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Side-by-side financial comparison of Maplebear Inc. (CART) and Churchill Downs Inc (CHDN). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $663.0M, roughly 1.5× Churchill Downs Inc). Churchill Downs Inc runs the higher net margin — 12.5% vs 8.2%, a 4.4% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 3.1%). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs -13.7%).
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.
Churchill Downs Incorporated is the parent company of Churchill Downs. The company has evolved from one racetrack in Louisville, Kentucky, to a multi American-state-wide, publicly traded company with racetracks, casinos and an online wagering company among its portfolio of businesses.
CART vs CHDN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $663.0M |
| Net Profit | $81.0M | $83.0M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 21.6% |
| Net Margin | 8.2% | 12.5% |
| Revenue YoY | 12.3% | 3.1% |
| Net Profit YoY | -45.3% | 7.8% |
| EPS (diluted) | $0.31 | $1.16 |
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.
| Q1 26 | — | $663.0M | ||
| Q4 25 | $992.0M | $665.9M | ||
| Q3 25 | $939.0M | $683.0M | ||
| Q2 25 | $914.0M | $934.4M | ||
| Q1 25 | $897.0M | $642.6M | ||
| Q4 24 | $883.0M | $624.2M | ||
| Q3 24 | $852.0M | $628.5M | ||
| Q2 24 | $823.0M | $890.7M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | $81.0M | $51.3M | ||
| Q3 25 | $144.0M | $38.1M | ||
| Q2 25 | $116.0M | $216.9M | ||
| Q1 25 | $106.0M | $76.7M | ||
| Q4 24 | $148.0M | $71.7M | ||
| Q3 24 | $118.0M | $65.4M | ||
| Q2 24 | $61.0M | $209.3M |
| Q1 26 | — | — | ||
| 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 26 | — | 21.6% | ||
| Q4 25 | 9.9% | 18.5% | ||
| Q3 25 | 17.7% | 14.3% | ||
| Q2 25 | 13.6% | 35.1% | ||
| Q1 25 | 12.3% | 20.9% | ||
| Q4 24 | 17.6% | 20.3% | ||
| Q3 24 | 16.2% | 20.0% | ||
| Q2 24 | 6.3% | 37.0% |
| Q1 26 | — | 12.5% | ||
| Q4 25 | 8.2% | 7.7% | ||
| Q3 25 | 15.3% | 5.6% | ||
| Q2 25 | 12.7% | 23.2% | ||
| Q1 25 | 11.8% | 11.9% | ||
| Q4 24 | 16.8% | 11.5% | ||
| Q3 24 | 13.8% | 10.4% | ||
| Q2 24 | 7.4% | 23.5% |
| Q1 26 | — | $1.16 | ||
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | — | ||
| Q2 25 | $0.41 | — | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.53 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $0.20 | — |
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 | $200.0M |
| Total DebtLower is stronger | — | $840.0M |
| Stockholders' EquityBook value | $2.5B | — |
| Total Assets | $3.7B | $7.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $200.0M | ||
| Q4 25 | $687.0M | $200.6M | ||
| Q3 25 | $1.7B | $180.5M | ||
| Q2 25 | $1.6B | $182.4M | ||
| Q1 25 | $1.6B | $174.2M | ||
| Q4 24 | $1.4B | $175.5M | ||
| Q3 24 | $1.3B | $152.7M | ||
| Q2 24 | $1.4B | $140.3M |
| Q1 26 | — | $840.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.0B | ||
| Q3 25 | $3.5B | $1.0B | ||
| Q2 25 | $3.3B | $1.0B | ||
| Q1 25 | $3.2B | $1.1B | ||
| Q4 24 | $3.1B | $1.1B | ||
| Q3 24 | $2.9B | $1.1B | ||
| Q2 24 | $3.0B | $1.0B |
| Q1 26 | — | $7.5B | ||
| Q4 25 | $3.7B | $7.5B | ||
| Q3 25 | $4.5B | $7.5B | ||
| Q2 25 | $4.4B | $7.4B | ||
| Q1 25 | $4.3B | $7.3B | ||
| Q4 24 | $4.1B | $7.3B | ||
| Q3 24 | $3.9B | $7.2B | ||
| Q2 24 | $4.0B | $7.2B |
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 | $295.0M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | 3.55× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $295.0M | ||
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $187.7M | ||
| Q2 25 | $203.0M | — | ||
| Q1 25 | $298.0M | $246.5M | ||
| Q4 24 | $153.0M | — | ||
| Q3 24 | $185.0M | $169.4M | ||
| Q2 24 | $244.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | $166.3M | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | $233.9M | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | $154.4M | ||
| Q2 24 | $220.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | 24.3% | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | 36.4% | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | 24.6% | ||
| Q2 24 | 26.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | 2.6% | ||
| Q3 25 | 1.6% | 3.1% | ||
| Q2 25 | 1.8% | 2.0% | ||
| Q1 25 | 2.0% | 2.0% | ||
| Q4 24 | 1.4% | 5.4% | ||
| Q3 24 | 1.6% | 2.4% | ||
| Q2 24 | 2.9% | 2.5% |
| Q1 26 | — | 3.55× | ||
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 4.93× | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | 3.21× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 2.59× | ||
| Q2 24 | 4.00× | — |
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% |
CHDN
| Live and Historical Racing | $297.0M | 45% |
| Gaming | $257.0M | 39% |
| Wagering Services and Solutions | $109.0M | 16% |
