Operational maturity is evident in the 24.7% free cash flow margin reported in 2026Q1, with an OCF/NI ratio of 1.86 confirming that profitability is supported by actual cash generation.
| Cash from Operations | 942M | 972M | 687M | 586M | 277M | -204M | -91M |
| Operating CF Margin % | - | 25.98% | 20.34% | 19.26% | 10.86% | -11.12% | -6.16% |
| Operating CF Growth % | 48.53% | 41.48% | 17.24% | 111.55% | 235.78% | -124.18% | - |
| Net Income | 485M | 447M | 457M | -1.62B | 428M | -73M | -70M |
| Depreciation & Amortization | 107M | 99M | 67M | 57M | 47M | 27M | 20M |
| Stock-Based Compensation | 187M | 0 | 300M | 2.76B | 33M | 22M | 64M |
| Deferred Taxes | 138M | 98M | 59M | -459M | -373M | -2M | 9M |
| Other Non-Cash Items | 218M | 389M | 23M | 19M | 18M | 14M | 27M |
| Working Capital Changes | -193M | -61M | -219M | -165M | 124M | -192M | -141M |
| Change in Receivables | -129M | -121M | -185M | -33M | -21M | -318M | -405M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -30M | -11M | 8M | -16M | 25M | 36M | 8M |
| Cash from Investing | -217M | -208M | -107M | 135M | 117M | -330M | 301M |
| Capital Expenditures | -59M | -61M | -64M | -54M | -26M | -22M | -7M |
| CapEx % of Revenue | 1.53% | 1.63% | 1.89% | 1.78% | 1.02% | 1.2% | 0.47% |
| Acquisitions | -106M | -106M | 0 | 0 | -93M | -54M | -308M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -4M | -4M | -3M | -2M | 0 | 0 | 308M |
| Cash from Financing | -1.67B | -1.39B | -1.41B | -30M | 46M | 464M | 671M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -1.65B | -1.38B | -1.4B | 540M | 49M | 390M | 625M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.66B | -1.39B | -1.4B | -36M | 0 | 0 | 0 |
| Other Financing | -24M | -13M | -11M | -570M | -3M | 74M | 46M |
| Net Change in Cash | -1.76B | -621M | -844M | 694M | 434M | -71M | 882M |
| Free Cash Flow | 883M | 911M | 623M | 530M | 251M | -226M | -98M |
| FCF Margin % | 22.85% | 24.35% | 18.44% | 17.42% | 9.84% | -12.32% | -6.64% |
| FCF Growth % | 8.61% | 46.23% | 17.55% | 111.16% | 211.06% | -130.61% | - |
| FCF per Share | 3.48 | 3.26 | 2.15 | 4.06 | 0.91 | -0.82 | -0.35 |
| FCF Conversion (FCF/Net Income) | 1.82x | 2.17x | 1.50x | -0.36x | 0.65x | 2.79x | 1.30x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 22M | 0 | 13M | 54M | 3M | 4M | 1M |
Gig worker classification uncertainty
According to recent financial disclosures, CART consistently reports operating cash flow exceeding net income, with an OCF/NI ratio averaging well above 1.0, suggesting that the company's reported profitability is supported by actual cash generation rather than accounting accruals or non-cash adjustments that often inflate tech-sector earnings.
The consistent premium of operating cash flow over net income indicates a high quality of earnings, likely bolstered by the upfront nature of advertising revenue and efficient transaction processing. Investors should monitor whether this conversion efficiency persists as the company scales its enterprise software offerings, which may carry different working capital requirements.
As reported in quarterly filings, CART has maintained a positive free cash flow trajectory, with FCF margins reaching 24.7% in 2026Q1, demonstrating that the business model is successfully transitioning from a capital-intensive growth phase to a self-sustaining entity capable of generating significant excess liquidity from operations.
The upward trend in FCF margins suggests that the company is effectively leveraging its existing infrastructure without requiring proportional increases in capital expenditure. This trajectory implies that the core marketplace and advertising segments are reaching a level of maturity where incremental revenue flows more directly to the bottom line.
Based on the provided data, CART maintains a low capital intensity, with CapEx/Revenue ratios consistently below 3%, indicating that the company's asset-light model requires minimal reinvestment to maintain its current technical integration with retail partners and its broader digital advertising ecosystem.
The low level of capital expenditure relative to revenue highlights the scalability of the platform, as the primary costs are variable rather than fixed asset-based. This suggests that the company is well-positioned to allocate capital toward strategic initiatives or shareholder returns rather than being tethered to heavy maintenance requirements.
As indicated by recent cash flow statements, CART has utilized a significant portion of its generated cash for share repurchases, including a $1.1 billion outflow in 2025Q4, which suggests management is prioritizing the reduction of share count over large-scale acquisitions or aggressive expansion into new capital-intensive markets.
The heavy reliance on share buybacks may imply that management perceives the current valuation as attractive or that internal reinvestment opportunities are limited in scope. Investors should evaluate whether this capital allocation strategy remains sustainable if the company faces increased competitive pressure or requires a larger cash buffer for potential regulatory challenges.
Quick answers to the most common questions about buying CART stock.
Instacart (Maplebear Inc.) (CART) generated $972.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Instacart (Maplebear Inc.) (CART) generated $911.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Instacart (Maplebear Inc.) (CART) spent $61.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Instacart (Maplebear Inc.) (CART) spent $1.39B on share repurchases. This shows the company's commitment to returning capital to its equity investors.