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Instacart Supplemental Information Q2 2026 August 6 , 2026 * instacart
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This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact could be deemed forward-looking, including without limitation statements regarding our future performance, prospects, business strategy, and the expected benefits of a recent acquisition. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “toward,” “will,” or “would,” or the negative of these words or other similar terms or expressions. The forward-looking statements contained in this presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, our ability to forecast our performance; our ability to attract and increase engagement of customers, retailers, brands, and shoppers; the increasing scale, scope, and complexity of our business; evolving and uncertain macroeconomic conditions; our ability to achieve and maintain profitability and profitable growth; competition; and legal and regulatory developments; as well as other risks described from time to time in our filings with the Securities and Exchange Commission (“SEC”), including in our most recent annual report on Form 10-K or quarterly report on Form 10-Q filed with the SEC. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this presentation on information available to us as of the date hereof, and we undertake no obligation to update any forward-looking statements, except as required by law. This presentation also contains estimates and information concerning our industry that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAPˮ), this presentation includes financial measures that are not presented in accordance with GAAP, including Adjusted EBITDA, adjusted total operating expenses, adjusted total operating expenses as a percent of GTV, and free cash flow. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures. For example, other companies may calculate similarly-titled non-GAAP financial measures differently. Reconciliations for the non-GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP are included at the end of this presentation. All third party names and logos appearing in this presentation are trademarks of their respective owners, and our use hereof does not imply an endorsement by the owners of these trademarks or logos. Forward-Looking Statements & Non-GAAP Financial Measures 2
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Our vision is to build the technologies that can power every single grocery transaction – working with the retailers that consumers know and love to invent the future of grocery together. 3
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CONFIDENTIAL Quality Spotlight 4
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Getting customers exactly what they want, when they want it, from the retailers they trust – at scale – is difficult, and it’s a key driver of repeat behavior. 5
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6 We Have Purpose-Built Grocery Technology Customer Trust with Perishables About 2/3rds of our orders have at least one meat or produce item, which requires getting freshness and ripeness exactly right. Highly Personalized PreferencesImportant to understand dietary preferences and relevant replacements. High Inventory Turnover Predicting what is on the shelf is difficult as grocery store inventory feeds go stale due to high-velocity turnover. Vast Store Scale Finding items accurately is physically complicated because store layouts and merchandising vary across banners. In-stock Insights Know which items may be low in stock WHY ONLINE GROCERY IS COMPLEX WHY WE WIN ON QUALITY 14+ yearsGrocery-specific ML & data infrastructure 10M Daily data points from shoppers 1.6B+ Lifetime orders 2B+ Product catalog Rich Data Replacements AI-powered with preferences in mind Preference Picker Helps shoppers pick perishables just right Personalization Experience tailored to dietary preferences Deep Retailer Integrations
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7 Getting Customers Exactly What They Ordered January 2022 through June 2026 Perfect-Order Fill Rate 16 quarters of year-over-year improvement & 15 percentage-point increase over 3 years.2 Quality Replacements Replacements per order is the lowest since 2022 & orders with a replacement have a 95% satisfaction rate, on average. We Continue to Improve Across Key Quality Metrics1 Order issue ratio Perfect-order fill rate All data as of June 30, 2026 unless otherwise noted. 1 Order issue ratio is defined as an order with one issue over total orders. Issues are reported by customers and can range from damaged item, missing item, wrong item, and a poor replacement. Perfect-order fill rate is defined as every item a customer requested was found or successfully replaced. Chart is not drawn to scale. 2 Comparative period is Q1’22 to Q1’25. Experienced Shoppers with a median of 1K+ orders fulfilled, handle nearly two-thirds of all orders.
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Acquired Arpalus to Further Compound Our Strengths 8 In Q3’26, we acquired Arpalus, a computer vision company that has developed inventory technology purpose-built for grocery retail. Arpalus’ technology turns a quick video scan of a store shelf into an accurate, real-time picture of what is actually there. Arpalus can identify individual items on shelves with more than 95% accuracy, on average. For Consumers Increased fulfillment accuracy & a more reliable shopping experience Benefits Across Our Ecosystem For Shoppers New expected earnings opportunities For Retailers & Brands Improved inventory accuracy and additional in-store capabilities
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CONFIDENTIAL Financial Highlights 9
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Financial and Operating Metrics In millions, except percentages Gross Transaction Value (GTV) Orders Total Revenue 10
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Revenue In millions, except percentages Transaction Revenue Advertising and Other Revenue 11
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GAAP Gross Profit In millions, except percentages % of GTV 7.5% 7.5% 7.3% 7.2% 7.3% GAAP Gross Profit 12
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Adjusted Total Operating Expense In millions, except percentages 1 Adjusted Total Operating Expense is a non-GAAP measure. See “Non-GAAP Reconciliations” for a reconciliation of GAAP Total Operating Expense to Adjusted Total Operating Expense. % of GTV 4.8% 4.8% 4.4% 4.5% 4.5% Adjusted Total Operating Expense1 13
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GAAP Net Income and Adjusted EBITDA In millions, except percentages YoY % Change 92% 22% (46%) 36% (4%) 26% 22% 20% 23% 19% GAAP Net Income1 Adjusted EBITDA2 1 Q4’25 GAAP Net Income includes the impact of $60 million in regulatory settlements. 2 Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Reconciliations” for a reconciliation of GAAP Net Income to Adjusted EBITDA. 14
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Operating and Free Cash Flow In millions, except percentages YoY % Change (17%) 55% 20% (10%) 143% (15%) 59% 21% (10%) 156% Free Cash Flow1Operating Cash Flow 15 1 Free cash flow is a non-GAAP measure. See “Non-GAAP Reconciliations” for a reconciliation of Net cash provided by operating activities to Free Cash Flow.
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CONFIDENTIAL Non-GAAP Reconciliations 16
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Reconciliation of GAAP to Non-GAAP Results In millions Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net income $ 116 $ 144 $ 81 $ 144 $ 111 Provision for income taxes 26 37 28 44 36 Interest income (15) (16) (12) (6) (5) Other expense (income), net (3) 1 — — 1 Depreciation and amortization expense 21 25 26 30 32 Stock-based compensation expense 105 82 99 80 142 Payroll taxes related to stock-based compensation1 5 4 3 7 6 Certain legal and regulatory accruals and settlements, net2 6 2 78 1 (13) Reserves for sales and other indirect taxes, net3 — (1) (1) — 1 Acquisition-related expenses — — 1 1 3 Adjusted EBITDA $ 262 $ 278 $ 303 $ 300 $ 313 1 Represents employer payroll taxes related to the vesting and settlement of certain equity awards. 2 Represents certain legal, regulatory, and policy expenses, including those related to worker classification, as well as non-recurring intellectual property matters and regulatory settlements. 3 Represents sales and other indirect tax reserves, net of abatements, for periods in which we were unable to collect such taxes from customers. We believe this adjustment is useful for investors in understanding our underlying operating performance because in these cases, the taxes were not intended to be a cost to us but rather are to be borne by the customers. Note: Due to rounding, numbers presented may not sum precisely to the totals presented. 17
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Reconciliation of GAAP to Non-GAAP Results (continued) In millions, except percentages Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Total operating expenses $ 554 $ 525 $ 619 $ 556 $ 608 Depreciation and amortization expense (6) (6) (6) (6) (6) Stock-based compensation expense (103) (79) (96) (78) (139) Payroll taxes related to stock-based compensation1 (5) (3) (3) (6) (6) Certain legal and regulatory accruals and settlements, net2 (6) (2) (78) (1) 13 Reserves for sales and other indirect taxes, net3 — 1 1 — (1) Acquisition-related expenses — — (1) (1) (3) Adjusted total operating expenses $ 434 $ 436 $ 436 $ 463 $ 468 Total operating expenses as a percent of GTV 6.1% 5.7% 6.3% 5.4% 5.9% Adjusted total operating expenses as a percent of GTV 4.8% 4.8% 4.4% 4.5% 4.5% 1 Represents employer payroll taxes related to the vesting and settlement of certain equity awards. 2 Represents certain legal, regulatory, and policy expenses, including those related to worker classification, as well as non-recurring intellectual property matters and regulatory settlements. 3 Represents sales and other indirect tax reserves, net of abatements, for periods in which we were unable to collect such taxes from customers. We believe this adjustment is useful for investors in understanding our underlying operating performance because in these cases, the taxes were not intended to be a cost to us but rather are to be borne by the customers. Note: Due to rounding, numbers presented may not sum precisely to the totals presented. 18
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Reconciliation of GAAP to Non-GAAP Results (continued) In millions Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net cash provided by operating activities $ 203 $ 287 $ 184 $ 268 $ 493 Purchases of property and equipment, including capitalized internal-use software (16) (15) (12) (16) (13) Free cash flow $ 187 $ 272 $ 171 $ 253 $ 480 Note: Due to rounding, numbers presented may not sum precisely to the totals presented. 19