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Instacart (CART) is launching sharply higher following its 4Q25 earnings report, as accelerating growth and a confident outlook outweighed a noisy EPS miss. While GAAP EPS of $0.30 fell well short of expectations, results were heavily distorted by a $60 mln one-time FTC settlement related to prior membership and return practices. Stripping out that item, operating performance was notably stronger, with adjusted EBITDA beating expectations and management guiding to its strongest GTV growth outlook as a public company.

• Similar to Airbnb’s (ABNB) quarter, CART’s EPS was clouded by one-time charges, but underlying momentum was clear as GTV surged 14% to $9.85 bln -- its fastest growth in three years -- driven by strong user growth, higher engagement, and improved retention across both new and existing customers.
• Orders climbed 16% to 89.5 mln, fueled by record customer activity, deeper frequency among existing users, and continued gains from enterprise partnerships that expanded selection, convenience, and fulfillment options.
• Advertising & Other Revenue increased 10% to $294 mln, supported by broader Carrot Ads adoption, a growing base of more than 9,000 active advertisers, and expanding off-platform data and media partnerships, providing a meaningful lift to profitability.
• CART's Q1 guidance was upbeat, calling for GTV of $10.125–$10.275 bln and adjusted EBITDA of $280–$290 mln, both ahead of expectations, reflecting confidence in sustained demand, expanding enterprise relationships, and continued monetization of its advertising ecosystem.

Briefing.com Analyst Insight

CART’s Q4 results reinforce that the company is entering 2026 with clear momentum, even as headline EPS remains distorted by non-recurring items. The sharp reacceleration in GTV and orders suggests online grocery adoption is inflecting higher, with CART benefiting from scale, deep retailer integrations, and improving customer engagement. Advertising continues to add a profitable growth layer, while enterprise partnerships strengthen the platform and lower costs to serve over time. With Q1 guidance calling for its strongest GTV growth outlook to date and EBITDA set to expand again, investors appear increasingly focused on Instacart’s durable growth trajectory rather than short-term earnings noise.