$CART · Maplebear Inc.
Maplebear (Instacart) filed its 10-Q for the quarter ended September 30, 2026. Revenue grew 16.6% YoY to $1.095B, gross margin was 71.8%, and net income was $147M ($0.60 diluted EPS). The filing repeatedly references a proposed merger with DoorDash, including forward-looking statements on completion timing, expected benefits, and costs.
- Revenue rose 16.6% YoY to $1.095B in Q3 FY2026.
- Net income was $147M, up from $144M a year earlier.
- Gross margin was 71.8%; operating margin was 15.9%.
- Stock-based compensation expense rose to $120M in Q3 from $82M a year ago.
- The filing references a proposed merger with DoorDash and its expected completion timing.
Extended-hours trading shows the stock at $56.55, down 2.15% from the regular close of $57.79, a modest negative reaction despite solid top-line growth.
Solid growth and profitability are overshadowed by the pending DoorDash merger, which is the dominant driver of Instacart's outlook.
The pending DoorDash merger would consolidate two of the largest U.S. grocery and food delivery platforms, a sector-defining deal under regulatory scrutiny.
The merger with DoorDash carries completion risk, including regulatory approval, integration costs, and potential disruption during the pendency period.