Maplebear Inc. (CART)

Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally. The company offers Instacart Marketplace which helps retailers serve customers' needs by supporting fulfillment options, shopping occasions, and categories; Instacart Enterprise platform, an end-to-end technology solution for retailers across all aspects of business; and Instacart Ads, enables brands to learn more about general consumer behavior from discovery to purchase, offering insights about how to optimize advertising spend. It also provides advertising solutions, including sponsored product ads, display ads, coupons, and brand pages; and software-as-a-service. The company's services can be provided through company's mobile application or website. Maplebear Inc., was incorporated in 2012 and is headquartered in San Francisco, California.

Ticker: CART
Exchange: Nasdaq
Sector: Consumer Cyclical
Industry: Internet Retail
Market cap: $13.78B
52-week range: $32.73 - $62.00

Valuation

Share price: $58.12 (close of Nov 6, 2026)
P/E (TTM): 29.35x
Price to book: 5.37x
Price to free cash flow: 11.39x
Enterprise value: $12.99B
Book value per share: $10.83

Price performance

Period	Change
1 day	+0.57%
5 days	+2.96%
1 month	+27.82%
3 months	+29.07%
6 months	+44.72%
Year to date	+29.21%
1 year	+66.15%
3 years	+112.82%
All time	+72.46%

Short interest

As of: Oct 15, 2026
Short % of float: 15.17%
Shares short: 23.09M
Days to cover: 7.29
Change since prior report: +5.11%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: 17.75%
Return on invested capital: 15.23%
Return on assets: 12.12%
Return on capital employed: 17.98%
Gross margin: 73.70%
Net margin: 11.95%
EBITDA margin: 15.74%
Revenue growth: 10.78%
Net income growth: -2.19%
Free cash flow growth: 46.07%

Cash flow and balance sheet

Free cash flow yield (TTM): 8.78%
Current ratio: 2.34x
Net debt to EBITDA: -1.10x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $3.74B
Cost of revenue: $984.00M
Gross profit: $2.76B
EBITDA: $589.00M
Net income: $447.00M
Earnings per share: $1.68
Research and development: $650.00M
Shares outstanding: 261.35M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$3.74B	$2.76B	$447.00M	$1.68
2024-12-31	$3.38B	$2.54B	$457.00M	$1.69
2023-12-31	$3.04B	$2.28B	-$1.62B	-$12.43
2022-12-31	$2.55B	$1.83B	$428.00M	$1.08
2021-12-31	$1.83B	$1.23B	-$73.00M	-$1.12
2020-12-31	$1.48B	$879.00M	-$70.00M	-
2019-12-31	$214.00M	-$18.00M	-$531.00M	-

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	73.70%	11.95%	17.75%	15.23%
2024-12-31	75.25%	13.53%	14.78%	12.63%
2023-12-31	74.88%	-53.32%	-43.25%	-44.93%
2022-12-31	71.78%	16.78%	-	-
2021-12-31	66.85%	-3.98%	-	-
2020-12-31	59.51%	-4.74%	-	-
2019-12-31	-8.41%	-248.13%	-	-

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$637.00M	-
2024-12-31	$1.28B	-
2023-12-31	$2.14B	-
2022-12-31	$1.50B	-
2020-12-31	-	$51.00M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$910.00M	$352.00M
2024-12-31	$623.00M	$300.00M
2023-12-31	$532.00M	$2.76B
2022-12-31	$253.00M	$33.00M
2021-12-31	-$217.00M	$22.00M
2020-12-31	-$98.00M	$64.00M
2019-12-31	-$507.00M	$43.00M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-29	Sep 2026	$0.64
2026-08-06	Jun 2026	$0.55
2026-05-06	Mar 2026	$0.58
2026-02-12	Dec 2025	$0.52
2025-11-10	Sep 2025	$0.50
2025-08-07	Jun 2025	$0.39
2025-05-01	Mar 2025	$0.38
2025-02-25	Dec 2024	$0.37

Filings and sources

Company website: instacart.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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