Overview
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- TickerCART on Nasdaq1
- IndustryServices-Business Services, NEC1
- HeadquartersSan Francisco, California1
- Incorporated inDE2
- Business address50 Beale Street, Suite 600, San Francisco, Ca 941052
- Filer categoryLarge accelerated filer2
- Legal formCorporation
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Instacart is the leading technology and enablement partner for the grocery industry — helping consumers save time, retailers run their businesses online and in-store, and connect brands with customers. Since our founding, Instacart has powered more than 1.6 billion orders.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue26¢$984.0M
- Research and development17¢$650.0M
- Other costs41¢$1.6B
- Income tax3¢$109.0M
- Profit12¢$447.0M
Out of $3.7B in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending4¢$61.0M
- Share buybacks96¢$1.4B
Out of $971.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5
Financial statements
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $1.8B6 | $2.6B7 | $3.0B5 | $3.4B5 | $3.7B5 | |
| Cost of revenue | $608.0M6 | $720.0M7 | $764.0M5 | $836.0M5 | $984.0M5 | |
| Gross profit | $1.2B6 | $1.8B7 | $2.3B5 | $2.5B5 | $2.8B5 | |
| Research and development | $368.0M6 | $518.0M7 | $2.3B5 | $604.0M5 | $650.0M5 | |
| Operating expenses | $1.3B6 | $1.8B7 | $4.4B5 | $2.1B5 | $2.3B5 | |
| Operating income | -$86.0M6 | $62.0M7 | -$2.1B5 | $489.0M5 | $498.0M5 | |
| Income before tax | -$72.0M6 | $71.0M7 | -$2.1B5 | $552.0M5 | $556.0M5 | |
| Income tax | $1.0M6 | -$357.0M7 | -$439.0M5 | $95.0M5 | $109.0M5 | |
| Net income | -$73.0M6 | $428.0M7 | -$1.6B5 | $457.0M5 | $447.0M5 | |
| Earnings per share | -$1.126 | $1.087 | -$12.435 | $1.695 | $1.685 | |
| Earnings per share (diluted) | -$1.126 | $0.967 | -$12.435 | $1.585 | $1.605 | |
| Shares (weighted, basic) | 65.9M shares6 | 71.9M shares7 | 130.6M shares5 | 264.6M shares5 | 261.4M shares5 | |
| Shares (weighted, diluted) | 65.9M shares6 | 101.5M shares7 | 130.6M shares5 | 289.2M shares5 | 279.6M shares5 |
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash | $1.2B6 | $1.1B6 | $1.5B7 | $2.1B5 | $1.3B5 | $637.0M5 |
| Receivables | $842.0M6 | $853.0M7 | $1.0B5 | $1.1B5 | ||
| Current assets | $2.7B6 | $3.3B7 | $2.7B5 | $2.2B5 | ||
| Property, plant and equipment | $38.0M6 | $135.0M7 | $200.0M5 | $218.0M5 | ||
| Goodwill | $263.0M6 | $317.0M6 | $318.0M7 | $317.0M5 | $393.0M5 | |
| Intangible assets | $103.0M6 | $77.0M7 | $52.0M5 | $71.0M5 | ||
| Total assets | $3.7B6 | $4.7B7 | $4.1B5 | $3.7B5 | ||
| Accounts payable | $88.0M6 | $72.0M7 | $80.0M5 | $70.0M5 | ||
| Current liabilities | $795.0M6 | $733.0M7 | $798.0M5 | $917.0M5 | ||
| Total liabilities | $911.0M6 | $800.0M7 | $836.0M5 | $974.0M5 | ||
| Retained earnings | -$977.0M6 | -$2.6B7 | -$3.6B5 | -$4.5B5 | ||
| Shareholders’ equity | -$981.0M6 | -$573.0M7 | -$64.0M5 | $3.8B5 | $3.1B5 | $2.5B5 |
| Shares outstanding | 72.2M shares6 | 279.0M shares7 | 261.0M shares5 | 242.9M shares5 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | -$204.0M6 | $277.0M7 | $586.0M5 | $687.0M5 | $971.0M5 | |
| Depreciation and amortization | $16.0M6 | $34.0M7 | $43.0M5 | $56.0M5 | $91.0M5 | |
| Stock-based compensation | $22.0M6 | $33.0M7 | $2.8B5 | $300.0M5 | $352.0M5 | |
| Capital spending | $13.0M6 | $24.0M7 | $54.0M5 | $64.0M5 | $61.0M5 | |
| Free cash flow | -$217.0M | $253.0M | $532.0M | $623.0M | $910.0M | |
| Cash from investing | -$330.0M6 | $117.0M7 | $135.0M5 | -$107.0M5 | -$208.0M5 | |
| Share buybacks | $06 | $07 | $36.0M5 | $1.4B5 | $1.4B5 | |
| Cash from financing | $464.0M6 | $46.0M7 | -$30.0M5 | -$1.4B5 | -$1.4B5 |
Corporate structure
Maplebear Inc. sits at the top of its group. 3 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Maplebear Inc.
- SC US (TTGP), LTD. Filed SCHEDULE 13D/A on Maplebear Inc., latest Aug 17, 2026 (11 filings since Feb 14, 2024)
- GCM Grosvenor L.P. Filed SCHEDULE 13G/A on Maplebear Inc., latest May 15, 2026 (3 filings since Feb 14, 2024)
- BlackRock Filed SCHEDULE 13G/A on Maplebear Inc., latest Apr 27, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Maplebear Inc., latest Mar 27, 2026 (5 filings since Nov 4, 2024)
- Apoorva Mehta Filed SCHEDULE 13G/A on Maplebear Inc., latest Jul 15, 2025 (2 filings since Feb 14, 2024)
- D1 Capital Partners L.P. Filed SC 13G/A on Maplebear Inc., latest Nov 14, 2024 (2 filings since Feb 14, 2024)
- Maplebear Inc. San Francisco, California
- Maplebear Canada ULC Subsidiary · Nova Scotia, Canada
- SBOT Technologies LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Maplebear Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $345.0M5 Dec 31, 2025 | $274.0M5 Dec 31, 2024 | +25.9% |
| Accumulated depreciation | $127.0M5 Dec 31, 2025 | $74.0M5 Dec 31, 2024 | +71.6% |
| Property and equipment, net | $218.0M5 Dec 31, 2025 | $200.0M5 Dec 31, 2024 | +9.0% |
| Operating-lease assets (leased space) | $30.0M5 Dec 31, 2025 | $21.0M5 Dec 31, 2024 | +42.9% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $637.0M5 Dec 31, 2025 | $1.3B5 Dec 31, 2024 | −50.2% |
| Marketable securities, current | $50.0M5 Dec 31, 2025 | $91.0M5 Dec 31, 2024 | −45.1% |
| Marketable securities, non-current | $81.0M5 Dec 31, 2025 | $05 Dec 31, 2024 | |
| Debt securities available for sale | $446.0M5 Dec 31, 2025 | $975.0M5 Dec 31, 2024 | −54.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $393.0M5 Dec 31, 2025 | $317.0M5 Dec 31, 2024 | +24.0% |
| Intangible assets, net (excluding goodwill) | $71.0M5 Dec 31, 2025 | $52.0M5 Dec 31, 2024 | +36.5% |
| Finite-lived intangibles, gross | $184.0M5 Dec 31, 2025 | $140.0M5 Dec 31, 2024 | +31.4% |
| Accumulated amortization | $113.0M5 Dec 31, 2025 | $88.0M5 Dec 31, 2024 | +28.4% |
| Finite-lived intangibles, net | $71.0M5 Dec 31, 2025 | $52.0M5 Dec 31, 2024 | +36.5% |
Properties, in its own words
Our corporate headquarters is located in San Francisco, California, where we lease approximately 57,000 square feet of space under a lease that expires in May 2034. We also maintain other offices in North America, including in New York City, New York, Fort Lauderdale, Florida, and Toronto, Ontario, as well as offices in Dublin, Ireland, near Melbourne, Australia, and Shanghai, China. We believe our facilities are adequate and suitable for our current needs, and that should it be needed, suitable additional or alternative space will be available to accommodate our operations.
Item 2 of the 10-K filed Feb 26, 2026.4
Leadership
Who has led Maplebear Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
- Chief executive officerFidji Simo Sep 18, 2023 to now10
- PresidentFidji Simo Sep 18, 2023 to now10
- Chief financial officerEmily Reuter May 10, 2024 to now11
- Chief financial officerNick Giovanni Sep 18, 2023 to Apr 19, 202412
- Chief operating officerAsha Sharma Sep 18, 2023 to Feb 16, 202413
Board members and other officers (15)
- Chief Accounting OfficerLisa Blackwood-Kapral Mar 20, 2025 to now14
- Chief Product OfficerDaniel Danker Apr 17, 2025 to now15
- Chief Accounting OfficerAlan Ramsay Sep 18, 2023 to Feb 25, 202516
- Board memberJosh Silverman Aug 19, 2025 to now17
- Board memberVictoria L. Dolan Apr 16, 2024 to now18
- Board memberMary Beth Laughton Aug 19, 2024 to now19
- Board memberDaniel S. Sundheim Sep 18, 2023 to now20
- Board memberFidji Simo Sep 18, 2023 to now10
- Board memberFrank Slootman Sep 18, 2023 to May 31, 202421
- Board memberJeffrey D. Jordan Sep 18, 2023 to May 14, 202422
- Board memberLevien Meredith A. Kopit Sep 18, 2023 to now23
- Board memberLily Sarafan Sep 18, 2023 to now24
- Board memberMichael J. Moritz Sep 18, 2023 to now25
- Board memberW. Barry McCarthy Jr. Sep 18, 2023 to Sep 25, 202326
- General counselMorgan Fong Sep 18, 2023 to now27
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 25, 20268-K Unregistered sale of shares; Bylaws or fiscal year changed29
- Aug 6, 20268-K Results of operations30
- May 29, 20268-K Shareholder vote31
- May 6, 20268-K Entered a material agreement; Results of operations; New debt or obligation32
- Feb 12, 20268-K Results of operations33
- Nov 25, 20258-K Executive or director change34
- Nov 10, 20258-K Results of operations; Other events35
- Aug 15, 20258-K Executive or director change; Regulation FD disclosure36
- Aug 7, 20258-K Results of operations37
- May 28, 20258-K Executive or director change; Other events38
- May 27, 20258-K Shareholder vote39
- May 8, 20258-K Executive or director change; Regulation FD disclosure40
- Sep 18, 2023New chief executive Fidji Simo becomes CEO10
Calendar
Coming up
- Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.51 a share, on Nov 10, 2025.41
When it reported results
- Aug 6, 2026Reported quarterly or annual results30
- May 6, 2026Reported quarterly or annual results32
- Feb 12, 2026Reported quarterly or annual results33
- Nov 10, 2025Reported quarterly or annual results35
- Aug 7, 2025Reported quarterly or annual results37
- May 1, 2025Reported quarterly or annual results42
- Feb 25, 2025Reported quarterly or annual results43
- Nov 12, 2024Reported quarterly or annual results44
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
496 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 26 major events, 264 insider forms, 24 large holders, 1 private raises, 169 other. The latest 20:
- Oct 15, 2026144 EDGAR
- Sep 25, 20268-K EDGAR
- Sep 24, 20264 EDGAR
- Sep 22, 2026144 EDGAR
- Sep 17, 20264 EDGAR
- Sep 15, 2026144 EDGAR
- Aug 31, 20264 EDGAR
- Aug 27, 2026144 EDGAR
- Aug 26, 20264 EDGAR
- Aug 24, 2026144 EDGAR
- Aug 21, 20264 EDGAR
- Aug 21, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
- Aug 19, 2026144 EDGAR
- Aug 19, 2026144 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 2026SCHEDULE 13D/A EDGAR
- Aug 13, 2026144 EDGAR
The 496 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
132 open-market trades by officers, directors and large owners since October 2021: 27 buys and 105 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 22, 2026 | Fong MorganChief Legal Officer | Sale | 18,390 | $44.98 | $827.2K | Form 4 |
| Sep 15, 2026 | BLACKWOOD-KAPRAL LISAChief Accounting Officer | Sale | 3,017 | $47.08 | $142.0K | Form 4 |
| Aug 27, 2026 | Laughton Mary BethDirector | Sale | 10,236 | $50.33 | $515.2K | Form 4 |
| Aug 24, 2026 | Fong MorganChief Legal Officer | Sale | 18,390 | $49.96 | $918.8K | Form 4 |
| Aug 19, 2026 | Rogers ChrisPresident and CEO | Sale | 7,606 | $48.95 | $372.3K | Form 4 |
| Aug 19, 2026 | Gupta RaviDirector | Sale | 150,000 | $50.61 | $7.6M | Form 4 |
| Aug 13, 2026 | Reuter EmilyCHIEF FINANCIAL OFFICER | Sale | 25,000 | $50.01 | $1.3M | Form 4 |
| Aug 7, 2026 | Rogers ChrisPresident and CEO | Sale | 4,933 | $50.00 | $246.7K | Form 4 |
| Jul 22, 2026 | Fong MorganChief Legal Officer | Sale | 18,390 | $44.34 | $815.4K | Form 4 |
| Jul 15, 2026 | BLACKWOOD-KAPRAL LISAChief Accounting Officer | Sale | 3,016 | $47.64 | $143.7K | Form 4 |
| Jun 15, 2026 | BLACKWOOD-KAPRAL LISAChief Accounting Officer | Sale | 3,017 | $41.24 | $124.4K | Form 4 |
| Jun 2, 2026 | Gupta RaviDirector | Sale | 181,000 | $41.51 | $7.5M | Form 4 |
| Jun 1, 2026 | Rogers ChrisPresident and CEO | Sale | 7,893 | $40.66 | $320.9K | Form 4 |
| May 18, 2026 | Fong MorganChief Legal Officer | Sale | 14,033 | $39.93 | $560.4K | Form 4 |
| Apr 15, 2026 | BLACKWOOD-KAPRAL LISAChief Accounting Officer | Sale | 9,390 | $40.25 | $377.9K | Form 4 |
| Mar 16, 2026 | BLACKWOOD-KAPRAL LISAChief Accounting Officer | Sale | 9,390 | $38.74 | $363.8K | Form 4 |
| Mar 11, 2026 | Fong MorganChief Legal Officer | Sale | 126,083 | $37.09 | $4.7M | Form 4 |
| Feb 25, 2026 | Sarafan LilyDirector | Sale | 3,500 | $36.53 | $127.9K | Form 4 |
| Dec 22, 2025 | Fong MorganChief Legal Officer | Sale | 4,914 | $45.21 | $222.2K | Form 4 |
| Nov 21, 2025 | Laughton Mary BethDirector | Sale | 4,056 | $40.72 | $165.2K | Form 4 |
All 132 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- SC US (TTGP), LTD.SCHEDULE 13D/A, 11 filings Feb 14, 2024 to Aug 17, 202645
- GCM Grosvenor L.P.SCHEDULE 13G/A, 3 filings Feb 14, 2024 to May 15, 202646
- BlackRockSCHEDULE 13G/A, 1 filing Apr 27, 202647
- VANGUARD GROUP INCSCHEDULE 13G/A, 5 filings Nov 4, 2024 to Mar 27, 202648
- Apoorva MehtaSCHEDULE 13G/A, 2 filings Feb 14, 2024 to Jul 15, 202549
- D1 Capital Partners L.P.SC 13G/A, 2 filings Feb 14, 2024 to Nov 14, 202450
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Chris Rogers | 47 | $29.8M51 | |
| 2025 | Fidji Simo | $22.3M51 | ||
| 2025 | Emily Reuter | 42 | $500.0K | $13.7M51 |
| 2025 | Daniel Danker | $313.5K | $13.4M51 | |
| 2025 | Morgan Fong | 50 | $500.0K | $12.5M51 |
| 2024 | Former ChiefExecutive Officer | $865.4K | $47.8M51 | |
| 2024 | Chief Financial Officer | $451.2K | $10.6M51 | |
| 2024 | Chief Legal and Global Affairs Officer | $500.0K | $7.4M51 | |
| 2023 | Former ChiefExecutive Officer | $500.0K | $5.3M51 | |
| 2023 | Chief Legal and Global Affairs Officer | $500.0K | $1.7M51 |
Money raised
Private offerings the company reported to the SEC on Form D.
- Oct 15, 2021Raised $232 million in a private offering of equity Form D: $290 million offered in all Form D
SEC filer profile
How Maplebear Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARMaplebear Inc.1
- CIK0001579091
- Employer ID (EIN)46-07233354
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)7389 Services-Business Services, NEC1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address50 Beale Street, Suite 600, San Francisco, CA 941051
- Phone(888) 246-78221
- Shares outstanding231,500,067 as of Jul 31, 20269
- Public float$6.9B as of Jun 30, 20254
- AuditorPricewaterhouseCoopers LLP, San Jose, PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceJun 12, 20131
- Filings508 in all: 4 (235), 144 (116), 3 (28), 8-K (26), D (10), UPLOAD (10), 10-Q (9), DRS/A (6)1
All 33 form types
DRSLTR (6), SCHEDULE 13G/A (6), CORRESP (5), DEFA14A (5), S-8 (5), SC 13D/A (5), SC 13G (4), SC 13G/A (4), SCHEDULE 13D/A (4), 10-K (3), ARS (3), DEF 14A (3), D/A (2), S-1/A (2), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), S-1 (1), S-8 POS (1), SC 13D (1), SCHEDULE 13G (1), SD (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) Apr 9, 2026
Latest 8-K (8-K) Sep 25, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.0001 per share | CART | Nasdaq Global Select Market |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Maplebear Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 64 risks under these headings, as written.4
- Risks Related to Our Business and Industry
- Historical trends relating to our growth and financial performance may not be indicative of future performance.
- If we fail to cost-effectively acquire new customers or increase the engagement of our existing customers, including through effective marketing strategies, our business would be harmed.
- We have a limited history operating our business at its current scale, scope, and complexity in an evolving market and economic environment, which makes it difficult to plan for future operations and strategic initiatives, predict future results, and evaluate our future prospects and the risks and challenges we may encounter.
- We have a history of losses, and we may be unable to sustain or increase profitability or generate profitable growth in the future.
- The success of our business is dependent on our relationships with retailers. The loss of one or more of our retail partners or reduction in their engagement with Instacart could harm our business.
- We are continuing to build our Instacart Ads offerings. If we fail to grow our advertising revenue, our business, financial condition, and results of operations would be negatively impacted.
- The markets in which we participate are highly and increasingly competitive, with well-capitalized and better-known competitors, some of which are also partners. If we are unable to compete effectively, our business and financial prospects would be adversely impacted.
- If we fail to cost-effectively engage, attract, or retain shoppers on Instacart, our business could be harmed.
- The failure to achieve increased market acceptance of online grocery shopping and our offerings could seriously harm our business.
- Mergers or other strategic transactions by competitors or retailers could weaken our competitive position and adversely affect our business.
- We expect a number of factors to cause our results of operations and operating cash flows to fluctuate on a quarterly and annual basis, which may make it difficult to predict our future performance.
The other 53 risks
- Seasonality may cause fluctuations in our sales and results of operations.
- If we or the third parties we rely on experience a compromise to the confidentiality, integrity, or availability of our or their systems, or to data of our customers, shoppers, partners, employees, or Instacart, we may experience adverse consequences, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, reputational harm, loss of revenue or profits, loss of customers or sales, and other adverse consequences.
- Interruptions or performance problems, including failure to ensure accessibility, associated with our offerings and technology capabilities may adversely affect our business, financial condition, and results of operations.
- If we are not able to continue to introduce new features or offerings successfully and to make enhancements to existing offerings, our ability to grow and operate our business could be adversely affected.
- Artificial intelligence and machine learning solutions, including our use of such solutions and use of such solutions by our competitors, could result in reputational harm, competitive harm, or legal liability, and could adversely affect our results of operations.
- We are making substantial investments to expand our offerings and technologies to capitalize on new and unproven business opportunities and expect to increase such investments in the future. These new ventures are inherently risky, and we may never realize any expected benefits from them.
- Our marketing efforts to help grow our business may not be effective, and failure to effectively develop and expand our sales and marketing capabilities could harm our ability to increase and engage our customer base and achieve broader market acceptance of our offerings.
- If we fail to maintain and enhance our brand, our ability to engage or expand our base of retailers, customers, brands, and shoppers will be impaired and our business, financial condition, and results of operations may suffer.
- If we fail to offer high-quality support, our ability to attract and engage customers and shoppers could suffer.
- Our pricing methodologies are impacted by a number of factors and ultimately may not be successful in attracting and engaging retailers, customers, brands, and shoppers. Future changes to our pricing model could adversely affect our business.
- If retailers, customers, brands, shoppers, or other third parties using Instacart engage in, or are subject to, criminal, violent, inappropriate, or dangerous activity, it could have an adverse impact on our reputation, business, financial condition, and results of operations.
- The impact of macroeconomic and geopolitical conditions, public health incidents, weather events, and natural catastrophes, including the resulting effect on consumer spending, may harm our business and results of operations.
- Our operations have grown substantially in recent years, and we expect to continue expanding the scale of our operations. If we are unable to effectively manage that growth, our financial performance and future prospects will be adversely affected.
- We depend on highly skilled personnel to grow and operate our business, and if we are unable to hire, retain, and motivate our personnel, we may not be able to grow effectively.
- If we cannot maintain our company culture as we grow, our business and competitive position may be harmed.
- We are exposed to collection and credit risks, which could impact our results of operations.
- The estimates of market opportunity and forecasts of market growth in our public disclosures may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at a similar rate, if at all.
- Acquisitions, strategic investments, partnerships, collaborations, commercial arrangements, or alliances could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business, dilute stockholder value, and adversely affect our business, financial condition, and results of operations.
- We track certain operational metrics with internal systems and tools and do not independently verify such metrics. Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation.
- We may require additional capital to support the growth of our business, and this capital might not be available on acceptable terms, if at all.
- Risks Related to Our Legal and Regulatory Environment
- Adverse litigation judgments or settlements resulting from legal proceedings in which we are or may be involved could expose us to monetary damages or limit our ability to operate our business.
- We face potential liability, expenses for legal claims, and harm to our business based on the nature of our business and the content on Instacart.
- We are subject to rapidly changing and increasingly stringent laws, regulations, industry standards, contractual obligations, policies and other obligations relating to privacy, data security, data protection artificial intelligence, machine learning, and automated decision-making. The obligations, restrictions, and costs imposed by these laws, or our actual or perceived failure to comply with them, could subject us to adverse business consequences and other liabilities that adversely affect our business, operations, and financial performance.
- Our business could be adversely impacted by changes in the internet and mobile device accessibility of users. Companies and governmental agencies may restrict access to Instacart, our mobile apps, website, app stores, or the internet generally, which could negatively impact our operations.
- We could be required to collect additional taxes or be subject to other tax liabilities in various jurisdictions which could adversely affect our results of operations.
- Our ability to utilize our net operating loss carryforwards and certain other tax attributes to offset taxable income or taxes may be limited.
- Uncertainties in the interpretation and application of existing, new, and proposed tax laws and regulations could materially affect our tax obligations and effective tax rate.
- We are subject to anti-corruption, anti-bribery, anti-money laundering, and similar laws, and non-compliance with such laws can subject us to criminal or civil liability and harm our business, financial condition, and results of operations.
- We are subject to governmental export and import controls and sanctions laws and regulations that could impair our ability to compete in international markets or subject us to liability if we violate such laws.
- Our presence outside the United States and any future international expansion strategy will subject us to additional costs and risks, and our plans may not be successful.
- Risks Related to Our Dependence on Third Parties
- We rely on third parties for elements of the payment processing infrastructure underlying Instacart. If these third-party elements become unavailable or unavailable on favorable terms, our business could be adversely affected.
- We rely on software and services from other parties. Defects in, or the loss of or disruption of access to, software or services from third parties could harm our business and adversely affect the quality of Instacart.
- We currently rely on a small number of third-party service providers to host or support a significant portion of Instacart technology infrastructure and data, and any interruptions or delays in services from these third parties could impair the delivery of our offerings and harm our business.
- We rely on mobile operating systems and app marketplaces to make portions of Instacart available to retailers, customers, brands, and shoppers, and if we do not effectively operate with such app marketplaces, our usage or brand recognition could decline and our business, financial condition, and results of operations could be adversely affected.
- We rely primarily on third-party insurance policies from a limited number of insurance providers to insure our operations-related risks. If our insurance coverage is insufficient for the needs of our business or our insurance providers are unable to meet their obligations, we may not be able to mitigate the risks facing our business, which could adversely affect our business, financial condition, and results of operations.
- Risks Related to Our Intellectual Property
- Failure to adequately maintain and protect our intellectual property and proprietary rights could harm our brand, devalue our proprietary content, and adversely affect our ability to compete effectively.
- We are currently, and may in the future become, party to intellectual property disputes, which are costly and may subject us to significant liability and increased costs of doing business.
- Our use of third-party open-source software could adversely affect our ability to offer Instacart and our offerings and subjects us to possible litigation.
- Risks Related to Ownership of Our Common Stock
- The trading price of our common stock may be volatile and could decline significantly and rapidly.
- Future sales of our common stock in the public market could cause the market price of our common stock to decline.
- We may not realize the anticipated long-term stockholder value of our share repurchase program, and any failure to repurchase our common stock after we have announced our intention to do so may negatively impact our stock price.
- Our executive officers, directors, and principal stockholders, if they choose to act together, continue to have the ability to control or significantly influence all matters submitted to stockholders for approval. Furthermore, certain of our current directors were initially appointed by our principal stockholders.
- Our business and financial performance may differ from any projections that we disclose or any information that may be attributed to us by third parties.
- We could experience volatility in our trading price and trading volume if securities or industry analysts cease to publish research about our business, or if they publish inaccurate or unfavorable research.
- We do not intend to pay dividends for the foreseeable future.
- Additional stock issuances could result in significant dilution to our stockholders.
- Our Series A Preferred Stock ranks senior to our common stock, impacts our ability to pay dividends, and may result in significant dilution.
- Certain provisions in our corporate charter documents and under Delaware law may prevent or hinder attempts by our stockholders to change our management or to acquire a controlling interest in us, or bring a lawsuit against us or our directors and officers, and the trading price of our common stock may be lower as a result.
- Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America are the exclusive forums for substantially all disputes between us and our stockholders, which may limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
- General Risk Factors
- The requirements of being a public company may strain our resources, divert management’s attention, and affect our ability to attract and retain executive management and qualified board members.
- As a result of being a public company, we are obligated to develop and maintain proper and effective internal control over financial reporting, and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our company and, as a result, the value of our common stock.
- Our reported financial results may be adversely affected by changes in accounting principles generally accepted in the United States.
- If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
Legal proceedings
See discussion under the caption “Legal Matters” in Note 10 — Commitments and Contingencies to our consolidated financial statements contained in this Annual Report on Form 10-K for information regarding legal proceedings that constitute material contingencies for financial reporting purposes that could have a material adverse effect on our consolidated financial position, liquidity, or results of operations if they were resolved in a manner that is adverse to us.
Although the results of these claims, lawsuits, government investigations, and other legal proceedings in which we are involved cannot be predicted with certainty, we believe that none of these matters is likely to have a material impact on our business, financial condition, results of operations, or cash flows. However, management’s views and estimates related to these matters may change in the future, as new events and circumstances arise and the matters continue to develop. Further, regardless of final outcomes, any such legal proceedings, claims, and government investigations may nonetheless impose a significant burden on management and employees and may come with costly defense costs or unfavorable preliminary and interim rulings.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARMaplebear Inc. filings on SEC EDGAR
- 2SEC EDGARMaplebear Inc. filings on SEC EDGAR
- 3
- 4
- 5SEC EDGARMaplebear Inc. 10-K for fiscal 2025
- 6SEC EDGARMaplebear Inc. 10-K for fiscal 2021
- 7SEC EDGARMaplebear Inc. 10-K for fiscal 2022
- 8SEC EDGARMaplebear Inc. 10-Q for fiscal 2026
- 9SEC EDGARMaplebear Inc. 10-Q for fiscal 2026
- 10SEC EDGARFidji Simo, Chief executive officer
- 11
- 12
- 13SEC EDGARAsha Sharma, Chief operating officer
- 14
- 15SEC EDGARDaniel Danker, Chief Product Officer
- 16
- 17SEC EDGARJosh Silverman, Board member
- 18SEC EDGARVictoria L. Dolan, Board member
- 19SEC EDGARMary Beth Laughton, Board member
- 20SEC EDGARDaniel S. Sundheim, Board member
- 21SEC EDGARFrank Slootman, Board member
- 22SEC EDGARJeffrey D. Jordan, Board member
- 23
- 24SEC EDGARLily Sarafan, Board member
- 25SEC EDGARMichael J. Moritz, Board member
- 26SEC EDGARW. Barry McCarthy Jr., Board member
- 27SEC EDGARMorgan Fong, General counsel
- 28
- 29
- 30SEC EDGARResults of operations
- 31SEC EDGARShareholder vote
- 32
- 33SEC EDGARResults of operations
- 34SEC EDGARExecutive or director change
- 35SEC EDGARResults of operations; Other events
- 36
- 37SEC EDGARResults of operations
- 38
- 39SEC EDGARShareholder vote
- 40
- 41NasdaqNasdaq calendar
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51