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Side-by-side financial comparison of BREAD FINANCIAL HOLDINGS, INC. (BFH) and Maplebear Inc. (CART). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $975.0M, roughly 1.0× BREAD FINANCIAL HOLDINGS, INC.). On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 5.4%). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs -0.8%).
Bread Financial Holdings, Inc. is an American publicly traded provider of private label credit cards, coalition loyalty programs, and direct marketing, derived from the capture and analysis of transaction-rich data.
Maplebear Inc., doing business as Instacart, is an American retail media and delivery company based in San Francisco that operates a grocery delivery and pick-up service in the United States and Canada accessible via a website and mobile app. It allows customers to order groceries, and alcohol where legal, from participating retailers with the shopping being done by a personal shopper, who picks, packs, and delivers the order.
BFH vs CART — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $975.0M | $992.0M |
| Net Profit | — | $81.0M |
| Gross Margin | — | 72.3% |
| Operating Margin | 4.9% | 9.9% |
| Net Margin | — | 8.2% |
| Revenue YoY | 5.4% | 12.3% |
| Net Profit YoY | — | -45.3% |
| EPS (diluted) | $1.21 | $0.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $975.0M | $992.0M | ||
| Q3 25 | $971.0M | $939.0M | ||
| Q2 25 | $929.0M | $914.0M | ||
| Q1 25 | $970.0M | $897.0M | ||
| Q4 24 | $925.0M | $883.0M | ||
| Q3 24 | $983.0M | $852.0M | ||
| Q2 24 | $939.0M | $823.0M | ||
| Q1 24 | $991.0M | $820.0M |
| Q4 25 | — | $81.0M | ||
| Q3 25 | $188.0M | $144.0M | ||
| Q2 25 | $139.0M | $116.0M | ||
| Q1 25 | $138.0M | $106.0M | ||
| Q4 24 | — | $148.0M | ||
| Q3 24 | $2.0M | $118.0M | ||
| Q2 24 | $133.0M | $61.0M | ||
| Q1 24 | $134.0M | $130.0M |
| Q4 25 | — | 72.3% | ||
| Q3 25 | — | 73.7% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 74.8% | ||
| Q4 24 | — | 75.2% | ||
| Q3 24 | — | 75.2% | ||
| Q2 24 | — | 75.7% | ||
| Q1 24 | — | 74.9% |
| Q4 25 | 4.9% | 9.9% | ||
| Q3 25 | 20.2% | 17.7% | ||
| Q2 25 | 18.7% | 13.6% | ||
| Q1 25 | 20.3% | 12.3% | ||
| Q4 24 | -2.9% | 17.6% | ||
| Q3 24 | 4.1% | 16.2% | ||
| Q2 24 | 19.2% | 6.3% | ||
| Q1 24 | 19.0% | 17.6% |
| Q4 25 | — | 8.2% | ||
| Q3 25 | 19.4% | 15.3% | ||
| Q2 25 | 15.0% | 12.7% | ||
| Q1 25 | 14.2% | 11.8% | ||
| Q4 24 | — | 16.8% | ||
| Q3 24 | 0.2% | 13.8% | ||
| Q2 24 | 14.2% | 7.4% | ||
| Q1 24 | 13.5% | 15.9% |
| Q4 25 | $1.21 | $0.31 | ||
| Q3 25 | $3.96 | $0.51 | ||
| Q2 25 | $2.94 | $0.41 | ||
| Q1 25 | $2.78 | $0.37 | ||
| Q4 24 | $0.08 | $0.53 | ||
| Q3 24 | $0.05 | $0.42 | ||
| Q2 24 | $2.66 | $0.20 | ||
| Q1 24 | $2.70 | $0.43 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.6B | $687.0M |
| Total DebtLower is stronger | $4.3B | — |
| Stockholders' EquityBook value | $3.3B | $2.5B |
| Total Assets | $22.7B | $3.7B |
| Debt / EquityLower = less leverage | 1.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.6B | $687.0M | ||
| Q3 25 | $3.8B | $1.7B | ||
| Q2 25 | $3.8B | $1.6B | ||
| Q1 25 | $4.2B | $1.6B | ||
| Q4 24 | $4.0B | $1.4B | ||
| Q3 24 | $3.5B | $1.3B | ||
| Q2 24 | $4.1B | $1.4B | ||
| Q1 24 | $3.8B | $1.5B |
| Q4 25 | $4.3B | — | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.3B | $2.5B | ||
| Q3 25 | $3.3B | $3.5B | ||
| Q2 25 | $3.2B | $3.3B | ||
| Q1 25 | $3.1B | $3.2B | ||
| Q4 24 | $3.1B | $3.1B | ||
| Q3 24 | $3.1B | $2.9B | ||
| Q2 24 | $3.2B | $3.0B | ||
| Q1 24 | $3.0B | $3.1B |
| Q4 25 | $22.7B | $3.7B | ||
| Q3 25 | $21.7B | $4.5B | ||
| Q2 25 | $21.8B | $4.4B | ||
| Q1 25 | $22.4B | $4.3B | ||
| Q4 24 | $22.9B | $4.1B | ||
| Q3 24 | $21.7B | $3.9B | ||
| Q2 24 | $22.1B | $4.0B | ||
| Q1 24 | $22.3B | $4.1B |
| Q4 25 | 1.29× | — | ||
| Q3 25 | 1.14× | — | ||
| Q2 25 | 1.34× | — | ||
| Q1 25 | 1.67× | — | ||
| Q4 24 | 1.82× | — | ||
| Q3 24 | 1.47× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $568.0M | $183.0M |
| Free Cash FlowOCF − Capex | — | $171.0M |
| FCF MarginFCF / Revenue | — | 17.2% |
| Capex IntensityCapex / Revenue | — | 1.2% |
| Cash ConversionOCF / Net Profit | — | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $910.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $568.0M | $183.0M | ||
| Q3 25 | $605.0M | $287.0M | ||
| Q2 25 | $526.0M | $203.0M | ||
| Q1 25 | $393.0M | $298.0M | ||
| Q4 24 | $479.0M | $153.0M | ||
| Q3 24 | $456.0M | $185.0M | ||
| Q2 24 | $477.0M | $244.0M | ||
| Q1 24 | $447.0M | $105.0M |
| Q4 25 | — | $171.0M | ||
| Q3 25 | — | $272.0M | ||
| Q2 25 | — | $187.0M | ||
| Q1 25 | — | $280.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $220.0M | ||
| Q1 24 | — | $91.0M |
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 11.1% |
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | — | 2.26× | ||
| Q3 25 | 3.22× | 1.99× | ||
| Q2 25 | 3.78× | 1.75× | ||
| Q1 25 | 2.85× | 2.81× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | 228.00× | 1.57× | ||
| Q2 24 | 3.59× | 4.00× | ||
| Q1 24 | 3.34× | 0.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFH
Segment breakdown not available.
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
