Maplebear Inc. Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Awesome. Well, so great to be back with you a year later. I've actually been at Instacart for seven years, but this last year as CEO has really reinforced my confidence in the foundation that we've built. You'll recall last year when I stepped into the role, I said, "I'm deliberately not going to change our strategy because our strategy is fundamentally sound. Our chosen lane of being a grocery technology company is the right way, right one." Just to reiterate, our strategy is to build the very best end-to-end experience on our consumer marketplace and then take all of that technology and offer it to retailers in the form of an enterprise product, as well as building one of the leading and largest grocery or retail media businesses out there. So that's our strategy. A year in, I would say our strategy is working.

But the other thing that I said last year was, I didn't just want this to be a continuation. I wanted to accelerate us into the next chapter, and there was a few things that I highlighted specifically that we were going to focus on. One was affordability. This has been a long-term effort for us, but that included having the very difficult conversation with retailers about their pricing strategies on Instacart, because we know that retailers that don't mark up perform a lot better. I said we were going to accelerate enterprise. So enterprise is where we pull all of our capabilities into one connected platform that spans e-commerce. We do fulfillment, both technology fulfillment, and we do physical fulfillment. We do retail media. We have in-store technology. We're now expanding with AI. I said we were going to go international for the first time.

Then we're going to continue to accelerate ads and data by continuing to extend our ads ecosystem, diversify our supply and demand, and monetize our data for the first time. So fast-forward to today, and I would say that our results validate that our strategy is working, and it's validating our acceleration areas. We have meaningfully accelerated our growth over the last three quarters, including +14% in Q2. We guided to +14% in Q3 at the midpoint. We are activating net new customers at our fastest growth rates since 2022. On affordability, we have more retailers with no markups on Instacart's marketplace versus any other third-party marketplace in North America. We're continuing to extend that advantage. We just announced Grocery Outlet has gone to price parity nationwide. Bashas' told us last week, Strack & Van Til. So there's been many retailers that have eliminated their markups.

On enterprise, we are now powering 380 retailers with our technology, including now Aldi, which was something that we launched in the spring. Aldi has 2,700 stores, roughly. We power their e-commerce and their fulfillment and their picking tech. We expanded internationally. We went to Spain and France with Costco, with Storefront Pro. Then on ads, our ads ecosystem, it's working. We're diversifying supply and demand. Our results have been strong. Our ads and other revenue grew +16% in Q1 and Q2. It outpaced GTV. So I'd say general synopsis, year one in, I would say we're executing well against our strategy of being a grocery technology company. We're more of a grocery technology company today than we were when we sat down a year ago, and our growth engines across marketplace and enterprise and ads are working.