Consumers Keep Filling Carts as Instacart Expands Its Grocery Tech Reach

Instacart reported third-quarter 2025 earnings results Monday (Nov. 10) that showed strong gains in orders and transaction volumes, highlighting the durability of its delivery model and its evolving role as a technology partner for the grocery sector.

The company’s orders rose 14% year over year to 83.4 million, while gross transaction value (GTV) increased 10% to $9.2 billion, according to a letter to shareholders. Revenue came in at $939 million, slightly above forecasts, as Instacart’s core marketplace continued to capture more frequent and larger baskets from returning consumers.

Shares were up 1.5% in early trading Monday.

Instacart CEO Chris Rogers said in the letter that the company’s scale and technology investments are reinforcing its position as a “technology and enablement partner for the grocery industry,” extending beyond delivery.

Rogers said during a conference call with analysts that consumer demand remained resilient, with Instacart attracting new shoppers while retaining existing users at higher rates.

“The longer that customers stay with us, the more frequently they shop and the more that they spend,” he said. “Our most active customers, our Instacart Plus members, continue to grow and deepen their engagement.”

Rogers identified affordability as one of the company’s top focus areas. Price parity, or aligning online prices with in-store prices, is proving to lift growth and retention for retailers.

“Price parity retailers are growing 10 percentage points faster versus marked-up retailers,” he said.

Enterprise Platform Gains Traction

Instacart’s enterprise technology now powers more than 350 retailer storefronts, Rogers said. The company is expanding partnerships with retailers like Cub and Restaurant Depot and distributors such as Gordon Food Service.

“Because the market is still so underpenetrated, we have years of runway ahead to deepen these relationships,” he said.

Advertising and AI Fuel Next-Stage Growth

Instacart’s advertising business, which generated over $1 billion in the past 12 months, continues to diversify across more than 7,500 brand partners. Chief Financial Officer Emily Reuter said during the call that advertising and other revenue grew 10% year over year, representing 2.9% of GTV.

Reuter projected ad revenue growth of 6% to 9% in Q4, with a return to double-digit expansion next year. While some large brand partners are moderating spend as they navigate a tougher macro environment, the company is confident in returning to double-digit growth in 2026, she said.

Rogers said the foundation for that growth lies in expanding off-platform partnerships with TikTok, Pinterest, Google and Meta, and in deploying ads through Caper Cart in stores.

“We’re extending high performance on-platform to all of these new surface areas,” he said during the call.

The company is also embedding artificial intelligence deeper into its business. Rogers said new AI Solutions will allow retailers to deploy generative and agentic AI “to gain a real competitive advantage across online shelves, smart carts and more.” The new Cart Assistant will bring conversational shopping capabilities to Instacart’s marketplace and retailer sites alike, helping consumers build carts, manage dietary needs and plan meals.

Reuter said Q4 GTV is expected to range between $9.45 billion and $9.6 billion, up 9% to 11%, with orders outpacing GTV growth.

“We’re taking a disciplined but aggressive approach to investing to accelerate our growth and advance the broader industry,” Reuter said during the call.

Looking Ahead

Instacart’s leadership said 2025 is closing on strong fundamentals and momentum across its marketplace, enterprise and advertising ecosystems. Rogers said the company’s expansion into Europe and Australia will start with existing products like Storefront Pro and Caper Cart, keeping investment levels disciplined.