Maplebear Inc. (CART)

Price$51.07Cached quoteAs of 2026-09-06 15:08 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash generation offsets a demanding earnings valuation.

At the observed price, equity value is about $11.8 billion using 233 million shares outstanding. Against trailing twelve-month net income of roughly $480 million, that is about 25 times earnings. Free cash flow, meaning cash left after running and investing in the business, was about $1.18 billion over the same period, or roughly 10 times trailing cash flow. But the latest quarter alone supplied about $481 million of that cash flow versus $111 million of net income. Using 2025 free cash flow of $910 million gives about 13 times, supporting a fair rather than bargain valuation. StockAnalysis.com+1

Big pictureGrowth is healthy, but profit growth is not yet keeping pace with sales.

Revenue rose from $1.83 billion in 2021 to $3.74 billion in 2025, and momentum strengthened again in 2026. Second-quarter revenue reached $1.043 billion, up 14%, while orders rose 9% and advertising and other revenue rose 16%. Profit quality is mixed: operating income increased to $143 million from $124 million, but net income slipped to $111 million from $116 million and gross margin fell from 74% to 72%. Grocery demand is steady, yet customers can shop in stores to avoid fees and brands can trim advertising budgets. Instacart+1

Business strengthCash reserves and a shrinking share count give shareholders useful downside protection.

At June 30, cash was $757 million and marketable securities were another $128 million, while the $500 million revolving credit line had no loans outstanding. Current assets of $2.12 billion also exceeded current liabilities of $929 million. Capital returns have been unusually large: the company repurchased 17.2 million shares for $728 million in the first half, despite $221 million of stock compensation, and 233 million shares remained outstanding. The trade-off is a smaller cash cushion, while $200 million of redeemable preferred stock still ranks ahead of common shareholders. SEC+2SEC+2

What could change the storyGrowth near the recent pace could add upside, while weaker cash generation would hurt.

The bullish case needs revenue and transaction value to keep growing near the recent low-to-mid teens while annual free cash flow stays around $1 billion and buybacks keep reducing the share count. The bearish case is visible too: if gross margin stays near 72% or falls, net income remains around the current $450-$500 million annual run-rate, or free cash flow falls back toward 2024's roughly $623 million, the valuation becomes much less forgiving. At about 25 times trailing earnings, sustained profit stagnation would make the current price hard to defend. Instacart+1

AI: News

Second-quarter earnings beatInstacart beat expectations and raised confidence that faster growth can continue into the next quarter.

On August 6, second-quarter gross transaction value reached $10.35 billion, up 14%, revenue rose 14%, and advertising revenue rose 16%. Management guided third-quarter gross transaction value to $10.30-$10.55 billion and adjusted EBITDA, a profit measure before interest, taxes and selected non-cash or unusual costs, to $320-$340 million; Reuters said both ranges topped analyst expectations. Shares rose about 11% the next trading day. The timing and heavy volume strongly suggest earnings drove the move, though price action alone cannot prove causation. Instacart+2Reuters+2

Arpalus acquisitionInstacart bought shelf-scanning technology that could improve order accuracy and deepen its retailer software advantage.

On July 16, Instacart acquired Arpalus, whose computer-vision system turns shelf scans into real-time inventory data and reported average item-identification accuracy above 95%. Instacart said the technology can use its 600,000 shoppers and Caper carts to improve availability data across nearly 100,000 stores. The purchase price was not disclosed. Shares fell about 3% that day, but there is no reliable evidence the deal caused the decline, so the investment significance is strategic rather than a proven market reaction. Instacart+1

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Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$3.74B	$3.38B	$3.04B	$2.55B	$1.83B
Gross profit	$2.76B	$2.54B	$2.28B	$1.83B	$1.23B
Gross margin	73.70%	75.25%	74.88%	71.78%	66.85%
Research & development	$650.0M	$604.0M	$2.31B	$518.0M	$368.0M
Operating expenses	$2.26B	$2.05B	$4.42B	$1.77B	$1.31B
Operating income	$498.0M	$489.0M	−$2.14B	$62.0M	−$86.0M
Operating margin	13.31%	14.48%	−70.41%	2.43%	−4.69%
EBITDA	$589.0M	$545.0M	−$2.10B	$96.0M	−$70.0M
EBITDA margin	15.74%	16.13%	−69.00%	3.76%	−3.82%
Net income	$447.0M	$457.0M	−$1.62B	$428.0M	−$73.0M
Net profit margin	11.95%	13.53%	−53.32%	16.78%	−3.98%
Basic EPSper basic share	$1.68	$1.69	-$12.43	$1.08	-$1.12
Diluted EPSper diluted share	$1.60	$1.58	-$12.43	$0.96	-$1.12

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈12.35%of listed shares

Gupta Ravi28.77M shares · Jun 2, 2026

View holders

Top 20 reported holders of CART
Holder	% owned
Gupta Ravi	≈12.35%28.77M shares
SC US (TTGP), LTD.	11.98%27.93M shares
D1 Capital Partners L.P.	9.68%22.56M shares
Mehta Apoorva	≈7.47%17.41M shares
BlackRock, Inc.	6.80%15.85M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.52%8.2M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.35%7.81M shares
STATE STREET CORP	2.24%5.21M shares
DIMENSIONAL FUND ADVISORS LP	2.07%4.81M shares
LSV ASSET MANAGEMENT	1.95%4.53M shares
MORGAN STANLEY	1.81%4.22M shares
GCM Grosvenor Inc.	≈1.78%4.14M shares
GCM Grosvenor Holdings, LLC	1.78%4.14M shares
FMR LLC	1.66%3.86M shares
Contour Asset Management LLC	1.65%3.85M shares
GEODE CAPITAL MANAGEMENT, LLC	1.59%3.7M shares
JACOBS LEVY EQUITY MANAGEMENT, INC	1.35%3.15M shares
FEDERATED HERMES, INC.	1.33%3.1M shares
GOLDMAN SACHS GROUP INC	1.20%2.81M shares
Holocene Advisors, LP	1.09%2.53M shares

Percentages use 233.04M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)85$506.46M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	BLACKWOOD-KAPRAL LISAChief Accounting Officer	SellCommon Stock	3.0K	$41.24	$124.4K	49.9K
Jun 2, 2026Form 4	Gupta RaviDirector,TenPercentOwner	SellCommon Stock · indirect	181.0K	$41.51	$7.51M	741.5K
Jun 1, 2026Form 4 · 10b5-1	Rogers ChrisPresident and CEO	SellCommon Stock	7.9K	$40.66	$320.9K	973.0K
May 18, 2026Form 4 · 10b5-1	Fong MorganChief Legal Officer	SellCommon Stock	1.5K	$40.39	$58.9K	544.1K
May 18, 2026Form 4 · 10b5-1	Fong MorganChief Legal Officer	SellCommon Stock	12.6K	$39.88	$501.5K	545.5K