Revenue growth accelerated to 14.1% YoY in 2026Q2, but gross margin contracted 370 bps to 72.0% from 75.7% two years prior, reflecting mix shift and promotional costs.
Maplebear Inc. (CART) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 4.15B | 3.74B | 3.38B | 3.04B | 2.55B | 1.83B | 1.48B |
| Revenue Growth % | 14.2% | 10.78% | 11.05% | 19.25% | 39.09% | 24.17% | - |
| Cost of Goods Sold | 1.16B | 984M | 836M | 764M | 720M | 608M | 598M |
| COGS % of Revenue | - | 26.3% | 24.75% | 25.12% | 28.22% | 33.15% | 40.49% |
| Gross Profit | 2.99B | 2.76B | 2.54B | 2.28B | 1.83B | 1.23B | 879M |
| Gross Margin % | 71.97% | 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 | 2.39B | 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 | 1.37B | 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 | 731M | 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 | 4M | 274M | 278M | 344M | 252M | 262M | 324M |
| Operating Income | 599M | 498M | 489M | -2.14B | 62M | -86M | -75M |
| Operating Margin % | 14.44% | 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 | 722M | 597M | 556M | -2.08B | 109M | -59M | -55M |
| EBITDA Margin % | 17.4% | 15.95% | 16.46% | -68.54% | 4.27% | -3.22% | -3.72% |
| EBITDA Growth % | 11.59% | 7.37% | 126.67% | -2012.84% | 284.75% | -7.27% | - |
| D&A (Non-Cash Add-back) | 123M | 99M | 67M | 57M | 47M | 27M | 20M |
| EBIT | 626M | 556M | 552M | -2.06B | 71M | -72M | -75M |
| Net Interest Income | 29M | 57M | 66M | 81M | 17M | 2M | 5M |
| Interest Income | 29M | 57M | 66M | 81M | 17M | 2M | 5M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 27M | 58M | 63M | 81M | 9M | 14M | 5M |
| Pretax Income | 626M | 556M | 552M | -2.06B | 71M | -72M | -70M |
| Pretax Margin % | 15.09% | 14.86% | 16.34% | -67.75% | 2.78% | -3.93% | -4.74% |
| Income Tax | 143M | 109M | 95M | -439M | -357M | 1M | 0 |
| Effective Tax Rate % | 22.84% | 19.6% | 17.21% | 21.3% | -502.82% | -1.39% | 0% |
| Net Income | 483M | 447M | 457M | -1.62B | 428M | -73M | -70M |
| Net Margin % | 11.64% | 11.95% | 13.53% | -53.32% | 16.78% | -3.98% | -4.74% |
| Net Income Growth % | -6.03% | -2.19% | 128.18% | -478.97% | 686.3% | -4.29% | - |
| Net Income (Continuing) | 483M | 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) | 1.95 | 1.60 | 1.58 | -12.43 | 0.28 | -0.26 | -0.25 |
| EPS Growth % | 4.92% | 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 | 247.59M | 279.62M | 289.16M | 130.62M | 276.65M | 276.65M | 276.65M |
| Basic Shares Outstanding | 232.96M | 261.35M | 264.64M | 130.62M | 276.65M | 276.65M | 276.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CART stock.
For fiscal year 2025, Maplebear Inc. (CART) reported total revenue of $3.74B. This represents a 153.4% increase compared to $1.48B in 2020.
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%.
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.
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.
Key Metrics
Top Statement Risk
Competition and margin pressure
Metrics are mathematically derived from official filings.
Revenue Growth Accelerating on GTV Momentum
CART's revenue grew 14.1% YoY in 2026Q2, up from 13.6% in Q1, with management citing 14% GTV growth, suggesting sustained marketplace momentum.
The sequential acceleration in revenue growth, from 13.6% in 2026Q1 to 14.1% in 2026Q2, aligns with management's commentary on GTV growth 'meaningfully accelerated' over the past three quarters. This suggests that the core marketplace is gaining traction, likely driven by higher order frequency or basket sizes. However, the lack of an upward revision to full-year guidance tempers the enthusiasm, implying management sees this pace as sustainable rather than accelerating further.
Gross Margin Drift Reflects Mix Shift
Gross margin declined from 75.7% in 2024Q2 to 72.0% in 2026Q2, a 370 bps contraction, likely due to higher fulfillment costs and promotional activity.
The steady erosion in gross margin, from 75.7% in 2024Q2 to 72.0% in 2026Q2, suggests that the revenue mix is shifting toward lower-margin transaction revenue or that competitive pressures are forcing higher incentives. While the 73.7% gross margin in 2025Q3 was a peak, the recent decline may indicate that the advertising segment's contribution is not growing fast enough to offset logistics costs. Investors should monitor whether this trend stabilizes or if it signals a structural shift in the business model.
Operating Leverage Volatile Amid R&D Investment
Operating margin swung from 6.3% in 2024Q2 to 18.1% in 2026Q1, but dropped to 13.7% in 2026Q2, reflecting uneven R&D and SG&A spending.
The operating margin has been highly volatile, ranging from 6.3% to 18.1% over the past ten quarters, indicating that the company has not yet achieved consistent operating leverage. The 2026Q2 decline to 13.7% from 18.1% in Q1 was driven by a significant increase in R&D spending, which jumped from $164M to $202M sequentially. This suggests that management is investing heavily in product development, possibly for the enterprise platform, which could pay off in the long term but currently pressures profitability.
SBC Distorts Reported Earnings
Stock-based compensation averaged $87M per quarter over the last year, exceeding net income in some quarters, suggesting reported EPS overstates cash profitability.
SBC has been a significant non-cash expense, ranging from $9M in 2024Q1 to $142M in 2026Q2, and often exceeding net income. For example, in 2026Q2, SBC of $142M was higher than net income of $111M, implying that GAAP earnings are not fully backed by cash generation. This suggests that the quality of reported earnings is lower than it appears, and investors should focus on cash-based metrics to assess the company's true profitability.
R&D and SG&A Spending Pressures
R&D and SG&A combined grew from $386M in 2024Q1 to $533M in 2026Q2, a 38% increase, outpacing revenue growth of 27% over the same period.
The combined R&D and SG&A expenses have grown faster than revenue, indicating that the company is investing heavily in growth initiatives. R&D spending increased by 75% from 2024Q1 to 2026Q2, while SG&A grew by 22%, suggesting a strategic focus on product innovation. However, this cost growth has compressed operating margins, and investors should monitor whether these investments translate into higher revenue growth or if they represent inefficiencies.
Margin Compression and Competitive Threats
Despite revenue growth, gross margin has declined 370 bps over two years, and competition from Amazon and Walmart could force higher incentives, pressuring profitability.
The bear case for CART centers on the persistent decline in gross margin, which has fallen from 75.7% in 2024Q2 to 72.0% in 2026Q2, suggesting that the company is sacrificing profitability to maintain growth. Additionally, the increasing competition from Amazon and Walmart's proprietary delivery memberships could lead to higher customer acquisition costs and further margin erosion. If the advertising segment fails to offset these pressures, operating margins could remain volatile, and the stock's premium valuation may be unjustified.