted to ask about the chart in the letter around cards top enterprise partner and the cadence for and looks for those retailers, the six retailers that were highlighted on the multiple platforms. Maybe the exception of two, most had a dip and then flattish growth for returning to that 10% average. So talk to us about the evolution here as competition ramps up or as the subsidy sort of dissipates here? Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, CART.OQ - Q3 2025 Maplebear Inc Earnings Call

Question: Ronald Josey - Citi Infrastructure Investments LLC - Analyst : Great. Thank you, Emily.

Question: Ross Sandler - Barclays Services Corp - Analyst : Yes. Great. Just following up on the price parity topic from a couple of questions back. Has Amazon's big push changed the nature of the conversation between you guys and your merchants around price parity. That would be question one. And then the second question is the new AI offerings look super interesting. Could you just elaborate on how some of this might speed up adoption of merchants migrating to a solution like Instacart or is this just more like kind of offering another service that just adds to the plethora of services that you guys already provide? Is this the materiality of the AI offering, I guess, is the question. Thank you.

Question: Justin Post - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. Thank you. A couple of questions. I wonder if you could help us understand the Enterprise Solutions contribution maybe to revenues or just overall to your business besides just retention of retailers? Just financially, how you think about it? And then second, you did mention that October is off to a strong start. I know there's kind of concerns out there, but are you seeing any changes from new competition in October? Thank you.

Question: Justin Post - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. Thank you.

Question: Steven Fox - Fox Advisors LLC - Analyst : Hi, good morning. I just had one question. I was curious if you could talk a little bit more of the reasons behind even pursuing any international expansion at this point as opposed to doubling down on your advantages that you've talked about in the US from two aspects. One, just a here and now that I just mentioned. And secondly, the fact that as you have moderate success there, it's going to lead to bigger and bigger investments, which maybe your investors are less inclined to accept.

Question: Andrew Boone - Citizens JMP Securities LLC - Analyst : Thanks so much for taking the questions. Chris, you mentioned in a earlier response, the path to 4% to 5% take rates for ads. Can you just walk us through the path there? Is that on platform? Or the Carrot Ads need to grow larger for you guys to be able to reach that target? Any help there would be great. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, CART.OQ - Q3 2025 Maplebear Inc Earnings Call And then is there any update you guys can provide in terms of Instacart plus. We haven't talked about that this quarter what's new, what's changing? Kind of what's the plan to grow penetration on. Thank you.

Question: Andrew Boone - Citizens JMP Securities LLC - Analyst : Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, CART.OQ - Q3 2025 Maplebear Inc Earnings Call

Question: Jason Helfstein - Oppenheimer & Co Inc - Analyst : Thanks. Two questions kind of related. So I mean, as you're thinking about adding new Instacart plus members. How much of the growth at this point is still like greenfield, meaning like either people who don't have, let's say, another subscription program and again, you can kind of answer that question, however you want. And then second, it seemed like this earnings season, we heard more commentary from some competitors about deemphasizing large baskets and focusing on more on small baskets, which seems like it will be positive for Instacart, but just if you want to elaborate maybe on some of the competitive dynamics you're seeing in the market around basket size.

Question: Jason Helfstein - Oppenheimer & Co Inc - Analyst : Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 10, 2025 / 1:00PM, CART.OQ - Q3 2025 Maplebear Inc Earnings Call