Maplebear Inc.

Previous wording

In the first quarter of 2026, GTV increased to $10,288 million, or 13% growth, compared to the same period of 2025, primarily driven by the increase in orders and higher average order value.

Current wording

In the second quarter of 2026, GTV increased to $10,351 million, or 14% growth, compared to the same period of 2025, primarily driven by the increase in orders and higher average order value.

Previous wording

In the first quarter of 2026, orders increased to 91.2 million, or 10% growth, compared to the same period of 2025, driven primarily by new customers and increased engagement of existing customers.

Current wording

In the second quarter of 2026, orders increased to 90.3 million, or 9% growth, compared to the same period of 2025, driven primarily by new customers and increased engagement of existing customers.

Previous wording

In the first quarter of 2026, gross profit increased to$738 million, or 10% growth, compared to the same period of 2025, primarily driven by the increase in total revenue. Gross margin decreased by 2% to 72% in the first quarter of 2026, compared to the same period of 2025, primarily due to cost of revenue growing faster than revenue.

Current wording

In the second quarter of 2026, gross profit increased to$751 million, or 11% growth, compared to the same period of 2025, primarily driven by the increase in total revenue. Gross margin decreased by 2% to 72% in the second quarter of 2026, compared to the same period of 2025, primarily due to cost of revenue growing faster than revenue.

Previous wording

In the first quarter of 2026, Adjusted EBITDA increased to $300 million, or 23% growth, compared to the same period of 2025, primarily driven by a combination of strong GTV growth and operating leverage. Adjusted EBITDA, Adjusted EBITDA as a percent of GTV, and Adjusted EBITDA margin can vary significantly as we continue to make substantial investments to fuel our growth and scale our business.

Current wording

In the second quarter of 2026, Adjusted EBITDA increased to $313 million, or 19% growth, compared to the same period of 2025, primarily driven by a combination of strong GTV growth, higher advertising and other revenue, and operating leverage. Adjusted EBITDA, Adjusted EBITDA as a percent of GTV, and Adjusted EBITDA margin can vary significantly as we continue to make substantial investments to fuel our growth and scale our business.

Previous wording

In the first quarter of 2026, free cash flow decreased to $253 million, or 10%, compared to the same period of 2025, primarily due to the collection of a large accounts receivable balance in the first quarter of 2025 from a retailer and the payment of $60 million in regulatory settlements in January 2026.

Current wording

In the second quarter of 2026, free cash flow increased to $480 million, or 156%, compared to the same period of 2025, primarily due to a large accounts receivable balance collected in the second quarter of 2026 compared to higher accounts receivable balances outstanding in the second quarter of 2025.

Previous wording

The provision for (benefit from) income taxes consists primarily of income taxes in certain federal, state, local, and foreign jurisdictions in which we conduct business. Our provision for (benefit from) income taxes differs from the U.S. federal statutory income tax rate primarily due to the tax effects of stock-based compensation recognized, federal and California research and development credits generated, and the income taxes generated in U.S. states and foreign jurisdictions. Our future effective income tax rate depends on various factors, such as changes in tax laws, regulations, accounting principles, or interpretations thereof, and the geographic composition of our pre-tax income.

Current wording

The provision for (benefit from) income taxes consists primarily of income taxes in certain federal, state, local, and foreign jurisdictions in which we conduct business. Our provision for (benefit from) income taxes differs from the United States (“U.S.”) federal statutory income tax rate primarily due to the tax effects of stock-based compensation recognized, federal and California research and development credits generated, and the income taxes generated in U.S. states and foreign jurisdictions. Our future effective income tax rate depends on various factors, such as changes in tax laws, regulations, accounting principles, or interpretations thereof, and the geographic composition of our pre-tax income.

Previous wording

Comparison of the Three Months Ended March 31, 2025 and 2026

Current wording

Comparison of the Three and Six Months Ended June 30, 2025 and 2026

Previous wording

The increase in transaction revenue during the first quarter of 2026, compared to the same period of 2025, was primarily driven by growth in GTV, which grew 13%, andincreased fulfillment efficiencies, partially offset by lower payment revenue.

Current wording

The increase in transaction revenue during the first six months of 2026, compared to the same period of 2025, was primarily driven by growth in GTV, which grew 13%, and increased fulfillment efficiencies, partially offset by lower payment revenue.

Previous wording

The increase in advertising and other revenue during the first quarter of 2026, compared to the same period of 2025, was primarily driven by interrelated factors including an increase in advertising volume, activity on our platform, and strength from emerging and mid-size brand partners. Advertising and other investment rate increased by 8 basis points to 2.8% during the first quarter of 2026, compared to the same period of 2025, as advertising and other revenue grew faster than GTV.

Current wording

The increase in advertising and other revenue during the second quarter of 2026, compared to the same period of 2025, was primarily driven by interrelated factors including an increase in advertising volume, activity on our platform, and strength from emerging and mid-size brand partners. Advertising and other investment rate increased by 6 basis points to 2.9% during the second quarter of 2026, compared to the same period of 2025, as advertising and other revenue grew faster than GTV.

Previous wording

The increase in cost of revenue during the first quarter of 2026, compared to the same period of 2025, was primarily due to an increase of $16 million in credit card processing fees, an increase of $12 million in payments to publishers, and an increase of $10 million in depreciation and amortization expense, primarily related to capitalized internal-use software.

Current wording

The increase in cost of revenue during the second quarter of 2026, compared to the same period of 2025, was primarily due to an increase of $21 million in credit card processing fees, an increase of $11 million in depreciation and amortization expense, primarily related to capitalized internal-use software, and an increase of $10 million in payments to publishers.

Previous wording

The increase in gross profit during the first quarter of 2026, compared to the same period of 2025, was primarily driven by the increase in total revenue due to the factors described above. The decrease in gross margin during the first quarter of 2026, compared to the same period of 2025, was primarily due to cost of revenue growing faster than revenue.

Current wording

The increase in gross profit during the three and six months ended June 30, 2026, compared to the same period of 2025, was primarily driven by the increase in total revenue due to the factors described above. The decrease in gross margin during the three and six months ended June 30, 2026, compared to the same period of 2025, was primarily due to cost of revenue growing faster than revenue.

Previous wording

The decrease in operations and support expense during the first quarter of 2026, compared to the same period in 2025, was immaterial.

Current wording

The increase in operations and support expense during the three and six months ended June 30, 2026, compared to the same period of 2025, was immaterial.

Previous wording

The increase in research and development expense during the first quarter of 2026, compared to the same period in 2025, was primarily due to a net increase of $13 million in total compensation costs.

Current wording

The increase in research and development expense during the second quarter of 2026, compared to the same period in 2025, was primarily due to an increase of $29 million in total compensation costs driven by a net increase in stock-based compensation expense, reflecting the year-over-year impact of shifting our first quarterly vesting date for our annual equity refresh grants from August to May.

Previous wording

The decrease in general and administrative expense during the first quarter of 2026, compared to the same period of 2025, was primarily due to a decrease of $46 million in accruals for legal matters and sales and indirect taxes.

Current wording

The decrease in general and administrative expense during the second quarter of 2026, compared to the same period of 2025, was primarily due to a decrease of $18 million in accruals for legal matters and sales and indirect taxes, partially offset by a net increase of $5 million in total compensation costs driven by an increase in stock-based compensation expense.

Previous wording

The decrease in interest income during the first quarter of 2026, compared to the same period of 2025, was primarily due to lower interest rates and a reduction in the average balance of our cash, cash equivalents, and marketable securities.

Current wording

The decrease in interest income during the first six months of 2026, compared to the same period of 2025, was primarily due to lower interest rates and a reduction in the average balance of our cash, cash equivalents, and marketable securities.

Previous wording

The increase in the provision for income taxes during the first quarter of 2026, compared to the same period of 2025, was due to the tax effects of stock-based compensation recognized, U.S. research and development credits generated, and the income taxes generated in U.S. states and foreign jurisdictions.

Current wording

The increase in the provision for income taxes during the three and six months ended June 30, 2026, compared to the same period of 2025, was due to an increase in pre-tax book income, fewer U.S. research and development credits generated, and lower tax deductible stock-based compensation expense.

Previous wording

We finance our operations primarily through fees received from retailers, customers, and brands. As of March 31, 2026, we had cash and cash equivalents of $631 million and marketable securities of $122 million, which were primarily held for working capital purposes.

Current wording

We finance our operations primarily through fees received from retailers, customers, and brands. As of June 30, 2026, we had cash and cash equivalents of $757 million and marketable securities of $128 million, which were primarily held for working capital purposes.

Previous wording

Although we have generated profit in recent periods, including net income of $144 million for the three months ended March 31, 2026, we have historically experienced significant net losses as reflected in our accumulated deficit of $4.7 billion as of March 31, 2026. While we generated positive cash flows from operating activities for the years ended December 31, 2024 and 2025 and for the three months ended March 31, 2026, our future cash flows from operating activities may fluctuate as a result of investments we continue to make across our organization. As a result, we may require additional capital resources to execute strategic initiatives to grow our business.

Current wording

Although we have generated profit in recent periods, including net income of $256 million for the six months ended June 30, 2026, we have historically experienced significant net losses as reflected in our accumulated deficit of $5.0 billion as of June 30, 2026. While we generated positive cash flows from operating activities for the years ended December 31, 2024 and 2025 and for the six months ended June 30, 2026, our future cash flows from operating activities may fluctuate as a result of investments we continue to make across our organization. As a result, we may require additional capital resources to execute strategic initiatives to grow our business.

Previous wording

In May 2026, we entered into a revolving credit agreement with certain lenders which provides for a $500 million unsecured revolving credit facility maturing on April 2031. As of the date of this filing, no amounts had been drawn under the credit facility.

Current wording

On May 1, 2026, we entered into a revolving credit agreement with certain lenders (the “Credit Agreement”), which provides for a $500 million unsecured revolving credit facility maturing on April 30, 2031. We are also required to pay a commitment fee of 0.10% per annum on the average daily unused amount of the revolving commitments. As of June 30, 2026, we were in compliance with all covenants under the Credit Agreement and there were no revolving loans outstanding. Refer to Note 11 — Debt for additional information.

Previous wording

In June 2024, our board of directors authorized a $500 million share repurchase program, which was subsequently increased to $750 million, $1 billion, and $2.5 billion in November 2024, May 2025, and November 2025, respectively. In April 2026, our board of directors authorized an increase of $1.0 billion to the share repurchase program, bringing the total authorization under the program to $3.5 billion.

Current wording

In June 2024, our board of directors authorized a $500 million share repurchase program, which was subsequently increased to $750 million, $1 billion, $2.5 billion, and $3.5 billion in November 2024, May 2025, November 2025, and April 2026, respectively.

Previous wording

For the three months ended March 31, 2026, we repurchased and immediately retired 9 million shares of our common stock for an aggregate purchase price of $402 million, including broker commissions, fees, and excise taxes, under this share repurchase program, which included shares repurchased under the ASR Agreement as described below.

Current wording

For the six months ended June 30, 2026, we repurchased and immediately retired 17 million shares of our common stock for an aggregate amount of $728 million, including broker commissions, fees, and excise taxes, under this share repurchase program, which included shares repurchased under the ASR Agreement as described below.

Previous wording

For the three months ended March 31, 2026, net cash provided by operating activities was $268 million, which consisted ofnet income of $144 million, adjustments for certain non-cash items of $159 million, partially offset by net cash outflows from changes in operating assets and liabilities of $35 million. Adjustments for certain non-cash items were primarily driven by stock-based compensation expense of $80 million and a decrease in deferred income taxes of $38 million. The year-over-year decrease in cash provided by operating activities was primarily driven by fluctuations in working capital from general business impacts including (i) the timing of customer, vendor, and other third-party payments and accruals including legal and regulatory matters and sales and indirect taxes; (ii) the timing of spend and usage of software subscriptions for hosting arrangements; and (iii) the overall growth of our business. Regulatory settlements of $60 million, previously accrued as of December 31, 2025, were paid with cash on hand in January 2026 and is reflected in the operating asset and liability changes noted above.

Current wording

For the six months ended June 30, 2026, net cash provided by operating activities was $762 million, which consisted ofnet income of $256 million, adjustments for certain non-cash items of $367 million and net cash inflows from changes in operating assets and liabilities of $139 million. Adjustments for certain non-cash items were primarily driven by stock-based compensation expense of$221 million and a decrease in deferred income taxes of$67 million. The year-over-year increase in cash provided by operating activities was primarily driven by fluctuations in working capital from general business impacts including (i) the timing of customer collections, including the settlement of large accounts receivable balances, and the impact of offering mix on invoiced amounts; (ii) the timing of customer, vendor, and other third-party payments and accruals including legal and regulatory matters, sales and indirect taxes, and insurance; (iii) the timing of spend and usage of software subscriptions for hosting arrangements; and (iv) the overall growth of our business. Regulatory settlements of $60 million, previously accrued as of December 31, 2025, were paid with cash on hand in January 2026 and is reflected in the operating asset and liability changes noted above.

Previous wording

For the three months ended March 31, 2025, net cash provided by operating activities was $298 million, which consisted ofnet income of $106 million, adjusted for certain non-cash items of $96 million, primarily driven by stock-based compensation expense of $66 million and by net cash inflows from changes in operating assets and liabilities of $96 million. The year-over-year increase in net changes in operating assets and liabilities, which impacted cash provided by operating activities, from a net cash inflow of $105 million to $298 million was primarily driven by fluctuations in working capital from general business impacts such as the timing of customer collections primarily due to the collection of a large accounts receivable balance from a retailer; the timing of customer, vendor, and other third-party payments and accruals; and the overall growth of our business.

Current wording

For the six months ended June 30, 2025, net cash provided by operating activities was $501 million, which consisted of net income of $222 million, adjusted for certain non-cash items of $232 million, primarily driven by stock-based compensation expense of $172 million and by net cash inflows from changes in operating assets and liabilities of $47 million. The year-over-year increase in net changes in operating assets and liabilities, which impacted cash provided by operating activities, from a net cash inflow of $349 million to $501 million, was primarily driven by fluctuations in working capital from general business impacts such as (i) the timing of customer collections due to the collection of a large accounts receivable balance from a retailer and the mix of transaction types, such as those involving EBT SNAP and alcohol sales, which result in longer and uneven collection cycles; (ii) the timing of customer, vendor, and other third party payments and accruals; (iii) the timing of spend and usage of software subscriptions for hosting arrangements, and (iv) the overall growth of our business.

Previous wording

For the three months ended March 31, 2025, net cash provided by investing activities was $1 million, comprised primarily of maturities of marketable securities of $81 million, partially offset by purchases of marketable securities of $62 million and purchases of property and equipment, including capitalized internal-use software, of $18 million.

Current wording

For the six months ended June 30, 2026, net cash used in investing activities was $56 million, comprised primarily of acquisitions of businesses, net of cash acquired, of $29 million and purchases of property and equipment, including capitalized internal-use software, of $29 million.

Previous wording

For the three months ended March 31, 2026, net cash used in investing activities was $8 million, comprised primarily of purchases of property and equipment, including capitalized internal-use software, of $16 million and purchases of marketable securities of $4 million, partially offset by maturities of marketable securities of $12 million.

Current wording

For the six months ended June 30, 2025, net cash used in investing activities was $156 million, comprised primarily of purchases of marketable securities of $144 million; acquisition of business, net of cash acquired, of $105 million; and purchases of property and equipment, including capitalized internal-use software, of $34 million, partially offset by maturities of marketable securities of $127 million.

Previous wording

For the three months ended March 31, 2025, net cash used in financing activities was $46 million, comprised primarily of repurchases of common stock of $89 million and taxes paid related to net share settlement of equity awards of $8 million, partially offset by changes in advances from a payment card issuer of $47 million and proceeds from the exercise of stock options of $4 million.

Current wording

For the six months ended June 30, 2026, net cash used in financing activities was $655 million, comprised primarily of repurchases of common stock of $683 million, partially offset by changes in advances from a payment card issuer of $34 million.

Previous wording

For the three months ended March 31, 2026, net cash used in financing activities was $328 million, comprised primarily of repurchases of common stock of $359 million and taxes paid related to net share settlement of equity awards of $4 million, partially offset by changes in advances from a payment card issuer of $31 million and proceeds from the exercise of stock options of $3 million.

Current wording

For the six months ended June 30, 2025, net cash used in financing activities was $175 million, comprised primarily of repurchases of common stock of $210 million and taxes paid related to net share settlement of equity awards of $14 million, partially offset by changes in advances from a payment card issuer of $43 million and proceeds from the exercise of stock options of $6 million.