NASDAQ$CART
Instacart · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Instacart had a strong start to 2024, with year-over-year GTV growth, strong GAAP net income, and Adjusted EBITDA profitability.
Instacart reported a solid Q1 2024, marked by its fourth consecutive quarter of expanding year-over-year GTV growth, alongside strong GAAP net income and Adjusted EBITDA profitability. The company's scale and strategic advantages, including a wide selection of grocery retailers and efficient shopper network, drove the positive results. Instacart is well-positioned for continued growth and profitability in Q2 and the remainder of 2024.
- GTV increased by 11% year-over-year to $8,319 million, exceeding the high end of the guidance range.
- Orders grew by 9% year-over-year to 72.8 million, driven by efficient matching of demand and shopper availability during inclement weather and leap day.
- Total revenue increased by 8% year-over-year to $820 million, influenced by GTV growth and changes in transaction and advertising revenue.
- GAAP net income was $130 million, up $2 million year-over-year, and Adjusted EBITDA was $198 million, up 17% year-over-year.
Headline financials
Revenue & EPS history
Instacart · Revenue · Quarterly
$820M
Revenue by segment
Instacart · $764M total across 2 segments · Q3 2023
- Transaction Revenue$542M+11.8%70.9%
- Advertising & Other$222M+18.7%29.1%
Forward guidance
Instacart anticipates GTV between $8,000 million and $8,150 million, representing a 7% to 9% year-over-year increase. The company expects adjusted EBITDA to be between $180 million and $190 million, about 2.3% of GTV.
Tailwinds
- Year-over-year GTV growth of 7% to 9% is expected.
- Adjusted EBITDA is expected to be up year-over-year.
- Flexibility to spend on marketing and consumer incentives.
- Continued step up versus the growth delivered in 2023.
- Adjusted EBITDA to be approximately 2.3% of GTV.
Headwinds
- Guidance does not expect a benefit from inclement weather.
- Guidance does not expect a benefit from leap day.
- Uncertainty regarding reconciling items such as stock-based compensation.
- Uncertainty regarding certain legal and regulatory accruals and settlements.
- Uncertainty regarding reserves for sales and other indirect taxes.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q1 2024
-0.5%
Avg return
Earnings day
-1.1%
Avg return
5 days after
+3.7%
Avg return
30 days after
50%
7 / 14 earnings
Positive
+13.5%
Q1 2025
Best reaction
-14.0%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.4% | -2.8% | +2.6% | |
| Q4 2025 | +9.2% | +9.2% | +15.0% | |
| Q3 2025 | +1.6% | +11.7% | +18.3% | |
| Q1 2025 | +13.5% | +14.9% | +14.7% | |
| Q4 2024 | -12.3% | -20.3% | -18.6% | |
| Q3 2024 | -9.9% | -12.0% | -12.3% | |
| Q2 2023 | +0.7% | -0.9% | +5.9% | |
| Q2 2024 | +3.9% | +2.5% | +11.3% | |
| Q1 2024 | -3.8% | -7.4% | -12.1% | |
| Q4 2021 | -0.2% | +2.0% | +12.5% | |
| Q4 2023 | -0.2% | -2.2% | +30.5% | |
| Q4 2022 | +2.7% | +0.2% | -1.3% | |
| Q3 2022 | +2.7% | +0.2% | -1.3% | |
| Q3 2023 | -14.0% | -10.2% | -14.2% | |
| Q1 2023 | — | — | — | |
| Q2 2022 | — | — | — | |
| Q1 2022 | — | — | — | |
| Q3 2021 | — | — | — | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — |
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