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Side-by-side financial comparison of Maplebear Inc. (CART) and Chefs' Warehouse, Inc. (CHEF). Click either name above to swap in a different company.
Chefs' Warehouse, Inc. is the larger business by last-quarter revenue ($1.1B vs $992.0M, roughly 1.1× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 1.6%, a 6.5% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 11.4%). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 5.3%).
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.
Chefs' Warehouse, Inc. is a leading North American specialty food distributor that primarily serves independent restaurants, fine dining venues, hotels, catering firms, and other foodservice operators. It offers a curated portfolio of over 150,000 products including artisanal ingredients, specialty meats, seafood, dairy, pastries, and imported gourmet goods tailored for professional chefs.
CART vs CHEF — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.1B |
| Net Profit | $81.0M | $17.4M |
| Gross Margin | 72.3% | 24.3% |
| Operating Margin | 9.9% | 3.1% |
| Net Margin | 8.2% | 1.6% |
| Revenue YoY | 12.3% | 11.4% |
| Net Profit YoY | -45.3% | 68.8% |
| EPS (diluted) | $0.31 | $0.40 |
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 | — | $1.1B | ||
| Q4 25 | $992.0M | $1.1B | ||
| Q3 25 | $939.0M | $1.0B | ||
| Q2 25 | $914.0M | $1.0B | ||
| Q1 25 | $897.0M | $950.7M | ||
| Q4 24 | $883.0M | $1.0B | ||
| Q3 24 | $852.0M | $931.5M | ||
| Q2 24 | $823.0M | $954.7M |
| Q1 26 | — | $17.4M | ||
| Q4 25 | $81.0M | $21.7M | ||
| Q3 25 | $144.0M | $19.1M | ||
| Q2 25 | $116.0M | $21.2M | ||
| Q1 25 | $106.0M | $10.3M | ||
| Q4 24 | $148.0M | $23.9M | ||
| Q3 24 | $118.0M | $14.1M | ||
| Q2 24 | $61.0M | $15.5M |
| Q1 26 | — | 24.3% | ||
| Q4 25 | 72.3% | 24.2% | ||
| Q3 25 | 73.7% | 24.2% | ||
| Q2 25 | 74.2% | 24.6% | ||
| Q1 25 | 74.8% | 23.8% | ||
| Q4 24 | 75.2% | 24.3% | ||
| Q3 24 | 75.2% | 24.1% | ||
| Q2 24 | 75.7% | 24.0% |
| Q1 26 | — | 3.1% | ||
| Q4 25 | 9.9% | 3.8% | ||
| Q3 25 | 17.7% | 3.8% | ||
| Q2 25 | 13.6% | 3.9% | ||
| Q1 25 | 12.3% | 2.4% | ||
| Q4 24 | 17.6% | 4.5% | ||
| Q3 24 | 16.2% | 3.4% | ||
| Q2 24 | 6.3% | 3.5% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 8.2% | 1.9% | ||
| Q3 25 | 15.3% | 1.9% | ||
| Q2 25 | 12.7% | 2.1% | ||
| Q1 25 | 11.8% | 1.1% | ||
| Q4 24 | 16.8% | 2.3% | ||
| Q3 24 | 13.8% | 1.5% | ||
| Q2 24 | 7.4% | 1.6% |
| Q1 26 | — | $0.40 | ||
| Q4 25 | $0.31 | $0.50 | ||
| Q3 25 | $0.51 | $0.44 | ||
| Q2 25 | $0.41 | $0.49 | ||
| Q1 25 | $0.37 | $0.25 | ||
| Q4 24 | $0.53 | $0.56 | ||
| Q3 24 | $0.42 | $0.34 | ||
| Q2 24 | $0.20 | $0.37 |
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 | $122.7M |
| Total DebtLower is stronger | — | $750.4M |
| Stockholders' EquityBook value | $2.5B | $608.6M |
| Total Assets | $3.7B | $2.0B |
| Debt / EquityLower = less leverage | — | 1.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $122.7M | ||
| Q4 25 | $687.0M | $121.0M | ||
| Q3 25 | $1.7B | $65.1M | ||
| Q2 25 | $1.6B | $96.9M | ||
| Q1 25 | $1.6B | $116.5M | ||
| Q4 24 | $1.4B | $114.7M | ||
| Q3 24 | $1.3B | $50.7M | ||
| Q2 24 | $1.4B | $38.3M |
| Q1 26 | — | $750.4M | ||
| Q4 25 | — | $720.3M | ||
| Q3 25 | — | $711.7M | ||
| Q2 25 | — | $690.2M | ||
| Q1 25 | — | $681.1M | ||
| Q4 24 | — | $688.7M | ||
| Q3 24 | — | $666.6M | ||
| Q2 24 | — | $660.8M |
| Q1 26 | — | $608.6M | ||
| Q4 25 | $2.5B | $604.3M | ||
| Q3 25 | $3.5B | $576.6M | ||
| Q2 25 | $3.3B | $557.7M | ||
| Q1 25 | $3.2B | $541.6M | ||
| Q4 24 | $3.1B | $537.6M | ||
| Q3 24 | $2.9B | $480.3M | ||
| Q2 24 | $3.0B | $461.9M |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $3.7B | $2.0B | ||
| Q3 25 | $4.5B | $1.9B | ||
| Q2 25 | $4.4B | $1.9B | ||
| Q1 25 | $4.3B | $1.8B | ||
| Q4 24 | $4.1B | $1.9B | ||
| Q3 24 | $3.9B | $1.8B | ||
| Q2 24 | $4.0B | $1.7B |
| Q1 26 | — | 1.23× | ||
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 1.23× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | — | 1.43× |
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 | $38.3M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | 0.7% |
| Cash ConversionOCF / Net Profit | 2.26× | 2.20× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $38.3M | ||
| Q4 25 | $183.0M | $73.9M | ||
| Q3 25 | $287.0M | $-8.7M | ||
| Q2 25 | $203.0M | $14.5M | ||
| Q1 25 | $298.0M | $49.6M | ||
| Q4 24 | $153.0M | $73.0M | ||
| Q3 24 | $185.0M | $19.8M | ||
| Q2 24 | $244.0M | $29.3M |
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | $65.8M | ||
| Q3 25 | $272.0M | $-19.7M | ||
| Q2 25 | $187.0M | $4.5M | ||
| Q1 25 | $280.0M | $37.2M | ||
| Q4 24 | $141.0M | $64.6M | ||
| Q3 24 | $171.0M | $11.8M | ||
| Q2 24 | $220.0M | $13.3M |
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | 5.8% | ||
| Q3 25 | 29.0% | -1.9% | ||
| Q2 25 | 20.5% | 0.4% | ||
| Q1 25 | 31.2% | 3.9% | ||
| Q4 24 | 16.0% | 6.3% | ||
| Q3 24 | 20.1% | 1.3% | ||
| Q2 24 | 26.7% | 1.4% |
| Q1 26 | — | 0.7% | ||
| Q4 25 | 1.2% | 0.7% | ||
| Q3 25 | 1.6% | 1.1% | ||
| Q2 25 | 1.8% | 1.0% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 1.4% | 0.8% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.9% | 1.7% |
| Q1 26 | — | 2.20× | ||
| Q4 25 | 2.26× | 3.41× | ||
| Q3 25 | 1.99× | -0.46× | ||
| Q2 25 | 1.75× | 0.68× | ||
| Q1 25 | 2.81× | 4.82× | ||
| Q4 24 | 1.03× | 3.05× | ||
| Q3 24 | 1.57× | 1.41× | ||
| Q2 24 | 4.00× | 1.89× |
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% |
CHEF
Segment breakdown not available.
