
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.


	Year Ended December 31,
	2023		2024		2025

	(in millions)
Transaction	$	2,171	$	2,420	$	2,677
Advertising and other	871		958		1,065
Total revenue	$	3,042	$	3,378	$	3,742

Revenue by geographic areas based on bill-to location was as follows:


	Year Ended December 31,
	2023		2024		2025

	(in millions)
United States	$	2,936	$	3,247	$	3,600
International (1)	106		131		142
Total revenue	$	3,042	$	3,378	$	3,742

___________

(1) No individual international country represented 10% or more of the Company’s total revenue for the years ended December 31, 2023, 2024, or 2025.

The following customers accounted for 10% or more of the Company’s revenue:


	Year Ended December 31,
	2023	2024	2025

Customer A	12 %	12%	11 %
Customer B	15 %	16%	17 %

Customer D	11 %	*	*

___________

* Customer did not represent 10% or more of revenue.

The following customers accounted for 10% or more of the Company’s accounts receivable balance:


	As of December 31,
	2024	2025

Customer A	10 %	11 %
Customer E	16 %	12 %

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, 2024 and 2025 is expected to be recognized within a year. During the years ended December 31, 2024 and 2025, the Company recognized revenue of $195 million and $199 million, respectively, from the deferred revenue balance as of December 31, 2023 and 2024.

There were no material contract assets as of December 31, 2024 or 2025.

Historical Timeline

Fiscal Year	Filed
2025	Feb 26, 2026	Showing above
2024	Feb 28, 2025

2023	Mar 5, 2024

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Maplebear Inc. Revenue Disclosure

Historical Timeline

About Revenue Disclosures

Other Available Disclosures