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Wednesday 4 November 2026
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Maplebear Inc.
CART Consumer Cyclical Internet Retail
Maplebear Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 10.8% from fiscal 2024.
- Revenue
- +14.1%
- EPS
- +6.98%
- Free cash flow
- +157.2%
Quarter to June 2026, against a year earlier
59.14
0.83
+1.42%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 1,477 | 1,834 | 2,551 | 3,042 | 3,378 | 3,742 | 3,993 | +20.4% | 4,288 | 4,734 | 5,214 | +11.7% | |
| Gross margin, % | — | — | — | — | 59.51 | 66.85 | 71.78 | 74.88 | 75.25 | 73.70 | 72.58 | +14.2 pt | ||||||
| EBT | — | — | — | — | (70) | (72) | 71 | (2,061) | 552 | 556 | 625 | n/m | ||||||
| EBT margin, % | — | — | — | — | (4.74) | (3.93) | 2.78 | (67.75) | 16.34 | 14.86 | 15.65 | +19.6 pt | ||||||
| Net income | — | — | — | — | (70) | (73) | 428 | (1,622) | 457 | 447 | 481 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 25.50 | 27.84 | 35.50 | 23.29 | 12.76 | 14.32 | 17.00 | (10.9%) | |||||
| Earnings | — | — | — | — | (1.21) | (1.11) | 1.08 | (12.43) | 1.69 | 1.68 | 1.90 | n/m | ||||||
| Cash flow | — | — | — | — | (1.57) | (3.10) | 3.86 | 4.49 | 2.60 | 3.72 | 5.24 | n/m | ||||||
| Capex | — | — | — | — | (0.12) | (0.33) | (0.36) | (0.43) | (0.24) | (0.23) | (0.24) | +14.1% | ||||||
| Free cash flow | — | — | — | — | (1.69) | (3.43) | 3.49 | 4.06 | 2.35 | 3.48 | 5.01 | n/m | ||||||
| Book value | — | — | — | — | 0.00 | (8.70) | (0.89) | 28.71 | 11.69 | 9.63 | 9.88 | n/m | ||||||
| Shares, m | — | — | — | — | 58 | 66 | 72 | 131 | 265 | 261 | 250 | +35.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 7.89 | 7.89 | 7.89 | 0.00 | 24.36 | 26.77 | 30.63 | 12.5 | |||||
| P/S | — | — | — | — | 0.84 | 0.84 | 0.84 | 1.03 | 3.24 | 3.14 | 3.42 | 1.7 | ||||||
| P/B | — | — | — | — | 12.75 | 12.75 | 12.75 | 0.84 | 3.54 | 4.67 | 5.88 | 7.9 | ||||||
| EV/Sales | — | — | — | — | 0.14 | 0.14 | 0.14 | 0.27 | 2.79 | 2.91 | 3.18 | 1.1 | ||||||
| EV/FCF | — | — | — | — | 0.84 | 0.84 | 0.84 | 1.53 | 15.15 | 11.97 | 10.80 | 5.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | (91) | (204) | 277 | 586 | 687 | 971 | 1,232 | n/m | |||||
| Capex | — | — | — | — | (7) | (22) | (26) | (56) | (64) | (61) | (56) | +54.2% | ||||||
| Free cash flow | — | — | — | — | (98) | (226) | 251 | 530 | 623 | 910 | 1,176 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 1,803 | 1,945 | 2,572 | 1,899 | 1,282 | 1,188 | (8.2%) | |||||
| Net debt | — | — | — | — | — | (1,495) | (1,789) | (2,323) | (1,521) | (859) | (967) | (12.9%) | ||||||
| Shareholders’ equity | — | — | — | — | — | (573) | (64) | 3,750 | 3,093 | 2,518 | 2,322 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | (4.93) | 2.32 | (38.69) | 10.13 | 11.23 | 11.86 | +11.2 pt | |||||
| ROIC | — | — | — | — | 0.00 | 0.00 | 0.00 | (93.82) | 19.44 | 18.76 | 27.26 | +18.8 pt | ||||||
| ROE | — | — | — | — | 0.00 | 0.00 | (24.18) | (88.12) | 13.09 | 15.61 | 16.75 | +15.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | 3,486 | 3,380 | 3,265 | 3,600 | — | +1.1% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 0.73 | 0.90 | 1.03 | 1.04 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Transaction | 2,677 | 71.54% |
|---|---|---|
| Advertising and other | 1,065 | 28.46% |
| Gross margin | 73.70% | |
| Operating margin | 13.31% | |
| Pre-tax margin | 14.86% |
Maplebear Inc. vs peers in Internet Retail (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SE Sea Limited Sponsored ADR | $43.5B | 28.2× | 25.2× | +48.07% (above 0%: growing) | +5.88% (above 0%: growing) | −6.79% (below 0%: shrinking) | 45.58% | 8.35% | Compare |
| JD JD.com, Inc. | $32.4B | 16.6× | 9.8× | +2.54% (above 0%: growing) | +27.87% (above 0%: growing) | +64.77% (above 0%: growing) | 17.12% | 1.31% | Compare |
| CPNG Coupang, Inc. | $27.4B | — (loss-making) | — (loss-making) | +7.50% (above 0%: growing) | n/m | −116.29% (below 0%: shrinking) | 25.71% | (4.52%) | Compare |
| W Wayfair Inc. | $15.3B | — (loss-making) | — (loss-making) | +7.52% (above 0%: growing) | n/m | +28.46% (above 0%: growing) | 29.95% | 2.96% | Compare |
| CART Maplebear Inc. | $13.5B | 30.6× | 24.6× | +14.11% (above 0%: growing) | +6.98% (above 0%: growing) | +157.22% (above 0%: growing) | 72.00% | 13.81% | |
| CHWY Chewy | $8.9B | 33.5× | 27.7× | +7.28% (above 0%: growing) | +33.33% (above 0%: growing) | −15.49% (below 0%: shrinking) | 30.36% | 2.76% | Compare |
| ETSY Etsy, Inc. | $7.8B | 8.4× | 21.8× | +10.95% (above 0%: growing) | +1,132.78% (above 0%: growing) | −26.05% (below 0%: shrinking) | 72.66% | 16.09% | Compare |
| GLBE Global-e Online Ltd. | $7.0B | 45.7× | 34.5× | +39.15% (above 0%: growing) | +366.67% (above 0%: growing) | +15.22% (above 0%: growing) | 44.10% | 14.94% | Compare |
| VIPS Vipshop Holdings Limited | $5.2B | 4.2× | 4.3× | +1.08% (above 0%: growing) | +221.95% (above 0%: growing) | +38.25% (above 0%: growing) | 23.29% | 6.15% | Compare |
| Median of peers | $12.1B | 22.4× | 23.5× | +7.51% | +127.64% | +4.22% | 30.16% | 4.56% |
From the latest earnings call
- CEO Chris Rogers said Instacart is using customer and inventory data to improve order accuracy and personalize shopping, and plans to launch its AI assistant across North America.
- CFO Emily Reuter said Instacart widened its GTV and adjusted EBITDA guidance ranges to reflect its operating scale, with the midpoint now its best estimate.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
82.62%
Held by the ten largest
47.41%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| SC US (TTGP), LTD. | 27.93m | 11.98% | 0.00 |
| D1 Capital Partners L.P. | 22.56m | 9.68% | +6.18k |
| Vanguard | 17.35m | 7.45% | −99.99k |
| BlackRock | 15.85m | 6.80% | −1.04m |
| State Street | 5.21m | 2.24% | −299.51k |
| Dimensional Fund Advisors | 4.81m | 2.07% | −167.41k |
| LSV ASSET MANAGEMENT | 4.53m | 1.95% | +3.79m |
| Morgan Stanley | 4.22m | 1.81% | +2.37m |
| GCM Grosvenor Holdings, LLC | 4.14m | 1.78% | 0.00 |
| Fidelity (FMR) | 3.86m | 1.66% | −2.16m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Maplebear Inc. (CART) Latest News
3 Nov
2 Nov
1 Nov
30 Oct
29 Oct
CART metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Maplebear Inc. does business as Instacart. Founded in 2012 and headquartered in San Francisco, it is led by Chief Executive Officer Chris Rogers. Instacart provides technology and services for grocery retailers, customers, brands and the shoppers who pick and deliver orders.
Customers can shop through the Instacart app or website for delivery or pickup. They can order from retailers and restaurants for occasions ranging from a weekly grocery shop to a convenience order. Instacart+ is a membership program that offers benefits including unlimited $0 delivery fees on orders over a certain size.