CART Nasdaq Food Retail Financials FY2021βFY2025
Maplebear had $3.7B of revenue in fiscal 2025, up 10.8% on the year before.
Hi! I read Maplebearβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+10.8%
Yes. Sales grew 10.8% last year.
Does it make a profit?
12.0%
Yes. It keeps 12.0% of every sale as profit.
Does profit turn into cash?
24.3%
Yes. 24.3% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
33.3x
One share costs 33.3 times its yearly profit per share. Typical for its sector: 24.2x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA Β· Maplebear had $3.7B of revenue in fiscal 2025, up 10.8% on the year before. Its operating margin was 13.3%, down 1.2Β pts: of every 100 in sales, about 13 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Maplebear made $447M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $910M in fiscal 2025, 24.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Maplebear returned $1.4B to shareholders in fiscal 2025, 152% of free cash flow. The diluted share count fell 3.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $27.8M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$27.8M
8 insiders
Of sales under plans
43%
$11.9M
| 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 | Ravi GuptaDirector | Sold | 150,000 | $50.61 | $7.6M | Form 4 |
| Aug 19, 2026 | Chris RogersPresident and CEO, Director | Sold plan | 7,606 | $48.95 | $0.4M | 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 |
| Jun 2, 2026 | Ravi GuptaDirector, 10% owner | Sold | 181,000 | $41.51 | $7.5M | Form 4 |
| Jun 1, 2026 | Chris RogersPresident and CEO, Director | Sold plan | 7,893 | $40.66 | $0.3M | Form 4 |
| May 18, 2026 | Morgan FongChief Legal Officer | Sold plan | 14,033 | $39.93 | $0.6M | Form 4 |
| Apr 15, 2026 | Lisa Blackwood-KapralChief Accounting Officer | Sold plan | 9,390 | $40.25 | $0.4M | Form 4 |
| Mar 16, 2026 | Lisa Blackwood-KapralChief Accounting Officer | Sold plan | 9,390 | $38.74 | $0.4M | Form 4 |
| Mar 11, 2026 | Morgan FongGeneral Counsel & Secretary | Sold plan | 126,083 | $37.09 | $4.7M | Form 4 |
| Feb 25, 2026 | Lily SarafanDirector | Sold | 3,500 | $36.53 | $0.1M | Form 4 |
| Dec 22, 2025 | Morgan FongGeneral Counsel & Secretary | Sold plan | 4,914 | $45.21 | $0.2M | Form 4 |
| Nov 21, 2025 | Mary Beth LaughtonDirector | Sold | 4,056 | $40.72 | $0.2M | Form 4 |
| Nov 19, 2025 | Morgan FongGeneral Counsel & Secretary | Sold plan | 4,914 | $41.25 | $0.2M | Form 4 |
| Nov 12, 2025 | Fidji SimoDirector | Sold plan | 4,065 | $39.91 | $0.2M | Form 4 |
| Oct 20, 2025 | Morgan FongGeneral Counsel & Secretary | Sold plan | 3,546 | $38.85 | $0.1M | Form 4 |
| Oct 16, 2025 | Fidji SimoDirector | Sold plan | 1,014 | $40.00 | $0.0M | Form 4 |
| Oct 15, 2025 | Fidji SimoDirector | Sold plan | 3,051 | $39.60 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Maplebear has $687M more cash than debt.
Cash, debt and the ratios that show how comfortably Maplebear can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β | β17.9x | β | β2.5x | β1.2x |
| Debt / equity | β | β | 0.0x | 0.0x | 0.0x |
| Current ratio | β | 3.5x | 4.5x | 3.4x | 2.4x |
| Quick ratio | β | 3.5x | 4.5x | 3.4x | 2.4x |
| Total assets | β | $3.7B | $4.7B | $4.1B | $3.7B |
| Total liabilities | β | $911M | $800M | $836M | $974M |
| Shareholders' equity | β$573M | β$64.0M | $3.8B | $3.1B | $2.5B |
| Net debt (β = net cash) | β$1.1B | β$1.7B | β$2.2B | β$1.4B | β$687M |
KIRA Β· Its return on capital was 22.5%: every 100 invested in the business earned about 23 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Maplebear passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | 5 / 9 | 6 / 9 |
| Accruals ratio | β52.6% | β5.2% | β13.4% |
| Altman Z'' | 3.63 | 4.87 | 1.94 |
What does the share cost, and how does it compare?
KIRA Β· At $60.88 a share, the company is worth $15.2B: 33.3 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $687M and divides by 279.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 30.8x Β· peers 33.7x Β· sector 24.2x.
KIRA Β· Maplebear grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 1 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Maplebear CART | $15.2B | 10.8% | 13.3% | 24.3% | 22.5% | 33.3x | 6 | |
| Grocery Outlet GO | $1.3B | 7.3% | β4.7% | 0.5% | β11.6% | β | 5 | Compare β |
| Sprouts Farmers Market SFM | $6.2B | 14.1% | 7.8% | 5.3% | 46.9% | 12.6x | 7 | Compare β |
| Casey's CASY | $26.1B | 10.2% | β | 4.1% | 13.6% | 33.9x | 7 | Compare β |
| United Natural Foods UNFI | $3.0B | β2.0% | 0.7% | 1.0% | 5.3% | β | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$86.0M | $62.0M | β$2.1B | $489M | $498M |
| Pretax income | β$72.0M | $71.0M | β$2.1B | $552M | $556M |
| Income tax | $1.0M | β$357M | β$439M | $95.0M | $109M |
| Net income | β$73.0M | $428M | β$1.6B | $457M | $447M |
| Diluted EPS | β$1.12 | $0.96 | β$12.43 | $1.58 | $1.60 |
| Diluted shares | 0.07B | 0.10B | 0.13B | 0.29B | 0.28B |
| Cash flow | |||||
| Cash from operations | β$204M | $277M | $586M | $687M | $971M |
| Capital expenditure | $13.0M | $24.0M | $54.0M | $64.0M | $61.0M |
| Free cash flow | β$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 | β | $2.7B | $3.3B | $2.7B | $2.2B |
| Current liabilities | β | $795M | $733M | $798M | $917M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | β | $38.0M | $135M | $200M | $218M |
| Total assets | β | $3.7B | $4.7B | $4.1B | $3.7B |
| Total liabilities | β | $911M | $800M | $836M | $974M |
| Shareholders' equity | β$573M | β$64.0M | $3.8B | $3.1B | $2.5B |
| Margins | |||||
| Gross margin | 66.9% | 71.8% | 74.9% | 75.3% | 73.7% |
| Operating margin | β4.7% | 2.4% | β70.4% | 14.5% | 13.3% |
| EBITDA margin | β3.8% | 3.8% | β69.0% | 16.1% | 15.7% |
| Net margin | β4.0% | 16.8% | β53.3% | 13.5% | 12.0% |
| FCF margin | β11.8% | 9.9% | 17.5% | 18.4% | 24.3% |
| Returns | |||||
| Return on capital | β | β | β | 24.6% | 22.5% |
| Return on capital employed | β | β | β62.4% | 13.4% | 16.4% |
| Return on equity | β | β | β88.0% | 13.4% | 15.9% |
| Return on assets | β | β | β38.6% | 10.3% | 11.5% |
| Growth | |||||
| Revenue growth | β | 39.1% | 19.3% | 11.1% | 10.8% |
| Net income growth | β | β | β479.0% | β | β2.2% |
| EPS growth | β | β | β1,394.8% | β | 1.3% |
| FCF growth | β | β | 110.3% | 17.1% | 46.1% |
| Share count change | β | 54.1% | 28.7% | 121.4% | β3.3% |
| Financial health | |||||
| Net debt / EBITDA | β | β17.9x | β | β2.5x | β1.2x |
| Debt / equity | β | β | 0.0x | 0.0x | 0.0x |
| Current ratio | β | 3.5x | 4.5x | 3.4x | 2.4x |
| Quick ratio | β | 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 | β | 0.0% | 6.8% | 225.0% | 152.3% |
| Quality scores | |||||
| Piotroski F-score | β | β | β | 5.0 | 6.0 |
| Altman Z'' | β | 2.7 | 3.6 | 4.9 | 1.9 |
| Accruals ratio | β | β | β52.6% | β5.2% | β13.4% |
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 β not investment advice. Check the original filings before relying on any figure.
