Instacart Q4 Revenue Climbs 12.3% to $992M; Adjusted EPS $0.97 Beats Estimates
Instacart posted Q4 revenue of $992M, up 12.3% year-on-year with a 2% beat, and delivered $0.97 adjusted EPS, 2.8% above estimates. Adjusted EBITDA reached $303M at a 30.5% margin, while operating margin dipped to 9.9%, as the company expanded enterprise and AI-driven grocery partnerships.
1. Q4 Financial Performance
Instacart reported Q4 revenue of $992 million, exceeding the $972.2 million consensus and marking 12.3% year-on-year growth. Adjusted EPS was $0.97 versus $0.95 expected, and adjusted EBITDA hit $303 million (30.5% margin), but operating margin fell to 9.9% from 17.6% a year earlier.
2. Enterprise and International Expansion
The company now powers over 380 grocery e-commerce sites and launched partnerships with Costco in Spain and France, driving deeper retailer integration. User growth reached 26 million customers in 2025, with higher retention and order frequency boosting marketplace engagement.
3. Technology and Advertising Initiatives
Instacart’s AI investments increased engineering productivity by nearly 40% and support features like Cart Assistant. The advertising network expanded to 9,000 brands across 310 retailer sites, and in-store tools such as Caper Carts and FoodStorm rolled out with partners including Morrisons and Coles.