Instacart Recent Management Meetings and Q1 Earnings Themes

Goldman Sachs reiterates its Buy rating and $66 price target for Instacart following management meetings that highlighted strong Q1 momentum, advertising growth, and enterprise expansion.

Key Takeaways

• 1.Instacart delivered a solid start to 2026, surpassing $10bn in Gross Transaction Value (GTV) and $1bn in revenue in Q1.
• 2.The advertising business is showing strong momentum, with revenue growth accelerating to +16% YoY and an expanding partner network.
• 3.Management is optimistic about its Enterprise strategy, specifically Storefront Pro, which now powers over 380 grocery eCommerce sites.

Table of Contents

• CART
• Key Data
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement ($ mn)
• Balance Sheet ($ mn)
• Cash Flow ($ mn)
• Valuation & Key Risks
• Disclosure Appendix

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