Maplebear Inc. (CART) Balance Sheet

The sequential decline in total assets from $4.5B in 2025Q3 to $3.5B in 2026Q2 is primarily driven by a $1.0B reduction in cash, which was deployed into share repurchases. Despite this, equity remained relatively stable at $2.3B, indicating that the buybacks were accretive to book value per share. The balance sheet appears to be transitioning from a cash-heavy post-IPO position to a more optimized capital structure, though the pace of cash depletion warrants monitoring.

With debt representing less than 1% of total assets, CART's leverage is immaterial, especially when compared to peers like DoorDash (D/E 0.33) and Uber (D/E 0.43). This conservative capital structure suggests that the company is not reliant on debt financing for operations or growth, and it provides a significant buffer against economic downturns. The low leverage also implies that management has the flexibility to pursue M&A or increase shareholder returns without immediate refinancing risk.

The asset mix underscores CART's asset-light business model, with minimal fixed assets and a growing proportion of intangibles. Goodwill increased from $317M in 2025Q1 to $412M in 2026Q2, likely due to acquisitions aimed at enhancing its technology stack. While this increases the risk of future impairment if growth expectations are not met, the current trajectory of revenue acceleration suggests that these investments are supporting the company's strategic pivot toward higher-margin software and advertising services.

Despite the large accumulated deficit, the trend is positive: the deficit narrowed from -$5.0B in 2026Q2 to -$4.7B in 2026Q1, and the company has generated cumulative net income of $1.2B over the last ten quarters. The equity base of $2.3B is supported by retained earnings improvements and share repurchases, which have reduced share count and increased per-share metrics. However, the persistent deficit indicates that the company has yet to fully offset historical losses, and investors should monitor whether profitability can sustain the narrowing trend.

The current ratio has declined from 3.78 in 2024Q1 to 2.28 in 2026Q2, primarily due to the reduction in cash from $1.5B to $757M. However, a ratio above 2.0 remains healthy, and the cash position is more than sufficient to cover total liabilities of $1.2B. The decline in liquidity is a direct result of the aggressive buyback program, which has consumed $2.1B over the last ten quarters. While this reduces the cash buffer, the company's strong operating cash flow generation (FCF margin of 46% in 2026Q2) suggests that liquidity is not a near-term concern.