Instacart entered the fourth quarter with operating momentum and a signed transaction with DoorDash. Its latest results showed growth across marketplace activity, revenue, profit and cash flow. The agreement changes the frame, however. The company now sits between a healthy operating business and a completion process measured in approvals, allocation mechanics and time.
Third-quarter gross transaction value rose 15% to $10.528 billion, orders increased 10% to 91.4 million, and revenue climbed 17% to $1.095 billion. Advertising and other revenue grew 23% to $331 million. Together, the figures show broad activity growth and continued expansion in a revenue stream beyond transaction volume.
Profitability and cash flow also improved. Adjusted EBITDA reached $342 million, up 23%, while free cash flow reached $307 million, up 13%. GAAP net income was $147 million. That operating base gives the business room to function while the transaction remains pending, but it does not resolve the conditions surrounding completion.
The process still requires Instacart stockholder approval and regulatory clearances in several jurisdictions. The agreement permits cash, DoorDash shares or a mixed form, while aggregate limits and proration can affect what is ultimately received. The stated completion window reaches the end of 2027 or the first half of 2028, making duration part of the story.
Standalone visibility has also narrowed. Instacart canceled its previously scheduled November earnings call, suspended financial guidance and withdrew earlier long-term guidance. Future operating updates therefore matter not only for growth, but also for assessing the business if approval timing stretches or the transaction path changes.
The central question is whether operating durability can hold while approvals, consideration mechanics and elapsed time shape the outcome. The full Instacart premium review examines the transaction structure, operating record, risks and milestones in greater depth.
Market analysis, not personalized investment advice.