Maplebear Inc.

$187 million, which increased by $102 million year over year, primarily driven by strong operational performance. In Q3, we repurchased $67 million worth of shares and ended the quarter with approximately $1.9 billion in cash and similar assets on our balance sheet. Stock-based compensation in Q3 was $82 million, down $24 million quarter over quarter, largely due to just over $20 million in expected reversals tied to executive departures in the period. In Q4, we expect stock-based compensation to normalize and be more in line with Q2 2025 levels. Now for our Q4 outlook. We anticipate GTV to range between $9.45 to $9.6 billion. This represents year-over-year growth between 9% to 11% with orders growth expected to outpace GTV growth. It also reflects strong customer demand in October, continued momentum from landing and expanding enterprise partnerships, and is partially offset by the impact of a variety of EBT SNAP funding scenarios. We expect advertising and other revenue to grow 6% to 9% year over year. This reflects ongoing strength from emerging and mid-sized brands, partially offset by some large partners adjusting spend as they manage macro uncertainty and changing consumer trends. While this creates near-term pressure, the fundamentals of our ads ecosystem remain stronger than ever. With our performance, reach, and diversification, we are confident in returning advertising leather revenue to double-digit growth in 2026 and meaningfully growing this part of our business over time. We are also guiding to Q4 adjusted EBITDA of $285 to $295 million, reflecting our commitment to disciplined execution and steadily increasing profitability. In summary, we delivered a great Q3 and our momentum continues to build as we look to finish 2025 strong. As a clear category leader operating at tremendous scale and driving efficiencies, we're taking a disciplined but aggressive approach to investing to further accelerate our growth and advance the broader industry. To underscore our confidence in long-term value creation, we authorized a $1.5 billion increase to our share repurchase program, bringing our total capacity to $1.65 billion as of this morning. We plan to enter into a $250 million accelerated share repurchase program while continuing to opportunistically repurchase shares. With that, we'll open up the call for live questions. Operator, you may begin.

Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. And as a reminder, please limit yourself to one question and one follow-up so that we will have enough time to address everyone's questions. And the first question is going to come from Eric Sheridan with Goldman Sachs. Your line is open.

Thank you so much for taking the question. Maybe just to dovetail with the comments and all the details in the material so far today, if you had to isolate what you see as some of the biggest strategic investments you want to make across your technology stack, growing supply or aggregating demand, how should we think about what those key investments are? to build the types of growth narratives you're talking about today. Thank you.