Instacart just delivered a strong third quarter under new CEO Chris Rogers, beating revenue expectations with $939 million and posting 10% growth while rolling out AI-powered shopping tools for grocery partners. The earnings beat sent shares up 8% in pre-market trading as investors digest Rogers' first quarter at the helm of the $9+ billion grocery delivery giant.
Instacart is hitting its stride under new leadership. The grocery delivery platform posted third-quarter results that beat Wall Street expectations across the board, with CEO Chris Rogers putting his stamp on the company through an aggressive AI expansion that's already catching retailer attention.
The numbers tell a compelling growth story. Revenue climbed 10% to $939 million, topping the $934 million consensus, while adjusted earnings per share of 51 cents edged past the 49-cent forecast. But it's the underlying metrics that reveal Rogers' strategic shift - gross transaction value surged to $9.17 billion, beating FactSet's $9.11 billion estimate and signaling healthy demand across the platform.
"We're deepening customer and retailer relationships, expanding our ads ecosystem, and launching innovative AI-powered tools across all aspects of our business — all while driving profitable growth," Rogers wrote in his first shareholder letter as CEO, according to Instacart's earnings release.
The AI push isn't just corporate speak. Earlier this month, Instacart launched a suite of new AI solutions for grocery partners, including a shopping assistant that offers personalized product recommendations. The move positions Instacart as more than just a delivery service - it's becoming a technology partner for retailers struggling to compete with Amazon's grocery dominance.
Order volume grew 14% year-over-year to 83.4 million, surpassing StreetAccount's 83 million estimate, though average order values dipped 4% due to restaurant orders and waived delivery fees for Instacart+ members. The trade-off appears calculated - Rogers is prioritizing volume growth and customer retention over short-term margin optimization.
Looking ahead, Instacart's guidance suggests confidence in its new direction. The company forecasts fourth-quarter gross transaction value between $9.45 billion and $9.6 billion, reflecting 9% to 11% growth. The midpoint beats FactSet's $9.48 billion forecast, with management citing "robust October and enterprise partnership growth" in their .
