The company maintains a highly conservative capital structure with a negligible debt-to-equity ratio of 0.01 and total debt of only $34 million as of 2026Q1.
| Total Current Assets | 2.09B | 2.2B | 2.7B | 3.31B | 2.74B | 2.4B | 1.97B |
| Cash & Short-Term Investments | 800M | 687M | 1.52B | 2.19B | 1.79B | 1.5B | 1.43B |
| Cash Only | 741M | 637M | 1.43B | 2.14B | 1.58B | 1.15B | 1.22B |
| Short-Term Investments | 59M | 50M | 91M | 49M | 209M | 348M | 208M |
| Accounts Receivable | 1.09B | 1.13B | 1.01B | 853M | 842M | 832M | 520M |
| Days Sales Outstanding | 101.71 | 109.93 | 109.56 | 102.35 | 120.47 | 165.58 | 128.5 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 196M | 385M | 162M | 266M | 109M | 68M | 27M |
| Total Non-Current Assets | 1.44B | 1.49B | 1.42B | 1.42B | 929M | 566M | 124M |
| Property, Plant & Equipment | 247M | 248M | 221M | 166M | 79M | 73M | 73M |
| Fixed Asset Turnover | 15.49x | 15.09x | 15.29x | 18.33x | 32.29x | 25.12x | 20.23x |
| Goodwill | 393M | 393M | 317M | 318M | 317M | 263M | 11M |
| Intangible Assets | 60M | 71M | 52M | 77M | 103M | 68M | 7M |
| Long-Term Investments | 242M | 99M | 0 | 0 | 47M | 146M | 14M |
| Other Non-Current Assets | 37M | 13M | 57M | 31M | 12M | 16M | 19M |
| Total Assets | 3.54B | 3.69B | 4.12B | 4.73B | 3.67B | 2.96B | 2.1B |
| Asset Turnover | 0.95x | 1.01x | 0.82x | 0.64x | 0.70x | 0.62x | 0.70x |
| Asset Growth % | -2.32% | -10.4% | -12.95% | 28.84% | 23.91% | 41.27% | - |
| Total Current Liabilities | 885M | 917M | 798M | 733M | 795M | 592M | 407M |
| Accounts Payable | 48M | 70M | 80M | 72M | 88M | 60M | 23M |
| Days Payables Outstanding | 23.27 | 25.97 | 34.93 | 34.4 | 44.61 | 36.02 | 14.04 |
| Short-Term Debt | 2M | 0 | 0 | 0 | 13M | 11M | 0 |
| Deferred Revenue (Current) | 927M | 258M | 200M | 197M | 179M | 148M | 0 |
| Other Current Liabilities | 605M | 190M | 179M | 139M | 463M | 351M | 384M |
| Current Ratio | 2.36x | 2.40x | 3.38x | 4.51x | 3.45x | 4.05x | 4.85x |
| Quick Ratio | 2.36x | 2.40x | 3.38x | 4.51x | 3.45x | 4.05x | 4.85x |
| Cash Conversion Cycle | 78.44 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 56M | 252M | 224M | 244M | 116M | 120M | 113M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 51M |
| Capital Lease Obligations | 133M | 33M | 13M | 27M | 36M | 43M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 24M | 219M | 211M | 217M | 80M | 77M | 62M |
| Total Liabilities | 941M | 1.17B | 1.02B | 977M | 911M | 712M | 520M |
| Total Debt | 34M | 36M | 26M | 40M | 49M | 54M | 51M |
| Net Debt | -707M | -601M | -1.4B | -2.1B | -1.53B | -1.09B | -1.17B |
| Debt / Equity | 0.01x | 0.01x | 0.01x | 0.01x | 0.02x | 0.02x | 0.03x |
| Debt / EBITDA | 0.05x | 0.06x | 0.05x | - | 0.45x | - | - |
| Net Debt / EBITDA | -1.04x | -1.01x | -2.53x | - | -14.05x | - | - |
| Interest Coverage | - | - | - | - | - | - | - |
| Total Equity | 2.59B | 2.52B | 3.09B | 3.75B | 2.76B | 2.25B | 1.58B |
| Equity Growth % | -7.95% | -18.59% | -17.52% | 35.97% | 22.63% | 42.7% | - |
| Book Value per Share | 10.22 | 9.01 | 10.70 | 28.71 | 9.97 | 8.13 | 5.70 |
| Total Shareholders' Equity | 2.59B | 2.52B | 3.09B | 3.75B | 2.76B | 2.25B | 1.58B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -4.74B | -4.49B | -3.58B | -2.63B | -977M | -1.41B | -1.33B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -4M | -1M | -9M | 3M | -5M | -1M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Gig worker classification uncertainty
According to quarterly balance sheet data, CART's total assets have contracted from $4.7 billion in 2023Q4 to $3.5 billion in 2026Q1, reflecting a strategic shift toward a leaner, more efficient capital structure as the company matures beyond its initial public offering phase.
The reduction in total assets appears to be driven by a disciplined approach to capital allocation rather than operational distress. This trajectory suggests management is successfully shedding non-core assets to focus on the high-margin advertising and software-as-a-service components of the business model.
As reported in financial statements, CART maintains a current ratio of 2.36 as of 2026Q1, providing a substantial buffer against short-term obligations despite a decline in cash reserves from $2.1 billion in 2023Q4 to $741 million in the most recent quarter.
While the cash position has decreased, the current ratio remains well above the threshold typically required for operational stability. This liquidity profile suggests the company is well-positioned to navigate potential regulatory headwinds or seasonal fluctuations in grocery demand without needing external financing.
Based on reported figures, CART maintains a negligible debt-to-equity ratio of 0.01, with total debt standing at only $34 million as of 2026Q1, indicating a highly conservative capital structure that minimizes interest rate sensitivity.
The near-absence of debt is a significant competitive advantage, particularly in a volatile interest rate environment. This lack of leverage implies that the company's cash flow is entirely available for reinvestment or shareholder returns rather than being diverted to debt service.
As indicated by the company's balance sheet, retained earnings remain in a deficit of $4.7 billion as of 2026Q1, a legacy of historical growth-at-all-costs strategies that continues to weigh on the overall equity position despite recent operational profitability.
Investors should monitor the pace at which this deficit is narrowed, as it serves as a reminder of the significant capital burned during the company's early expansion. While current operations are profitable, the accumulated deficit highlights the long-term challenge of rebuilding the equity base through organic earnings.
Based on the provided data, goodwill has increased from $318 million in 2023Q4 to $393 million in 2026Q1, representing a non-trivial portion of the company's $2.6 billion in total equity that could be subject to future impairment charges.
The growth in goodwill suggests past acquisitions may not have been fully integrated or are being carried at valuations that require consistent performance to justify. Any future underperformance in the retail media or software segments could necessitate a write-down, which would negatively impact the book value of equity.
Quick answers to the most common questions about buying CART stock.
As of 2025, Instacart (Maplebear Inc.) (CART) had total assets of $3.69B including $2.20B in current assets.
Instacart (Maplebear Inc.) (CART) carries total debt of $36.0M, offset by $687.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Instacart (Maplebear Inc.) (CART) has total shareholders' equity (book value) of $2.52B ($9.01 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Instacart (Maplebear Inc.) (CART) reported a current ratio of 2.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.