CART

MKT CAP:$10B

Instacart (Maplebear Inc.)

Market Cap

$10B

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$42.67-$1.24 (-2.82%)

Apr 23, 2026

Company Details

Maplebear Inc., doing business as Instacart, provides online grocery shopping services to households in North America. The company connects the consumer with a personal shopper to shop and deliver a range of products, such as food, alcohol,...

CEO

Chris Rogers

IPO Date

Sep 19, 2023

Website

www.instacart.com

Key Metrics TTM

Revenue

$3.7B

+10.8% YoY

Net Income

$447M

EPS (Diluted)

$1.60

Free Cash Flow

$911M

Revenue / Share

$14.11

Gross Margin

73.6%

Operating Margin

14.4%

Net Margin

11.9%

FCF Margin

24.3%

P/S

2.7x

P/E

22.7x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$3.7B+10.8%EPS $1.60

Q4 2025

Feb 26, 2026

$992M+12.3%EPS $0.30

Q3 2025

Nov 10, 2025

$939M+10.2%EPS $0.51

Q2 2025

Aug 8, 2025

$914M+11.1%EPS $0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$505M	$329M	-$81M
Q2 22	$621M	$440M	$8M
Q3 22	$668M	$485M	$33M
Q4 22	$757M	$577M	$102M
Q1 23	$759M	$582M	$150M
Q2 23	$716M	$527M	$119M
Q3 23	$764M	$561M	-$2.5B
Q4 23	$803M	$608M	$46M
Q1 24	$820M	$614M	$144M
Q2 24	$823M	$623M	$52M
Q3 24	$852M	$641M	$138M
Q4 24	$883M	$664M	$155M
Q1 25	$897M	$671M	$110M
Q2 25	$914M	$678M	$124M
Q3 25	$939M	$692M	$166M
Q4 25	$992M	$713M	$139M

Valuation

Quarter	P/S	P/E
Q1 22	5.3x	—
Q2 22	4.9x	—
Q3 22	4.5x	—
Q4 22	4.0x	23.7x
Q1 23	3.6x	15.9x
Q2 23	3.5x	13.6x
Q3 23	3.4x	—
Q4 23	3.3x	—
Q1 24	3.3x	—
Q2 24	3.2x	—
Q3 24	3.1x	22.9x
Q4 24	3.0x	22.2x
Q1 25	2.9x	23.4x
Q2 25	2.9x	20.8x
Q3 25	2.8x	19.8x
Q4 25	2.7x	22.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$30M	$24M
Q2 22	$69M	$60M
Q3 22	$129M	$121M
Q4 22	$49M	$46M
Q1 23	$70M	$61M
Q2 23	$172M	$159M
Q3 23	$111M	$95M
Q4 23	$233M	$215M
Q1 24	$105M	$90M
Q2 24	$244M	$221M
Q3 24	$185M	$171M
Q4 24	$153M	$141M
Q1 25	$298M	$280M
Q2 25	$203M	$187M
Q3 25	$287M	$272M
Q4 25	$184M	$172M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$9M
Q3 22	$8M
Q4 22	$3M
Q1 23	$9M
Q2 23	$13M
Q3 23	$16M
Q4 23	$18M
Q1 24	$15M
Q2 24	$23M
Q3 24	$14M
Q4 24	$12M
Q1 25	$18M
Q2 25	$16M
Q3 25	$15M
Q4 25	$12M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+14.3%	+34.1%
Q2 22	+39.9%	+47.7%
Q3 22	+40.6%	+21.4%
Q4 22	+59.4%	+25.2%
Q1 23	+50.3%	+3.9%
Q2 23	+15.3%	-2.6%
Q3 23	+14.4%	+407.2%
Q4 23	+6.1%	+15.6%
Q1 24	+8.0%	+11.0%
Q2 24	+14.9%	+29.1%
Q3 24	+11.5%	-77.8%
Q4 24	+10.0%	-3.8%
Q1 25	+9.4%	+16.4%
Q2 25	+11.1%	+2.5%
Q3 25	+10.2%	+8.3%
Q4 25	+12.3%	+17.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	1.4%
Q2 22	$6M	1.0%
Q3 22	$10M	1.5%
Q4 22	$10M	1.3%
Q1 23	$5M	0.7%
Q2 23	$4M	0.6%
Q3 23	$2.6B	341.0%
Q4 23	$142M	17.7%
Q1 24	$9M	1.1%
Q2 24	$136M	16.5%
Q3 24	$69M	8.1%
Q4 24	$86M	9.7%
Q1 25	$66M	7.4%
Q2 25	$106M	11.6%
Q3 25	$81M	8.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$114M	$76M	$149M	—
Q2 22	$129M	$76M	$167M	—
Q3 22	$127M	$96M	$172M	—
Q4 22	$148M	$90M	$172M	—
Q1 23	$127M	$77M	$161M	—
Q2 23	$130M	$51M	$166M	—
Q3 23	$1.9B	$568M	$455M	—
Q4 23	$205M	$107M	$179M	—
Q1 24	$115M	$92M	$179M	—
Q2 24	$185M	$114M	$203M	—
Q3 24	$149M	$77M	$213M	—
Q4 24	$155M	$74M	$208M	—
Q1 25	$144M	$126M	$216M	—
Q2 25	$166M	$106M	$217M	—
Q3 25	$169M	$87M	$206M	—
Q4 25	$168M	—	—	$406M

Revenue Segments

Quarter	Advertising And Other	Transaction
Q3 23	$222M	$542M
Q1 24	$217M	$603M
Q2 24	$228M	$595M
Q3 24	$246M	$606M
Q4 24	$267M	$616M
Q1 25	$247M	$650M
Q2 25	$255M	$659M
Q3 25	$269M	$670M
Q4 25	$294M	$698M

Revenue by Geography

Quarter	Non-US	United States
Q3 23	$27M	$737M
Q1 24	$33M	$787M
Q2 24	$32M	$791M
Q3 24	$31M	$821M
Q4 24	$35M	$848M
Q1 25	$35M	$862M
Q2 25	$36M	$878M
Q3 25	$33M	$906M
Q4 25	$38M	$954M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.4B	$348M	$1.8B
Q3 22	$1.5B	$209M	$1.7B
Q4 22	$1.6B	$209M	$1.8B
Q1 23	$1.7B	$168M	$1.9B
Q2 23	$1.9B	$125M	$2.0B
Q3 23	$2.1B	$56M	$2.1B
Q4 23	$2.1B	$49M	$2.2B
Q1 24	$1.5B	$20M	$1.5B
Q2 24	$1.4B	$9M	$1.4B
Q3 24	$1.3B	$20M	$1.3B
Q4 24	$1.4B	$91M	$1.5B
Q1 25	$1.6B	$72M	$1.6B
Q2 25	$1.5B	$109M	$1.6B
Q3 25	$1.7B	$39M	$1.7B
Q4 25	$637M	$50M	$687M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	71M	+5.2%	+11.7%
Q2 22	277M	+287.6%	+332.9%
Q3 22	276M	-0.1%	+307.5%
Q4 22	277M	+0.1%	+307.8%
Q1 23	276M	-0.1%	+287.3%
Q2 23	277M	+0.1%	0.0%
Q3 23	280M	+1.2%	+1.3%
Q4 23	279M	-0.4%	+0.9%
Q1 24	266M	-4.8%	-3.9%
Q2 24	286M	+7.7%	+3.5%
Q3 24	281M	-1.8%	+0.3%
Q4 24	282M	+0.4%	+1.1%
Q1 25	277M	-1.7%	+4.3%
Q2 25	281M	+1.5%	-1.7%
Q3 25	283M	+0.7%	+0.8%
Q4 25	265M	-6.3%	-5.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$237.6K	3K
Q1 24	$242.6K	3K
Q2 24	$243.5K	3K
Q3 24	$252.1K	3K
Q4 24	$270.4K	3K
Q1 25	$274.7K	3K
Q2 25	$279.9K	3K
Q3 25	$287.6K	3K
Q4 25	$275.6K	4K

Revenue / Employee