Instacart, Inc.(Maplebear Inc.) Financials

CART

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 81/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Instacart, Inc.(Maplebear Inc.) has an operating margin of 14.5%, meaning the company retains $14 of operating profit per $100 of revenue. This strong profitability earns a score of 72/100, reflecting efficient cost management and pricing power. This is up from -70.4% the prior year.

Growth

Instacart, Inc.(Maplebear Inc.)'s revenue grew 11.0% year-over-year to $3.4B, a solid pace of expansion. This earns a growth score of 60/100.

Leverage

100

Instacart, Inc.(Maplebear Inc.) carries a low D/E ratio of 0.27, meaning only $0.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 3.38, Instacart, Inc.(Maplebear Inc.) holds $3.38 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

Instacart, Inc.(Maplebear Inc.) converts 18.4% of revenue into free cash flow ($623.0M). This strong cash generation earns a score of 92/100.

Returns

Instacart, Inc.(Maplebear Inc.)'s ROE of 14.8% shows moderate profitability relative to equity, earning a score of 59/100.

Altman Z-Score Safe

7.39

Instacart, Inc.(Maplebear Inc.) scores 7.39, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.5B) relative to total liabilities ($836.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

Instacart, Inc.(Maplebear Inc.) passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.50x

For every $1 of reported earnings, Instacart, Inc.(Maplebear Inc.) generates $1.50 in operating cash flow ($687.0M OCF vs $457.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows Instacart, Inc.(Maplebear Inc.) (CART) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$3.4B

YoY+11.0%

Instacart, Inc.(Maplebear Inc.) generated $3.4B in revenue in fiscal year 2024. This represents an increase of 11.0% from the prior year.

EBITDA

$545.0M

YoY+126.0%

Instacart, Inc.(Maplebear Inc.)'s EBITDA was $545.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 126.0% from the prior year.

Free Cash Flow

$623.0M

YoY+17.1%

Instacart, Inc.(Maplebear Inc.) generated $623.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 17.1% from the prior year.

Net Income

$457.0M

YoY+128.2%

Instacart, Inc.(Maplebear Inc.) reported $457.0M in net income in fiscal year 2024. This represents an increase of 128.2% from the prior year.

EPS (Diluted)

$1.58

YoY+112.7%

Instacart, Inc.(Maplebear Inc.) earned $1.58 per diluted share (EPS) in fiscal year 2024. This represents an increase of 112.7% from the prior year.

Cash & Debt

$1.3B

YoY-40.2%

Instacart, Inc.(Maplebear Inc.) held $1.3B in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

261M

YoY-6.5%

Instacart, Inc.(Maplebear Inc.) had 261M shares outstanding in fiscal year 2024. This represents a decrease of 6.5% from the prior year.

Gross Margin

75.3%

YoY+0.4pp

Instacart, Inc.(Maplebear Inc.)'s gross margin was 75.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.

Operating Margin

14.5%

YoY+84.9pp

Instacart, Inc.(Maplebear Inc.)'s operating margin was 14.5% in fiscal year 2024, reflecting core business profitability. This is up 84.9 percentage points from the prior year.

Net Margin

13.5%

YoY+66.8pp

Instacart, Inc.(Maplebear Inc.)'s net profit margin was 13.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 66.8 percentage points from the prior year.

Return on Equity

14.8%

Instacart, Inc.(Maplebear Inc.)'s ROE was 14.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

$604.0M

YoY-73.9%

Instacart, Inc.(Maplebear Inc.) invested $604.0M in research and development in fiscal year 2024. This represents a decrease of 73.9% from the prior year.

Share Buybacks

$1.4B

YoY+3794.4%

Instacart, Inc.(Maplebear Inc.) spent $1.4B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 3794.4% from the prior year.

Capital Expenditures

$64.0M

YoY+18.5%

Instacart, Inc.(Maplebear Inc.) invested $64.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 18.5% from the prior year.

CART Income Statement

Metric	FY24	FY23	FY22	FY21
Revenue	$3.4B+11.0%	$3.0B+19.2%	$2.6B+39.1%	$1.8B
Cost of Revenue	$836.0M+9.4%	$764.0M+6.1%	$720.0M+18.4%	$608.0M
Gross Profit	$2.5B+11.6%	$2.3B+24.4%	$1.8B+49.3%	$1.2B
R&D Expenses	$604.0M-73.9%	$2.3B+346.3%	$518.0M+40.8%	$368.0M
SG&A Expenses	$363.0M-54.8%	$803.0M+136.9%	$339.0M+17.7%	$288.0M
Operating Income	$489.0M+122.8%	-$2.1B-3554.8%	$62.0M+172.1%	-$86.0M
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	$95.0M+121.6%	-$439.0M-23.0%	-$357.0M-35800.0%	$1.0M
Net Income	$457.0M+128.2%	-$1.6B-479.0%	$428.0M+686.3%	-$73.0M
EPS (Diluted)	$1.58+112.7%	$-12.43	$0.96+185.7%	$-1.12

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$939.0M+2.7%	$914.0M+1.9%	$897.0M+1.6%	$883.0M+7.3%	$823.0M+0.4%	$820.0M+2.1%	$803.0M+5.1%	$764.0M
Cost of Revenue	$247.0M+4.7%	$236.0M+4.4%	$226.0M+3.2%	$219.0M+9.5%	$200.0M-2.9%	$206.0M+5.6%	$195.0M-3.9%	$203.0M
Gross Profit	$692.0M+2.1%	$678.0M+1.0%	$671.0M+1.1%	$664.0M+6.6%	$623.0M+1.5%	$614.0M+1.0%	$608.0M+8.4%	$561.0M
R&D Expenses	$169.0M+1.8%	$166.0M+15.3%	$144.0M-7.1%	$155.0M-16.2%	$185.0M+60.9%	$115.0M-43.9%	$205.0M-88.9%	$1.9B
SG&A Expenses	$87.0M-17.9%	$106.0M-15.9%	$126.0M+70.3%	$74.0M-35.1%	$114.0M+16.3%	$98.0M-8.4%	$107.0M-81.2%	$568.0M
Operating Income	$166.0M+33.9%	$124.0M+12.7%	$110.0M-29.0%	$155.0M+198.1%	$52.0M-63.9%	$144.0M+213.0%	$46.0M+101.9%	-$2.5B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$37.0M+42.3%	$26.0M+44.4%	$18.0M0.0%	$18.0M+157.1%	$7.0M-80.0%	$35.0M+155.6%	-$63.0M+85.7%	-$440.0M
Net Income	$144.0M+24.1%	$116.0M+9.4%	$106.0M-28.4%	$148.0M+142.6%	$61.0M-53.1%	$130.0M-3.7%	$135.0M+106.8%	-$2.0B
EPS (Diluted)	$0.51+24.4%	$0.41+10.8%	$0.37-30.2%	$0.53+165.0%	$0.20-53.5%	$0.43-94.9%	$8.43+140.4%	$-20.86

CART Balance Sheet

Metric	FY24	FY23	FY22	FY21
Total Assets	$4.1B-12.9%	$4.7B+28.8%	$3.7B	N/A
Current Assets	$2.7B-18.4%	$3.3B+20.6%	$2.7B	N/A
Cash & Equivalents	$1.3B-40.2%	$2.1B+42.0%	$1.5B+31.3%	$1.1B
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$1.0B+18.9%	$853.0M+1.3%	$842.0M	N/A
Goodwill	$317.0M-0.3%	$318.0M+0.3%	$317.0M+20.5%	$263.0M
Total Liabilities	$836.0M+4.5%	$800.0M-78.6%	$3.7B	N/A
Current Liabilities	$798.0M+8.9%	$733.0M-7.8%	$795.0M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$3.1B-17.5%	$3.8B+5959.4%	-$64.0M+88.8%	-$573.0M
Retained Earnings	-$3.6B-36.1%	-$2.6B-169.7%	-$977.0M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$4.5B+2.4%	$4.4B+3.3%	$4.3B+4.3%	$4.1B+2.2%	$4.0B-1.7%	$4.1B-13.3%	$4.7B+6.9%	$4.4B
Current Assets	$3.0B+4.9%	$2.9B+0.6%	$2.9B+6.5%	$2.7B+4.3%	$2.6B-4.5%	$2.7B-18.1%	$3.3B+7.5%	$3.1B
Cash & Equivalents	$1.7B+13.5%	$1.5B-4.4%	$1.6B+21.9%	$1.3B-10.9%	$1.4B-5.3%	$1.5B-29.2%	$2.1B+6.3%	$2.0B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.0B-0.1%	$1.0B+7.1%	$974.0M-3.9%	$1.0B+14.2%	$888.0M-3.2%	$917.0M+7.5%	$853.0M+1.4%	$841.0M
Goodwill	$392.0M0.0%	$392.0M+23.7%	$317.0M0.0%	$317.0M-0.3%	$318.0M0.0%	$318.0M0.0%	$318.0M0.0%	$318.0M
Total Liabilities	$889.0M-5.6%	$942.0M+1.5%	$928.0M+11.0%	$836.0M+3.7%	$806.0M+3.7%	$777.0M-2.9%	$800.0M+5.0%	$762.0M
Current Liabilities	$832.0M-4.5%	$871.0M-1.8%	$887.0M+11.2%	$798.0M+6.4%	$750.0M+4.7%	$716.0M-2.3%	$733.0M+7.3%	$683.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.5B+4.8%	$3.3B+3.9%	$3.2B+2.7%	$3.1B+1.8%	$3.0B-3.2%	$3.1B-16.2%	$3.8B+7.6%	$3.5B
Retained Earnings	-$3.5B+2.2%	-$3.6B+0.1%	-$3.6B+0.3%	-$3.6B-2.9%	-$3.5B-8.2%	-$3.2B-22.2%	-$2.6B+3.6%	-$2.7B

CART Cash Flow Statement

Metric	FY24	FY23	FY22	FY21
Operating Cash Flow	$687.0M+17.2%	$586.0M+111.6%	$277.0M+235.8%	-$204.0M
Capital Expenditures	$64.0M+18.5%	$54.0M+125.0%	$24.0M+84.6%	$13.0M
Free Cash Flow	$623.0M+17.1%	$532.0M+110.3%	$253.0M+216.6%	-$217.0M
Investing Cash Flow	-$107.0M-179.3%	$135.0M+15.4%	$117.0M+135.5%	-$330.0M
Financing Cash Flow	-$1.4B-4610.0%	-$30.0M-165.2%	$46.0M-90.1%	$464.0M
Dividends Paid	$0	$0	$0	N/A
Share Buybacks	$1.4B+3794.4%	$36.0M	$0	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$287.0M+41.4%	$203.0M-31.9%	$298.0M+94.8%	$153.0M-37.3%	$244.0M+132.4%	$105.0M-54.9%	$233.0M+109.9%	$111.0M
Capital Expenditures	$15.0M-6.3%	$16.0M-11.1%	$18.0M+50.0%	$12.0M-50.0%	$24.0M+71.4%	$14.0M-12.5%	$16.0M0.0%	$16.0M
Free Cash Flow	$272.0M+45.5%	$187.0M-33.2%	$280.0M+98.6%	$141.0M-35.9%	$220.0M+141.8%	$91.0M-58.1%	$217.0M+128.4%	$95.0M
Investing Cash Flow	-$7.0M+95.5%	-$157.0M-15800.0%	$1.0M+101.2%	-$81.0M-523.1%	-$13.0M-200.0%	$13.0M+218.2%	-$11.0M-119.3%	$57.0M
Financing Cash Flow	-$70.0M+45.7%	-$129.0M-180.4%	-$46.0M+19.3%	-$57.0M+81.3%	-$305.0M+59.3%	-$750.0M-1983.3%	-$36.0M-614.3%	$7.0M
Dividends Paid	$0	$0	$0	$0	$0	$0	$0	$0
Share Buybacks	$62.0M-48.8%	$121.0M+36.0%	$89.0M+1680.0%	$5.0M-98.5%	$325.0M-54.5%	$715.0M+1886.1%	$36.0M	$0

CART Financial Ratios

Metric	FY24	FY23	FY22	FY21
Gross Margin	75.3%+0.4pp	74.9%+3.1pp	71.8%+4.9pp	66.8%
Operating Margin	14.5%+84.9pp	-70.4%-72.8pp	2.4%+7.1pp	-4.7%
Net Margin	13.5%+66.8pp	-53.3%-70.1pp	16.8%+20.8pp	-4.0%
Return on Equity	14.8%	N/A	N/A	N/A
Return on Assets	11.1%+45.4pp	-34.3%-46.0pp	11.7%	N/A
Current Ratio	3.38-1.1	4.51+1.1	3.45	N/A
Debt-to-Equity	0.27+0.1	0.21+58.5	-58.33	N/A
FCF Margin	18.4%+1.0pp	17.5%+7.6pp	9.9%+21.8pp	-11.8%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	73.7%-0.5pp	74.2%-0.6pp	74.8%-0.4pp	75.2%-0.5pp	75.7%+0.8pp	74.9%-0.8pp	75.7%+2.3pp	73.4%
Operating Margin	17.7%+4.1pp	13.6%+1.3pp	12.3%-5.3pp	17.5%+11.2pp	6.3%-11.2pp	17.6%+11.8pp	5.7%+327.3pp	-321.6%
Net Margin	15.3%+2.6pp	12.7%+0.9pp	11.8%-4.9pp	16.8%+9.3pp	7.4%-8.4pp	15.8%-1.0pp	16.8%+278.5pp	-261.6%
Return on Equity	4.2%+0.6pp	3.5%+0.2pp	3.3%-1.4pp	4.8%+2.8pp	2.0%-2.1pp	4.1%+0.5pp	3.6%	N/A
Return on Assets	3.2%+0.5pp	2.6%+0.2pp	2.5%-1.1pp	3.6%+2.1pp	1.5%-1.7pp	3.2%+0.3pp	2.9%+48.1pp	-45.2%
Current Ratio	3.64+0.3	3.32+0.1	3.24-0.1	3.38-0.1	3.45-0.3	3.78-0.7	4.510.0	4.50
Debt-to-Equity	0.26-0.0	0.290.0	0.29+0.0	0.270.0	0.27+0.0	0.25+0.0	0.210.0	0.22
FCF Margin	29.0%+8.5pp	20.5%-10.8pp	31.2%+15.2pp	16.0%-10.8pp	26.7%+15.6pp	11.1%-15.9pp	27.0%+14.6pp	12.4%

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Frequently Asked Questions

What is Instacart, Inc.(Maplebear Inc.)'s annual revenue?

Instacart, Inc.(Maplebear Inc.) (CART) reported $3.4B in total revenue for fiscal year 2024. This represents a 11.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Instacart, Inc.(Maplebear Inc.)'s revenue growing?

Instacart, Inc.(Maplebear Inc.) (CART) revenue grew by 11% year-over-year, from $3.0B to $3.4B in fiscal year 2024.

Is Instacart, Inc.(Maplebear Inc.) profitable?

Yes, Instacart, Inc.(Maplebear Inc.) (CART) reported a net income of $457.0M in fiscal year 2024, with a net profit margin of 13.5%.

What is Instacart, Inc.(Maplebear Inc.)'s earnings per share (EPS)?

Instacart, Inc.(Maplebear Inc.) (CART) reported diluted earnings per share of $1.58 for fiscal year 2024. This represents a 112.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Instacart, Inc.(Maplebear Inc.)'s EBITDA?

Instacart, Inc.(Maplebear Inc.) (CART) had EBITDA of $545.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Instacart, Inc.(Maplebear Inc.)'s gross margin?

Instacart, Inc.(Maplebear Inc.) (CART) had a gross margin of 75.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Instacart, Inc.(Maplebear Inc.)'s operating margin?

Instacart, Inc.(Maplebear Inc.) (CART) had an operating margin of 14.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Instacart, Inc.(Maplebear Inc.)'s net profit margin?

Instacart, Inc.(Maplebear Inc.) (CART) had a net profit margin of 13.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Instacart, Inc.(Maplebear Inc.)'s return on equity (ROE)?

Instacart, Inc.(Maplebear Inc.) (CART) has a return on equity of 14.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Instacart, Inc.(Maplebear Inc.)'s free cash flow?

Instacart, Inc.(Maplebear Inc.) (CART) generated $623.0M in free cash flow during fiscal year 2024. This represents a 17.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Instacart, Inc.(Maplebear Inc.)'s operating cash flow?

Instacart, Inc.(Maplebear Inc.) (CART) generated $687.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Instacart, Inc.(Maplebear Inc.)'s total assets?

Instacart, Inc.(Maplebear Inc.) (CART) had $4.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Instacart, Inc.(Maplebear Inc.)'s capital expenditures?

Instacart, Inc.(Maplebear Inc.) (CART) invested $64.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Instacart, Inc.(Maplebear Inc.) spend on research and development?

Instacart, Inc.(Maplebear Inc.) (CART) invested $604.0M in research and development during fiscal year 2024.

Does Instacart, Inc.(Maplebear Inc.) buy back shares?

Yes, Instacart, Inc.(Maplebear Inc.) (CART) spent $1.4B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Instacart, Inc.(Maplebear Inc.) have outstanding?

Instacart, Inc.(Maplebear Inc.) (CART) had 261M shares outstanding as of fiscal year 2024.

What is Instacart, Inc.(Maplebear Inc.)'s current ratio?

Instacart, Inc.(Maplebear Inc.) (CART) had a current ratio of 3.38 as of fiscal year 2024, which is generally considered healthy.

What is Instacart, Inc.(Maplebear Inc.)'s debt-to-equity ratio?

Instacart, Inc.(Maplebear Inc.) (CART) had a debt-to-equity ratio of 0.27 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Instacart, Inc.(Maplebear Inc.)'s return on assets (ROA)?

Instacart, Inc.(Maplebear Inc.) (CART) had a return on assets of 11.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Instacart, Inc.(Maplebear Inc.)'s Altman Z-Score?

Instacart, Inc.(Maplebear Inc.) (CART) has an Altman Z-Score of 7.39, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Instacart, Inc.(Maplebear Inc.)'s Piotroski F-Score?

Instacart, Inc.(Maplebear Inc.) (CART) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Instacart, Inc.(Maplebear Inc.)'s earnings high quality?

Instacart, Inc.(Maplebear Inc.) (CART) has an earnings quality ratio of 1.50x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Instacart, Inc.(Maplebear Inc.)?

Instacart, Inc.(Maplebear Inc.) (CART) scores 81 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.