Operating cash flow exceeded net income by 4.4x in 2026Q2, driving FCF margin to 46.0%, while cumulative OCF of $2.4B over ten quarters outpaced net income of $1.2B, indicating high earnings quality.
Maplebear Inc. (CART) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | 1.23B | 971M | 687M | 586M | 277M | -204M | -91M |
| Operating CF Margin % | - | 25.95% | 20.34% | 19.26% | 10.86% | -11.12% | -6.16% |
| Operating CF Growth % | 207.53% | 41.34% | 17.24% | 111.55% | 235.78% | -124.18% | - |
| Net Income | 480M | 447M | 457M | -1.62B | 428M | -73M | -70M |
| Depreciation & Amortization | 116M | 99M | 67M | 57M | 47M | 27M | 20M |
| Stock-Based Compensation | 402M | 352M | 300M | 2.76B | 33M | 22M | 64M |
| Deferred Taxes | 166M | 98M | 59M | -459M | -373M | -2M | 9M |
| Other Non-Cash Items | 163M | 36M | 23M | 19M | 18M | 14M | 27M |
| Working Capital Changes | -95M | -61M | -219M | -165M | 124M | -192M | -141M |
| Change in Receivables | 51M | -121M | -185M | -33M | -21M | -318M | -405M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -7M | -11M | 8M | -16M | 25M | 36M | 8M |
| Cash from Investing | -108M | -208M | -107M | 135M | 117M | -330M | 301M |
| Capital Expenditures | -56M | -61M | -64M | -54M | -26M | -22M | -7M |
| CapEx % of Revenue | 1.4% | 1.63% | 1.89% | 1.78% | 1.02% | 1.2% | 0.47% |
| Acquisitions | -30M | -106M | 0 | 0 | -93M | -54M | -308M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -4M | -4M | -3M | -2M | 0 | 0 | 308M |
| Cash from Financing | -1.87B | -1.39B | -1.41B | -30M | 46M | 464M | 671M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -1.85B | -1.38B | -1.32B | 540M | 49M | 390M | 625M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.86B | -1.39B | -1.4B | -36M | 0 | 0 | 0 |
| Other Financing | -18M | -13M | -91M | -570M | -3M | 74M | 46M |
| Net Change in Cash | -755M | -622M | -844M | 694M | 434M | -71M | 882M |
| Free Cash Flow | 1.18B | 911M | 623M | 530M | 251M | -226M | -98M |
| FCF Margin % | 29.43% | 24.35% | 18.44% | 17.42% | 9.84% | -12.32% | -6.64% |
| FCF Growth % | 50.83% | 46.23% | 17.55% | 111.16% | 211.06% | -130.61% | - |
| FCF per Share | 4.72 | 3.26 | 2.15 | 4.06 | 0.91 | -0.82 | -0.35 |
| FCF Conversion (FCF/Net Income) | 2.45x | 2.17x | 1.50x | -0.36x | 0.65x | 2.79x | 1.30x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1M | 43M | 13M | 54M | 3M | 4M | 1M |
Quick answers to the most common questions about buying CART stock.
Maplebear Inc. (CART) generated $971.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
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.
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, Maplebear Inc. (CART) spent $1.39B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Competition and margin pressure
Metrics are mathematically derived from official filings.
Cash Conversion Outstrips Reported Earnings
CART's operating cash flow exceeded net income by 4.4x in 2026Q2, per recent SEC filings, indicating robust cash generation despite SBC and working capital swings.
The OCF/NI ratio of 4.44 in 2026Q2 is a standout, though it follows a volatile pattern ranging from 0.81 to 4.00 over the past ten quarters. This suggests that while earnings quality is high, the quarterly gap is driven by timing of working capital and non-cash items, not necessarily sustainable at such extremes. Investors should monitor whether this conversion normalizes toward the 2x range seen in prior quarters.
Free Cash Flow Margin Expansion Accelerates
FCF margin surged to 46.0% in 2026Q2 from 20.5% a year earlier, as reported in financial statements, reflecting strong operating leverage and disciplined capex.
The sequential jump from 24.7% in 2026Q1 to 46.0% in 2026Q2 is notable, driven by a $225M increase in operating cash flow while capex remained modest. This suggests the business is scaling efficiently, with FCF growing faster than revenue. However, the volatility in FCF margins (11.1% to 46.0% over the period) warrants caution, as it may indicate lumpy working capital effects rather than a stable trend.
Asset-Light Model Keeps Capex Minimal
Capex averaged just 1.6% of revenue over the last ten quarters, per company filings, underscoring a highly asset-light model with minimal capital intensity.
Capex/Revenue has remained consistently below 3%, with the latest quarter at 1.2%. This suggests that CART's growth does not require significant fixed asset investment, allowing nearly all operating cash flow to convert to FCF. The low capital intensity is a key differentiator versus logistics-heavy peers, but investors should watch for any shift toward heavier investment in fulfillment infrastructure.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes swung from -$109M in 2024Q4 to +$96M in 2025Q1, as per quarterly reports, indicating significant timing effects on cash flow.
The working capital line has been a major source of quarterly volatility, with negative contributions in most quarters but a positive $96M in 2025Q1 and $48M in 2026Q2. This likely reflects timing of payments to shoppers and retailers, as well as incentive accruals. While the company appears to manage its cycle efficiently, the unpredictable swings make it difficult to extrapolate quarterly cash flow trends.
Aggressive Buybacks Offset Lack of Dividends
CART deployed $2.1B on share repurchases over the last ten quarters, with no dividends paid, as disclosed in cash flow statements, signaling a focus on shareholder returns.
Buybacks have been substantial, totaling $2.1B, with the largest in 2024Q1 ($715M) and 2025Q4 ($1.1B). This aggressive repurchase program suggests management views the stock as undervalued and is returning excess cash to shareholders. However, the pace of buybacks may be unsustainable if FCF growth slows, and investors should monitor whether the company is overpaying for its own shares.
Cumulative Cash Generation Exceeds Net Income
Over the last ten quarters, cumulative operating cash flow of $2.4B outpaced net income of $1.2B, based on reported figures, indicating high earnings quality.
The cumulative OCF/NI ratio of approximately 2.0 suggests that CART's earnings are backed by strong cash generation, with non-cash charges like SBC and D&A adding back significantly. This divergence is a positive signal, but it also implies that reported net income understates the company's cash-generating ability. Investors should note that this gap may narrow if working capital dynamics reverse.
What Could Invalidate the Base Case
Despite strong cash generation, CART's reliance on SBC and aggressive buybacks may obscure true cash profitability, as SBC averaged $87M per quarter, per filings.
Stock-based compensation has consistently exceeded net income in some quarters, suggesting that reported earnings overstate cash profitability. Additionally, the heavy buyback program, funded by cash flow, may signal limited internal reinvestment opportunities. If competitive pressures force higher incentive spending or if working capital turns unfavorable, the current cash flow strength could deteriorate, warranting close monitoring.