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Instacart (Maplebear Inc.)(CART)Earnings, Financials & Key Ratios
CART•NASDAQ
26.8× P/E·Price updated Jun 17, 2026
AboutMaplebear Inc., doing business as Instacart, provides online grocery shopping services to households in North America. The company connects the consumer with a personal shopper to shop and deliver a range of products, such as food, alcohol, consumer health, pet care, ready-made meals, and others. The company offers its services through a mobile application or website. The company was incorporated in 2012 and is based in San Francisco, California.Show more
- Revenue$3.74B+10.8%
- EBITDA$597M+7.4%
- Net Income$447M-2.2%
- EPS (Diluted)1.60+1.3%
- Gross Margin73.7%-2.1%
- EBITDA Margin15.95%-3.1%
- Operating Margin13.31%-8.1%
- Net Margin11.95%-11.7%
- ROE15.93%+19.3%
CART Key Insights
Instacart (Maplebear Inc.) (CART) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓FCF machine: 24.3% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 20.4%
- ✓Share count reduced 3.3% through buybacks
- ✓Efficient asset utilization: 1.0x turnover
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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CART Price & Volume
Instacart (Maplebear Inc.) (CART) stock price & volume — 10-year historical chart
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CART Growth Metrics
Instacart (Maplebear Inc.) (CART) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years20.43%
3 Years13.62%
TTM11.84%
Profit CAGR
10 Years-
5 Years-
3 Years1.46%
TTM12.01%
EPS CAGR
10 Years-
5 Years-
3 Years78.78%
TTM16.99%
Return on Capital
10 Years-6.49%
5 Years-6.9%
3 Years-10.88%
Last Year16.36%
CART Recent Earnings
Instacart (Maplebear Inc.) (CART) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (73%)●Beat Revenue 9/12 qtrs (82%)
Q2 2026Latest
May 6, 2026Metric
Actual
Est
EPS
$0.57-1.7%
$0.58
Rev
$1.0B+1.2%
$1.0B
Q1 2026
Feb 12, 2026Metric
Actual
Est
EPS
$0.53+1.9%
$0.52
Rev
$992M+1.9%
$973M
Q4 2025
Nov 10, 2025Metric
Actual
Est
EPS
$0.51+3.2%
$0.49
Rev
$939M+0.6%
$934M
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.41+6.6%
$0.38
Rev
$914M+2.0%
$896M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 6, 2026 | $0.57vs $0.58-1.7% | $1.0Bvs $1.0B+1.2% |
| Q1 2026 | Feb 12, 2026 | $0.53vs $0.52+1.9% | $992Mvs $973M+1.9% |
| Q4 2025 | Nov 10, 2025 | $0.51vs $0.49+3.2% | $939Mvs $934M+0.6% |
| Q3 2025 | Aug 7, 2025 | $0.41vs $0.38+6.6% | $914Mvs $896M+2.0% |
Based on last 12 quarters of dataView full earnings history →
CART Peer Comparison
Instacart (Maplebear Inc.) (CART) competitors in Grocery, Convenience and Fuel Retail — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 DASH | 72.18B | 165.66 | 77.77 | 27.93% | 6.28% | 9.56% | 0.37 | |
 UBER | 146.88B | 70.91 | 14.99 | 18.28% | 15.91% | 32.02% | 0.48 | |
 AMZN | 2.55T | 237.50 | 33.12 | 12.38% | 12.22% | 23.34% | 0.37 | |
 WMT | 941.89B | 118.17 | 43.28 | 4.73% | 3.18% | 22.7% | 0.63 | |
 KR | 39.12B | 61.82 | 40.14 | 0.35% | 0.69% | 13.04% | 4.16 | |
 FRSH | 2.48B | 8.98 | 14.25 | 16.43% | 20.69% | 18.54% | 0.06 | |
 GOOGL | 4.4T | 363.79 | 33.65 | 15.13% | 37.91% | 38.98% | 0.14 | |
 TTD | 8.54B | 18.16 | 19.96 | 18.47% | 14.57% | 16.91% | 0.18 |
Compare CART vs Peers
Instacart (Maplebear Inc.) (CART) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
CART Income Statement
Instacart (Maplebear Inc.) (CART) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Sales/Revenue | 1.48B | 1.83B | 2.55B | 3.04B | 3.38B | 3.74B | 3.86B |
Revenue Growth % | - | 24.17% | 39.09% | 19.25% | 11.05% | 10.78% | 11.84% |
Cost of Goods Sold | 598M | 608M | 720M | 764M | 836M | 984M | 1.04B |
COGS % of Revenue | 40.49% | 33.15% | 28.22% | 25.12% | 24.75% | 26.3% | - |
Gross Profit | 879M▲ 0% | 1.23B▲ 39.5% | 1.83B▲ 49.3% | 2.28B▲ 24.4% | 2.54B▲ 11.6% | 2.76B▲ 8.5% | 2.83B▲ 0% |
Gross Margin % | 59.51% | 66.85% | 71.78% | 74.88% | 75.25% | 73.7% | 73.11% |
Gross Profit Growth % | - | 39.48% | 49.35% | 24.41% | 11.59% | 8.5% | - |
Operating Expenses | 954M | 1.31B | 1.77B | 4.42B | 2.05B | 2.26B | 2.18B |
OpEx % of Revenue | 64.59% | 71.54% | 69.35% | 145.3% | 60.78% | 60.4% | - |
Selling, General & Admin | 436M | 682M | 999M | 1.76B | 1.17B | 1.34B | 1.31B |
SG&A % of Revenue | 29.52% | 37.19% | 39.16% | 57.99% | 34.67% | 35.7% | - |
Research & Development | 194M | 368M | 518M | 2.31B | 604M | 650M | 670M |
R&D % of Revenue | 13.13% | 20.07% | 20.31% | 76% | 17.88% | 17.37% | - |
Other Operating Expenses | 324M | 262M | 252M | 344M | 278M | 274M | 3M |
Operating Income | -75M▲ 0% | -86M▼ 14.7% | 62M▲ 172.1% | -2.14B▼ 3554.8% | 489M▲ 122.8% | 498M▲ 1.8% | 572M▲ 0% |
Operating Margin % | -5.08% | -4.69% | 2.43% | -70.41% | 14.48% | 13.31% | 14.8% |
Operating Income Growth % | - | -14.67% | 172.09% | -3554.84% | 122.83% | 1.84% | - |
EBITDA | -55M | -59M | 109M | -2.08B | 556M | 597M | 679M |
EBITDA Margin % | -3.72% | -3.22% | 4.27% | -68.54% | 16.46% | 15.95% | 17.57% |
EBITDA Growth % | - | -7.27% | 284.75% | -2012.84% | 126.67% | 7.37% | 28.36% |
D&A (Non-Cash Add-back) | 20M | 27M | 47M | 57M | 67M | 99M | 107M |
EBIT | -75M | -86M | 62M | -2.14B | 489M | 498M | 586M |
Net Interest Income | 5M | 2M | 17M | 81M | 66M | 57M | 49M |
Interest Income | 5M | 2M | 17M | 81M | 66M | 57M | 49M |
Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Income/Expense | 5M | 14M | 9M | 81M | 63M | 58M | 48M |
Pretax Income | -70M▲ 0% | -72M▼ 2.9% | 71M▲ 198.6% | -2.06B▼ 3002.8% | 552M▲ 126.8% | 556M▲ 0.7% | 620M▲ 0% |
Pretax Margin % | -4.74% | -3.93% | 2.78% | -67.75% | 16.34% | 14.86% | 16.05% |
Income Tax | 0 | 1M | -357M | -439M | 95M | 109M | 135M |
Effective Tax Rate % | 0% | -1.39% | -502.82% | 21.3% | 17.21% | 19.6% | 21.77% |
Net Income | -70M▲ 0% | -73M▼ 4.3% | 428M▲ 686.3% | -1.62B▼ 479.0% | 457M▲ 128.2% | 447M▼ 2.2% | 485M▲ 0% |
Net Margin % | -4.74% | -3.98% | 16.78% | -53.32% | 13.53% | 11.95% | 12.55% |
Net Income Growth % | - | -4.29% | 686.3% | -478.97% | 128.18% | -2.19% | 12.01% |
Net Income (Continuing) | -70M | -73M | 428M | -1.62B | 457M | 447M | 485M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | -0.25▲ 0% | -0.26▼ 4.0% | 0.28▲ 207.7% | -12.43▼ 4539.3% | 1.58▲ 112.7% | 1.60▲ 1.3% | 1.91▲ 0% |
EPS Growth % | - | -4% | 207.69% | -4539.29% | 112.71% | 1.27% | 16.99% |
EPS (Basic) | -0.25 | -0.26 | 0.28 | -12.43 | 1.69 | 1.71 | - |
Diluted Shares Outstanding | 276.65M | 276.65M | 276.65M | 130.62M | 289.16M | 279.62M | 253.6M |
Basic Shares Outstanding | 276.65M | 276.65M | 276.65M | 130.62M | 264.64M | 261.35M | 239.27M |
Dividend Payout Ratio | - | - | - | - | - | - | - |
CART Balance Sheet
Instacart (Maplebear Inc.) (CART) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Total Current Assets | 1.97B | 2.4B | 2.74B | 3.31B | 2.7B | 2.2B | 2.09B |
Cash & Short-Term Investments | 1.43B | 1.5B | 1.79B | 2.19B | 1.52B | 687M | 800M |
Cash Only | 1.22B | 1.15B | 1.58B | 2.14B | 1.43B | 637M | 741M |
Short-Term Investments | 208M | 348M | 209M | 49M | 91M | 50M | 59M |
Accounts Receivable | 520M | 832M | 842M | 853M | 1.01B | 1.13B | 1.09B |
Days Sales Outstanding | 128.5 | 165.58 | 120.47 | 102.35 | 109.56 | 109.93 | 101.71 |
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - | - | - |
Other Current Assets | 27M | 68M | 109M | 266M | 162M | 385M | 196M |
Total Non-Current Assets | 124M | 566M | 929M | 1.42B | 1.42B | 1.49B | 1.44B |
Property, Plant & Equipment | 73M | 73M | 79M | 166M | 221M | 248M | 247M |
Fixed Asset Turnover | 20.23x | 25.12x | 32.29x | 18.33x | 15.29x | 15.09x | 15.49x |
Goodwill | 11M | 263M | 317M | 318M | 317M | 393M | 393M |
Intangible Assets | 7M | 68M | 103M | 77M | 52M | 71M | 60M |
Long-Term Investments | 14M | 146M | 47M | 0 | 0 | 99M | 242M |
Other Non-Current Assets | 19M | 16M | 12M | 31M | 57M | 13M | 37M |
Total Assets | 2.1B▲ 0% | 2.96B▲ 41.3% | 3.67B▲ 23.9% | 4.73B▲ 28.8% | 4.12B▼ 12.9% | 3.69B▼ 10.4% | 3.54B▲ 0% |
Asset Turnover | 0.70x | 0.62x | 0.70x | 0.64x | 0.82x | 1.01x | 0.95x |
Asset Growth % | - | 41.27% | 23.91% | 28.84% | -12.95% | -10.4% | -2.32% |
Total Current Liabilities | 407M | 592M | 795M | 733M | 798M | 917M | 885M |
Accounts Payable | 23M | 60M | 88M | 72M | 80M | 70M | 48M |
Days Payables Outstanding | 14.04 | 36.02 | 44.61 | 34.4 | 34.93 | 25.97 | 23.27 |
Short-Term Debt | 0 | 11M | 13M | 0 | 0 | 0 | 2M |
Deferred Revenue (Current) | 0 | 148M | 179M | 197M | 200M | 258M | 927M |
Other Current Liabilities | 384M | 351M | 463M | 139M | 179M | 190M | 605M |
Current Ratio | 4.85x | 4.05x | 3.45x | 4.51x | 3.38x | 2.40x | 2.36x |
Quick Ratio | 4.85x | 4.05x | 3.45x | 4.51x | 3.38x | 2.40x | 2.36x |
Cash Conversion Cycle | - | - | - | - | - | - | 78.44 |
Total Non-Current Liabilities | 113M | 120M | 116M | 244M | 224M | 252M | 56M |
Long-Term Debt | 51M | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Lease Obligations | 0 | 43M | 36M | 27M | 13M | 33M | 133M |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 62M | 77M | 80M | 217M | 211M | 219M | 24M |
Total Liabilities | 520M | 712M | 911M | 977M | 1.02B | 1.17B | 941M |
Total Debt | 51M | 54M | 49M | 40M | 26M | 36M | 34M |
Net Debt | -1.17B | -1.09B | -1.53B | -2.1B | -1.4B | -601M | -707M |
Debt / Equity | 0.03x | 0.02x | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x |
Debt / EBITDA | - | - | 0.45x | - | 0.05x | 0.06x | 0.05x |
Net Debt / EBITDA | - | - | -14.05x | - | -2.53x | -1.01x | -1.04x |
Interest Coverage | - | - | - | - | - | - | - |
Total Equity | 1.58B▲ 0% | 2.25B▲ 42.7% | 2.76B▲ 22.6% | 3.75B▲ 36.0% | 3.09B▼ 17.5% | 2.52B▼ 18.6% | 2.59B▲ 0% |
Equity Growth % | - | 42.7% | 22.63% | 35.97% | -17.52% | -18.59% | -7.95% |
Book Value per Share | 5.70 | 8.13 | 9.97 | 28.71 | 10.70 | 9.01 | 10.22 |
Total Shareholders' Equity | 1.58B | 2.25B | 2.76B | 3.75B | 3.09B | 2.52B | 2.59B |
Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | -1.33B | -1.41B | -977M | -2.63B | -3.58B | -4.49B | -4.74B |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | 0 | -1M | -5M | 3M | -9M | -1M | -4M |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CART Cash Flow Statement
Instacart (Maplebear Inc.) (CART) cash flow — operating, investing & free cash flow history
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Cash from Operations | -91M | -204M | 277M | 586M | 687M | 972M | 942M |
Operating CF Margin % | -6.16% | -11.12% | 10.86% | 19.26% | 20.34% | 25.98% | - |
Operating CF Growth % | - | -124.18% | 235.78% | 111.55% | 17.24% | 41.48% | 48.53% |
Net Income | -70M | -73M | 428M | -1.62B | 457M | 447M | 485M |
Depreciation & Amortization | 20M | 27M | 47M | 57M | 67M | 99M | 107M |
Stock-Based Compensation | 64M | 22M | 33M | 2.76B | 300M | 0 | 187M |
Deferred Taxes | 9M | -2M | -373M | -459M | 59M | 98M | 138M |
Other Non-Cash Items | 27M | 14M | 18M | 19M | 23M | 389M | 218M |
Working Capital Changes | -141M | -192M | 124M | -165M | -219M | -61M | -193M |
Change in Receivables | -405M | -318M | -21M | -33M | -185M | -121M | -129M |
Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 8M | 36M | 25M | -16M | 8M | -11M | -30M |
Cash from Investing | 301M | -330M | 117M | 135M | -107M | -208M | -217M |
Capital Expenditures | -7M | -22M | -26M | -54M | -64M | -61M | -59M |
CapEx % of Revenue | 0.47% | 1.2% | 1.02% | 1.78% | 1.89% | 1.63% | 1.53% |
Acquisitions | -308M | -54M | -93M | 0 | 0 | -106M | -106M |
Investments | - | - | - | - | - | - | - |
Other Investing | 308M | 0 | 0 | -2M | -3M | -4M | -4M |
Cash from Financing | 671M | 464M | 46M | -30M | -1.41B | -1.39B | -1.67B |
Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity Issued (Net) | 625M | 390M | 49M | 540M | -1.4B | -1.38B | -1.65B |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | -36M | -1.4B | -1.39B | -1.66B |
Other Financing | 46M | 74M | -3M | -570M | -11M | -13M | -24M |
Net Change in Cash | 882M▲ 0% | -71M▼ 108.0% | 434M▲ 711.3% | 694M▲ 59.9% | -844M▼ 221.6% | -621M▲ 26.4% | -1.76B▲ 0% |
Free Cash Flow | -98M▲ 0% | -226M▼ 130.6% | 251M▲ 211.1% | 530M▲ 111.2% | 623M▲ 17.5% | 911M▲ 46.2% | 883M▲ 0% |
FCF Margin % | -6.64% | -12.32% | 9.84% | 17.42% | 18.44% | 24.35% | 22.85% |
FCF Growth % | - | -130.61% | 211.06% | 111.16% | 17.55% | 46.23% | 8.61% |
FCF per Share | -0.35 | -0.82 | 0.91 | 4.06 | 2.15 | 3.26 | 3.48 |
FCF Conversion (FCF/Net Income) | 1.30x | 2.79x | 0.65x | -0.36x | 1.50x | 2.17x | 1.82x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 1M | 4M | 3M | 54M | 13M | 0 | 22M |
CART Key Ratios
Instacart (Maplebear Inc.) (CART) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
Return on Equity (ROE) | -3.82% | 17.1% | -49.85% | 13.36% | 15.93% | 16.35% |
Return on Invested Capital (ROIC) | -8.24% | 3.9% | -111.56% | 21.95% | 20.72% | 23.02% |
Gross Margin | 66.85% | 71.78% | 74.88% | 75.25% | 73.7% | 73.11% |
Net Margin | -3.98% | 16.78% | -53.32% | 13.53% | 11.95% | 12.55% |
Debt / Equity | 0.02x | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x |
FCF Conversion | 2.79x | 0.65x | -0.36x | 1.50x | 2.17x | 1.82x |
Revenue Growth | 24.17% | 39.09% | 19.25% | 11.05% | 10.78% | 11.84% |
Related:CART Dividend History·CART Revenue History·CART Price History·CART P/E History·CART Financial Ratios·CART Institutional Holders
CART SEC Filings & Documents
Instacart (Maplebear Inc.) (CART) SEC filings — annual & quarterly reports (10-K, 10-Q)
CART Frequently Asked Questions
Instacart (Maplebear Inc.) (CART) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Instacart (Maplebear Inc.) (CART) reported $3.86B in revenue for fiscal year 2025. This represents a 162% increase from $1.48B in 2020.
Instacart (Maplebear Inc.) (CART) grew revenue by 10.8% over the past year. This is steady growth.
Yes, Instacart (Maplebear Inc.) (CART) is profitable, generating $485.0M in net income for fiscal year 2025 (11.9% net margin).
Dividend & Returns
Instacart (Maplebear Inc.) (CART) has a return on equity (ROE) of 15.9%. This is reasonable for most industries.
Instacart (Maplebear Inc.) (CART) generated $883.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.