Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

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.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024
	(in millions)
Transaction	$	542	$	606	$	1,611	$	1,804
Advertising and other	222		246		628		691
Total revenue	$	764	$	852	$	2,239	$	2,495

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024
	(in millions)
United States	$	737	$	821	$	2,163	$	2,399
International (1)	27		31		76		96
Total revenue	$	764	$	852	$	2,239	$	2,495

___________

(1) No individual international country represented 10% or more of the Company’s total revenue for the three or nine months ended September 30, 2023 and 2024.

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 is primarily comprised of balances related to Instacart+ memberships. Substantially all of the Company’s deferred revenue as of December 31, 2023 and September 30, 2024 is expected to be recognized within a year. During the nine months ended September 30, 2023 and 2024, the Company recognized $166 million and $186 million of revenue, respectively, from the deferred revenue balance as of December 31, 2022 and 2023.

There were no material contract assets as of December 31, 2023 or September 30, 2024.

Concentrations of Credit Risk

No customers accounted for 10% or more of the Company’s accounts receivable as of December 31, 2023. The following customers accounted for 10% or more of the Company’s accounts receivable as of September 30, 2024.

	As of September 30, 2024
Customer A	14%
Customer B	10%