How Investors May Respond To Maplebear (CART) Expanding Beyond Groceries With Academy Sports Partnership

• In August 2026, Maplebear Inc. (Instacart) reported second-quarter sales of US$1,043 million and net income of US$111 million, alongside continued share repurchases under its existing buyback program.
• A separate announcement from Academy Sports + Outdoors revealed a new partnership with Instacart, adding over 300 stores across 21 states to the Instacart Marketplace and broadening same-day delivery options beyond groceries into sporting and outdoor goods.
• We’ll now examine how Instacart’s expanding partnerships, particularly with Academy Sports + Outdoors, may influence its existing investment narrative and growth thesis.

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Maplebear Investment Narrative Recap

To own Maplebear (Instacart), you need to believe its mix of grocery marketplace, retail media, and enterprise software can stay relevant as shopping habits evolve. In the near term, the key catalyst is whether Instacart can deepen retailer relationships beyond groceries, while the biggest risk is rising competitive and partnership pressure. The Academy Sports + Outdoors deal and Q2 results support the partnership angle, but they do not materially change the headline risk profile right now.

The Academy Sports + Outdoors partnership is the clearest tie-in to this story, because it shows Instacart extending same day fulfillment into large basket, non grocery categories. That sits neatly alongside the existing catalyst of expanding omnichannel integrations and higher margin enterprise revenue. If Instacart can replicate this model across more retailers and categories, it could reinforce the thesis that partnerships and software help offset pressure from competing delivery platforms and retailer owned solutions.

But against that opportunity, investors should also be aware of the risk that affordability pressures and retailer pricing choices could still...

Read the full narrative on Maplebear (it's free!)

Maplebear's narrative projects $5.2 billion revenue and $873.2 million earnings by 2029. This requires 9.5% yearly revenue growth and about a $401 million earnings increase from $472.0 million today.

Uncover how Maplebear's forecasts yield a $57.00 fair value, a 17% upside to its current price.

Exploring Other Perspectives

Optimistic analysts were already penciling in about US$5.0 billion of revenue and US$1.0 billion of earnings by 2028, so it is worth asking whether partnerships like Academy Sports support that more bullish view on international and enterprise expansion or if, as some worry, aggressive growth outside core North American grocery could stretch resources and slow adoption.

Explore 3 other fair value estimates on Maplebear - why the stock might be worth over 3x more than the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Maplebear research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Maplebear research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Maplebear's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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