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Side-by-side financial comparison of Maplebear Inc. (CART) and CIENA CORP (CIEN). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $992.0M, roughly 1.2× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 4.1%, a 4.0% gap on every dollar of revenue. Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $134.6M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 3.9%).
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.
Ciena Corporation is an American optical networking systems and software company based in Hanover, Maryland. The company has been described as a vital player in optical connectivity. The company reported revenues of $4.8 billion and more than 9,000 employees, as of November 2025. Gary Smith serves as president and chief executive officer (CEO).
CART vs CIEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.2B |
| Net Profit | $81.0M | $50.3M |
| Gross Margin | 72.3% | 41.3% |
| Operating Margin | 9.9% | 6.0% |
| Net Margin | 8.2% | 4.1% |
| Revenue YoY | 12.3% | — |
| Net Profit YoY | -45.3% | — |
| EPS (diluted) | $0.31 | $0.35 |
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 | — | ||
| Q3 25 | $939.0M | $1.2B | ||
| Q2 25 | $914.0M | $1.1B | ||
| Q1 25 | $897.0M | $1.1B | ||
| Q4 24 | $883.0M | $1.1B | ||
| Q3 24 | $852.0M | $942.3M | ||
| Q2 24 | $823.0M | $910.8M | ||
| Q1 24 | $820.0M | $1.0B |
| Q4 25 | $81.0M | — | ||
| Q3 25 | $144.0M | $50.3M | ||
| Q2 25 | $116.0M | $9.0M | ||
| Q1 25 | $106.0M | $44.6M | ||
| Q4 24 | $148.0M | $37.0M | ||
| Q3 24 | $118.0M | $14.2M | ||
| Q2 24 | $61.0M | $-16.8M | ||
| Q1 24 | $130.0M | $49.5M |
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | 41.3% | ||
| Q2 25 | 74.2% | 40.2% | ||
| Q1 25 | 74.8% | 44.0% | ||
| Q4 24 | 75.2% | 40.9% | ||
| Q3 24 | 75.2% | 42.9% | ||
| Q2 24 | 75.7% | 42.7% | ||
| Q1 24 | 74.9% | 45.0% |
| Q4 25 | 9.9% | — | ||
| Q3 25 | 17.7% | 6.0% | ||
| Q2 25 | 13.6% | 2.9% | ||
| Q1 25 | 12.3% | 7.5% | ||
| Q4 24 | 17.6% | 5.3% | ||
| Q3 24 | 16.2% | 2.8% | ||
| Q2 24 | 6.3% | -0.4% | ||
| Q1 24 | 17.6% | 8.2% |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 15.3% | 4.1% | ||
| Q2 25 | 12.7% | 0.8% | ||
| Q1 25 | 11.8% | 4.2% | ||
| Q4 24 | 16.8% | 3.3% | ||
| Q3 24 | 13.8% | 1.5% | ||
| Q2 24 | 7.4% | -1.8% | ||
| Q1 24 | 15.9% | 4.8% |
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | $0.35 | ||
| Q2 25 | $0.41 | $0.06 | ||
| Q1 25 | $0.37 | $0.31 | ||
| Q4 24 | $0.53 | $0.26 | ||
| Q3 24 | $0.42 | $0.10 | ||
| Q2 24 | $0.20 | $-0.12 | ||
| Q1 24 | $0.43 | $0.34 |
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 | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.8B |
| Total Assets | $3.7B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | $1.3B | ||
| Q2 25 | $1.6B | $1.3B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.5B | $2.8B | ||
| Q2 25 | $3.3B | $2.8B | ||
| Q1 25 | $3.2B | $2.8B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $2.9B | $2.9B | ||
| Q2 24 | $3.0B | $2.9B | ||
| Q1 24 | $3.1B | $2.9B |
| Q4 25 | $3.7B | — | ||
| Q3 25 | $4.5B | $5.7B | ||
| Q2 25 | $4.4B | $5.7B | ||
| Q1 25 | $4.3B | $5.6B | ||
| Q4 24 | $4.1B | $5.6B | ||
| Q3 24 | $3.9B | $5.6B | ||
| Q2 24 | $4.0B | $5.6B | ||
| Q1 24 | $4.1B | $5.6B |
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 | $174.3M |
| Free Cash FlowOCF − Capex | $171.0M | $134.6M |
| FCF MarginFCF / Revenue | 17.2% | 11.0% |
| Capex IntensityCapex / Revenue | 1.2% | 3.3% |
| Cash ConversionOCF / Net Profit | 2.26× | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $605.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $174.3M | ||
| Q2 25 | $203.0M | $156.9M | ||
| Q1 25 | $298.0M | $103.7M | ||
| Q4 24 | $153.0M | $349.4M | ||
| Q3 24 | $185.0M | $-159.4M | ||
| Q2 24 | $244.0M | $58.5M | ||
| Q1 24 | $105.0M | $266.1M |
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | $134.6M | ||
| Q2 25 | $187.0M | $128.2M | ||
| Q1 25 | $280.0M | $76.8M | ||
| Q4 24 | $141.0M | $265.8M | ||
| Q3 24 | $171.0M | $-179.0M | ||
| Q2 24 | $220.0M | $41.6M | ||
| Q1 24 | $91.0M | $249.5M |
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | 11.0% | ||
| Q2 25 | 20.5% | 11.4% | ||
| Q1 25 | 31.2% | 7.2% | ||
| Q4 24 | 16.0% | 23.6% | ||
| Q3 24 | 20.1% | -19.0% | ||
| Q2 24 | 26.7% | 4.6% | ||
| Q1 24 | 11.1% | 24.0% |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | 3.3% | ||
| Q2 25 | 1.8% | 2.6% | ||
| Q1 25 | 2.0% | 2.5% | ||
| Q4 24 | 1.4% | 7.4% | ||
| Q3 24 | 1.6% | 2.1% | ||
| Q2 24 | 2.9% | 1.9% | ||
| Q1 24 | 1.7% | 1.6% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 3.47× | ||
| Q2 25 | 1.75× | 17.50× | ||
| Q1 25 | 2.81× | 2.33× | ||
| Q4 24 | 1.03× | 9.44× | ||
| Q3 24 | 1.57× | -11.20× | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | 5.37× |
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% |
CIEN
| Optical Networking | $815.5M | 67% |
| Routing And Switching | $125.9M | 10% |
| Platform Softwareand Services Segment | $90.0M | 7% |
| Maintenance Support And Training | $80.7M | 7% |
| Installation And Deployment | $65.9M | 5% |
| Blue Planet Automation Softwareand Services Segment | $27.8M | 2% |
| Consulting And Network Design | $13.6M | 1% |
