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Instacart Reports Strong Q4'24 Earnings, Expands Profitability

  • Writer: Hardik Shah
    Hardik Shah
  • Feb 25
  • 2 min read
Will humanoids shop for you in the future?

TL;DR

Instacart (CART) closed 2024 on a high note, demonstrating strong financial performance, market leadership, and strategic growth initiatives.

  • Financial Performance: Revenue grew 10% YoY to $883M, with net income up 10% and adjusted EBITDA up 27%.

  • Market & Operational Trends: Consumer demand for online grocery remains strong, while Instacart expands its services in retail media and in-store technology.

  • Future Growth Drivers: Investments in affordability, AI-driven inventory management, restaurant integrations, and omnichannel retail partnerships.


Financial Results


Instacart, a leading force in the online grocery sector, capped off 2024 with a solid earnings report, reinforcing its position as a category leader.


  • Revenue Growth: Q4 revenue reached $883M, up 10% YoY.

  • Gross Transaction Volume (GTV): $8.65B, up 10% YoY.

  • Orders Growth: 77.5M orders, up 11% YoY.

  • Net Income: $148M, up 10% YoY.

  • Adjusted EBITDA: $252M, up 27% YoY.

  • Full-Year Performance: $3.38B in total revenue, up 11% YoY, with a net income of $457M.


CEO Fidji Simo emphasized Instacart’s momentum, stating,"We are not just focused on leading in terms of share of sales, but also by setting the pace for innovation and growth. The more we innovate, the more indispensable our platform becomes."

Q1 2025 Guidance

  • GTV: Expected to range between $9.0B - $9.15B (8-10% YoY growth).

  • Adjusted EBITDA: Forecasted at $220M - $230M.

Instacart expects increased order frequency and deeper consumer engagement, driven by affordability initiatives and expanded services.


Operational Performance


Industry & Market Trends

  • Online grocery growth continues to outpace traditional grocery shopping by over 3X.

  • Inflation-driven demand for cost-saving measures led to Instacart enhancing affordability programs and loyalty integrations.

Key Business Milestones

  • Retail Expansion: Added 30+ new retailer sites in 2024, doubling last year’s count.

  • Tech Innovations: Enhanced Carrot Ads, AI-powered inventory tracking, and Caper Carts adoption.

  • New Services: Launched $10 minimum basket size for free delivery, increasing order frequency and Instacart+ membership adoption.

Challenges & Risks

  • Increased competition in grocery delivery and retail media.

  • Consumer spending variability due to macroeconomic factors.


Strategic Initiatives


Instacart continues to expand its business through technology, partnerships, and strategic investments:

  • Retail Partnerships: Expanded omnichannel grocery capabilities, including same-as-in-store pricing for major retailers.

  • Ad Business Growth: 7,000+ active brands spent over $1B in ad revenue on the platform in Q4.

  • AI & Automation: Leveraging AI for enhanced inventory tracking, personalization, and checkout efficiency.

"The opportunity ahead of us is enormous—we’re focused on deepening our engagement with as many new, existing, and returning customers as possible to further accelerate online grocery adoption." - Fidji Simo, CEO

Capital Allocation

  • Share Buybacks: Repurchased $1.4B in shares in 2024, with $312M in buyback capacity remaining.

  • Investments: Continued reinvestment in innovation and enterprise solutions.


The Bottom Line


Instacart closed 2024 with strong financials, expanded profitability, and continued innovation. The company’s investments in affordability, AI-driven inventory management, and omnichannel partnerships position it well for long-term growth. As it heads into 2025, Instacart remains focused on deepening customer engagement and maintaining its leadership in the online grocery space.


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