Instacart (NASDAQ:CART) delivered a strong first-quarter performance that topped analyst expectations, fueled by robust order growth and rising advertising revenue.
The grocery delivery platform reported adjusted earnings of $0.37 per share, significantly ahead of the $0.14 consensus estimate. Revenue climbed 9% year-over-year to $897 million, easily surpassing forecasts of $838.5 million.
Order volume reached 83.2 million in Q1, up 14% from the previous year—marking the fastest growth rate in ten quarters. Gross transaction value rose 10% to $9.12 billion, while average order value declined 4% to $110 due to increased restaurant delivery activity and lower minimum order sizes for Instacart+ members.
Advertising and other revenue grew 14% year-over-year to $247 million, outpacing the growth in total transactions. Adjusted EBITDA rose 23% to $244 million, highlighting improved operating leverage.
For the second quarter, Instacart guided for gross transaction value between $8.85 billion and $9.0 billion, representing 8–10% growth, and expects adjusted EBITDA in the range of $240 million to $250 million.
