Instacart agrees to be acquired by DoorDash in $17 billion deal
Instacart agreed to be acquired by DoorDash in a cash-and-stock deal valued at approximately $17 billion. Third-quarter revenue of $1.095 billion was in line with the $1.09 billion consensus estimate compiled by Finnhub.
Key takeaways
- Maplebear Inc. (CART), which does business as Instacart, agreed to be acquired by DoorDash Inc. in a cash-and-stock transaction valued at about $17 billion, the company said Oct. 29. Its third-quarter revenue was $1.095 billion, up 17% from a year earlier. The company suspended guidance and canceled its Nov. 5 earnings call.
Maplebear Inc., which does business as Instacart, said Oct. 29 it had entered into a definitive agreement to be acquired by DoorDash Inc. (DASH) in a cash-and-stock transaction that values the company at an equity value of approximately $17 billion.
The announcement came in a separate release issued the same day. The 8-K itself furnishes only the company's third-quarter results, and it does not give the per-share terms, the premium or the expected closing date.
In the results release, Instacart reported third-quarter revenue of $1.095 billion, up 17% from $939 million a year earlier. Revenue was in line with the $1.09 billion consensus estimate compiled by Finnhub.
Gross transaction value, the value of products sold through the platform, rose 15% to $10,528 million. Orders grew 10% to 91.4 million.
GAAP net income was $147 million, up 2% from a year earlier, or 60 cents per diluted share. Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization after the items the company excludes, rose 23% to $342 million.
"Q3 was our best quarter as a public company," said CEO Chris Rogers. "Our fundamentals keep getting stronger, with solid consumer demand, deepening customer engagement, and expanding profitability."
The company repurchased $230 million of its shares during the quarter and ended it with $1 billion in cash and similar assets.
Instacart suspended its financial guidance and withdrew its long-term guidance, which the company said is customary while a transaction is pending. In its Aug. 6 release it had given guidance of GTV between $10,300 million and $10,550 million and adjusted EBITDA between $320 million and $340 million.
It canceled its earnings conference call, which had been scheduled for Nov. 5.
Revenue has risen in each of the last three quarters, from $939.0 million in the third quarter of 2025 to $1.04 billion in the second quarter of 2026, according to its SEC filings.
Instacart partners with more than 2,200 retail banners, representing nearly 100,000 stores, and its platform powers ecommerce, fulfillment, in-store technology, AI offerings and advertising for partners, the company said in the release.