J P M O R G A N North America Equity Research 06 August 2026 Instacart Broad-Based Momentum as GTV & Ad Revenue Acceleration Drive EBITDA Upside; Reiterate Overweight & $62 PT CART continues to see broad-based momentum across its marketplace, enterprise, and ads businesses. CART's 2Q GTV growth accelerated to 14% (vs. 12.8% in 1Q), and was above the high end of the guide of $10.1B-$10.25B, driven by upside in AOV, up +4%, while orders growth decelerated slightly to 9.2%. The AOV upside was driven by deepeni ...