Instacart second quarter GTV and revenue both grew 14% while Adjusted EBITDA expanded 19%

Instacart delivered consistent 14% growth in both Gross Transaction Value (GTV) and total revenue during the second quarter 2026. Growth was supported by a 9% increase in orders and a 16% rise in advertising and other revenue, which continues to outpace core transaction growth. While GAAP net income declined slightly to $111 million, Adjusted EBITDA grew 19% to $313 million, reflecting improved operating leverage as the company scales its enterprise and advertising ecosystems.

Key Highlights

• Gross Transaction Value reached $10.35 billion, accelerating to 14% year-over-year growth.
• Advertising and other revenue grew 16% to $297 million, now representing 2.9% of total GTV.
• Free cash flow surged 156% year-over-year to $480 million, driven by significantly higher operating cash flow of $493 million.
• Capital returns continued with $325 million in share repurchases during the quarter, leaving $1 billion in cash and equivalents on the balance sheet.
• Third quarter 2026 guidance projects GTV midpoint of $10.43 billion, maintaining the 14% growth trajectory.