NASDAQ$CART
Instacart · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Instacart's GTV and orders grew, with revenue and gross profit increasing, driven by fulfillment efficiencies and advertising performance.
Instacart's Q3 2023 results showed growth in GTV, orders, revenue, and gross profit. While the company reported a GAAP net loss due to stock-based compensation expenses related to its IPO, adjusted EBITDA increased significantly. The company is focused on profitable growth and investing in technology and products.
- GTV grew to $7,494 million, a 6% year-over-year increase.
- Orders increased to 66.2 million, up 4% year-over-year.
- Total revenue reached $764 million, reflecting a 14% year-over-year growth.
- Adjusted EBITDA rose to $163 million, a 120% year-over-year increase.
Headline financials
Revenue & EPS history
Instacart · Revenue · Quarterly
$764M
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
In Q4 2023, Instacart anticipates year-over-year GTV growth to be in the 5-6% range, with orders growth driving the composition and adjusted EBITDA of $165 million to $175 million. The primary driver of adjusted EBIDTA growth is expected to be sequential growth in advertising & other revenue because of seasonality.
Tailwinds
- Year-over-year GTV growth to remain in the 5-6% range
- Growth to continue to be driven more by orders growth than AOV growth as inflation wanes year-over-year
- Expand adjusted EBITDA quarter-over-quarter and year-over-year
- Adjusted EBITDA of $165 million to $175 million
- Primary driver of expansion to be sequential growth in advertising & other revenue because of seasonality
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 Q3 2023
-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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