CART

Company Overview — What Does Maplebear Inc. Do?

Instacart is powering the future of grocery through technology. We partner with retailers to help them successfully navigate the digital transformation of their businesses. Instacart was founded in 2012 to bring the grocery industry online and help make grocery shopping effortless. We started by understanding what consumers want and then built enterprise-grade technologies that allow retailers to meet those needs. We want to enable any retailer, large or small, to drive success both online and in-store and serve their customers better in all of the ways they choose to shop. Today, more than 1,400 national, regional, and local retail banners(1) that collectively represent more than 85% of the U.S. grocery market partner with Instacart(2). We have demonstrated our ability to help our retail partners drive strong growth and stay competitive in a complex and increasingly digital industry. Our GTV, representing the online sales we power for all of our retail partners, grew at a compound annual growth rate, or CAGR, of 80% between 2018 and 2022, compared to 50% for the overall online grocery market and 1% for offline grocery(3). In 2022, we generated approximately $29 billion of GTV, which makes Instacart the leading grocery technology company in North America(4). Instacart invented a new model for online grocery shopping by offering consumers on-demand delivery from the stores they know and trust. We help our retail partners reach 7.7 million monthly active orderers who spend approximately $317 per month on average on Instacart(5). Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers’ owned and operated online storefronts that are powered by Instacart Enterprise Platform, our end-to-end technology solution encompassing eCommerce, fulfillment, Connected Stores, ads and marketing, and insights. When shopping for groceries, consumers want selection, quality, value, and convenience, and they shop in many different ways. Instacart started as a way for households to conveniently manage their weekly grocery shopping, a recurring and high order value consumer use case. Today, customers can place orders for delivery or pickup across a variety of use cases including the weekly shop, bulk stock-up, convenience, and special occasions. Customers can select the fulfillment option and speed that best serve their needs. For example, a busy parent may prefer the reliability of having their family’s groceries delivered every Sunday, but if they need a few items in the middle of the week, they can trust Instacart to help deliver the items they need with priority delivery (as fast as 30 minutes). Each order can be shopped for and delivered with care by one of the hundreds of thousands of shoppers who value the flexible earnings opportunities that Instacart provides(6). As consumers and retailers move online, CPG brands can use Instacart Ads as a new way to reach customers at the point of purchase and within minutes of delivery and consumption. Today, over 5,500 brands are using Instacart Ads and are now more easily discoverable as customers fill their digital carts(7). Instacart Ads offers brands a highly measurable ads offering that leverages first-party transaction data to move products off of store shelves more efficiently. --- Instacart Technology Grocery retailers have earned the trust and loyalty of customers over generations by offering selection, quality, value, and convenience. For more than a decade, we have invested in technology that is custom-built for online grocery. We believe our scaled marketplace provides us with unique insights into the needs of the online grocery consumer. Our strategy is to put our technology capabilities and consumer insights into the hands of our retail partners. We are investing more in technology custom-built for online grocery than any single grocer could on their own, allowing grocers to leverage our scale and investments to grow their businesses. Our technology solutions are better together. Since our founding, Instacart Marketplace has powered more than $100 billion of GTV and over 900 million orders with approximately 20 billion items ordered(8). This scale gives us unique insights into consumer buying behavior, needs, and trends across the entire grocery industry in North America. We then utilize these insights to enhance Instacart Enterprise Platform, ensuring retailers can best meet their customers’ needs across their owned and operated online and physical storefronts. Similarly, Instacart Enterprise Platform enhances Instacart Marketplace, as our deep integration with retailers allows us to expand marketplace capabilities for our customers. As we continue to scale and refine our technology and data insights across Instacart Marketplace and Instacart Enterprise Platform, our algorithms continuously improve to provide significant benefits, including better search results and recommendations, more intelligent replacements, and more seamless checkout flows, among others. Many of these benefits also enhance the value delivered to our brand partners — for example, in the second quarter of 2023, we helped customers discover over 180 million items through recommendations. This draws more brands to Instacart Ads, which yields benefits for Instacart Marketplace and Instacart Enterprise Platform. • Instacart Marketplace. Connects customers to their favorite national, regional, and local retailers on the largest online grocery marketplace in North America through our mobile app or website(9). • Instacart Enterprise Platform. Provides retailers with a suite of enterprise-grade technologies that span eCommerce, fulfillment, Connected Stores, ads and marketing, and insights. • Instacart Ads. Allows CPG brands to drive sales by engaging with customers who are actively shopping for products on Instacart, whom we refer to as high-intent customers, in a highly measurable and targeted way while also providing savings and product discovery to customers through our leading digital advertising solutions and insights. Instacart is built for the entire grocery ecosystem, improving the experiences for each of our constituents and helping them succeed: • Retailers. We enable more than 1,400 retail banners to grow by providing technology that can accelerate the digital transformation of their entire business(10). Our retail partners include national leaders such as Aldi, Costco, and Kroger, regional favorites such as Publix and Wegmans, local mainstays like Mollie Stone’s Markets, and retailers serving many specific use cases, such as Best Buy, Lowe’s, Sephora, and Walgreens. We estimate that the sales volume we power for our top 20 retail partners represented 5.0% of their total sales in 2022, up from 0.6% in 2018(11). • Customers. We help 7.7 million monthly active orderers(12) shop at their favorite retailers and enjoy selection, quality, value, and convenience. We reach over 95% of households in North America(13). Our membership program, Instacart+, offers expanded customer benefits to our 5.1 million members(14), including unlimited free delivery on orders over a certain size, a reduced service fee, credit back on eligible pickup orders, and exclusive benefits. • Brands. We represent one of the largest and fastest growing eCommerce channels for CPG brands. We provide discovery and attractive return on investment, or ROI, for over 5,500 brands through our industry-leading advertising tools and insights purpose-built for the online grocery category(15). We estimate that on average, our ads deliver more than a 15% incremental sales lift, and in some cases twice that, for our brand partners(16). Our brand partners include household brands such as Campbell’s, Nestlé, and Pepsi and emerging brands such as Banza, Chloe’s Fruit Pops, and Whisps. • Shoppers. We offer approximately 600,000 shoppers an immediate, flexible earnings opportunity that allows them to choose when and how much to work(17). Because the most important part of the job is picking the right products for customers, Instacart tends to attract people who use empathy, efficiency, communication, and problem-solving to pick, pack, and deliver an order. Shoppers are deeply valued members of the Instacart community, and we strive to make the shopping experience as seamless as possible and protect shoppers while they work. (1) As of June 30, 2023. (2) Based on total grocery sales in 2022, excluding alcohol sales. CSG. (3) Incisiv. (4) Based on total online grocery sales in 2022. (5) For the month ended June 30, 2023. (6) As of June 30, 2023. (7) Active brand partners as of June 30, 2023. (8) As of July 31, 2023. (9) Based on GTV generated on Instacart and total grocery sales in 2022. (10) As of June 30, 2023. (11) Based on total grocery sales in 2022, excluding alcohol sales. CSG. (12) For the month ended June 30, 2023. The number of monthly active orderers may overstate the number of unique individuals, as one customer may register for, and use, multiple accounts. Fluctuations in the number of monthly active orderers are not necessarily indicative of changes in our financial performance. (13) U.S. Census Bureau (July 2021) and Statistics Canada (2021). Based on number of households in Instacart’s active delivery-enabled or pickup zones as of June 30, 2023. (14) As of June 30, 2023. Includes paying Instacart+ members only and excludes free trial members. (15) Active brand partners as of June 30, 2023. (16) Based on internal tests run across all brand partners using our Sponsored Product ads offering in the quarter ended June 30, 2023 and individual tests run for select brands or types of brands. (17) Based on shoppers who completed at least one order during the month ended June 30, 2023. We were incorporated as Maplebear Inc. in Delaware in 2012, and we do business as Instacart. Our co-founders are Apoorva Mehta, Max Mullen, and Brandon Leonardo. Our principal executive offices are located at 50 Beale Street, Suite 600, San Francisco, California. Maplebear Inc. (CART) is classified as a mid-cap stock in the Industrials sector, specifically within the Business Services industry. The company is led by CEO Fidji Simo. With a market capitalization of $9.3B, CART is one of the notable companies in the Industrials sector.

Maplebear Inc. (CART) Stock Rating — Hold (April 2026)

As of April 2026, Maplebear Inc. receives a Hold rating with a composite score of 46.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CART ranks #730 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Maplebear Inc. ranks #124 of 752 stocks, placing it in the top quartile of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

CART Stock Price and 52-Week Range

Maplebear Inc. (CART) currently trades at $39.25. The stock lost $1.09 (2.7%) in the most recent trading session. The 52-week high for CART is $53.50, which means the stock is currently trading -26.6% from its annual peak. The 52-week low is $32.73, putting the stock 19.9% above its annual trough. Recent trading volume was 3.1M shares, reflecting moderate market activity.

Is CART Overvalued or Undervalued? — Valuation Analysis

Maplebear Inc. (CART) carries a value factor score of 61/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 20.44x, compared to the Industrials sector average of 28.33x — a discount of 28%. The price-to-book ratio stands at 3.93x, versus the sector average of 2.23x. The price-to-sales ratio is 2.75x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, CART trades at 18.39x EV/EBITDA, versus 5.70x for the sector.

Overall, CART's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

Maplebear Inc. Profitability — ROE, Margins, and Quality Score

Maplebear Inc. (CART) earns a quality factor score of 43/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 19.2%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 13.1% versus the sector average of 3.3%.

On a margin basis, Maplebear Inc. reports gross margins of 74.5%, compared to 35.8% for the sector. The operating margin is 14.9% (sector: 6.2%). Net profit margin stands at 13.4%, versus 3.9% for the average Industrials stock. Revenue growth is running at 14.1% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

CART Debt, Balance Sheet, and Financial Health

Maplebear Inc. has a debt-to-equity ratio of 39.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 2.40x, indicating strong short-term liquidity. Total debt on the balance sheet is $34M. Cash and equivalents stand at $1.69B.

CART has a beta of 0.53, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Maplebear Inc. is 66/100, reflecting average volatility within the normal range for its sector.

Maplebear Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Maplebear Inc. reported revenue of $3.60B and earnings per share (EPS) of $1.68. Net income for the quarter was $484M. Gross margin was 74.5%. Operating income came in at $538M.

In FY 2025, Maplebear Inc. reported revenue of $3.74B and earnings per share (EPS) of $1.68. Net income for the quarter was $447M. Gross margin was 73.7%. Revenue grew 10.8% year-over-year compared to FY 2024. Operating income came in at $498M.

In Q3 2025, Maplebear Inc. reported revenue of $939M and earnings per share (EPS) of $0.54. Net income for the quarter was $144M. Gross margin was 73.7%. Revenue grew 10.2% year-over-year compared to Q3 2024. Operating income came in at $166M.

In Q2 2025, Maplebear Inc. reported revenue of $914M and earnings per share (EPS) of $0.43. Net income for the quarter was $116M. Gross margin was 74.2%. Revenue grew 11.1% year-over-year compared to Q2 2024. Operating income came in at $124M.

Over the past 8 quarters, Maplebear Inc. has demonstrated a growth trajectory, with revenue expanding from $823M to $3.60B. Investors analyzing CART stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

CART Dividend Yield and Income Analysis

Maplebear Inc. (CART) does not currently pay a dividend. This is common among smaller companies in the Business Services industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

CART Momentum and Technical Analysis Profile

Maplebear Inc. (CART) has a momentum factor score of 34/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 28/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 67/100 reflects moderate short selling activity.

CART vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, Maplebear Inc. (CART) ranks #124 out of 752 stocks based on the Blank Capital composite score. This places CART in the top quartile of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing CART against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CART vs S&P 500 (SPY) comparison to assess how Maplebear Inc. stacks up against the broader market across all factor dimensions.

CART Next Earnings Date

No upcoming earnings date has been announced for Maplebear Inc. (CART) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy CART? — Investment Thesis Summary

Maplebear Inc. presents a balanced picture with arguments on both sides. The value score of 61/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 34/100, a headwind for near-term performance. Low volatility (stability score 66/100) reduces downside risk.

In summary, Maplebear Inc. (CART) earns a Hold rating with a composite score of 46.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CART stock.

Related Resources for CART Investors

Explore more research and tools: CART vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare CART head-to-head with peers: CART vs SOBO, CART vs TEN, CART vs GLDD.