Instacart's $17 billion DoorDash deal comes with a long wait
Instacart agreed to a roughly $17 billion sale to DoorDash. Payment choices, a long approval timetable and stronger quarterly results shape the deal.
Ticker Byline
Maplebear Inc.
Instacart, legally Maplebear Inc., provides online grocery shopping, fulfillment technology and advertising services. It has agreed to a proposed acquisition by DoorDash, subject to approvals.
- Ticker
- CART
- Exchange
- XNAS
- SEC CIK
- 0001579091
Business
Instacart is the operating name of Maplebear Inc., listed on Nasdaq as CART. It provides grocery shopping and fulfillment services, retailer technology and advertising.
Latest financial snapshot
Quarter ended September 30, 2026. Dollar figures below are in millions. Adjusted EBITDA is the company's non-GAAP measure, which excludes stock compensation and other specified costs.
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $1,095 | $939 |
| Reported net income | $147 | $144 |
| Adjusted EBITDA | $342 | $278 |
| Operating cash flow | $324 | $287 |
| Free cash flow | $307 | $272 |
Revenue was $1.043 billion and net income was $111 million in the preceding quarter. Gross transaction value reached $10.528 billion in Q3, within the August forecast of $10.300 billion to $10.550 billion. Adjusted EBITDA exceeded the forecast's $340 million upper end by $2 million.
Operating cash flow is cash generated by day-to-day operations. Free cash flow subtracts investment in equipment and software from that figure.
Pending sale to DoorDash
Instacart signed a merger agreement with DoorDash on October 28, 2026, announced the following day. The proposed equity value is approximately $17 billion. The initial choices are $65 cash, 0.3372 DoorDash Class A shares, or $48.75 plus 0.08430 shares per Instacart share. Class C substitution and ratio adjustments are possible under specified conditions. Elections remain subject to allocation rules, including a 25% aggregate stock cap.
The transaction has not closed. Completion is expected in late 2027 or the first half of 2028, subject to shareholder and regulatory approvals. Instacart has suspended financial guidance and withdrawn its prior long-term outlook while the deal is pending.
Latest reporting