Maplebear
CART Nasdaq Food Retail Financials FY2021–FY2025
Maplebear's revenue rose 10.8% to $3.7 billion in fiscal 2025. Its operating margin was 13.3%, down from 14.5% a year earlier. Free cash flow was $910 million, up 46.1%. It paid out $1.4 billion in dividends and buybacks, 152% of free cash flow. The diluted share count fell 3.3%.
About these figures. Instacart reports no borrowings, so debt is counted as zero. Instacart's balance sheet shows redeemable convertible preferred stock between liabilities and equity (US$196 million at the end of 2025), which the SEC's structured data doesn't tag, so its assets exceed liabilities plus equity in the data by about that amount. In fiscal 2025 the SEC's structured data shows assets that differ from liabilities plus equity by more than 3%, so total liabilities may be incomplete.
What Maplebear does
No business description yet.
- Legal name
- MAPLEBEAR INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001579091-26-000018
0001579091
Revenue and margins
Maplebear had $3.7B of revenue in fiscal 2025, up 10.8% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $910M in fiscal 2025, 24.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Maplebear returned $1.4B to shareholders in fiscal 2025, 152% of free cash flow. The diluted share count fell 3.3%.
Value Maplebear yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $687M and divides by 279.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 30.8x · peers 33.7x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Maplebear can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $1.7B | $2.2B | $1.4B | $687M |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net debt / EBITDA | — | −17.9x | — | −2.5x | −1.2x |
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x |
| Current ratio | — | 3.5x | 4.5x | 3.4x | 2.4x |
| Quick ratio | — | 3.5x | 4.5x | 3.4x | 2.4x |
| Total assets | — | $3.7B | $4.7B | $4.1B | $3.7B |
| Total liabilities | — | $911M | $800M | $836M | $974M |
| Shareholders' equity | −$573M | −$64.0M | $3.8B | $3.1B | $2.5B |
| Net debt (− = net cash) | −$1.1B | −$1.7B | −$2.2B | −$1.4B | −$687M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$13.1M
6 insiders
Of sales under plans
38%
$5.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Lisa Blackwood-KapralChief Accounting Officer | Sold plan | 3,016 | $49.58 | $0.1M | Form 4 |
| Sep 22, 2026 | Morgan FongChief Legal Officer | Sold plan | 18,390 | $44.98 | $0.8M | Form 4 |
| Sep 15, 2026 | Lisa Blackwood-KapralChief Accounting Officer | Sold plan | 3,017 | $47.08 | $0.1M | Form 4 |
| Aug 27, 2026 | Mary Beth LaughtonDirector | Sold | 10,236 | $50.33 | $0.5M | Form 4 |
| Aug 24, 2026 | Morgan FongChief Legal Officer | Sold plan | 18,390 | $49.96 | $0.9M | Form 4 |
| Aug 19, 2026 | Chris RogersPresident and CEO, Director | Sold plan | 7,606 | $48.95 | $0.4M | Form 4 |
| Aug 19, 2026 | Ravi GuptaDirector | Sold | 150,000 | $50.61 | $7.6M | Form 4 |
| Aug 13, 2026 | Emily ReuterChief Financial Officer | Sold plan | 25,000 | $50.01 | $1.3M | Form 4 |
| Aug 7, 2026 | Chris RogersPresident and CEO, Director | Sold plan | 4,933 | $50.00 | $0.2M | Form 4 |
| Jul 22, 2026 | Morgan FongChief Legal Officer | Sold plan | 18,390 | $44.34 | $0.8M | Form 4 |
| Jul 15, 2026 | Lisa Blackwood-KapralChief Accounting Officer | Sold plan | 3,016 | $47.64 | $0.1M | Form 4 |
| Jun 15, 2026 | Lisa Blackwood-KapralChief Accounting Officer | Sold plan | 3,017 | $41.24 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ |
| F-score | — / 9 | 5 / 9 | 6 / 9 |
| Accruals ratio | −52.6% | −5.2% | −13.4% |
| Altman Z'' | 3.63 | 4.87 | 1.94 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Maplebear CART | $14.0B | 10.8% | 13.3% | 24.3% | 22.5% | 30.8x | 6 | |
| Grocery Outlet GO | $1.3B | 7.3% | −4.7% | 0.5% | −11.6% | — | 5 | Compare → |
| Sprouts Farmers Market SFM | $6.3B | 14.1% | 7.8% | 5.3% | 46.9% | 12.7x | 7 | Compare → |
| Casey's CASY | $25.9B | 10.2% | — | 4.1% | 13.6% | 33.7x | 7 | Compare → |
| United Natural Foods UNFI | $2.9B | −2.0% | 0.7% | 1.0% | 5.3% | 35.0x | 6 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $1.8B | $2.6B | $3.0B | $3.4B | $3.7B |
| Gross profit | $1.2B | $1.8B | $2.3B | $2.5B | $2.8B |
| Research and development | $368M | $518M | $2.3B | $604M | $650M |
| Operating income | −$86.0M | $62.0M | −$2.1B | $489M | $498M |
| Pretax income | −$72.0M | $71.0M | −$2.1B | $552M | $556M |
| Income tax | $1.0M | −$357M | −$439M | $95.0M | $109M |
| Net income | −$73.0M | $428M | −$1.6B | $457M | $447M |
| Diluted EPS | −$1.12 | $0.96 | −$12.43 | $1.58 | $1.60 |
| Diluted shares | 0.07B | 0.10B | 0.13B | 0.29B | 0.28B |
| Cash flow | |||||
| Cash from operations | −$204M | $277M | $586M | $687M | $971M |
| Capital expenditure | $13.0M | $24.0M | $54.0M | $64.0M | $61.0M |
| Free cash flow | −$217M | $253M | $532M | $623M | $910M |
| Depreciation and amortization | $16.0M | $34.0M | $43.0M | $56.0M | $91.0M |
| Stock-based compensation | $22.0M | $33.0M | $2.8B | $300M | $352M |
| Acquisitions | $54.0M | $93.0M | $0.0M | $0.0M | $106M |
| Share buybacks | $0.0M | $0.0M | $36.0M | $1.4B | $1.4B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $36.0M | $1.4B | $1.4B |
| Balance sheet | |||||
| Cash and short-term investments | $1.1B | $1.7B | $2.2B | $1.4B | $687M |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $2.7B | $3.3B | $2.7B | $2.2B |
| Current liabilities | — | $795M | $733M | $798M | $917M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $38.0M | $135M | $200M | $218M |
| Total assets | — | $3.7B | $4.7B | $4.1B | $3.7B |
| Total liabilities | — | $911M | $800M | $836M | $974M |
| Shareholders' equity | −$573M | −$64.0M | $3.8B | $3.1B | $2.5B |
| Margins | |||||
| Gross margin | 66.9% | 71.8% | 74.9% | 75.3% | 73.7% |
| Operating margin | −4.7% | 2.4% | −70.4% | 14.5% | 13.3% |
| EBITDA margin | −3.8% | 3.8% | −69.0% | 16.1% | 15.7% |
| Net margin | −4.0% | 16.8% | −53.3% | 13.5% | 12.0% |
| FCF margin | −11.8% | 9.9% | 17.5% | 18.4% | 24.3% |
| Returns | |||||
| Return on capital | — | — | — | 24.6% | 22.5% |
| Return on capital employed | — | — | −62.4% | 13.4% | 16.4% |
| Return on equity | — | — | −88.0% | 13.4% | 15.9% |
| Return on assets | — | — | −38.6% | 10.3% | 11.5% |
| Growth | |||||
| Revenue growth | — | 39.1% | 19.3% | 11.1% | 10.8% |
| Net income growth | — | — | −479.0% | — | −2.2% |
| EPS growth | — | — | −1,394.8% | — | 1.3% |
| FCF growth | — | — | 110.3% | 17.1% | 46.1% |
| Share count change | — | 54.1% | 28.7% | 121.4% | −3.3% |
| Financial health | |||||
| Net debt / EBITDA | — | −17.9x | — | −2.5x | −1.2x |
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x |
| Current ratio | — | 3.5x | 4.5x | 3.4x | 2.4x |
| Quick ratio | — | 3.5x | 4.5x | 3.4x | 2.4x |
| Capital allocation | |||||
| Capex / revenue | 0.7% | 0.9% | 1.8% | 1.9% | 1.6% |
| Stock comp / revenue | 1.2% | 1.3% | 90.6% | 8.9% | 9.4% |
| Payouts / FCF | — | 0.0% | 6.8% | 225.0% | 152.3% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 5.0 | 6.0 |
| Altman Z'' | — | 2.7 | 3.6 | 4.9 | 1.9 |
| Accruals ratio | — | — | −52.6% | −5.2% | −13.4% |
Source: SEC EDGAR XBRL filings (CIK 0001579091). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.