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Side-by-side financial comparison of Barnes & Noble Education, Inc. (BNED) 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 $598.2M, roughly 1.7× Barnes & Noble Education, Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 4.2%, a 4.0% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 6.9%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $61.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 10.0%).
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
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.
BNED vs CART — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $598.2M | $992.0M |
| Net Profit | $25.0M | $81.0M |
| Gross Margin | 21.7% | 72.3% |
| Operating Margin | 6.8% | 9.9% |
| Net Margin | 4.2% | 8.2% |
| Revenue YoY | 6.9% | 12.3% |
| Net Profit YoY | -49.7% | -45.3% |
| EPS (diluted) | $0.72 | $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 | $598.2M | $992.0M | ||
| Q3 25 | $274.2M | $939.0M | ||
| Q2 25 | $233.0M | $914.0M | ||
| Q1 25 | $419.7M | $897.0M | ||
| Q4 24 | $559.7M | $883.0M | ||
| Q3 24 | $250.9M | $852.0M | ||
| Q2 24 | $192.7M | $823.0M | ||
| Q1 24 | $415.4M | $820.0M |
| Q4 25 | $25.0M | $81.0M | ||
| Q3 25 | $-18.3M | $144.0M | ||
| Q2 25 | $-23.0M | $116.0M | ||
| Q1 25 | $17.9M | $106.0M | ||
| Q4 24 | $43.2M | $148.0M | ||
| Q3 24 | $-103.9M | $118.0M | ||
| Q2 24 | $-41.9M | $61.0M | ||
| Q1 24 | $-9.3M | $130.0M |
| Q4 25 | 21.7% | 72.3% | ||
| Q3 25 | 20.2% | 73.7% | ||
| Q2 25 | 30.3% | 74.2% | ||
| Q1 25 | 22.3% | 74.8% | ||
| Q4 24 | 23.0% | 75.2% | ||
| Q3 24 | 17.9% | 75.2% | ||
| Q2 24 | 28.7% | 75.7% | ||
| Q1 24 | 24.2% | 74.9% |
| Q4 25 | 6.8% | 9.9% | ||
| Q3 25 | -8.4% | 17.7% | ||
| Q2 25 | -4.9% | 13.6% | ||
| Q1 25 | 4.5% | 12.3% | ||
| Q4 24 | 8.4% | 17.6% | ||
| Q3 24 | -15.4% | 16.2% | ||
| Q2 24 | -16.3% | 6.3% | ||
| Q1 24 | 0.4% | 17.6% |
| Q4 25 | 4.2% | 8.2% | ||
| Q3 25 | -6.7% | 15.3% | ||
| Q2 25 | -9.9% | 12.7% | ||
| Q1 25 | 4.3% | 11.8% | ||
| Q4 24 | 7.7% | 16.8% | ||
| Q3 24 | -41.4% | 13.8% | ||
| Q2 24 | -21.7% | 7.4% | ||
| Q1 24 | -2.2% | 15.9% |
| Q4 25 | $0.72 | $0.31 | ||
| Q3 25 | $-0.54 | $0.51 | ||
| Q2 25 | $2.97 | $0.41 | ||
| Q1 25 | $0.59 | $0.37 | ||
| Q4 24 | $1.63 | $0.53 | ||
| Q3 24 | $-7.69 | $0.42 | ||
| Q2 24 | $-15.68 | $0.20 | ||
| Q1 24 | $-3.49 | $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 | $11.7M | $687.0M |
| Total DebtLower is stronger | $122.5M | — |
| Stockholders' EquityBook value | $283.2M | $2.5B |
| Total Assets | $1.1B | $3.7B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.7M | $687.0M | ||
| Q3 25 | $7.3M | $1.7B | ||
| Q2 25 | $9.1M | $1.6B | ||
| Q1 25 | $9.2M | $1.6B | ||
| Q4 24 | $11.6M | $1.4B | ||
| Q3 24 | $8.2M | $1.3B | ||
| Q2 24 | $10.5M | $1.4B | ||
| Q1 24 | $8.1M | $1.5B |
| Q4 25 | $122.5M | — | ||
| Q3 25 | $170.0M | — | ||
| Q2 25 | $103.1M | — | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $177.6M | — | ||
| Q3 24 | $221.9M | — | ||
| Q2 24 | $196.3M | — | ||
| Q1 24 | $30.2M | — |
| Q4 25 | $283.2M | $2.5B | ||
| Q3 25 | $256.5M | $3.5B | ||
| Q2 25 | $272.2M | $3.3B | ||
| Q1 25 | $292.9M | $3.2B | ||
| Q4 24 | $211.4M | $3.1B | ||
| Q3 24 | $149.8M | $2.9B | ||
| Q2 24 | $80.4M | $3.0B | ||
| Q1 24 | $121.5M | $3.1B |
| Q4 25 | $1.1B | $3.7B | ||
| Q3 25 | $950.8M | $4.5B | ||
| Q2 25 | $790.3M | $4.4B | ||
| Q1 25 | $1.1B | $4.3B | ||
| Q4 24 | $1.0B | $4.1B | ||
| Q3 24 | $973.2M | $3.9B | ||
| Q2 24 | $909.9M | $4.0B | ||
| Q1 24 | $1.2B | $4.1B |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 2.44× | — | ||
| Q1 24 | 0.25× | — |
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 | $66.2M | $183.0M |
| Free Cash FlowOCF − Capex | $61.9M | $171.0M |
| FCF MarginFCF / Revenue | 10.4% | 17.2% |
| Capex IntensityCapex / Revenue | 0.7% | 1.2% |
| Cash ConversionOCF / Net Profit | 2.65× | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.6M | $910.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.2M | $183.0M | ||
| Q3 25 | $-67.6M | $287.0M | ||
| Q2 25 | $52.6M | $203.0M | ||
| Q1 25 | $-41.9M | $298.0M | ||
| Q4 24 | $47.4M | $153.0M | ||
| Q3 24 | $-143.5M | $185.0M | ||
| Q2 24 | $81.7M | $244.0M | ||
| Q1 24 | $-35.8M | $105.0M |
| Q4 25 | $61.9M | $171.0M | ||
| Q3 25 | $-71.3M | $272.0M | ||
| Q2 25 | $49.5M | $187.0M | ||
| Q1 25 | $-44.7M | $280.0M | ||
| Q4 24 | $44.4M | $141.0M | ||
| Q3 24 | $-147.5M | $171.0M | ||
| Q2 24 | $79.1M | $220.0M | ||
| Q1 24 | $-39.0M | $91.0M |
| Q4 25 | 10.4% | 17.2% | ||
| Q3 25 | -26.0% | 29.0% | ||
| Q2 25 | 21.3% | 20.5% | ||
| Q1 25 | -10.7% | 31.2% | ||
| Q4 24 | 7.9% | 16.0% | ||
| Q3 24 | -58.8% | 20.1% | ||
| Q2 24 | 41.1% | 26.7% | ||
| Q1 24 | -9.4% | 11.1% |
| Q4 25 | 0.7% | 1.2% | ||
| Q3 25 | 1.4% | 1.6% | ||
| Q2 25 | 1.3% | 1.8% | ||
| Q1 25 | 0.7% | 2.0% | ||
| Q4 24 | 0.5% | 1.4% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 1.4% | 2.9% | ||
| Q1 24 | 0.8% | 1.7% |
| Q4 25 | 2.65× | 2.26× | ||
| Q3 25 | — | 1.99× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | -2.34× | 2.81× | ||
| Q4 24 | 1.10× | 1.03× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 4.00× | ||
| Q1 24 | — | 0.81× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
