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What were the key takeaways from Maplebear's earnings call?

- **Revenue Growth**: Q3 GTV $9.17B (+10% YoY), driven by 14% order growth and expanding customer engagement.
- **AI and Ad Innovation**: Launched AI tools like Cart Assistant and AI landing pages, with $1B+ annualized ad revenue.
- **Enterprise Expansion**: 350+ retailer storefronts, 240 Carrot Ads partners, and disciplined international pilot program.
- **Profitability**: Adjusted EBITDA $278M (+22% YoY), with $287M operating cash flow.
- **Share Buybacks**: $1.5B increase in buyback program, underscoring confidence in long-term growth.

**【CEO Summary Section】**
- **Marketplace Strength**: Q3 GTV of $9.17B (+10% YoY), driven by 14% order growth and expanding customer engagement. Unit economics positive across all basket sizes due to routing and batching efficiencies.
- **Enterprise Platform Expansion**: 350+ retailer e-commerce storefronts, 240 Carrot Ads partners, and AI solutions launched to enhance retailer operations. 40 new storefronts added in H1, including Restaurant Depot.
- **AI and Advertising Growth**: $1B+ annualized ad revenue, 10%+ growth in emerging brands. New AI tools like Cart Assistant and AI landing pages improve ad performance. Off-platform partnerships with TikTok and Pinterest expand reach.
- **International Strategy**: Exploring Europe and Australia with existing products (Storefront Pro, Caper). Focus on disciplined expansion without new tech development.
- **Affordability Initiatives**: Price parity pilots with retailers (e.g., Schnucks, Heritage Grocers) show 10%+ sales growth. Weekly flyer integrations and loyalty programs reduce churn.

**【CFO Financial Commentary】**
- **Q3 Financials**: GAAP net income $144M (+22% YoY), adjusted EBITDA $278M (+22% YoY). Operating cash flow $287M, up $102M YoY. Share buybacks of $67M in Q3.
- **Q4 Outlook**: GTV $9.45-9.6B (+9-11% YoY),广告收入增长6-9%。广告生态系统创新（如AI生成落地页）支撑长期双位数增长。
- **Margin Management**: Stock-based comp $82M in Q3 (down $24M QoQ). Q4 EBITDA guidance $285-295M, reflecting disciplined reinvestment.

**【Q&A Highlights】**
- **AI Monetization**: Retailers see AI as competitive advantage. Cart Assistant and generative ads will drive enterprise revenue. Early-stage monetization via tech licensing.
- **Competition Response**: Leading 3x larger than next competitor in online grocery. Focus on large baskets (75% market share) and enterprise partnerships offsets Amazon entry.
- **Regulatory Risk**: NYC delivery wage changes may impact <1% of GTV. Navigating through fee adjustments while maintaining profitability.
- **International Risks**: Balancing growth with profitability. No material impact on 2025 guidance from international pilots.
- **Share Repurchases**: $1.5B increase in buyback program signals confidence in long-term value creation.

Maplebear Inc. (CART) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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CART

CART fundamentals

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