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Instacart (Maplebear Inc.)(CART)Earnings, Financials & Key Ratios
CART•NASDAQ
$43.74
$11.61B mkt cap·27.7× P/E·Price updated May 6, 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$3.38B+11.0%
- EBITDA$556M+126.7%
- Net Income$457M+128.2%
- EPS (Diluted)1.58+112.7%
- Gross Margin75.25%+0.5%
- EBITDA Margin16.46%+124.0%
- Operating Margin14.48%+120.6%
- Net Margin13.53%+125.4%
- ROE13.36%+126.8%
- ROIC21.95%+119.7%
- Debt/Equity0.01-21.2%
CART Key Insights
Instacart (Maplebear Inc.) (CART) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Strong Piotroski F-Score: 7/9
- ✓FCF machine: 18.4% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
✗Weaknesses
- ✗Shares diluted 100.0% in last year
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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 Years-
3 Years22.58%
TTM10.16%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM15.77%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM15.82%
Return on Capital
10 Years-11.06%
5 Years-11.06%
3 Years-15.54%
Last Year13.38%
CART Recent Earnings
Instacart (Maplebear Inc.) (CART) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 8/12 qtrs (80%)●Beat Revenue 8/12 qtrs (80%)
Q1 2026Latest
Feb 12, 2026EPS
$0.53
Est $0.52
+1.9%
Revenue
$992M
Est $973M
+1.9%
Q4 2025
Nov 10, 2025EPS
$0.51
Est $0.49
+3.2%
Revenue
$939M
Est $934M
+0.6%
Q3 2025
Aug 7, 2025EPS
$0.41
Est $0.38
+6.6%
Revenue
$914M
Est $896M
+2.0%
Q2 2025
May 1, 2025EPS
$0.37
Est $0.38
-2.6%
Revenue
$897M
Est $895M
+0.2%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | 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% |
| Q2 2025 | May 1, 2025 | $0.37vs $0.38-2.6% | $897Mvs $895M+0.2% |
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 | 71.59B | 166.14 | 78 | 27.93% | 6.83% | 9.08% | 3.04% | 0.33 |
 UBER | 151.58B | 72.95 | 15.49 | 18.28% | 19.33% | 35.8% | 6.44% | 0.48 |
 AMZN | 2.94T | 273.52 | 38.15 | 12.38% | 12.22% | 23.34% | 0.26% | 0.37 |
 WMT | 1.04T | 130.79 | 47.91 | 4.73% | 3.26% | 22.35% | 3.99% | 0.67 |
 KR | 42.35B | 66.92 | 43.45 | 0.35% | 0.69% | 13.04% | 7.91% | 4.16 |
 FRSH | 2.67B | 9.19 | 14.59 | 16.43% | 20.69% | 18.54% | 9.17% | 0.06 |
 GOOGL | 4.7T | 388.47 | 35.94 | 15.13% | 37.91% | 38.98% | 1.56% | 0.14 |
 TTD | 11.71B | 24.61 | 27.04 | 18.47% | 15.31% | 16.89% | 6.79% | 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
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Sales/Revenue | 1.48B | 1.83B | 2.55B | 3.04B | 3.38B | 3.63B |
| Revenue Growth % | - | 24.17% | 39.09% | 19.25% | 11.05% | 10.16% |
| Cost of Goods Sold | 598M | 608M | 720M | 764M | 836M | 928M |
| COGS % of Revenue | 40.49% | 33.15% | 28.22% | 25.12% | 24.75% | - |
| Gross Profit | 879M▲ 0% | 1.23B▲ 39.5% | 1.83B▲ 49.3% | 2.28B▲ 24.4% | 2.54B▲ 11.6% | 2.71B▲ 0% |
| Gross Margin % | 59.51% | 66.85% | 71.78% | 74.88% | 75.25% | 74.46% |
| Gross Profit Growth % | - | 39.48% | 49.35% | 24.41% | 11.59% | - |
| Operating Expenses | 954M | 1.31B | 1.77B | 4.42B | 2.05B | 2.15B |
| OpEx % of Revenue | 64.59% | 71.54% | 69.35% | 145.3% | 60.78% | - |
| Selling, General & Admin | 436M | 682M | 999M | 1.76B | 1.17B | 1.24B |
| SG&A % of Revenue | 29.52% | 37.19% | 39.16% | 57.99% | 34.67% | - |
| Research & Development | 194M | 368M | 518M | 2.31B | 604M | 634M |
| R&D % of Revenue | 13.13% | 20.07% | 20.31% | 76% | 17.88% | - |
| Other Operating Expenses | 324M | 262M | 252M | 344M | 278M | 4M |
| Operating Income | -75M▲ 0% | -86M▼ 14.7% | 62M▲ 172.1% | -2.14B▼ 3554.8% | 489M▲ 122.8% | 555M▲ 0% |
| Operating Margin % | -5.08% | -4.69% | 2.43% | -70.41% | 14.48% | 15.28% |
| Operating Income Growth % | - | -14.67% | 172.09% | -3554.84% | 122.83% | - |
| EBITDA | -55M | -59M | 109M | -2.08B | 556M | 646M |
| EBITDA Margin % | -3.72% | -3.22% | 4.27% | -68.54% | 16.46% | 17.78% |
| EBITDA Growth % | - | -7.27% | 284.75% | -2012.84% | 126.67% | 50.23% |
| D&A (Non-Cash Add-back) | 20M | 27M | 47M | 57M | 67M | 91M |
| EBIT | -75M | -86M | 62M | -2.14B | 489M | 569M |
| Net Interest Income | 5M | 2M | 17M | 81M | 66M | 57M |
| Interest Income | 5M | 2M | 17M | 81M | 66M | 57M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5M | 14M | 9M | 81M | 63M | 58M |
| Pretax Income | -70M▲ 0% | -72M▼ 2.9% | 71M▲ 198.6% | -2.06B▼ 3002.8% | 552M▲ 126.8% | 613M▲ 0% |
| Pretax Margin % | -4.74% | -3.93% | 2.78% | -67.75% | 16.34% | 16.87% |
| Income Tax | 0 | 1M | -357M | -439M | 95M | 99M |
| Effective Tax Rate % | 0% | -1.39% | -502.82% | 21.3% | 17.21% | 16.15% |
| Net Income | -70M▲ 0% | -73M▼ 4.3% | 428M▲ 686.3% | -1.62B▼ 479.0% | 457M▲ 128.2% | 514M▲ 0% |
| Net Margin % | -4.74% | -3.98% | 16.78% | -53.32% | 13.53% | 14.15% |
| Net Income Growth % | - | -4.29% | 686.3% | -478.97% | 128.18% | 15.77% |
| Net Income (Continuing) | -70M | -73M | 428M | -1.62B | 457M | 514M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 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% | 1.82▲ 0% |
| EPS Growth % | - | -4% | 207.69% | -4539.29% | 112.71% | 15.82% |
| EPS (Basic) | -0.25 | -0.26 | 0.28 | -12.43 | 1.69 | - |
| Diluted Shares Outstanding | 276.65M | 276.65M | 276.65M | 130.62M | 289.16M | 283.18M |
| Basic Shares Outstanding | 276.65M | 276.65M | 276.65M | 130.62M | 264.64M | 264.89M |
| Dividend Payout Ratio | - | - | - | - | - | - |
CART Balance Sheet
Instacart (Maplebear Inc.) (CART) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Total Current Assets | 1.97B | 2.4B | 2.74B | 3.31B | 2.7B | 3.03B |
| Cash & Short-Term Investments | 1.43B | 1.5B | 1.79B | 2.19B | 1.52B | 1.73B |
| Cash Only | 1.22B | 1.15B | 1.58B | 2.14B | 1.43B | 1.69B |
| Short-Term Investments | 208M | 348M | 209M | 49M | 91M | 39M |
| Accounts Receivable | 520M | 832M | 842M | 853M | 1.01B | 1.04B |
| Days Sales Outstanding | 128.5 | 165.58 | 120.47 | 102.35 | 109.56 | 102.3 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 27M | 68M | 109M | 266M | 162M | 260M |
| Total Non-Current Assets | 124M | 566M | 929M | 1.42B | 1.42B | 1.51B |
| Property, Plant & Equipment | 73M | 73M | 79M | 166M | 221M | 249M |
| Fixed Asset Turnover | 20.23x | 25.12x | 32.29x | 18.33x | 15.29x | 15.22x |
| Goodwill | 11M | 263M | 317M | 318M | 317M | 392M |
| Intangible Assets | 7M | 68M | 103M | 77M | 52M | 74M |
| Long-Term Investments | 14M | 146M | 47M | 0 | 0 | 62M |
| Other Non-Current Assets | 19M | 16M | 12M | 31M | 57M | 177M |
| Total Assets | 2.1B▲ 0% | 2.96B▲ 41.3% | 3.67B▲ 23.9% | 4.73B▲ 28.8% | 4.12B▼ 12.9% | 4.54B▲ 0% |
| Asset Turnover | 0.70x | 0.62x | 0.70x | 0.64x | 0.82x | 0.84x |
| Asset Growth % | - | 41.27% | 23.91% | 28.84% | -12.95% | 17.53% |
| Total Current Liabilities | 407M | 592M | 795M | 733M | 798M | 832M |
| Accounts Payable | 23M | 60M | 88M | 72M | 80M | 78M |
| Days Payables Outstanding | 14.04 | 36.02 | 44.61 | 34.4 | 34.93 | 29.89 |
| Short-Term Debt | 0 | 11M | 13M | 0 | 13M | 0 |
| Deferred Revenue (Current) | 0 | 148M | 179M | 197M | 200M | 856M |
| Other Current Liabilities | 384M | 351M | 463M | 139M | 469M | 216M |
| Current Ratio | 4.85x | 4.05x | 3.45x | 4.51x | 3.38x | 3.38x |
| Quick Ratio | 4.85x | 4.05x | 3.45x | 4.51x | 3.38x | 3.38x |
| Cash Conversion Cycle | - | - | - | - | - | 72.41 |
| Total Non-Current Liabilities | 113M | 120M | 116M | 244M | 224M | 250M |
| Long-Term Debt | 51M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 43M | 36M | 27M | 13M | 90M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 62M | 77M | 80M | 217M | 211M | 875M |
| Total Liabilities | 520M | 712M | 911M | 977M | 1.02B | 1.08B |
| Total Debt | 51M | 54M | 49M | 40M | 26M | 37M |
| Net Debt | -1.17B | -1.09B | -1.53B | -2.1B | -1.4B | -1.65B |
| Debt / Equity | 0.03x | 0.02x | 0.02x | 0.01x | 0.01x | 0.01x |
| Debt / EBITDA | - | - | 0.45x | - | 0.05x | 0.06x |
| Net Debt / EBITDA | - | - | -14.05x | - | -2.53x | -2.53x |
| Interest Coverage | - | - | - | - | - | - |
| Total Equity | 1.58B▲ 0% | 2.25B▲ 42.7% | 2.76B▲ 22.6% | 3.75B▲ 36.0% | 3.09B▼ 17.5% | 3.65B▲ 0% |
| Equity Growth % | - | 42.7% | 22.63% | 35.97% | -17.52% | 19.31% |
| Book Value per Share | 5.70 | 8.13 | 9.97 | 28.71 | 10.70 | 12.89 |
| Total Shareholders' Equity | 1.58B | 2.25B | 2.76B | 3.75B | 3.09B | 3.65B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -1.33B | -1.41B | -977M | -2.63B | -3.58B | -3.49B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -1M | -5M | 3M | -9M | -4M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
CART Cash Flow Statement
Instacart (Maplebear Inc.) (CART) cash flow — operating, investing & free cash flow history
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|
| Cash from Operations | -91M | -204M | 277M | 586M | 687M | 687M |
| Operating CF Margin % | -6.16% | -11.12% | 10.86% | 19.26% | 20.34% | - |
| Operating CF Growth % | - | -124.18% | 235.78% | 111.55% | 17.24% | 187.81% |
| Net Income | -70M | -73M | 428M | -1.62B | 457M | 514M |
| Depreciation & Amortization | 20M | 27M | 47M | 57M | 67M | 91M |
| Stock-Based Compensation | 64M | 22M | 33M | 2.76B | 300M | 339M |
| Deferred Taxes | 9M | -2M | -373M | -459M | 59M | 70M |
| Other Non-Cash Items | 27M | 14M | 18M | 19M | 23M | 36M |
| Working Capital Changes | -141M | -192M | 124M | -165M | -219M | -109M |
| Change in Receivables | -405M | -318M | -21M | -33M | -185M | -108M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 8M | 36M | 25M | -16M | 8M | 8M |
| Cash from Investing | 301M | -330M | 117M | 135M | -107M | -244M |
| Capital Expenditures | -7M | -22M | -26M | -54M | -64M | -61M |
| CapEx % of Revenue | 0.47% | 1.2% | 1.02% | 1.78% | 1.89% | - |
| Acquisitions | -308M | -54M | -93M | 0 | 0 | -105M |
| Investments | - | - | - | - | - | - |
| Other Investing | 308M | 0 | 0 | -2M | -3M | 0 |
| Cash from Financing | 671M | 464M | 46M | -30M | -1.41B | -302M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1000K | 1000K | 1000K | 1000K | -1000K | -4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -36M | -1.4B | -277M |
| Other Financing | 46M | 74M | -3M | -570M | -11M | -37M |
| Net Change in Cash | 882M▲ 0% | -71M▼ 108.0% | 434M▲ 711.3% | 694M▲ 59.9% | -844M▼ 221.6% | 390M▲ 0% |
| Free Cash Flow | -98M▲ 0% | -226M▼ 130.6% | 251M▲ 211.1% | 530M▲ 111.2% | 623M▲ 17.5% | 880M▲ 0% |
| FCF Margin % | -6.64% | -12.32% | 9.84% | 17.42% | 18.44% | 24.22% |
| FCF Growth % | - | -130.61% | 211.06% | 111.16% | 17.55% | 26.26% |
| FCF per Share | -0.35 | -0.82 | 0.91 | 4.06 | 2.15 | 2.15 |
| FCF Conversion (FCF/Net Income) | 1.30x | 2.79x | 0.65x | -0.36x | 1.50x | 1.71x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1M | 4M | 3M | 54M | 13M | 28M |
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 | TTM |
|---|---|---|---|---|---|
| Return on Equity (ROE) | -3.82% | 17.1% | -49.85% | 13.36% | 14.08% |
| Return on Invested Capital (ROIC) | -8.24% | 3.9% | -111.56% | 21.95% | 21.95% |
| Gross Margin | 66.85% | 71.78% | 74.88% | 75.25% | 74.46% |
| Net Margin | -3.98% | 16.78% | -53.32% | 13.53% | 14.15% |
| Debt / Equity | 0.02x | 0.02x | 0.01x | 0.01x | 0.01x |
| FCF Conversion | 2.79x | 0.65x | -0.36x | 1.50x | 1.71x |
| Revenue Growth | 24.17% | 39.09% | 19.25% | 11.05% | 10.16% |
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 $3.63B in revenue for fiscal year 2024. This represents a 146% increase from $1.48B in 2020.
Instacart (Maplebear Inc.) (CART) grew revenue by 11.0% over the past year. This is steady growth.
Yes, Instacart (Maplebear Inc.) (CART) is profitable, generating $514.0M in net income for fiscal year 2024 (13.5% net margin).
Dividend & Returns
Instacart (Maplebear Inc.) (CART) has a return on equity (ROE) of 13.4%. This is reasonable for most industries.
Instacart (Maplebear Inc.) (CART) generated $880.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Explore More CART
Instacart (Maplebear Inc.) (CART) financial analysis — history, returns, DCA and operating performance tools
Full CART Stock Analysis
Analyst verdict, bull/bear case, risk factors and peer comparison
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates