Maplebear Inc 10-Q for FY2026 Q3

Maplebear Inc. (CART)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

Maplebear Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Maplebear Inc. agreed to merge with DoorDash, with consideration of $65.00 cash, 0.3372 DoorDash Class A shares, or $48.75 cash plus 0.0843 DoorDash Class A shares; expected close at the end of 2027 or in the first half of 2028. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.1B; up 16.6% from $939M a year earlier
Net income: $147M; up 2.1% from net income of $144M a year earlier
Diluted EPS: $0.60; up 17.6% from $0.51 a year earlier

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	As of December 31,		As of September 30,
	2025		2026
ASSETS
Current assets:
Cash and cash equivalents	$	637	$	830
Short-term marketable securities	50		97
Accounts receivable, net of allowance of $3 and $2, respectively	1,127		1,052
Restricted cash and cash equivalents, current	172		93
Prepaid expenses and other current assets	213		144
Total current assets	2,199		2,216
Long-term marketable securities	81		8
Restricted cash and cash equivalents, noncurrent	18		—
Property and equipment, net	218		213
Operating lease right-of-use assets	30		26
Intangible assets, net	71		75
Goodwill	393		428
Deferred tax assets, net	664		564
Other assets	14		48
Total assets	$	3,687	$	3,577
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	70	$	81
Accrued and other current liabilities	634		641
Operating lease liabilities, current	3		4
Deferred revenue	211		221
Total current liabilities	917		947
Operating lease liabilities, noncurrent	33		30
Other long-term liabilities	24		33
Total liabilities	974		1,010
Commitments and contingencies (Note 10)
Series A redeemable convertible preferred stock; $0.0001 par value per share; 5,833 shares authorized, issued, and outstanding as of December 31, 2025; zero shares authorized, issued, and outstanding as of September 30, 2026	196		—
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 24,167 and 30,000 shares authorized as of December 31, 2025 and September 30, 2026, respectively; zero shares issued and outstanding as of December 31, 2025 and September 30, 2026	—		—
Common stock, $0.0001 par value per share; 2,000,000 shares authorized as of December 31, 2025 and September 30, 2026; 242,867 and 237,134 shares issued and outstanding as of December 31, 2025 and September 30, 2026, respectively	—		—
Additional paid-in capital	7,005		7,617
Accumulated other comprehensive loss	(1)		(7)
Accumulated deficit	(4,486)		(5,043)
Total stockholders’ equity	2,518		2,567
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity	$	3,687	$	3,577


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2026		2025		2026
Revenue	$	939	$	1,095	$	2,750	$	3,157
Cost of revenue	247		309		709		882
Gross profit	692		786		2,041		2,275
Operating expenses:
Operations and support	62		70		203		218
Research and development	169		194		479		561
Sales and marketing	206		242		640		706
General and administrative	87		106		319		291
Total operating expenses	525		612		1,641		1,776
Income from operations	166		174		401		499
Other income (expense), net	(1)		1		1		1
Interest income	16		6		45		18
Income before provision for income taxes	181		182		447		517
Provision for income taxes	37		34		81		114
Net income	$	144	$	147	$	366	$	403

Accretion related to Series A redeemable convertible preferred stock	(2)		(2)		(7)		(7)
Net income attributable to common stockholders, basic	$	142	$	145	$	359	$	396

Accretion related to Series A redeemable convertible preferred stock	2		2		7		7
Net income attributable to common stockholders, diluted	$	144	$	147	$	366	$	403
Net income per share attributable to common stockholders:
Basic	$	0.54	$	0.62	$	1.37	$	1.68
Diluted	$	0.51	$	0.60	$	1.30	$	1.61
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic	264,895		232,964		263,314		235,699
Diluted	283,176		247,591		282,479		250,015


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2026		2025		2026

Net income	$	144	$	147	$	366	$	403
Other comprehensive income (loss):
Net unrealized loss on available-for-sale marketable securities, net of tax	—		—		—		(1)
Change in foreign currency translation adjustments	(2)		—		5		(6)
Total other comprehensive income (loss)	(2)		—		5		(6)
Comprehensive income	$	142	$	147	$	372	$	397


	Series A Redeemable Convertible Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total
	Shares	Amount		Shares	Amount
Balances at December 31, 2024	5,833	$	186	260,964	$	—	$	6,687	$	(9)	$	(3,585)	$	3,093
Accretion of Series A redeemable convertible preferred stock	—	2		—	—		(2)		—		—		(2)
Issuance of common stock upon settlement of restricted stock units	—	—		3,661	—		—		—		—		—
Exercise of common stock options	—	—		451	—		4		—		—		4
Common stock withheld or cancelled for tax obligation and net settlement	—	—		(154)	—		(8)		—		—		(8)
Stock-based compensation	—	—		—	—		77		—		—		77

Repurchase and retirement of common stock	—	—		(2,405)	—		—		—		(94)		(94)
Net income	—	—		—	—		—		—		106		106
Balances at March 31, 2025	5,833	$	188	262,517	$	—	$	6,758	$	(9)	$	(3,573)	$	3,176
Accretion of Series A redeemable convertible preferred stock	—	2		—	—		(2)		—		—		(2)
Issuance of common stock upon settlement of restricted stock units	—	—		3,464	—		—		—		—		—
Exercise of common stock options	—	—		301	—		2		—		—		2
Common stock withheld or cancelled for tax obligation and net settlement	—	—		(135)	—		(6)		—		—		(6)
Stock-based compensation	—	—		—	—		117		—		—		117
Other comprehensive income	—	—		—	—		—		7		—		7
Repurchase and retirement of common stock	—	—		(2,704)	—		—		—		(111)		(111)
Net income	—	—		—	—		—		—		116		116
Balances at June 30, 2025	5,833	$	191	263,443	$	—	$	6,869	$	(1)	$	(3,568)	$	3,299


	Series A Redeemable Convertible Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total
	Shares	Amount		Shares	Amount
Balances at June 30, 2025	5,833	$	191	263,443	$	—	$	6,869	$	(1)	$	(3,568)	$	3,299
Accretion of Series A redeemable convertible preferred stock	—	2		—	—		(2)		—		—		(2)
Issuance of common stock upon settlement of restricted stock units	—	—		3,661	—		—		—		—		—
Exercise of common stock options	—	—		144	—		1		—		—		1
Common stock withheld or cancelled for tax obligation and net settlement	—	—		(161)	—		(7)		—		—		(7)
Stock-based compensation	—	—		—	—		92		—		—		92
Other comprehensive loss	—	—		—	—		—		(2)		—		(2)
Repurchase and retirement of common stock	—	—		(1,579)	—		—		—		(67)		(67)
Net income	—	—		—	—		—		—		144		144
Balances at September 30, 2025	5,833	$	193	265,508	$	—	$	6,953	$	(4)	$	(3,491)	$	3,458


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total

	(in millions)
Cash equivalents
Money market funds	$	293	$	—	$	—	$	293
Commercial paper	—		13		—		13
U.S. government and government agency debt securities	—		10		—		10
Total cash equivalents	293		23		—		316
Short-term marketable securities
Commercial paper	—		7		—		7
U.S. government and government agency debt securities	—		41		—		41
Corporate debt securities	—		2		—		2
Total short-term marketable securities	—		50		—		50
Long-term marketable securities
U.S. government and government agency debt securities	—		81		—		81

Total long-term marketable securities	—		81		—		81
Total	$	293	$	153	$	—	$	446


	As of September 30, 2026
	Level 1		Level 2		Level 3		Total

	(in millions)
Cash equivalents
Money market funds	$	502	$	—	$	—	$	502
Commercial paper	—		47		—		47

Corporate debt securities	—		3		—		3
Total cash equivalents	502		51		—		553
Short-term marketable securities
Commercial paper	—		8		—		8
U.S. government and government agency debt securities	—		89		—		89

Total short-term marketable securities	—		97		—		97
Long-term marketable securities
U.S. government and government agency debt securities	—		8		—		8

Total long-term marketable securities	—		8		—		8
Total	$	502	$	156	$	—	$	658


	As of December 31,				As of September 30,
	2025				2026
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

	(in millions)
Within one year	$	366	$	366	$	650	$	650
One year through five years	81		81		8		8
Total	$	446	$	446	$	658	$	658


	Estimated Useful Life	As of December 31,		As of September 30,
		2025		2026

	(in years)	(in millions)
Computer equipment	3	$	18	$	21
Furniture and fixtures	5	5		5
Leasehold improvements	2-8	15		15
Capitalized internal-use software	2-5	307		370
Total property and equipment		345		412
Less: Accumulated depreciation and amortization		(127)		(198)
Total property and equipment, net		$	218	$	213


	Fair Value
	(in millions)
Current assets	$	4

Goodwill	75
Intangible assets	40
Other assets	1
Total assets acquired	121
Total liabilities assumed	(14)
Net assets acquired	$	106


	Amount		Weighted-Average Useful Life
	(in millions)		(in years)
Customer relationships	$	39	10
Developed technology	1		2
Trademark	1		2
Total intangible assets	$	40


	Amount

	(in millions)
Balance as of December 31, 2025	$	393
Additions related to business acquisitions	35


Balance as of September 30, 2026	$	428


	As of December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted-Average Remaining Useful Life

	(in millions)						(in years)
Developed technology	$	92	$	(73)	$	19	1.8
Customer relationships	66		(27)		39		8.7
Patents	17		(7)		10		4.9
Other	9		(6)		3		5.9
Total intangible assets, net	$	184	$	(113)	$	71


	Amount

Year ending December 31,	(in millions)
Remainder of 2026	$	4
2027	15
2028	12
2029	9
2030	8
Thereafter	27
Total	$	75


		Number of Options			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Life			Aggregate Intrinsic Value

		(in thousands)						(in years)			(in millions)
As of January 1, 2026		6,489			$	11.82		2.29			$	216

Options exercised		(647)			$	9.11





As of September 30, 2026		5,842			$	12.12		1.59			$	183
Options vested and exercisable as of September 30, 2026	5,842		$	12.12			1.59		$	183


1.						Business


2.						Significant Accounting Policies


5.						Investments


7.						Business Combinations


	Number of Shares	Weighted-Average Grant-Date Fair Value per Share

	(in thousands)
Unvested and outstanding as of January 1, 2026	15,959	$	41.72
Granted	13,095	$	41.78
Vested	(10,158)	$	41.82
Vested and not settled	(5)	$	31.01
Forfeited	(2,790)	$	40.64
Unvested and outstanding as of September 30, 2026	16,100	$	41.89


	Total Number of Shares Purchased (1)	Average Price Paid Per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Program (3)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program

	(in thousands)			(in thousands)	(in millions)
July 1, 2026 to July 31, 2026	1,563	$	46.38	1,563	$	925
August 1, 2026 to August 31, 2026	1,435	$	48.77	1,435	$	855
September 1, 2026 to September 30, 2026	1,887	$	46.36	1,887	$	768
Total	4,886			4,886


Date:						November 5, 2026

/s/ Chris Rogers
Chris Rogers
Chief Executive Officer


Date:						November 5, 2026

/s/ Emily Reuter
Emily Reuter
Chief Financial Officer