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Side-by-side financial comparison of Maplebear Inc. (CART) and Cboe Global Markets (CBOE). Click either name above to swap in a different company.
Cboe Global Markets is the larger business by last-quarter revenue ($1.2B vs $992.0M, roughly 1.2× Maplebear Inc.). Cboe Global Markets runs the higher net margin — 26.0% vs 8.2%, a 17.9% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 8.7%). Cboe Global Markets produced more free cash flow last quarter ($332.1M vs $171.0M). Over the past eight quarters, Cboe Global Markets's revenue compounded faster (12.2% CAGR vs 10.0%).
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.
Cboe Global Markets, Inc. is an American financial exchange operator headquartered in Chicago. It owns and operates a portfolio of exchanges and trading venues across equities, options, futures, and digital assets.
CART vs CBOE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.2B |
| Net Profit | $81.0M | $313.5M |
| Gross Margin | 72.3% | 55.7% |
| Operating Margin | 9.9% | 33.5% |
| Net Margin | 8.2% | 26.0% |
| Revenue YoY | 12.3% | 8.7% |
| Net Profit YoY | -45.3% | 59.5% |
| EPS (diluted) | $0.31 | $2.97 |
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 | $992.0M | $1.2B | ||
| Q3 25 | $939.0M | $1.1B | ||
| Q2 25 | $914.0M | $1.2B | ||
| Q1 25 | $897.0M | $1.2B | ||
| Q4 24 | $883.0M | $1.1B | ||
| Q3 24 | $852.0M | $1.1B | ||
| Q2 24 | $823.0M | $974.0M | ||
| Q1 24 | $820.0M | $957.2M |
| Q4 25 | $81.0M | $313.5M | ||
| Q3 25 | $144.0M | $300.8M | ||
| Q2 25 | $116.0M | $235.1M | ||
| Q1 25 | $106.0M | $250.6M | ||
| Q4 24 | $148.0M | $196.5M | ||
| Q3 24 | $118.0M | $218.5M | ||
| Q2 24 | $61.0M | $140.4M | ||
| Q1 24 | $130.0M | $209.5M |
| Q4 25 | 72.3% | 55.7% | ||
| Q3 25 | 73.7% | 53.0% | ||
| Q2 25 | 74.2% | 50.0% | ||
| Q1 25 | 74.8% | 47.3% | ||
| Q4 24 | 75.2% | 47.4% | ||
| Q3 24 | 75.2% | 50.4% | ||
| Q2 24 | 75.7% | 52.8% | ||
| Q1 24 | 74.9% | 52.5% |
| Q4 25 | 9.9% | 33.5% | ||
| Q3 25 | 17.7% | 32.4% | ||
| Q2 25 | 13.6% | 28.9% | ||
| Q1 25 | 12.3% | 29.6% | ||
| Q4 24 | 17.6% | 27.0% | ||
| Q3 24 | 16.2% | 29.1% | ||
| Q2 24 | 6.3% | 21.6% | ||
| Q1 24 | 17.6% | 29.5% |
| Q4 25 | 8.2% | 26.0% | ||
| Q3 25 | 15.3% | 26.3% | ||
| Q2 25 | 12.7% | 20.0% | ||
| Q1 25 | 11.8% | 21.0% | ||
| Q4 24 | 16.8% | 17.7% | ||
| Q3 24 | 13.8% | 20.7% | ||
| Q2 24 | 7.4% | 14.4% | ||
| Q1 24 | 15.9% | 21.9% |
| Q4 25 | $0.31 | $2.97 | ||
| Q3 25 | $0.51 | $2.85 | ||
| Q2 25 | $0.41 | $2.23 | ||
| Q1 25 | $0.37 | $2.37 | ||
| Q4 24 | $0.53 | $1.85 | ||
| Q3 24 | $0.42 | $2.07 | ||
| Q2 24 | $0.20 | $1.33 | ||
| Q1 24 | $0.43 | $1.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $687.0M | $2.3B |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $2.5B | $5.1B |
| Total Assets | $3.7B | $9.3B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $2.3B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.4B | $1.0B | ||
| Q3 24 | $1.3B | $763.2M | ||
| Q2 24 | $1.4B | $698.3M | ||
| Q1 24 | $1.5B | $595.1M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $2.5B | $5.1B | ||
| Q3 25 | $3.5B | $4.9B | ||
| Q2 25 | $3.3B | $4.7B | ||
| Q1 25 | $3.2B | $4.5B | ||
| Q4 24 | $3.1B | $4.3B | ||
| Q3 24 | $2.9B | $4.2B | ||
| Q2 24 | $3.0B | $4.0B | ||
| Q1 24 | $3.1B | $4.0B |
| Q4 25 | $3.7B | $9.3B | ||
| Q3 25 | $4.5B | $9.1B | ||
| Q2 25 | $4.4B | $9.0B | ||
| Q1 25 | $4.3B | $8.7B | ||
| Q4 24 | $4.1B | $7.8B | ||
| Q3 24 | $3.9B | $8.7B | ||
| Q2 24 | $4.0B | $9.3B | ||
| Q1 24 | $4.1B | $8.2B |
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.36× | ||
| Q1 24 | — | 0.36× |
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 | $183.0M | $352.1M |
| Free Cash FlowOCF − Capex | $171.0M | $332.1M |
| FCF MarginFCF / Revenue | 17.2% | 27.6% |
| Capex IntensityCapex / Revenue | 1.2% | 1.7% |
| Cash ConversionOCF / Net Profit | 2.26× | 1.12× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $1.7B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $352.1M | ||
| Q3 25 | $287.0M | $153.9M | ||
| Q2 25 | $203.0M | $333.7M | ||
| Q1 25 | $298.0M | $912.9M | ||
| Q4 24 | $153.0M | $-710.4M | ||
| Q3 24 | $185.0M | $-578.5M | ||
| Q2 24 | $244.0M | $1.5B | ||
| Q1 24 | $105.0M | $895.6M |
| Q4 25 | $171.0M | $332.1M | ||
| Q3 25 | $272.0M | $137.9M | ||
| Q2 25 | $187.0M | $313.4M | ||
| Q1 25 | $280.0M | $898.2M | ||
| Q4 24 | $141.0M | $-734.2M | ||
| Q3 24 | $171.0M | $-590.5M | ||
| Q2 24 | $220.0M | $1.5B | ||
| Q1 24 | $91.0M | $888.3M |
| Q4 25 | 17.2% | 27.6% | ||
| Q3 25 | 29.0% | 12.1% | ||
| Q2 25 | 20.5% | 26.7% | ||
| Q1 25 | 31.2% | 75.2% | ||
| Q4 24 | 16.0% | -66.3% | ||
| Q3 24 | 20.1% | -55.9% | ||
| Q2 24 | 26.7% | 151.6% | ||
| Q1 24 | 11.1% | 92.8% |
| Q4 25 | 1.2% | 1.7% | ||
| Q3 25 | 1.6% | 1.4% | ||
| Q2 25 | 1.8% | 1.7% | ||
| Q1 25 | 2.0% | 1.2% | ||
| Q4 24 | 1.4% | 2.1% | ||
| Q3 24 | 1.6% | 1.1% | ||
| Q2 24 | 2.9% | 1.8% | ||
| Q1 24 | 1.7% | 0.8% |
| Q4 25 | 2.26× | 1.12× | ||
| Q3 25 | 1.99× | 0.51× | ||
| Q2 25 | 1.75× | 1.42× | ||
| Q1 25 | 2.81× | 3.64× | ||
| Q4 24 | 1.03× | -3.62× | ||
| Q3 24 | 1.57× | -2.65× | ||
| Q2 24 | 4.00× | 10.64× | ||
| Q1 24 | 0.81× | 4.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
