Revenue growth remains stable at 13.6% year-over-year as of 2026Q1, supported by a resilient 72.4% gross margin that reflects the high-margin contribution of the company's advertising segment.
| Sales/Revenue | 3.86B | 3.74B | 3.38B | 3.04B | 2.55B | 1.83B | 1.48B |
| Revenue Growth % | 11.84% | 10.78% | 11.05% | 19.25% | 39.09% | 24.17% | - |
| Cost of Goods Sold | 1.04B | 984M | 836M | 764M | 720M | 608M | 598M |
| COGS % of Revenue | - | 26.3% | 24.75% | 25.12% | 28.22% | 33.15% | 40.49% |
| Gross Profit | 2.83B | 2.76B | 2.54B | 2.28B | 1.83B | 1.23B | 879M |
| Gross Margin % | 73.11% | 73.7% | 75.25% | 74.88% | 71.78% | 66.85% | 59.51% |
| Gross Profit Growth % | - | 8.5% | 11.59% | 24.41% | 49.35% | 39.48% | - |
| Operating Expenses | 2.18B | 2.26B | 2.05B | 4.42B | 1.77B | 1.31B | 954M |
| OpEx % of Revenue | - | 60.4% | 60.78% | 145.3% | 69.35% | 71.54% | 64.59% |
| Selling, General & Admin | 1.31B | 1.34B | 1.17B | 1.76B | 999M | 682M | 436M |
| SG&A % of Revenue | - | 35.7% | 34.67% | 57.99% | 39.16% | 37.19% | 29.52% |
| Research & Development | 670M | 650M | 604M | 2.31B | 518M | 368M | 194M |
| R&D % of Revenue | - | 17.37% | 17.88% | 76% | 20.31% | 20.07% | 13.13% |
| Other Operating Expenses | 3M | 274M | 278M | 344M | 252M | 262M | 324M |
| Operating Income | 572M | 498M | 489M | -2.14B | 62M | -86M | -75M |
| Operating Margin % | 14.8% | 13.31% | 14.48% | -70.41% | 2.43% | -4.69% | -5.08% |
| Operating Income Growth % | - | 1.84% | 122.83% | -3554.84% | 172.09% | -14.67% | - |
| EBITDA | 679M | 597M | 556M | -2.08B | 109M | -59M | -55M |
| EBITDA Margin % | 17.57% | 15.95% | 16.46% | -68.54% | 4.27% | -3.22% | -3.72% |
| EBITDA Growth % | 28.36% | 7.37% | 126.67% | -2012.84% | 284.75% | -7.27% | - |
| D&A (Non-Cash Add-back) | 107M | 99M | 67M | 57M | 47M | 27M | 20M |
| EBIT | 586M | 498M | 489M | -2.14B | 62M | -86M | -75M |
| Net Interest Income | 49M | 57M | 66M | 81M | 17M | 2M | 5M |
| Interest Income | 49M | 57M | 66M | 81M | 17M | 2M | 5M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 48M | 58M | 63M | 81M | 9M | 14M | 5M |
| Pretax Income | 620M | 556M | 552M | -2.06B | 71M | -72M | -70M |
| Pretax Margin % | 16.05% | 14.86% | 16.34% | -67.75% | 2.78% | -3.93% | -4.74% |
| Income Tax | 135M | 109M | 95M | -439M | -357M | 1M | 0 |
| Effective Tax Rate % | 21.77% | 19.6% | 17.21% | 21.3% | -502.82% | -1.39% | 0% |
| Net Income | 485M | 447M | 457M | -1.62B | 428M | -73M | -70M |
| Net Margin % | 12.55% | 11.95% | 13.53% | -53.32% | 16.78% | -3.98% | -4.74% |
| Net Income Growth % | 12.01% | -2.19% | 128.18% | -478.97% | 686.3% | -4.29% | - |
| Net Income (Continuing) | 485M | 447M | 457M | -1.62B | 428M | -73M | -70M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.91 | 1.60 | 1.58 | -12.43 | 0.28 | -0.26 | -0.25 |
| EPS Growth % | 16.99% | 1.27% | 112.71% | -4539.29% | 207.69% | -4% | - |
| EPS (Basic) | - | 1.71 | 1.69 | -12.43 | 0.28 | -0.26 | -0.25 |
| Diluted Shares Outstanding | 253.6M | 279.62M | 289.16M | 130.62M | 276.65M | 276.65M | 276.65M |
| Basic Shares Outstanding | 239.27M | 261.35M | 264.64M | 130.62M | 276.65M | 276.65M | 276.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Gig worker classification uncertainty
According to recent quarterly filings, CART achieved a 13.6% year-over-year revenue growth in 2026Q1, signaling a stable trajectory as the company navigates post-pandemic normalization while leveraging its core grocery delivery and advertising segments to maintain consistent top-line expansion across its North American retail footprint.
The company appears to be successfully transitioning from a pandemic-era delivery surge to a more sustainable growth model driven by retail media and enterprise services. Investors should monitor whether this double-digit growth can be maintained without excessive reliance on promotional incentives that may compress net revenue.
As reported in financial statements, CART maintains a robust gross margin of 72.4% as of 2026Q1, reflecting the high-margin contribution of its advertising ecosystem which effectively offsets the variable costs inherent in its logistics-heavy transaction-based business model compared to traditional delivery-only peers.
This elevated margin profile suggests that the company's pivot toward retail media is yielding significant structural benefits. The ability to sustain margins above 70% implies a strong competitive moat derived from proprietary intent data, though future margin expansion may be limited by competitive pricing pressures in the grocery sector.
Based on the latest income statement data, CART demonstrated improved operating leverage in 2026Q1 with an operating margin of 18.1%, suggesting that the company is successfully scaling its revenue base while maintaining disciplined control over its research, development, and general administrative overhead expenses.
The expansion of operating margins from 9.9% in 2025Q4 to 18.1% in 2026Q1 indicates that the company is beginning to realize the benefits of its platform-based business model. This trend warrants further investigation to determine if such efficiency gains are sustainable or if they reflect temporary reductions in discretionary spending.
As indicated by the 2026Q1 financial results, CART reported net income of $144 million with zero stock-based compensation expense, marking a notable shift in earnings quality compared to previous periods where significant non-cash charges frequently distorted the company's reported profitability and diluted shareholder value.
The absence of stock-based compensation in the most recent quarter suggests a more conservative approach to equity-based incentives, which enhances the transparency of core operational performance. Investors should monitor whether this trend persists, as it significantly improves the reliability of the company's reported earnings per share.
While current margins appear strong, the potential for increased competition from major retailers internalizing their own retail media networks poses a significant threat to CART's high-margin advertising revenue, which currently serves as a primary driver of the company's overall profitability and valuation premium.
The reliance on advertising revenue creates a vulnerability if retailers decide to reclaim their first-party data to power proprietary ad platforms. This potential disintermediation could force CART to rely more heavily on its lower-margin delivery logistics, which would likely lead to significant margin compression over the long term.
Quick answers to the most common questions about buying CART stock.
For fiscal year 2025, Instacart (Maplebear Inc.) (CART) reported total revenue of $3.74B. This represents a 153.4% increase compared to $1.48B in 2020.
Instacart (Maplebear Inc.) (CART) is profitable, generating $447.0M in net income for the fiscal year ending 2025 with a net profit margin of 11.9%.
Instacart (Maplebear Inc.) (CART) reported an operating income of $498.0M, resulting in an operating profit margin of 13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Instacart (Maplebear Inc.) (CART) generated $2.76B in gross profit for the year, representing a gross profit margin of 73.7%. This demonstrates the company's core pricing power and production efficiency.