MAPLEBEAR INC., 10-Q filed on 8/7/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 001-41805  
Entity Registrant Name MAPLEBEAR INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-0723335  
Entity Address, Address Line One 50 Beale Street  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town San Francisco  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94105  
City Area Code 888  
Local Phone Number 246-7822  
Title of 12(b) Security Common Stock, par value $0.0001 per share  
Trading Symbol CART  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   231,500,067
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001579091  
Current Fiscal Year End Date --12-31  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 757 $ 637
Short-term marketable securities 93 50
Accounts receivable, net of allowance of $3 and $2, respectively 979 1,127
Restricted cash and cash equivalents, current 117 172
Prepaid expenses and other current assets 171 213
Total current assets 2,117 2,199
Long-term marketable securities 35 81
Restricted cash and cash equivalents, noncurrent 0 18
Property and equipment, net 218 218
Operating lease right-of-use assets 27 30
Intangible assets, net 66 71
Goodwill 412 393
Deferred tax assets, net 596 664
Other assets 39 14
Total assets 3,510 3,687
Current liabilities:    
Accounts payable 62 70
Accrued and other current liabilities 631 634
Operating lease liabilities, current 3 3
Deferred revenue 232 211
Total current liabilities 929 917
Operating lease liabilities, noncurrent 31 33
Other long-term liabilities 27 24
Total liabilities 988 974
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $0.0001 par value per share; 24,167 shares authorized as of December 31, 2025 and June 30, 2026; zero shares issued and outstanding as of December 31, 2025 and June 30, 2026 0 0
Common stock, $0.0001 par value per share; $2,000,000 shares authorized as of December 31, 2025 and June 30, 2026; 242,867 and $233,035 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively 0 0
Additional paid-in capital 7,289 7,005
Accumulated other comprehensive loss (7) (1)
Accumulated deficit (4,959) (4,486)
Total stockholders’ equity 2,322 2,518
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity 3,510 3,687
Series A Redeemable Convertible Preferred Stock    
Current liabilities:    
Series A redeemable convertible preferred stock; $0.0001 par value per share; 5,833 shares authorized, issued, and outstanding as of December 31, 2025 and June 30, 2026 $ 200 $ 196
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Millions
Jun. 30, 2026
Dec. 31, 2025
Account receivable, net of allowance $ 2 $ 3
Preferred stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 24,167 24,167
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in dollars per share) 2,000,000 2,000,000
Common stock, shares, issued (in shares) 233,035 242,867
Common stock, shares, outstanding (in shares) 233,035 242,867
Series A Redeemable Convertible Preferred Stock    
Temporary equity, par or stated value per share (in dollars per share) $ 0.0001 $ 0.0001
Temporary equity, shares authorized (in shares) 5,833 5,833
Temporary equity, shares issued (in shares) 5,833 5,833
Temporary equity, shares outstanding (in shares) 5,833 5,833
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 1,043 $ 914 $ 2,062 $ 1,811
Cost of revenue 292 236 573 462
Gross profit 751 678 1,489 1,350
Operating expenses:        
Operations and support 74 66 148 140
Research and development 202 166 366 310
Sales and marketing 233 217 463 434
General and administrative 98 106 186 231
Total operating expenses 608 554 1,164 1,115
Income from operations 143 124 325 234
Other income (expense), net (1) 3 (1) 3
Interest income 5 15 11 29
Income before provision for income taxes 147 142 335 266
Provision for income taxes 36 26 80 43
Net income 111 116 256 222
Accretion related to Series A redeemable convertible preferred stock (2) (2) (5) (5)
Net income attributable to common stockholders, basic 109 114 251 218
Accretion related to Series A redeemable convertible preferred stock 2 2 5 5
Net income attributable to common stockholders, diluted $ 111 $ 116 $ 256 $ 222
Net income per share attributable to common stockholders:        
Basic (in dollars per share) $ 0.46 $ 0.43 $ 1.06 $ 0.83
Diluted (in dollars per share) $ 0.45 $ 0.41 $ 1.02 $ 0.79
Weighted-average shares used in computing net income per share attributable to common stockholders:        
Basic (in shares) 234,928 262,588 237,089 262,511
Diluted (in shares) 248,935 281,293 251,254 282,117
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 111 $ 116 $ 256 $ 222
Other comprehensive income (loss):        
Change in foreign currency translation adjustments (3) 7 (6) 8
Total other comprehensive income (loss) (3) 7 (6) 8
Comprehensive income $ 108 $ 124 $ 249 $ 230
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Series A Redeemable Convertible Preferred Stock
Temporary equity, beginning balance (in shares) at Dec. 31, 2024           5,833
Temporary equity, beginning balance at Dec. 31, 2024           $ 186
Increase (Decrease) in Temporary Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock           $ 2
Temporary equity, ending balance (in shares) at Mar. 31, 2025           5,833
Temporary equity, ending balance at Mar. 31, 2025           $ 188
Common stock, beginning balance (in shares) at Dec. 31, 2024   260,964        
Beginning balance at Dec. 31, 2024 $ 3,093 $ 0 $ 6,687 $ (9) $ (3,585)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock (2)   (2)      
Issuance of common stock upon settlement of restricted stock units (in shares)   3,661        
Exercise of common stock options (in shares)   451        
Exercise of common stock options 4   4      
Common stock withheld or cancelled for tax obligation and net settlement (in shares)   (154)        
Common stock withheld or cancelled for tax obligation and net settlement (8)   (8)      
Stock-based compensation 77   77      
Repurchase and retirement of common stock (in shares)   (2,405)        
Repurchase and retirement of common stock (94)       (94)  
Net income 106       106  
Common stock, ending balance (in shares) at Mar. 31, 2025   262,517        
Ending balance at Mar. 31, 2025 3,176 $ 0 6,758 (9) (3,573)  
Temporary equity, beginning balance (in shares) at Dec. 31, 2024           5,833
Temporary equity, beginning balance at Dec. 31, 2024           $ 186
Temporary equity, ending balance (in shares) at Jun. 30, 2025           5,833
Temporary equity, ending balance at Jun. 30, 2025           $ 191
Common stock, beginning balance (in shares) at Dec. 31, 2024   260,964        
Beginning balance at Dec. 31, 2024 3,093 $ 0 6,687 (9) (3,585)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other comprehensive income (loss) 8          
Net income 222          
Common stock, ending balance (in shares) at Jun. 30, 2025   263,443        
Ending balance at Jun. 30, 2025 3,299 $ 0 6,869 (1) (3,568)  
Temporary equity, beginning balance (in shares) at Mar. 31, 2025           5,833
Temporary equity, beginning balance at Mar. 31, 2025           $ 188
Increase (Decrease) in Temporary Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock           $ 2
Temporary equity, ending balance (in shares) at Jun. 30, 2025           5,833
Temporary equity, ending balance at Jun. 30, 2025           $ 191
Common stock, beginning balance (in shares) at Mar. 31, 2025   262,517        
Beginning balance at Mar. 31, 2025 3,176 $ 0 6,758 (9) (3,573)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock (2)   (2)      
Issuance of common stock upon settlement of restricted stock units (in shares)   3,464        
Exercise of common stock options (in shares)   301        
Exercise of common stock options 2   2      
Common stock withheld or cancelled for tax obligation and net settlement (in shares)   (135)        
Common stock withheld or cancelled for tax obligation and net settlement (6)   (6)      
Stock-based compensation 117   117      
Other comprehensive income (loss) 7     7    
Repurchase and retirement of common stock (in shares)   (2,704)        
Repurchase and retirement of common stock (111)       (111)  
Net income 116       116  
Common stock, ending balance (in shares) at Jun. 30, 2025   263,443        
Ending balance at Jun. 30, 2025 $ 3,299 $ 0 6,869 (1) (3,568)  
Temporary equity, beginning balance (in shares) at Dec. 31, 2025           5,833
Temporary equity, beginning balance at Dec. 31, 2025           $ 196
Increase (Decrease) in Temporary Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock           $ 2
Temporary equity, ending balance (in shares) at Mar. 31, 2026           5,833
Temporary equity, ending balance at Mar. 31, 2026           $ 198
Common stock, beginning balance (in shares) at Dec. 31, 2025 242,867 242,867        
Beginning balance at Dec. 31, 2025 $ 2,518 $ 0 7,005 (1) (4,486)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock (2)   (2)      
Issuance of common stock upon settlement of restricted stock units (in shares)   2,975        
Exercise of common stock options (in shares)   347        
Exercise of common stock options 3   3      
Common stock withheld or cancelled for tax obligation and net settlement (in shares)   (104)        
Common stock withheld or cancelled for tax obligation and net settlement (4)   (4)      
Stock-based compensation 91   91      
Other comprehensive income (loss) (3)     (3)    
Repurchase and retirement of common stock (in shares) [1]   (9,375)        
Repurchase and retirement of common stock [1] (352)   50   (402)  
Net income 144       144  
Common stock, ending balance (in shares) at Mar. 31, 2026   236,710        
Ending balance at Mar. 31, 2026 $ 2,395 $ 0 7,143 (4) (4,744)  
Temporary equity, beginning balance (in shares) at Dec. 31, 2025           5,833
Temporary equity, beginning balance at Dec. 31, 2025           $ 196
Temporary equity, ending balance (in shares) at Jun. 30, 2026           5,833
Temporary equity, ending balance at Jun. 30, 2026           $ 200
Common stock, beginning balance (in shares) at Dec. 31, 2025 242,867 242,867        
Beginning balance at Dec. 31, 2025 $ 2,518 $ 0 7,005 (1) (4,486)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of common stock options (in shares) 471          
Other comprehensive income (loss) $ (6)          
Net income $ 256          
Common stock, ending balance (in shares) at Jun. 30, 2026 233,035 233,035        
Ending balance at Jun. 30, 2026 $ 2,322 $ 0 7,289 (7) (4,959)  
Temporary equity, beginning balance (in shares) at Mar. 31, 2026           5,833
Temporary equity, beginning balance at Mar. 31, 2026           $ 198
Increase (Decrease) in Temporary Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock           $ 2
Temporary equity, ending balance (in shares) at Jun. 30, 2026           5,833
Temporary equity, ending balance at Jun. 30, 2026           $ 200
Common stock, beginning balance (in shares) at Mar. 31, 2026   236,710        
Beginning balance at Mar. 31, 2026 2,395 $ 0 7,143 (4) (4,744)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Accretion of Series A redeemable convertible preferred stock (2)   (2)      
Issuance of common stock upon settlement of restricted stock units (in shares)   4,124        
Exercise of common stock options (in shares)   123        
Exercise of common stock options 1   1      
Common stock withheld or cancelled for tax obligation and net settlement (in shares)   (98)        
Common stock withheld or cancelled for tax obligation and net settlement (4)   (4)      
Stock-based compensation 151   151      
Other comprehensive income (loss) (3)     (3)    
Repurchase and retirement of common stock (in shares)   (7,825)        
Repurchase and retirement of common stock (327)       (327)  
Net income $ 111       111  
Common stock, ending balance (in shares) at Jun. 30, 2026 233,035 233,035        
Ending balance at Jun. 30, 2026 $ 2,322 $ 0 $ 7,289 $ (7) $ (4,959)  
[1] Includes the completion of the Company’s accelerated share repurchase agreement (the “ASR Agreement”). Refer to Note 13 — Stockholders’ Equity for further discussion.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
OPERATING ACTIVITIES              
Net income $ 111 $ 144 $ 116 $ 106 $ 256 $ 222  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization expense         62 40  
Stock-based compensation expense         221 172  
Impairments of long-lived assets and other assets         6 11  
Provision for bad debts         6 9  
Amortization of operating lease right-of-use assets         2 5  
Deferred income taxes         67 (1)  
Other         3 (5)  
Changes in operating assets and liabilities, net of effects of business acquisitions:              
Accounts receivable         141 (31)  
Prepaid expenses and other assets         21 46  
Accounts payable         (8) (12)  
Accrued and other current liabilities         (34) 32  
Deferred revenue         20 18  
Operating lease liabilities         (1) (6)  
Net cash provided by operating activities         762 501  
INVESTING ACTIVITIES              
Purchases of marketable securities         (13) (144)  
Maturities of marketable securities         15 127  
Purchases of property and equipment, including capitalized internal-use software         (29) (34)  
Acquisitions of businesses, net of cash acquired         (29) (105)  
Other investing activities         0 (1)  
Net cash used in investing activities         (56) (156)  
FINANCING ACTIVITIES              
Taxes paid related to net share settlement of equity awards         (8) (14)  
Proceeds from exercise of stock options         4 6  
Changes in advances from payment card issuer         34 43  
Repurchases of common stock         (683) (210)  
Other financing activities         (2) 0  
Net cash used in financing activities         (655) (175)  
Effect of foreign exchange on cash, cash equivalents, and restricted cash and cash equivalents         (3) 5  
Net increase in cash, cash equivalents, and restricted cash and cash equivalents         47 176  
Cash, cash equivalents, and restricted cash and cash equivalents - beginning of period   $ 827   $ 1,449 827 1,449 $ 1,449
Cash, cash equivalents, and restricted cash and cash equivalents - end of period 874   1,625   874 1,625 827
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION              
Cash paid for (received from) income taxes, net         (2) 42  
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES              
Stock-based compensation capitalized as internal-use software         21 23  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION RELATED TO LEASES              
Remeasurement of operating lease right-of-use assets         0 17  
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AND CASH EQUIVALENTS TO THE CONDENSED CONSOLIDATED BALANCE SHEETS              
Cash and cash equivalents 757   1,489   757 1,489 637
Restricted cash and cash equivalents, current 117   122   117 122 172
Restricted cash and cash equivalents, noncurrent 0   15   0 15 18
Total cash, cash equivalents, and restricted cash and cash equivalents $ 874   $ 1,625   $ 874 $ 1,625 $ 827
v3.26.1
Business
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business
1.
Business
Description of Business
Maplebear Inc., doing business as (“DBA”) Instacart (the “Company”), was incorporated in Delaware on August 3, 2012 and is headquartered in San Francisco, California. The Company is a diversified technology business that operates a technology platform that enables connections and transactions primarily among retailers, end users, advertisers, and shoppers largely throughout the United States and Canada. End users are provided the ability to transact with retailers for grocery and non-grocery items and with shoppers to pick and deliver the items on the end user’s behalf. Retailers contract with the Company to have their goods available for search, selection, and purchase, generally for a percentage of the total purchase value from the sale of goods, on a fee per transaction basis, or some combination thereof. Advertisers have the opportunity to purchase Sponsored Product ads, display ads, coupons, and a variety of other online advertising services. Shoppers, who are independent contractors, pick and deliver orders using the Company’s technology platform for fulfillment or delivery service opportunities primarily on a fee per batch basis. The Company also sells software-as-a-service offerings primarily targeted at retailers and charges fees for such offerings.
v3.26.1
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies
2.
Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025, which can be found in the Company’s Annual Report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP.

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of all intercompany accounts and transactions. The condensed consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

There have been no significant changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 that have had a material impact on the condensed consolidated financial statements and related notes.

Rounding
Amounts presented in the condensed consolidated financial statements and accompanying footnotes have been rounded based on their actual values, including totals and subtotals. As a result, totals and subtotals may not equal the sum of individual line items shown. All underlying calculations, including percentages, are based on unrounded amounts.

Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods covered by the financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, (i) revenue recognition, including revenue-related reserves, (ii) legal and other loss contingencies, and (iii) income taxes. The Company determines its estimates and judgments based on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, actual results could differ from these estimates, and these differences may be material to the condensed consolidated financial statements.

The Company has considered the impacts of macroeconomic trends affecting the Company’s markets and industry and consumer shopping habits, such as inflation and interest rate fluctuations, the effects of supply chain challenges, the impact of trade policies enacted or proposed by the United States (“U.S.”), such as tariffs or other trade restrictions, and uncertainty related thereto, geopolitical conflicts, regulatory changes, uncertainty regarding an economic recession and its impact on consumer behavior, and the effects of severe weather patterns on the assumptions and inputs supporting certain of the Company’s estimates, assumptions, and judgments. The level of uncertainties and volatility in the global financial markets and economies, as well as the uncertainties related to these macroeconomic factors, geopolitical environment, and their effects on the Company’s operations and financial performance, means that these estimates may change in future periods as new events occur and additional information is obtained.
Recent Accounting Pronouncements Not Yet Adopted
With the exception of those discussed below, the Company reviewed all recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact to the Company’s consolidated financial statements or accompanying footnotes.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated information about certain income statement expense line items on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, as clarified by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). Early adoption is permitted and can be applied prospectively or retrospectively. The Company is currently evaluating the impact this standard will have on the consolidated financial statements and accompanying footnotes.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which provides updated guidance on the capitalization of internal-use software costs. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted and can be applied prospectively or retrospectively. The Company is currently evaluating the impact this standard will have on the consolidated financial statements and accompanying footnotes.
v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
3.
Revenue
Disaggregation of Revenue
The following table summarizes the disaggregation of revenue according to type of revenue and is consistent with how the Company evaluates financial performance. The Company believes this depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026

(in millions)
Transaction
$
659 
$
746 
$
1,309 
$
1,478 
Advertising and other
255
297502
584
Total revenue
$
914 
$
1,043 
$
1,811 
$
2,062 
Revenue by geographic areas based on bill-to location was as follows:
Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026

(in millions)
United States
$
878 
$
994 
$
1,740 
$
1,967 
International (1)
36
4871
95
Total revenue
$
914 
$
1,043 
$
1,811 
$
2,062 
___________
(1) No individual international country represented 10% or more of the Company’s total revenue for the three or six months ended June 30, 2025 or 2026.
Contract Assets and Liabilities
The Company records deferred revenue, which is a contract liability, when the Company receives customer payments in advance of the performance obligations being satisfied on the Company’s contracts. Deferred revenue primarily consists of balances related to Instacart+ memberships. Substantially all of the Company’s deferred revenue as of December 31, 2025 and June 30, 2026 is expected to be recognized within a year. For the six months ended June 30, 2025 and 2026, the Company recognized revenue of $151 million and $157 million, respectively, from the deferred revenue balance as of December 31, 2024 and 2025.

There were no material contract assets as of December 31, 2025 or June 30, 2026.
Concentrations of Credit Risk
The following customers accounted for 10% or more of the Company’s accounts receivable:


As of
December 31,
As of
June 30,
2025
2026
Customer A
11 
%
12 
%
Customer E
12 
%
*
___________
* Customer did not account for 10% or more of accounts receivable.
v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
4.
Fair Value Measurements
The following tables summarize assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

As of December 31, 2025

Level 1
Level 2
Level 3
Total

(in millions)
Cash equivalents
Money market funds
$
293 
$
— 
$
— 
$
293 
Commercial paper
— 
13 
— 
13 
U.S. government and government agency debt securities
— 
10 
— 
10 
Total cash equivalents
293 
23 
— 
316 
Short-term marketable securities
Commercial paper
— 
7 
— 
7 
U.S. government and government agency debt securities
— 
41 
— 
41 
Corporate debt securities
— 
2 
— 
2 
Total short-term marketable securities
— 
50 
— 
50 
Long-term marketable securities
U.S. government and government agency debt securities
— 
81 
— 
81 
Total long-term marketable securities
— 
81 
— 
81 
Total
$
293 
$
153 
$
— 
$
446 

As of June 30, 2026

Level 1
Level 2
Level 3
Total

(in millions)
Cash equivalents
Money market funds
$
409 
$
— 
$
— 
$
409 
Commercial paper
— 
25 
— 
25 
Corporate debt securities
— 
3 
— 
3 
Total cash equivalents
409 
28 
— 
436 
Short-term marketable securities
Commercial paper
— 
9 
— 
9 
U.S. government and government agency debt securities
— 
82 
— 
82 
Corporate debt securities
— 
2 
— 
2 
Total short-term marketable securities
— 
93 
— 
93 
Long-term marketable securities
U.S. government and government agency debt securities
— 
35 
— 
35 
Total long-term marketable securities
— 
35 
— 
35 
Total
$
409 
$
156 
$
— 
$
565 

The Company’s investments in commercial paper, U.S. government and government agency debt securities, and corporate debt securities are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly, such as prices obtained from an independent pricing service which may use quoted prices for identical or comparable instruments or model driven valuations using observable market data or inputs corroborated by observable market data.
The Series A redeemable convertible preferred stock that was issued during the year ended December 31, 2023 represented a non-recurring Level 3 financial measurement at issuance. Refer to Note 12 — Redeemable Convertible Preferred Stock for further information.
There were no transfers of financial instruments between Level 1, Level 2, and Level 3 for the three or six months ended June 30, 2025 or 2026.
v3.26.1
Investments
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments
5.
Investments
For purposes of computing realized gains and losses, the cost of investments sold is based on the specific-identification method. The gross unrealized gains and losses related to the Company’s available-for-sale debt securities as of December 31, 2025 and June 30, 2026 were immaterial.
The following table summarizes the amortized cost and fair value of the Company’s available-for-sale debt securities with a stated maturity date:
As of December 31,
As of June 30,
2025
2026

Amortized Cost
Fair Value
Amortized Cost
Fair Value

(in millions)
Within one year
$
366 
$
366 
$
530 
$
530 
One year through five years
81 
81 
35 
35 
Total
$
446 
$
446 
$
565 
$
565 
v3.26.1
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, Net
6.
Property and Equipment, Net
Property and equipment, net of accumulated depreciation and amortization, consisted of the following:

Estimated Useful Life
As of
December 31,
As of
June 30,

2025
2026
(in years)
(in millions)
Computer equipment
3
$
18 
$
21 
Furniture and fixtures
5
5 
5 
Leasehold improvements
2-8
15 
14 
Capitalized internal-use software
2-5
307 
350 
Total property and equipment

345 
389 
Less: Accumulated depreciation and amortization

(127)
(171)
Total property and equipment, net

$
218 
$
218 

Depreciation expense related to the Company’s property and equipment was $2 million and $1 million for the three months ended June 30, 2025 and 2026, respectively, and $4 million and $3 million for the six months ended June 30, 2025 and 2026, respectively. Amortization expense related to the Company’s internal-use software, which is primarily recorded within cost of revenue in the condensed consolidated statements of operations, was $13 million and $25 million for the three months ended June 30, 2025 and 2026, respectively, and $24 million and $47 million for the six months ended June 30, 2025 and 2026, respectively.

For the three months ended June 30, 2025 and 2026, the Company capitalized $25 million and $22 million of internal-use software costs, respectively. For the six months ended June 30, 2025 and 2026, the Company capitalized $51 million and $45 million of internal-use software costs, respectively.
Geographic Information

The following table summarizes the Company’s long-lived assets, consisting of property and equipment and operating lease right-of-use assets, net of accumulated depreciation and amortization, by geographic area:


As of
December 31,
As of
June 30,

2025
2026
(in millions)
United States
$
215 
$
214 
Canada
32 
30 
Other
1 
1 
Total long-lived assets, net
$
248 
$
245 

Long-lived assets attributed to the United States, Canada, and other international geographies are based on the country in which the asset is located.
v3.26.1
Business Combinations
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations
7.
Business Combinations
Acquisition of Marlin9 Holdings, Inc.

On April 30, 2025, pursuant to a Stock Purchase Agreement, the Company acquired a 100% ownership interest in Marlin9 Holdings, Inc. which operates as Wynshop (“Wynshop”), a provider of ecommerce retail solutions for grocers and retailers. The acquisition builds upon the Company’s relationships with retail partners and reinforces the Company’s continued commitment to providing retailers with cutting-edge tools and technologies that help drive their business growth.

The purchase consideration was $106 million in cash. The Company has accounted for this acquisition as a business combination. The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition:

Fair Value
(in millions)
Current assets
$
4 
Goodwill
75 
Intangible assets
40 
Other assets
1
Total assets acquired
121
Total liabilities assumed
(14)
Net assets acquired
$
106 

Acquisition-related expenses were immaterial and expensed as incurred and included within general and administrative expense in the condensed consolidated statements of operations.
The fair value of identified intangible assets and their respective useful lives as of the time of acquisition were as follows:

Amount
Weighted-Average Useful Life
(in millions)
(in years)
Customer relationships
$
39 
10
Developed technology
1
2
Trademark
1
2
Total intangible assets
$
40 

The overall weighted-average useful life of the identified amortizable intangible assets at the time of acquisition was ten years.

Intangible assets are amortized over the estimated useful lives in a pattern that most closely matches the timing of their economic benefits. The excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill, which is primarily attributed to the monetization opportunities from the Company’s current and future offerings and the value of the assembled workforce. Goodwill recognized from the acquisition is not deductible for tax purposes.

The estimated fair values of the customer relationships, developed technology, and trademark were determined based on the present value of cash flows to be generated by those existing intangible assets. Management applied significant judgment in determining the fair value of intangible assets, which involved the use of estimates and assumptions including revenue and cash flow forecasts, customer attrition, customer base and growth rates, and discount rates.

The Company concluded the purchase accounting for the acquisition during the three months ended June 30, 2026. During the measurement period, the Company recorded immaterial purchase price adjustments resulting in an increase to goodwill.

The results of operations of the business combination have been included in the Company’s condensed consolidated financial statements from the date of acquisition. Wynshop’s results of operations for periods prior to the acquisition were immaterial to the Company’s condensed consolidated statements of operations and, accordingly, historical and pro forma disclosures have not been presented.
v3.26.1
Goodwill and Intangible Assets, Net
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Intangible Assets, Net
8.
Goodwill and Intangible Assets, Net
Goodwill

The following table summarizes the activity in the carrying amount of goodwill for the six months ended June 30, 2026:
Amount
(in millions)
Balance as of December 31, 2025
$
393 
Addition related to business acquisition
19 
Balance as of June 30, 2026
$
412 
Intangible Assets, Net

Intangible assets, net of accumulated amortization, resulting from business combinations and asset purchases consisted of the following:


As of December 31, 2025

Gross Carrying Value
Accumulated Amortization
Net Carrying Value
Weighted-Average Remaining Useful Life

(in millions)
(in years)
Developed technology
$
92 
$
(73)
$
19 
1.8
Customer relationships
66 
(27)
39 
8.7
Patents
17 
(7)
10 
4.9
Other
9 
(6)
3 
5.9
Total intangible assets, net
$
184 
$
(113)
$
71 


As of June 30, 2026

Gross Carrying Value
Accumulated Amortization
Net Carrying Value
Weighted-Average Remaining Useful Life

(in millions)
(in years)
Developed technology
$
85 
$
(72)
$
13 
1.7
Customer relationships
75 
(31)
44 
8.8
Patents
17 
(9)
8 
4.5
Other
5 
(4)
1 
4.9
Total intangible assets, net
$
183 
$
(116)
$
66 

Amortization expense was $6 million for each of the three months ended June 30, 2025 and 2026 and $12 million for each of the six months ended June 30, 2025 and 2026.

As of June 30, 2026, the remaining intangible asset amortization was as follows:

Amount
Year ending December 31,
(in millions)
Remainder of 2026
$
9 
2027
13 
2028
9 
2029
6 
2030
6 
Thereafter
23 
Total
$
66 
v3.26.1
Accrued and Other Current Liabilities
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accrued and Other Current Liabilities
9.
Accrued and Other Current Liabilities
Accrued and other current liabilities were as follows:

As of
December 31,
As of
June 30,

2025
2026
(in millions)
Accrued legal and regulatory matters
$
158 
$
87 
Accrued shopper and merchant liability (1)
103 
97 
Accrued advertising
53 
63 
Accrued compensation and benefits
28 
36 
Accrued professional, legal, and contractor services
51 
66 
Sales and indirect tax liabilities
31 
28 
Insurance reserves
72 
91 
Advances from payment card issuer
22 
56 
Gift cards and rewards
47 
44 
Other
67 
64 
Total
$
634 
$
631 
___________
(1) Accrued merchant liability primarily includes liabilities to certain retailers for payment of goods.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
10.
Commitments and Contingencies
Leases
The Company’s leases primarily include corporate offices and warehouse space. The lease terms of operating leases vary from one year to nine years, with expirations through June 2034. The Company has leases that include one or more options to extend the lease term for up to seven years, as well as options to terminate the lease within one year. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Most of these options to extend or terminate the lease do not create a significant economic incentive and hence are not recognized as part of the Company’s operating lease liabilities and operating lease right-of-use assets.

The Company did not modify, enter into, or acquire any material leasing arrangements for the three or six months ended June 30, 2025 or 2026.

Sales and Indirect Taxes
The Company pays applicable state, franchise, and other taxes in state and local jurisdictions in which the Company conducts business. In the United States, the Company is under audit by various tax authorities with regard to sales and indirect tax matters. The subject matter of these audits primarily relates to the reporting of sales on behalf of the Company’s third-party sellers or tax treatment applied to the sale of the Company’s services in these jurisdictions. The Company believes it properly accrues and pays taxes according to its understanding of the tax requirements in each taxing jurisdiction; however, it is possible that tax authorities may question the Company’s interpretation of taxability. As such, there is a high degree of complexity involved in the interpretation and application of state and local sales and indirect tax rules to the Company’s activities. As a result, the Company maintains a reserve related to potential tax, interest, or penalties that may become due. Significant judgments are made by the Company in estimating these reserves which includes assessing the taxability of goods or services transacted using the Company’s technology platform. The Company maintains such reserves until the respective statute of limitations has passed or upon conclusion of an audit examination with the relevant tax authorities, at which point the tax exposure and related interest and penalties are released. The reserve balance was $13 million and $14 million as of December 31, 2025 and June 30, 2026, respectively, and was included within other long-term liabilities on the condensed consolidated balance sheets. The releases and losses recognized related
to these reserves, net of audit payments, for the three and six months ended June 30, 2025 and 2026 were immaterial and were recorded within general and administrative expense in the condensed consolidated statements of operations.
Legal Matters
Independent Contractor Classification Matters
The Company operates in several jurisdictions where there have been regulations enacted with respect to methods companies should use to classify workers as either independent contractors or employees, such as California, which enacted California Assembly Bill 5 in 2019. The Company believes that it has properly classified its workers in all jurisdictions in which it operates.

Further, on December 16, 2020, the California state ballot initiative, Proposition 22, which provides a framework that offers legal certainty regarding the status of independent workers offering delivery services in California and protects worker flexibility, the quality of on-demand work, and access to benefits for those who qualify, among other things, became effective. The Company provides appropriate worker benefits and other protections in accordance with Proposition 22, including guaranteed minimum earnings, healthcare subsidies, insurance, and safety trainings. Although the constitutionality of Proposition 22 was subsequently challenged, on July 25, 2024, the California Supreme Court upheld Proposition 22 as constitutional. However, there may continue to be legal challenges, or legislative or other attempts to amend or otherwise invalidate the benefits, protections, or the independent worker status provided by Proposition 22. Further, any future judgments, settlements, or orders issued by a court or governmental body or otherwise in connection with any judicial, administrative, or legal proceeding that results in the Company being prohibited from continuing to engage with independent-contractor shoppers in the manner it currently does would likely result in increases to its costs related to shoppers and decreases in the breadth of its offerings and geographic coverage. Further, if the Company changes its offerings or increases customer fees as a result of the increased costs, such changes may result in lower order volumes, which in turn would have an adverse effect on the Company’s business, financial condition, and results of operations.

The Company has other active legal matters in California and several other jurisdictions, including litigation, government audits, administrative claims, and inquiries, related to its classification of individuals who provide delivery and other fulfillment services as non-employee contractors. These matters involve allegations that certain individuals are misclassified and, as a result, may be due unpaid minimum statutory wages, overtime, expense reimbursement, and certain other payments and protections, among other issues. Courts and agencies handling these matters may rule that the Company cannot engage workers to perform certain tasks, including delivery and other fulfillment services, as independent contractors. In some of these cases, the Company has entered into settlement agreements to resolve the claims without any admission of liability and in others, there is active litigation or proceedings.
The Company has also been, is currently, and may in the future be involved in administrative audits with various state and local enforcement agencies, including audits related to shopper classification, state and local ordinance requirements, and unemployment insurance and workers’ compensation contributions. The Company is currently involved in such audits in several states. The Company believes that it complies with applicable legal requirements and that shoppers are properly classified as independent contractors; therefore, the Company disputes that it is obligated to provide such additional benefits under state law and plans to vigorously contest any adverse assessment or determination. The Company’s chances of success on the merits are still uncertain; however, the Company records a liability within accrued and other current liabilities when it believes that it is both probable that a loss has been incurred and the amount can be estimated. The results of these audits, assessments, or any negotiated agreements with these agencies, may result in additional payments, including settlement payments, penalties, and interest, and such additional amounts could have a material impact on the Company’s business, financial conditions, results of operations, and cash flows.

The Company is also currently involved in several putative class and collective actions, thousands of alleged individual claims, including those brought or threatened to be brought in arbitration or compelled to arbitrate pursuant to its independent contractor agreements, and matters brought, in whole or in part, as representative actions under California’s Private Attorney General Act, Labor Code Section 2698, et seq., alleging that the Company misclassified shoppers as independent contractors and related claims. None of the putative class or collective actions have progressed to or resulted in class certification. Those involving misclassification have either been compelled to individual arbitration or have motions to compel individual arbitration which have been granted and are now pending appeal.
FTC Investigation

In July 2025, staff of the Federal Trade Commission (“FTC”) asserted they had authority to enter into consent negotiations with the Company relating to certain of its marketing and Instacart+ membership program practices. Following extensive discussions with staff of the FTC, the Company agreed to enter into a consent order to conclude the FTC’s investigation, which became final on January 13, 2026. The consent order does not include any admission of liability. Pursuant to the consent order, the Company is required to pay $60 million to the FTC, which was included in accrued and other current liabilities on the consolidated balance sheet as of December 31, 2025, and subsequently paid in January 2026.

Other Litigation Matters

Besides the matters described above, the Company and its subsidiaries are regularly subject to claims, lawsuits, arbitration proceedings, administrative actions, government investigations, and other legal and regulatory proceedings involving unpaid wages, missed breaks, premium or overtime pay, hazard pay, inadequate notice under the Worker Adjustment and Retraining Notification Act or its state equivalent, retaliation, denial of or interference with leave of absence, improper application of the Company’s paid time off or other policies, discrimination or harassment based on a protected characteristic, wrongful termination, failure to accommodate a disability, unfair labor practices, personal injury, intellectual property, including patent infringement, property damage, securities and stockholder claims, commercial and contract disputes, unfair competition, marketing claims, consumer protection claims, including auto-renewal practices, pricing, and fees, data protection and privacy, environmental claims, health and safety, appropriate disclosures of worker and customer rights and entitlements, weights and measures, compliance with regulatory requirements, and other matters. In some of these proceedings, claims for substantial monetary damages are asserted against the Company and could result in fines, penalties, compensatory damages, or non-monetary relief. The Company does not believe that these matters will have a material adverse effect upon its operations, cash flows, or financial condition.

To the extent the Company has agreed to settle outstanding claims or where the Company has concluded it is probable that a resolution may be reached at an amount of loss that is estimable, the loss has been recognized within general and administrative expense in the condensed consolidated statements of operations. During periods where the settled amount is less than the loss reserved or if the Company estimates that an outstanding claim is less than that previously recorded, the Company will recognize a reserve release related to the claims within general and administrative expense in the condensed consolidated statements of operations. For the three months ended June 30, 2025 and 2026, the Company recognized a loss of an immaterial amount and a net reserve release of $14 million related to these claims, respectively. For the six months ended June 30, 2025 and 2026, the Company recognized a loss of $45 million and a net reserve release of $10 million related to these claims, respectively. The actual losses incurred on claims that have not been resolved may differ from the initial estimates of loss, and such differences could be material.

The Company is also subject from time to time to audits by government agencies in the various jurisdictions in which it operates. To the extent the Company is obligated to make payments in these jurisdictions (other than income taxes), the Company has recorded the related expense within general and administrative expense in the condensed consolidated statements of operations. The results of these audits may result in additional payments, penalties, and interest, and such additional amounts could be material.

Indemnifications

The Company has entered into indemnification agreements with certain of the Company’s officers, directors, and current and former employees, and the Company’s certificate of incorporation and bylaws contain certain indemnification obligations. It is not possible to determine the maximum potential loss under these indemnification provisions due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, no significant costs have been incurred, either individually or collectively, in connection with the Company’s indemnification provisions.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
11.
Debt
Credit Agreement
On May 1, 2026, the Company entered into a revolving credit agreement with certain lenders (the “Credit Agreement”), providing for a $500 million unsecured revolving credit facility maturing on April 30, 2031, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $150 million, which reduce the amount the Company can borrow. Proceeds from any borrowings under the Credit Agreement may be used for working capital and general corporate purposes. The Company is required to pay a commitment fee of 0.10% per annum on the average daily unused amount of the revolving commitments.

The Credit Agreement contains customary events of default, certain financial covenants, and other affirmative and negative covenants that restrict the Company’s ability and certain of its subsidiaries’ ability to, among others, incur indebtedness, create liens, make fundamental changes, make restricted payments, make certain investments, and enter into certain transactions with affiliates. As of June 30, 2026, the Company was in compliance with all covenants under the Credit Agreement.
As of June 30, 2026, there were no revolving loans outstanding under the Credit Agreement. Debt issuance costs incurred in securing the Credit Agreement were immaterial.
v3.26.1
Redeemable Convertible Preferred Stock
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Redeemable Convertible Preferred Stock
12.
Redeemable Convertible Preferred Stock
Series A Redeemable Convertible Preferred Stock
Immediately subsequent to the closing of the initial public offering (“IPO”) in September 2023, the Company authorized and issued 5,833,333 shares of Series A redeemable convertible preferred stock at a price of $30.00 per share for proceeds of $175 million. The Company determined the fair value of the Series A redeemable convertible preferred stock at issuance was $175 million, using a Monte Carlo valuation model. The key assumptions used included the closing price of the Company’s common stock on the issuance date of $30.65, an expected term of approximately seven years, an expected volatility of 54%, and a discount for lack of marketability of 35%.
Pursuant to the securities purchase agreement related to the issuance, the Company adopted the Certificate of Designation of Series A redeemable convertible preferred stock, as filed with the Secretary of State of the State of Delaware, setting forth the rights, designations, preferences, limitations, and restrictions applicable to the Series A redeemable convertible preferred stock.
The rights, preferences, and privileges of the Series A redeemable convertible preferred stock are as follows:
Seniority; Liquidation Preference
The Series A redeemable convertible preferred stock, with respect to distribution rights upon the liquidation, winding-up or dissolution of the Company but excluding a change of control, (as described below) ranks (i) senior to the Company’s common stock, (ii) on parity with any class or series of the Company’s capital stock expressly designated as ranking on parity with the Series A redeemable convertible preferred stock, and (iii) junior to any class or series of the Company’s capital stock expressly designated as ranking senior to the Series A redeemable convertible preferred stock. The Series A redeemable convertible preferred stock has a liquidation preference equal to the greater of (i) the Stated Value (as defined below), and (ii) the amount that the holder would be entitled to receive on an as-converted to common stock basis based on the then-applicable Conversion Ratio (as defined below), on the date of such liquidation, winding-up or dissolution. Such liquidation, winding-up or dissolution amounts would be paid out of the Company’s assets legally available for distribution to its stockholders, after satisfaction of debt and other liabilities owed to its creditors and holders of shares of any senior securities and before any payment or distribution is made to holders of any junior securities, including, without limitation, the Company’s common stock.
The Stated Value for the Series A redeemable convertible preferred stock on a given date is defined as the sum of (i) the original issue price of the Series A redeemable convertible preferred stock, automatically increased at an annual rate of
5.0%, compounding on each anniversary of the issue date, through such date, and (ii) on an as-converted to common stock basis, the pro rata portion of any cash dividends or distributions that the Company pays on its common stock.
The Conversion Ratio for the Series A redeemable convertible preferred stock means (i) a number of shares of common stock equal to the quotient of the Stated Value divided by the conversion price, plus (ii) if the product of such number of shares of common stock times the 10-Day VWAP (as defined below) is less than the Stated Value on such date, an additional number of shares of common stock that, when multiplied by the 10-Day VWAP, equals the difference.
The 10-Day VWAP is defined as the average of the volume-weighted average price (“VWAP”) per share of common stock for each of the 10 consecutive trading days ending on, and including, the trading day immediately before the date of determination.
Conversion
From and after the seventh anniversary of the issue date of the Series A redeemable convertible preferred stock, at any time when the 10-Day VWAP exceeds the conversion price of the Series A redeemable convertible preferred stock, all outstanding shares of Series A redeemable convertible preferred stock will automatically convert into a number of shares of the Company’s common stock equal to the Conversion Ratio on such date.
In addition, on the third anniversary of the issue date of the Series A redeemable convertible preferred stock, if the 10-Day VWAP immediately prior to such date exceeds the conversion price of the Series A redeemable convertible preferred stock, the holder will have the option to convert all outstanding shares of Series A redeemable convertible preferred stock at the conversion price on such date. If there is a Conversion Shortfall (as defined below), the holder will receive an additional number of shares of common stock equal to the Conversion Shortfall divided by the 10-Day VWAP immediately prior to such date.
The conversion price for the Series A redeemable convertible preferred stock is not subject to adjustment, except for customary adjustments for stock splits, stock dividends, recapitalizations, reorganizations and similar corporate actions.
The Conversion Shortfall for the Series A redeemable convertible preferred stock on any conversion date is defined as the absolute dollar value by which the product of the Conversion Ratio and the 10-Day VWAP for an applicable conversion is less than the Stated Value plus the Minimum Return Amount on such date.
Redemption
At any time from and after the seventh anniversary of the issue date of the Series A redeemable convertible preferred stock, if the 10-Day VWAP does not exceed the conversion price, the Company has the right to redeem all, but not less than all, outstanding shares of Series A redeemable convertible preferred stock at the Stated Value on such redemption date.
On each of the third anniversary (only if the 10-Day VWAP immediately prior to such date does not exceed the conversion price), the seventh anniversary, the tenth anniversary and the thirteenth anniversary of the issue date, the holder has the right to require the Company to redeem all, but not less than all, outstanding shares of Series A redeemable convertible preferred stock at the Stated Value on such redemption date.
Upon a change of control of the Company, the Company will redeem all, but not less than all, outstanding shares of Series A redeemable convertible preferred stock for an amount equal to the greater of (i) the Stated Value on the date of the change of control and (ii) the amount that the holder would be entitled to receive on an as-converted to common stock basis based on the then-applicable conversion ratio (for which the 10-Day VWAP equals the purchase price or transaction consideration per share of common stock in the change of control transaction).
Under certain regulatory events or strategic actions by the Company or the holder, the Company or the holder, as applicable, has the right to elect to redeem all outstanding shares of Series A redeemable convertible preferred stock at the Stated Value, if the 10-Day VWAP immediately prior to the date of such event does not exceed the conversion price, or convert all outstanding shares of Series A redeemable convertible preferred stock into a number of shares of the
Company’s common stock equal to the then-applicable conversion ratio, in case the 10-Day VWAP immediately prior to the date of such event exceeds the conversion price.
The Company presents its Series A redeemable convertible preferred stock outside of stockholders’ equity as mezzanine equity because the shares contain redemption features that are not solely within the Company’s control. The Company is required to accrete the carrying value of the Series A redeemable convertible preferred stock to its redemption value over the period from issuance through redemption date. The accretion was $2 million for each of the three months ended June 30, 2025 and 2026 and $5 million for each of the six months ended June 30, 2025 and 2026.
Voting
The Series A redeemable convertible preferred stock confers no voting rights on the holder, except as required by applicable law and with respect to matters that adversely change the powers, preferences, privileges, rights or restrictions of the Series A redeemable convertible preferred stock, including the authorization or issuance of equity securities that would rank senior to or pari passu with the Series A redeemable convertible preferred stock (other than, in certain cases, new shares of Series A redeemable convertible preferred stock or new series of preferred stock with substantially similar terms as the Series A redeemable convertible preferred stock) and the declaration or payment of cash dividends on shares other than the Series A redeemable convertible preferred stock in excess of a 5.0% annual dividend yield.
No dividends were declared or paid for the three or six months ended June 30, 2025 or 2026.
v3.26.1
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity
13.
Stockholders’ Equity
Stock Repurchase Program

In June 2024, the Company’s board of directors authorized a $500 million share repurchase program, which was subsequently increased to $750 million, $1 billion, $2.5 billion, and $3.5 billion in November 2024, May 2025, November 2025, and April 2026, respectively.

For the three and six months ended June 30, 2026, the Company repurchased and immediately retired a total of 7,825,070 and 17,199,917 shares of its common stock, respectively, for an aggregate amount, including broker commissions, fees, and excise taxes, of $327 million and $728 million, respectively, under this share repurchase program, which, for the six months ended June 30, 2026, included shares received and immediately retired upon the completion of the ASR Agreement (as described below). As of June 30, 2026, the Company had $998 million remaining available to repurchase shares pursuant to the repurchase program.

On November 10, 2025, the Company entered into the ASR Agreement with a third-party financial institution to repurchase $250 million of the Company’s common stock. Pursuant to the terms of the ASR Agreement, the Company paid $250 million to the financial institution and received and immediately retired an initial delivery of 5,357,621 shares of common stock on November 12, 2025, representing 80% of the value of the $250 million payment. As of December 31, 2025, $50 million of the ASR Agreement was reflected as a forward contract within stockholders’ equity on the consolidated balance sheet. In January 2026, repurchases under the ASR Agreement were completed. The final number of shares of common stock repurchased was based on the VWAP of the Company’s common stock during the repurchase period, less a negotiated discount. The Company received and immediately retired an additional 553,349 shares in January 2026.

The Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. For the three and six months ended June 30, 2026, the excise tax recognized as part of the cost basis of shares acquired was immaterial.
Common Stock Reserved for Future Issuance

The following table summarizes the Company’s shares of common stock reserved for future issuance on an as-converted basis:


As of
December 31,
As of
June 30,

2025
2026
(in thousands)
Series A redeemable convertible preferred stock
5,833 
5,833 
Restricted stock units
15,959 
19,229 
Stock options outstanding
6,489 
6,018 
Shares available for issuance under the 2023 Equity Incentive Plan
54,419 
56,396 
Shares available for issuance under the 2023 Employee Stock Purchase Plan
12,400 
14,829 
Total
95,100 
102,305 

The holders of common stock are entitled to receive dividends out of funds that are legally available, when and if declared by the board of directors and subject to the approval from the holders of the Series A redeemable convertible preferred stock. No dividends were declared or paid for the three or six months ended June 30, 2025 or 2026.
Pursuant to the automatic increase feature of the 2023 Equity Incentive Plan, during the three months ended March 31, 2026, an additional 12,143,367 shares were reserved for issuance effective January 1, 2026.
Stock Options

The following table summarizes the activity related to the Company’s stock options during the six months ended June 30, 2026:
Number of Options
Weighted-Average Exercise
Price
Weighted-Average Remaining Contractual Life
Aggregate Intrinsic Value
(in thousands)
(in years)
(in millions)
As of January 1, 2026
6,489 
$
11.82 
2.29
$
216 
Options exercised
(471)
$
8.85 
As of June 30, 2026
6,018 
$
12.05 
1.83
$
213 
Options vested and exercisable as of June 30, 2026
6,018 
$
12.05 
1.83
$
213 
Restricted Stock Units
The following table summarizes the activity related to the Company’s restricted stock units (“RSUs”) during the six months ended June 30, 2026:

Number of Shares
Weighted-Average
Grant-Date Fair Value per Share
(in thousands)
Unvested and outstanding as of January 1, 2026
15,959 
$
41.72 
Granted
12,153 
$
41.34 
Vested
(7,099)
$
42.13 
Vested and not settled
(47)
$
46.77 
Forfeited
(1,785)
$
41.00 
Unvested and outstanding as of June 30, 2026
19,181 
$
41.38 

Stock-Based Compensation Expense Summary

The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations:

Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
(in millions)
Cost of revenue
$
2 
$
3 
$
4 
$
5 
Operations and support
4 
5 
7 
8 
Research and development
58 
84 
92 
130 
Sales and marketing
18 
22 
30 
31 
General and administrative
23 
27 
38 
46 
Total stock-based compensation expense
$
105 
$
142 
$
172 
$
221 

As of June 30, 2026, there was $659 million of unrecognized stock-based compensation expense related to unvested awards which are expected to vest and to be recognized over a weighted-average period of 1.50 years.

The amount of stock-based compensation expense capitalized related to the development of internal-use software was $12 million and $9 million for the three months ended June 30, 2025 and 2026, respectively. The amount of stock-based compensation expense capitalized related to the development of internal-use software was $23 million and $21 million for the six months ended June 30, 2025 and 2026, respectively.
2023 Employee Stock Purchase Plan

The Company’s board of directors adopted, and the Company’s stockholders approved, the 2023 Employee Stock Purchase Plan (“the ESPP”), which became effective immediately prior to the effectiveness of the registration statement on Form S-1 filed under the Securities Act in connection with the Company’s IPO.

As of June 30, 2026, there had been no offering period or purchase period under the ESPP, and no such period will begin unless and until determined by the Company’s board of directors, or its compensation committee under its delegation, as the administrator of the ESPP. Pursuant to the automatic increase feature of the ESPP, during the three months ended March 31, 2026, an additional 2,428,673 shares were reserved for issuance under the ESPP effective January 1, 2026.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
14.
Income Taxes
The Company’s provision for income taxes for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter.

The Company’s effective tax rates for each period presented are the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company’s effective tax rate was 18.2% and 24.5% for the three months ended June 30, 2025 and 2026, respectively. The Company’s effective tax rate was 16.3% and 23.8% for the six months ended June 30, 2025 and 2026, respectively. The Company’s provision for income taxes varied from the tax computed at the U.S. federal statutory income tax rate primarily due to tax effects of stock-based compensation recognized, U.S. research and development credits generated, and the income taxes generated in U.S. states and foreign jurisdictions.
v3.26.1
Net Income per Share Attributable to Common Stockholders
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income per Share Attributable to Common Stockholders
15.
Net Income per Share Attributable to Common Stockholders
The computation of basic and diluted net income per share attributable to common stockholders was as follows:

Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026
(in millions, except share amounts, which are reflected in thousands, and per share amounts)
Numerator:

Net income
$
116 
$
111 
$
222 
$
256 
Less: Accretion related to Series A redeemable convertible preferred stock
(2)
(2)
(5)
(5)
Net income attributable to common stockholders, basic
$
114 
$
109 
$
218 
$
251 
Add: Accretion related to Series A redeemable convertible preferred stock
2 
2 
5 
5 
Net income attributable to common stockholders, diluted
$
116 
$
111 
$
222 
$
256 
Denominator:
Weighted-average shares used in computing basic net income per share attributable to common stockholders
262,588 
234,928 
262,511 
237,089 
Weighted-average effect of dilutive securities:
Series A redeemable convertible preferred stock
5,833 
5,833 
5,833 
5,833 
Stock options
5,066 
4,404 
5,249 
4,425 
Restricted stock units
7,751 
3,770 
8,477 
3,907 
Unvested restricted non-voting common stock
55 
— 
47 
— 
Weighted-average shares used in computing diluted net income per share attributable to common stockholders
281,293 
248,935 
282,117 
251,254 
Net income per share attributable to common stockholders:
Basic
$
0.43 
$
0.46 
$
0.83 
$
1.06 
Diluted
$
0.41 
$
0.45 
$
0.79 
$
1.02 
The following potentially dilutive outstanding securities were excluded from the computation of diluted income per share attributable to common stockholders because their effect was not dilutive:
Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026
(in thousands)
Stock options
384
384
384
384
Restricted stock units
373
4,235
373
4,235
Total
757
4,619
757
4,619
The following potentially dilutive outstanding securities were excluded from the table above because they are subject to performance-based and / or market-based vesting conditions that were not achieved as of those dates:
Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026
(in thousands)
Restricted stock units
1,055
168
1,055
168
Total
1,055
168
1,055
168
v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
16.
Segment Information
The Company has one operating and reportable segment. A description of how the Company derives revenues can be found in Note 2 — Significant Accounting Policies of the audited consolidated financial statements for the year ended December 31, 2025, which can be found in the Company’s Annual Report on Form 10-K. The Company’s chief executive officer is the Company’s Chief Operating Decision Maker (“CODM”), who reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. The CODM uses consolidated net income as the sole measure of segment profit or loss to make key operating decisions such as the allocation of the budget and monitoring budget versus actual results. The CODM does not evaluate operating segments using asset information.
Significant expenses within net income include cost of revenue, operations and support, research and development, sales and marketing, general and administrative, which are each separately presented on the Company’s condensed consolidated statements of operations. Stock-based compensation expense is also a significant expense within net income. Refer to Note 13 — Stockholders’ Equity for additional information about the Company’s stock-based compensation expense. Other segment items include interest income, other income (expense), net, and income before provision for income taxes on the condensed consolidated statements of operations.

Geographic information is included in Note 3 — Revenue and Note 6 — Property and Equipment, Net.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Emily Reuter [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 8, 2026, Emily Reuter, our Chief Financial Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Ms. Reuter’s trading arrangement provides for the sale through August 13, 2027 of up to 120,000 shares of our common stock subject to RSUs previously awarded to Ms. Reuter that have vested or may vest and be released to her on or prior to August 13, 2027.
Name Emily Reuter
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 8, 2026
Expiration Date August 13, 2027
Arrangement Duration 462 days
Aggregate Available 120,000
v3.26.1
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025, which can be found in the Company’s Annual Report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP.

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of all intercompany accounts and transactions. The condensed consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

There have been no significant changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 that have had a material impact on the condensed consolidated financial statements and related notes.
Consolidation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025, which can be found in the Company’s Annual Report on Form 10-K. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP.

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of all intercompany accounts and transactions. The condensed consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. The results for the interim periods are not necessarily indicative of the results to be expected for the full year or any other future interim or annual period.

There have been no significant changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 that have had a material impact on the condensed consolidated financial statements and related notes.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and reported amounts of revenue and expenses during the reporting periods covered by the financial statements and accompanying notes. These judgments, estimates, and assumptions are used for, but not limited to, (i) revenue recognition, including revenue-related reserves, (ii) legal and other loss contingencies, and (iii) income taxes. The Company determines its estimates and judgments based on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, actual results could differ from these estimates, and these differences may be material to the condensed consolidated financial statements.

The Company has considered the impacts of macroeconomic trends affecting the Company’s markets and industry and consumer shopping habits, such as inflation and interest rate fluctuations, the effects of supply chain challenges, the impact of trade policies enacted or proposed by the United States (“U.S.”), such as tariffs or other trade restrictions, and uncertainty related thereto, geopolitical conflicts, regulatory changes, uncertainty regarding an economic recession and its impact on consumer behavior, and the effects of severe weather patterns on the assumptions and inputs supporting certain of the Company’s estimates, assumptions, and judgments. The level of uncertainties and volatility in the global financial markets and economies, as well as the uncertainties related to these macroeconomic factors, geopolitical environment, and their effects on the Company’s operations and financial performance, means that these estimates may change in future periods as new events occur and additional information is obtained.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
With the exception of those discussed below, the Company reviewed all recently issued accounting pronouncements and concluded they were either not applicable or not expected to have a material impact to the Company’s consolidated financial statements or accompanying footnotes.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated information about certain income statement expense line items on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, as clarified by ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). Early adoption is permitted and can be applied prospectively or retrospectively. The Company is currently evaluating the impact this standard will have on the consolidated financial statements and accompanying footnotes.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), which provides updated guidance on the capitalization of internal-use software costs. The standard is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those annual periods. Early adoption is permitted and can be applied prospectively or retrospectively. The Company is currently evaluating the impact this standard will have on the consolidated financial statements and accompanying footnotes.
v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Reconciliation of Revenue from Segments to Consolidated The Company believes this depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026

(in millions)
Transaction
$
659 
$
746 
$
1,309 
$
1,478 
Advertising and other
255
297502
584
Total revenue
$
914 
$
1,043 
$
1,811 
$
2,062 
Schedule of Revenue from External Customers by Geographic Areas
Revenue by geographic areas based on bill-to location was as follows:
Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026

(in millions)
United States
$
878 
$
994 
$
1,740 
$
1,967 
International (1)
36
4871
95
Total revenue
$
914 
$
1,043 
$
1,811 
$
2,062 
___________
(1) No individual international country represented 10% or more of the Company’s total revenue for the three or six months ended June 30, 2025 or 2026.
Schedule of Concentration of Risk, by Risk Factor
The following customers accounted for 10% or more of the Company’s accounts receivable:


As of
December 31,
As of
June 30,
2025
2026
Customer A
11 
%
12 
%
Customer E
12 
%
*
___________
* Customer did not account for 10% or more of accounts receivable.
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:

As of December 31, 2025

Level 1
Level 2
Level 3
Total

(in millions)
Cash equivalents
Money market funds
$
293 
$
— 
$
— 
$
293 
Commercial paper
— 
13 
— 
13 
U.S. government and government agency debt securities
— 
10 
— 
10 
Total cash equivalents
293 
23 
— 
316 
Short-term marketable securities
Commercial paper
— 
7 
— 
7 
U.S. government and government agency debt securities
— 
41 
— 
41 
Corporate debt securities
— 
2 
— 
2 
Total short-term marketable securities
— 
50 
— 
50 
Long-term marketable securities
U.S. government and government agency debt securities
— 
81 
— 
81 
Total long-term marketable securities
— 
81 
— 
81 
Total
$
293 
$
153 
$
— 
$
446 

As of June 30, 2026

Level 1
Level 2
Level 3
Total

(in millions)
Cash equivalents
Money market funds
$
409 
$
— 
$
— 
$
409 
Commercial paper
— 
25 
— 
25 
Corporate debt securities
— 
3 
— 
3 
Total cash equivalents
409 
28 
— 
436 
Short-term marketable securities
Commercial paper
— 
9 
— 
9 
U.S. government and government agency debt securities
— 
82 
— 
82 
Corporate debt securities
— 
2 
— 
2 
Total short-term marketable securities
— 
93 
— 
93 
Long-term marketable securities
U.S. government and government agency debt securities
— 
35 
— 
35 
Total long-term marketable securities
— 
35 
— 
35 
Total
$
409 
$
156 
$
— 
$
565 
v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments Classified by Contractual Maturity Date
The following table summarizes the amortized cost and fair value of the Company’s available-for-sale debt securities with a stated maturity date:
As of December 31,
As of June 30,
2025
2026

Amortized Cost
Fair Value
Amortized Cost
Fair Value

(in millions)
Within one year
$
366 
$
366 
$
530 
$
530 
One year through five years
81 
81 
35 
35 
Total
$
446 
$
446 
$
565 
$
565 
v3.26.1
Property and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net of accumulated depreciation and amortization, consisted of the following:

Estimated Useful Life
As of
December 31,
As of
June 30,

2025
2026
(in years)
(in millions)
Computer equipment
3
$
18 
$
21 
Furniture and fixtures
5
5 
5 
Leasehold improvements
2-8
15 
14 
Capitalized internal-use software
2-5
307 
350 
Total property and equipment

345 
389 
Less: Accumulated depreciation and amortization

(127)
(171)
Total property and equipment, net

$
218 
$
218 
Schedule of Long -lived Assets, Net
The following table summarizes the Company’s long-lived assets, consisting of property and equipment and operating lease right-of-use assets, net of accumulated depreciation and amortization, by geographic area:


As of
December 31,
As of
June 30,

2025
2026
(in millions)
United States
$
215 
$
214 
Canada
32 
30 
Other
1 
1 
Total long-lived assets, net
$
248 
$
245 
v3.26.1
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Business Combination The following table summarizes the fair value of assets acquired and liabilities assumed as of the date of acquisition:
Fair Value
(in millions)
Current assets
$
4 
Goodwill
75 
Intangible assets
40 
Other assets
1
Total assets acquired
121
Total liabilities assumed
(14)
Net assets acquired
$
106 
Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed
The fair value of identified intangible assets and their respective useful lives as of the time of acquisition were as follows:

Amount
Weighted-Average Useful Life
(in millions)
(in years)
Customer relationships
$
39 
10
Developed technology
1
2
Trademark
1
2
Total intangible assets
$
40 
v3.26.1
Goodwill and Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Goodwill
The following table summarizes the activity in the carrying amount of goodwill for the six months ended June 30, 2026:
Amount
(in millions)
Balance as of December 31, 2025
$
393 
Addition related to business acquisition
19 
Balance as of June 30, 2026
$
412 
Schedule of Acquired Indefinite-Lived Intangible Assets by Major Class
Intangible assets, net of accumulated amortization, resulting from business combinations and asset purchases consisted of the following:


As of December 31, 2025

Gross Carrying Value
Accumulated Amortization
Net Carrying Value
Weighted-Average Remaining Useful Life

(in millions)
(in years)
Developed technology
$
92 
$
(73)
$
19 
1.8
Customer relationships
66 
(27)
39 
8.7
Patents
17 
(7)
10 
4.9
Other
9 
(6)
3 
5.9
Total intangible assets, net
$
184 
$
(113)
$
71 


As of June 30, 2026

Gross Carrying Value
Accumulated Amortization
Net Carrying Value
Weighted-Average Remaining Useful Life

(in millions)
(in years)
Developed technology
$
85 
$
(72)
$
13 
1.7
Customer relationships
75 
(31)
44 
8.8
Patents
17 
(9)
8 
4.5
Other
5 
(4)
1 
4.9
Total intangible assets, net
$
183 
$
(116)
$
66 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of June 30, 2026, the remaining intangible asset amortization was as follows:

Amount
Year ending December 31,
(in millions)
Remainder of 2026
$
9 
2027
13 
2028
9 
2029
6 
2030
6 
Thereafter
23 
Total
$
66 
v3.26.1
Accrued and Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accrued and other current liabilities were as follows:

As of
December 31,
As of
June 30,

2025
2026
(in millions)
Accrued legal and regulatory matters
$
158 
$
87 
Accrued shopper and merchant liability (1)
103 
97 
Accrued advertising
53 
63 
Accrued compensation and benefits
28 
36 
Accrued professional, legal, and contractor services
51 
66 
Sales and indirect tax liabilities
31 
28 
Insurance reserves
72 
91 
Advances from payment card issuer
22 
56 
Gift cards and rewards
47 
44 
Other
67 
64 
Total
$
634 
$
631 
___________
(1) Accrued merchant liability primarily includes liabilities to certain retailers for payment of goods.
v3.26.1
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
The following table summarizes the Company’s shares of common stock reserved for future issuance on an as-converted basis:


As of
December 31,
As of
June 30,

2025
2026
(in thousands)
Series A redeemable convertible preferred stock
5,833 
5,833 
Restricted stock units
15,959 
19,229 
Stock options outstanding
6,489 
6,018 
Shares available for issuance under the 2023 Equity Incentive Plan
54,419 
56,396 
Shares available for issuance under the 2023 Employee Stock Purchase Plan
12,400 
14,829 
Total
95,100 
102,305 
Schedule of Stock Options Roll Forward
The following table summarizes the activity related to the Company’s stock options during the six months ended June 30, 2026:
Number of Options
Weighted-Average Exercise
Price
Weighted-Average Remaining Contractual Life
Aggregate Intrinsic Value
(in thousands)
(in years)
(in millions)
As of January 1, 2026
6,489 
$
11.82 
2.29
$
216 
Options exercised
(471)
$
8.85 
As of June 30, 2026
6,018 
$
12.05 
1.83
$
213 
Options vested and exercisable as of June 30, 2026
6,018 
$
12.05 
1.83
$
213 
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes the activity related to the Company’s restricted stock units (“RSUs”) during the six months ended June 30, 2026:

Number of Shares
Weighted-Average
Grant-Date Fair Value per Share
(in thousands)
Unvested and outstanding as of January 1, 2026
15,959 
$
41.72 
Granted
12,153 
$
41.34 
Vested
(7,099)
$
42.13 
Vested and not settled
(47)
$
46.77 
Forfeited
(1,785)
$
41.00 
Unvested and outstanding as of June 30, 2026
19,181 
$
41.38 
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations:

Three Months Ended June 30,
Six Months Ended June 30,
2025
2026
2025
2026
(in millions)
Cost of revenue
$
2 
$
3 
$
4 
$
5 
Operations and support
4 
5 
7 
8 
Research and development
58 
84 
92 
130 
Sales and marketing
18 
22 
30 
31 
General and administrative
23 
27 
38 
46 
Total stock-based compensation expense
$
105 
$
142 
$
172 
$
221 
v3.26.1
Net Income per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Share
The computation of basic and diluted net income per share attributable to common stockholders was as follows:

Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026
(in millions, except share amounts, which are reflected in thousands, and per share amounts)
Numerator:

Net income
$
116 
$
111 
$
222 
$
256 
Less: Accretion related to Series A redeemable convertible preferred stock
(2)
(2)
(5)
(5)
Net income attributable to common stockholders, basic
$
114 
$
109 
$
218 
$
251 
Add: Accretion related to Series A redeemable convertible preferred stock
2 
2 
5 
5 
Net income attributable to common stockholders, diluted
$
116 
$
111 
$
222 
$
256 
Denominator:
Weighted-average shares used in computing basic net income per share attributable to common stockholders
262,588 
234,928 
262,511 
237,089 
Weighted-average effect of dilutive securities:
Series A redeemable convertible preferred stock
5,833 
5,833 
5,833 
5,833 
Stock options
5,066 
4,404 
5,249 
4,425 
Restricted stock units
7,751 
3,770 
8,477 
3,907 
Unvested restricted non-voting common stock
55 
— 
47 
— 
Weighted-average shares used in computing diluted net income per share attributable to common stockholders
281,293 
248,935 
282,117 
251,254 
Net income per share attributable to common stockholders:
Basic
$
0.43 
$
0.46 
$
0.83 
$
1.06 
Diluted
$
0.41 
$
0.45 
$
0.79 
$
1.02 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following potentially dilutive outstanding securities were excluded from the computation of diluted income per share attributable to common stockholders because their effect was not dilutive:
Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026
(in thousands)
Stock options
384
384
384
384
Restricted stock units
373
4,235
373
4,235
Total
757
4,619
757
4,619
The following potentially dilutive outstanding securities were excluded from the table above because they are subject to performance-based and / or market-based vesting conditions that were not achieved as of those dates:
Three Months Ended June 30,
Six Months Ended June 30,

2025
2026
2025
2026
(in thousands)
Restricted stock units
1,055
168
1,055
168
Total
1,055
168
1,055
168
v3.26.1
Revenue - Schedule of Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue $ 1,043 $ 914 $ 2,062 $ 1,811
Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 746 659 1,478 1,309
Advertising and other        
Disaggregation of Revenue [Line Items]        
Revenue $ 297 $ 255 $ 584 $ 502
v3.26.1
Revenue - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue $ 1,043 $ 914 $ 2,062 $ 1,811
United States        
Disaggregation of Revenue [Line Items]        
Revenue 994 878 1,967 1,740
International        
Disaggregation of Revenue [Line Items]        
Revenue $ 48 $ 36 $ 95 $ 71
v3.26.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]    
Contract with customer, liability, revenue recognized $ 157 $ 151
v3.26.1
Revenue - Schedules of Concentration of Risk, by Risk Factor (Details) - Accounts Receivable - Customer Concentration Risk
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Customer A    
Concentration Risk [Line Items]    
Concentration risk, percentage 12.00% 11.00%
Customer E    
Concentration Risk [Line Items]    
Concentration risk, percentage   12.00%
v3.26.1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 436 $ 316
Short-term marketable securities 93 50
Long-term marketable securities 35 81
Total 565 446
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 9 7
U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 82 41
Long-term marketable securities 35 81
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 2 2
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 409 293
Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 25 13
U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 3 10
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 409 293
Short-term marketable securities 0 0
Long-term marketable securities 0 0
Total 409 293
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 0 0
Level 1 | U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 0 0
Long-term marketable securities 0 0
Level 1 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 0 0
Level 1 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 409 293
Level 1 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Level 1 | U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 28 23
Short-term marketable securities 93 50
Long-term marketable securities 35 81
Total 156 153
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 9 7
Level 2 | U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 82 41
Long-term marketable securities 35 81
Level 2 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 2 2
Level 2 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Level 2 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 25 13
Level 2 | U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 3 10
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Short-term marketable securities 0 0
Long-term marketable securities 0 0
Total 0 0
Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 0 0
Level 3 | U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 0 0
Long-term marketable securities 0 0
Level 3 | Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Short-term marketable securities 0 0
Level 3 | Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Level 3 | Commercial paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Level 3 | U.S. government and government agency debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.26.1
Investments - Schedule of Amortized Cost and Fair Value by Maturity Dates (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Amortized Cost    
Within one year $ 530 $ 366
One year through five years 35 81
Total 565 446
Fair Value    
Within one year 530 366
One year through five years 35 81
Total $ 565 $ 446
v3.26.1
Property and Equipment, Net - Schedule of Property and Equipment, Net of Accumulated Depreciation and Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Total property and equipment $ 389 $ 345
Less: Accumulated depreciation and amortization (171) (127)
Property and equipment, net $ 218 218
Computer equipment    
Property, Plant, and Equipment [Line Items]    
Estimated Useful Life 3 years  
Total property and equipment $ 21 18
Furniture and fixtures    
Property, Plant, and Equipment [Line Items]    
Estimated Useful Life 5 years  
Total property and equipment $ 5 5
Leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Total property and equipment $ 14 15
Leasehold improvements | Minimum    
Property, Plant, and Equipment [Line Items]    
Estimated Useful Life 2 years  
Leasehold improvements | Maximum    
Property, Plant, and Equipment [Line Items]    
Estimated Useful Life 8 years  
Capitalized internal-use software    
Property, Plant, and Equipment [Line Items]    
Total property and equipment $ 350 $ 307
Capitalized internal-use software | Minimum    
Property, Plant, and Equipment [Line Items]    
Estimated Useful Life 2 years  
Capitalized internal-use software | Maximum    
Property, Plant, and Equipment [Line Items]    
Estimated Useful Life 5 years  
v3.26.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Property, Plant, and Equipment [Line Items]        
Depreciation and amortization expense     $ 62 $ 40
Property, Plant and Equipment        
Property, Plant, and Equipment [Line Items]        
Depreciation and amortization expense $ 1 $ 2 3 4
Capitalized internal-use software        
Property, Plant, and Equipment [Line Items]        
Depreciation and amortization expense 25 13 47 24
Property, plant, and equipment, before accumulated depreciation, period increase (decrease) $ 22 $ 25 $ 45 $ 51
v3.26.1
Property and Equipment, Net - Schedule of Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Total long-lived assets, net $ 245 $ 248
United States    
Property, Plant, and Equipment [Line Items]    
Total long-lived assets, net 214 215
Canada    
Property, Plant, and Equipment [Line Items]    
Total long-lived assets, net 30 32
Other    
Property, Plant, and Equipment [Line Items]    
Total long-lived assets, net $ 1 $ 1
v3.26.1
Business Combinations - Narrative (Details)
$ in Millions
Apr. 30, 2025
USD ($)
Business Combination [Line Items]  
Acquisition-related cost, expense $ 0
Marlin9 Holdings, Inc  
Business Combination [Line Items]  
Business acquisition, percentage of voting interests acquired 100.00%
Payments to acquire businesses, gross $ 106
Acquired finite-lived intangible assets, weighted average useful life 10 years
v3.26.1
Business Combinations - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Apr. 30, 2025
Business Combination [Line Items]      
Goodwill $ 412 $ 393  
Marlin9 Holdings, Inc      
Business Combination [Line Items]      
Current assets     $ 4
Goodwill     75
Intangible assets     40
Other assets     1
Total assets acquired     121
Total liabilities assumed     (14)
Net assets acquired     $ 106
v3.26.1
Business Combinations - Schedule of Fair Value of Identified Intangible Assets (Details) - Marlin9 Holdings, Inc
$ in Millions
Apr. 30, 2025
USD ($)
Business Combination [Line Items]  
Amount $ 40
Weighted-Average Useful Life 10 years
Customer relationships  
Business Combination [Line Items]  
Amount $ 39
Weighted-Average Useful Life 10 years
Developed technology  
Business Combination [Line Items]  
Amount $ 1
Weighted-Average Useful Life 2 years
Trademark  
Business Combination [Line Items]  
Amount $ 1
Weighted-Average Useful Life 2 years
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Goodwill  
Balance as of December 31, 2025 $ 393
Addition related to business acquisition 19
Balance as of June 30, 2026 $ 412
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Value $ 183 $ 184
Accumulated Amortization (116) (113)
Net Carrying Value 66 71
Developed technology    
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Value 85 92
Accumulated Amortization (72) (73)
Net Carrying Value $ 13 $ 19
Weighted-Average Remaining Useful Life 1 year 8 months 12 days 1 year 9 months 18 days
Customer relationships    
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Value $ 75 $ 66
Accumulated Amortization (31) (27)
Net Carrying Value $ 44 $ 39
Weighted-Average Remaining Useful Life 8 years 9 months 18 days 8 years 8 months 12 days
Patents    
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Value $ 17 $ 17
Accumulated Amortization (9) (7)
Net Carrying Value $ 8 $ 10
Weighted-Average Remaining Useful Life 4 years 6 months 4 years 10 months 24 days
Other    
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Value $ 5 $ 9
Accumulated Amortization (4) (6)
Net Carrying Value $ 1 $ 3
Weighted-Average Remaining Useful Life 4 years 10 months 24 days 5 years 10 months 24 days
v3.26.1
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]        
Amortization $ 6 $ 6 $ 12 $ 12
v3.26.1
Goodwill and Intangible Assets, Net - Schedule of Future Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived, after Accumulated Amortization, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2026 $ 9  
2027 13  
2028 9  
2029 6  
2030 6  
Thereafter 23  
Net Carrying Value $ 66 $ 71
v3.26.1
Accrued and Other Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accrued legal and regulatory matters $ 87 $ 158
Accrued shopper and merchant liability 97 103
Accrued advertising 63 53
Accrued compensation and benefits 36 28
Accrued professional, legal, and contractor services 66 51
Sales and indirect tax liabilities 28 31
Insurance reserves 91 72
Advances from payment card issuer 56 22
Gift cards and rewards 44 47
Other 64 67
Total $ 631 $ 634
v3.26.1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Loss Contingencies [Line Items]          
Lessee, operating lease, renewal term (in years) 7 years   7 years    
Lessee, operating lease, terminate term (in years) 1 year   1 year    
Income tax examination, penalties and interest accrued $ 14   $ 14   $ 13
Accrued legal liabilities, current         $ 60
Loss contingency, accrual, increase (release) $ (14) $ 0 $ (10) $ 45  
Minimum          
Loss Contingencies [Line Items]          
Lessee, operating lease, term of contract (in years) 1 year   1 year    
Maximum          
Loss Contingencies [Line Items]          
Lessee, operating lease, term of contract (in years) 9 years   9 years    
v3.26.1
Debt (Details) - Credit Agreement - Line of Credit - USD ($)
$ in Millions
Jun. 30, 2026
May 01, 2026
Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 500
Long-term line of credit $ 0  
Letter of Credit    
Line of Credit Facility [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 150
v3.26.1
Redeemable Convertible Preferred Stock (Details) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 21, 2023
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Sep. 22, 2023
Class of Stock [Line Items]            
Volume-weighted average price, measuring period (in days)       10 days    
Volume-weighted average price consecutive trading days       10 days    
Dividends   $ 0 $ 0 $ 0 $ 0  
Series A Redeemable Convertible Preferred Stock            
Class of Stock [Line Items]            
Sale of stock, dividend rate approval threshold (as percent)           5.00%
Accretion of Series A redeemable convertible preferred stock   $ 2,000,000 $ 2,000,000 $ 5,000,000 $ 5,000,000  
Series A Redeemable Convertible Preferred Stock | Private Placement            
Class of Stock [Line Items]            
Sale of stock, number of shares issued in transaction (in shares) 5,833,333          
Sale of stock, price per share (in dollars per share) $ 30.00          
Sale of stock, consideration received on transaction $ 175,000,000          
Share price (in dollars per share) $ 30.65          
Sale of stock, expected term (in years) 7 years          
Sale of stock, volatility rate (as percent) 54.00%          
Sale of stock, discount for lack of marketability (as percent) 35.00%          
v3.26.1
Stockholders’ Equity - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 01, 2026
Nov. 12, 2025
Jan. 31, 2026
Jun. 30, 2026
Mar. 31, 2026
 [1]
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Apr. 30, 2026
Nov. 30, 2025
Nov. 10, 2025
May 31, 2025
Nov. 30, 2024
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Repurchase and retirement of common stock value       $ 327,000,000 $ 352,000,000 $ 111,000,000 $ 94,000,000                  
Stock repurchase program, remaining authorized repurchase amount       998,000,000       $ 998,000,000                
Payments for repurchase of common stock               683,000,000 $ 210,000,000              
Dividends       0   0   0 0              
Share-based payment arrangement, nonvested award, cost not yet recognized, amount       659,000,000       $ 659,000,000                
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)               1 year 6 months                
Share-based payment arrangement, amount capitalized       $ 9,000,000   $ 12,000,000   $ 21,000,000 $ 23,000,000              
Common stock, capital shares reserved for future issuance (in shares)       102,305,000       102,305,000   95,100,000            
Shares available for issuance under the 2023 Employee Stock Purchase Plan                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Common stock, capital shares reserved for future issuance (in shares) 2,428,673     14,829,000       14,829,000   12,400,000            
Shares available for issuance under the 2023 Equity Incentive Plan                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Additional shares reserved (in shares) 12,143,367                              
Stock Repurchase Program - June 2024                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Stock repurchase program, authorized amount                               $ 500,000,000
Repurchase and retirement of common stock (in shares)       7,825,070       17,199,917                
Repurchase and retirement of common stock value       $ 327,000,000       $ 728,000,000                
Stock Repurchase Program - November 2024                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Stock repurchase program, authorized amount                             $ 750,000,000  
Stock Repurchase Program - May 2025                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Stock repurchase program, authorized amount                           $ 1,000,000,000    
Stock Repurchase Program - November 2025                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Stock repurchase program, authorized amount                       $ 2,500,000,000 $ 250,000,000      
Repurchase and retirement of common stock (in shares)   5,357,621                            
Stock repurchase program, percentage of shares to be repurchased   80.00%                            
Stock Repurchase Program - April 2026                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Stock repurchase program, authorized amount                     $ 3,500,000,000          
Accelerated Share Repurchase Agreement                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Payments for repurchase of common stock                   $ 50,000,000            
Stock Repurchase Program - January 2026                                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                                
Repurchase and retirement of common stock (in shares)     553,349                          
[1] Includes the completion of the Company’s accelerated share repurchase agreement (the “ASR Agreement”). Refer to Note 13 — Stockholders’ Equity for further discussion.
v3.26.1
Stockholders’ Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares
Jun. 30, 2026
Jan. 01, 2026
Dec. 31, 2025
Class of Stock [Line Items]      
Common stock, capital shares reserved for future issuance (in shares) 102,305,000   95,100,000
Series A redeemable convertible preferred stock      
Class of Stock [Line Items]      
Common stock, capital shares reserved for future issuance (in shares) 5,833,000   5,833,000
Restricted stock units      
Class of Stock [Line Items]      
Common stock, capital shares reserved for future issuance (in shares) 19,229,000   15,959,000
Stock options outstanding      
Class of Stock [Line Items]      
Common stock, capital shares reserved for future issuance (in shares) 6,018,000   6,489,000
Shares available for issuance under the 2023 Equity Incentive Plan      
Class of Stock [Line Items]      
Common stock, capital shares reserved for future issuance (in shares) 56,396,000   54,419,000
Shares available for issuance under the 2023 Employee Stock Purchase Plan      
Class of Stock [Line Items]      
Common stock, capital shares reserved for future issuance (in shares) 14,829,000 2,428,673 12,400,000
v3.26.1
Stockholders’ Equity - Schedule of Stock Options Roll Forward (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
$ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Number of Options    
Options outstanding, beginning of period (in shares) 6,489  
Options exercised (in shares) (471)  
Options outstanding, ending of period (in shares) 6,018 6,489
Options vested and exercisable (in shares) 6,018  
Weighted-Average Exercise Price    
Options outstanding, weighted average exercise price (in dollars per share) | $ / shares $ 12.05 $ 11.82
Options exercised, weighted average exercise price (in dollars per share) | $ / shares 8.85  
Options vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares $ 12.05  
Weighted-Average Remaining Contractual Life    
Options, outstanding, weighted average remaining contractual term (in years) 1 year 9 months 29 days 2 years 3 months 14 days
Options vested and expected to vest, exercisable, weighted average remaining contractual term (in years) 1 year 9 months 29 days  
Options, outstanding, intrinsic value | $ $ 213 $ 216
Options vested and exercisable, aggregate intrinsic value | $ $ 213  
v3.26.1
Stockholders’ Equity - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted stock units
shares in Thousands
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Number of Shares  
Unvested and outstanding, beginning of period (in shares) | shares 15,959
Granted (in shares) | shares 12,153
Vested (in shares) | shares (7,099)
Vested and not settled (in shares) | shares (47)
Forfeited (in shares) | shares (1,785)
Unvested and outstanding, ending of period (in shares) | shares 19,181
Weighted-Average Grant-Date Fair Value per Share  
Unvested and outstanding, beginning of period (in dollars per share) | $ / shares $ 41.72
Granted (in dollars per share) | $ / shares 41.34
Vested (in dollars per share) | $ / shares 42.13
Vested and not settled (in dollars per share) | $ / shares 46.77
Forfeited (in dollars per share) | $ / shares 41.00
Unvested and outstanding, ending of period (in dollars per share) | $ / shares $ 41.38
v3.26.1
Stockholders’ Equity - Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense $ 142 $ 105 $ 221 $ 172
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense 3 2 5 4
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense 27 23 46 38
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense 84 58 130 92
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense 22 18 31 30
Income Statement Location [Axis]: cart:OperationsAndSupportExpense        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Total stock-based compensation expense $ 5 $ 4 $ 8 $ 7
v3.26.1
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Effective income tax rate reconciliation, percent 24.50% 18.20% 23.80% 16.30%
v3.26.1
Net Income per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:            
Net income $ 111 $ 144 $ 116 $ 106 $ 256 $ 222
Less: Accretion related to Series A redeemable convertible preferred stock (2)   (2)   (5) (5)
Net income attributable to common stockholders, basic 109   114   251 218
Add: Accretion related to Series A redeemable convertible preferred stock 2   2   5 5
Net income attributable to common stockholders, diluted $ 111   $ 116   $ 256 $ 222
Denominator:            
Weighted-average shares used in computing basic net income per share attributable to common stockholders (in shares) 234,928   262,588   237,089 262,511
Series A redeemable convertible preferred stock (in shares) 5,833   5,833   5,833 5,833
Weighted-average shares used in computing diluted net income per share attributable to common stockholders (in shares) 248,935   281,293   251,254 282,117
Net income per share attributable to common stockholders, basic (in dollars per share) $ 0.46   $ 0.43   $ 1.06 $ 0.83
Net income per share attributable to common stockholders, diluted (in dollars per share) $ 0.45   $ 0.41   $ 1.02 $ 0.79
Stock options            
Denominator:            
Weighted-average effect of dilutive securities (in shares) 4,404   5,066   4,425 5,249
Restricted stock units            
Denominator:            
Weighted-average effect of dilutive securities (in shares) 3,770   7,751   3,907 8,477
Unvested restricted non-voting common stock            
Denominator:            
Weighted-average effect of dilutive securities (in shares) 0   55   0 47
v3.26.1
Net Income per Share Attributable to Common Stockholders - Anti-dilutive (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 4,619 757 4,619 757
Performance and or Market-Based Conditions        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 168 1,055 168 1,055
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 384 384 384 384
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 4,235 373 4,235 373
Restricted stock units | Performance and or Market-Based Conditions        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 168 1,055 168 1,055
v3.26.1
Segment Information (Details)
 6 Months Ended
Jun. 30, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1