Maplebear
30 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.
Customers
Top three retailers
concentrated in · approximately 43% of our GTVnamed as a riskOur top three retailers accounted for approximately 43% of our GTV for the years ended December 31, 2023 and 2025, and 42% for the year ended December 31, 2024.Risk factors (Item 1A)
Suppliers
Payment card issuer
depends on · $190 million of restricted cash and cash equivalentsIn addition, we had $190 million of restricted cash and cash equivalents primarily due to legally restricted funds maintained in a bank account pursuant to an agreement with a payment card issuer and outstanding letters of credit established in connection with lease agreements for our facilities.Market risk (Item 7A)
Third-party payment processors
depends onnamed as a riskWe rely on third parties for elements of our payment processing infrastructure to accept payments from customers and remit payments to retailers and shoppers, including certain Instacart-branded programs.Risk factors (Item 1A)
Third-party cloud hosting providers
depends onnamed as a riskWe currently host Instacart technology infrastructure and data and support our operations using a combination of a small number of third-party service providers.Risk factors (Item 1A)
Insurance providers
depends onnamed as a riskWe procure third-party insurance policies from a limited number of insurance providers to cover various operations-related risks including automobile liability, employment practices liability, workers’ compensation, business interruptions, errors and omissions, cybersecurity and data breaches, crime, directors’ and officers’ liability, occupational accident insurance for shoppers, and general business liabilities.Risk factors (Item 1A)
Partners and platforms
Uber
depends onnamed as a riskenter into and maintain strategic partnerships, including our partnership with Uber to offer their restaurant delivery services on our platform;Risk factors (Item 1A)
Also named by DASH
Apple iOS
depends onnamed as a riskFor example, Apple implemented a requirement for applications using its mobile operating system, iOS, to affirmatively (on an opt-in basis) obtain an end user’s permission to track user activity across apps or websites or access users’ device advertising identifiers for advertising and advertising measurement purposes, as well as other restrictions.Risk factors (Item 1A)
Also named by META
Google Android
depends onnamed as a riskWe depend in part on mobile operating systems, such as Android and iOS, and their respective app marketplaces to make Instacart available to retailers, customers, brands, and shoppers.Risk factors (Item 1A)
Also named by DASH
Other companies
Marlin9 Holdings, Inc. (Wynshop)
For example, in April 2025, we acquired Marlin9 Holdings, Inc., which operates as Wynshop, a provider of e-commerce retail solutions for grocers and retailers.Risk factors (Item 1A)
Competitors
Amazon
competes withnamed as a riskIn addition, we may not be able to effectively compete with service offerings from vertically integrated competitors, such as Amazon or Gopuff, which control both the brick-and-mortar retailer and online fulfillment technology.Risk factors (Item 1A)
Also named by AES, AFRM, ALK, AOS, APP, AXP, BBW, CELH and 10 more
Walmart
competes withnamed as a riskCertain brick-and-mortar retailers that have their own digital offering, such as Walmart, also have significant size, scale, geographic, and customer base advantages, which may allow them to grow online sales or capture increasing share of the online grocery market or advertising budgets more effectively and at a faster rate than us.Risk factors (Item 1A)
Also named by AIOT, BRK/B, COST, DG, DGX, EEFT, FDX, KDP and 6 more
DoorDash
competes withnamed as a risk(iii) companies that provide e-commerce and fulfillment services for third parties, including retailers, whether online or offline, such as DoorDash, Shipt (acquired by Target), and Uber Eats, (iv) digital-first platforms entering the grocery market by owning inventory, including DashMart (owned by DoorDash), Fresh Direct (owned by Getir), and Gopuff, which may include existing retailers on Instacart, which could eventually eliminate their need to partner with us or limit their use of Instacart Marketplace, (v) companies that provide e-commerce and fulfillment services that focus on discrete categories of products, such as alcohol or prescription delivery, and (vi) companies that offer direct to consumer ingredient or meal offerings, such as Blue Apron (owned by Wonder Group) or Misfits Market, some of which may partner with Instacart to complement their own offerings.Risk factors (Item 1A)
Places
California
concentrated innamed as a riskFor example, Proposition 22 entitles shoppers in California to certain new pay standards and benefits, and imposes certain requirements, which increases costs for us in California, where a large number of shoppers who use Instacart are located.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Canada
operates innamed as a riskIn Canada, the Personal Information Protection and Electronic Documents Act and various provincial laws require that companies give detailed privacy notices to consumers, obtain consent to use personal information, with limited exceptions, allow individuals to access and correct their personal information, and report certain data breaches.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Asia (Caper Carts contract manufacturers)
depends onnamed as a riskWe also rely on contract and third-party manufacturers in Asia for Caper Carts and their components, which exposes us to risks such as historically lower protection of intellectual property rights, unexpected or unfavorable changes in regulatory requirements, including the imposition or proposed imposition by the United States of tariffs, economic sanctions, export controls, and other trade restrictions, laws, regulations, and executive orders affecting international trade, uncertainty related thereto, and responses by foreign governments to such policies, volatility in currency exchange rates, and difficulties associated with local legal systems.Risk factors (Item 1A)
Also named by AAPL, AYI, CB, CDW, CHD, CLS, COHR, DELL and 31 more
Hazards
Inclement weather
named as a riskIn addition, during periods of inclement weather, the number of available shoppers generally decreases, while the number of orders from customers has typically increased, which may disrupt or obscure typical seasonal trends and make seasonal fluctuations difficult to detect.Risk factors (Item 1A)
Commodities and inputs
Gasoline
exposed to its pricenamed as a riskFurther, increases in gas prices or other factors that increase the costs to operate motor vehicles could make it prohibitively expensive for shoppers to deliver to customers.Risk factors (Item 1A)
Also named by ADM, APG, BJ, COST, DRVN, EME, FIX, GPC and 2 more
Regulators
Laws and programs
U.S. tariffs
subject tonamed as a riskAny adverse changes in trade relations with countries where we have such operations, including trade policies enacted or proposed by the United States, such as tariff increases and other trade restrictions, uncertainty related thereto, and responses by foreign governments to such policies, and import and export licensing and control requirements, could interfere with the shipment of Caper Carts to our retail partners, which could have a negative impact on future development and adoption of Caper Carts and related prospects.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
California Consumer Privacy Act
subject tonamed as a riskFor example, the California Consumer Privacy Act applies to personal data of consumers, business representatives, and employees who are California residents, and requires businesses to provide specific disclosures in privacy notices and honor requests of such individuals to exercise certain privacy rights.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
General Data Protection Regulation (GDPR)
subject tonamed as a riskCertain of our subsidiaries are subject to the United Kingdom General Data Protection Regulation (“UK GDPR”), the European Union’s General Data Protection Regulation (“GDPR”), the European Union’s Artificial Intelligence Act, and various Member State laws and regulations governing data protection and AI.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Telephone Consumer Protection Act
subject tonamed as a riskFor example, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 and the Telephone Consumer Protection Act of 1991 impose specific requirements on communications with customers.Risk factors (Item 1A)
Also named by ADP, AFL, BBW, COMP, CRM, CSGP, FCFS, GDDY and 9 more
Health Insurance Portability and Accountability Act (HIPAA)
subject tonamed as a riskWe are also subject to HIPAA as a result of the limited amount of health information that we receive in connection with baskets containing prescriptions and certain of our Instacart Health initiatives.Risk factors (Item 1A)
Also named by ADI, BBY, BR, BWIN, CTSH, DGX, IQV, KR and 8 more
Illinois Biometric Information Privacy Act
subject tonamed as a riskFor example, the Illinois Biometric Information Privacy Act regulates the collection, use, safeguarding, and storage of biometric information.Risk factors (Item 1A)
California Proposition 22
subject tonamed as a riskTherefore, our compliance with Proposition 22 has increased our costs in California, and we expect such costs to remain elevated.Business (Item 1)
PCI Data Security Standard
subject tonamed as a riskIf we violate the PCI Data Security Standard or other applicable rules, we may incur fines or restrictions on our ability to accept payment cards or suffer reputational harm, all of which could have an adverse impact on our business.Risk factors (Item 1A)
Washington My Health My Data Act
subject tonamed as a riskAs a result, our marketing initiatives and Instacart Ads and Instacart Health offerings could be further limited and we have incurred and expect to continue incurring additional compliance expenses.Risk factors (Item 1A)
Also named by VEEV
New York City grocery delivery worker minimum earnings legislation
subject tonamed as a riskAdditionally, in September 2025, the New York City Council passed legislation mandating certain minimum earnings standards and other protections for grocery delivery workers, as well as certain disclosure requirements.Risk factors (Item 1A)
EBT SNAP
named as a riskOur working capital and operating cash flows have fluctuated and may continue to fluctuate significantly from period to period as a result of new initiatives, the timing of payments made to and/or received from retailers, shoppers, and vendors, and certain transaction types, such as those involving EBT SNAP benefits and alcohol sales, which have a more significant impact on our working capital and operating cash flow due to the variability, magnitude, and timing of retailer reimbursements.Risk factors (Item 1A)
Federal Arbitration Act
subject tonamed as a riskFor example, some plaintiffs’ attorneys have argued that certain shoppers are workers “in interstate commerce” and are thus exempt from the Federal Arbitration Act, and it remains possible that a court could find our agreements unenforceable against those shoppers.Risk factors (Item 1A)