In short: Customers come back. Q2 revenue +14% Y/Y to $1.04B, slightly ahead, though adjusted EPS of $0.45 missed by $0.09. GTV accelerated 14% to $10.35B with orders +9% to 90.3 million and average order value at $115, and Instacart is adding new customers at its fastest pace since 2022. Advertising and other revenue +16% to $297M, again outpacing GTV — the higher-margin engine — while adjusted EBITDA +19% to $313M, or 3.0% of GTV, growing profit faster than transactions. AI is becoming a demand lever: the AI assistant is rolling out across North America after early users generated larger-than-average baskets, and Instacart acquired Arpalus, whose computer vision scans store shelves to improve inventory accuracy, alongside continued enterprise-software expansion with US and European retailers. Q3 guidance of 14% GTV growth and $320–$340M of adjusted EBITDA both landed ahead of consensus, with advertising up 15–18%. "The next test is whether AI and enterprise software can extend the acceleration beyond the core grocery marketplace."
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