Instacart Agrees To $17 Billion DoorDash Takeover, Scraps Earnings Call And Suspends Guidance
The grocery-delivery company reported revenue up 17% to $1,095 million while pulling its outlook for the pending deal.
Instacart, the grocery technology company formally known as Maplebear, agreed to be bought by DoorDash in a cash-and-stock deal with an equity value of about $17 billion, the company said Thursday alongside its third-quarter results. It cancelled its November 5 earnings call and suspended its financial guidance.
Revenue up 17%, profit nearly flat
Revenue reached $1,095 million, up 17% from a year earlier, and orders rose 10% to 91.4 million. Gross transaction value, the total value of goods sold through the platform, grew 15% to $10,528 million.
Advertising and other revenue rose 23% to $331 million, and transaction revenue grew 14% to $764 million.
Net income edged up only 2% to $147 million, and gross margin slipped to 72% from 74%. Adjusted EBITDA, which strips out items such as stock pay, climbed 23% to $342 million.
Free cash flow rose 13% to $307 million. Instacart repurchased $230 million of its shares and ended the quarter with $1 billion in cash and similar assets.
CEO Chris Rogers called it "our best quarter as a public company." He said the company is "building the operating system for grocery."
Call cancelled, outlook pulled
The company said it cancelled the call because of the DoorDash agreement. It also suspended its financial guidance and withdrew previously issued long-term guidance, which it called customary while such a transaction is pending.
Terms and the business being sold
DoorDash will pay $65.00 per share, a 26% premium to the October 22 close, according to the companies' joint announcement. Stockholders can elect cash, DoorDash stock or a mix, with at least 75% of consideration in cash. The deal still needs regulatory and stockholder approval.
Instacart makes the technology that lets shoppers order groceries for delivery or pickup, and helps retailers and brands sell. Its products are the Instacart Marketplace app, the Enterprise platform behind retailers' own storefronts and the Instacart Ads business. As of December 31, 2025, it enabled more than 2,200 retail banners.
The company was valued at about $13 billion before news of a potential deal surfaced, according to a Wall Street Journal report relayed by Fox Business, which said shares rose about 8% on Monday after that report. NBC News reported the stock had been flat over two years as Amazon and Walmart expanded grocery delivery.
With the call cancelled and guidance withdrawn, the third-quarter release is the last financial update Instacart has scheduled while the DoorDash deal awaits approvals.
Sources
- 8-K Filing — Maplebear Inc. (CART) — SEC EDGAR
- Exhibit d24470dex991.htm — Maplebear Inc. 8-K exhibit — SEC EDGAR
- Doordash to acquire Instacart for $17 billion — NBC News
- DoorDash reportedly in advanced talks to acquire Instacart | Fox Business — Fox Business
- Instacart Announces Third Quarter 2026 Financial Results — prnewswire.com
- DoorDash to Acquire Instacart to Help Local Stores Win — businesswire.com
