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Side-by-side financial comparison of Maplebear Inc. (CART) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
Calumet, Inc. is the larger business by last-quarter revenue ($1.0B vs $992.0M, roughly 1.0× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs -3.6%, a 11.8% gap on every dollar of revenue. Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $103.8M).
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.
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
CART vs CLMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.0B |
| Net Profit | $81.0M | $-37.3M |
| Gross Margin | 72.3% | -0.3% |
| Operating Margin | 9.9% | -6.2% |
| Net Margin | 8.2% | -3.6% |
| Revenue YoY | 12.3% | — |
| Net Profit YoY | -45.3% | — |
| EPS (diluted) | $0.31 | $-0.43 |
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 | $1.0B | ||
| Q3 25 | $939.0M | $1.1B | ||
| Q2 25 | $914.0M | $1.0B | ||
| Q1 25 | $897.0M | $993.9M | ||
| Q4 24 | $883.0M | — | ||
| Q3 24 | $852.0M | $1.1B | ||
| Q2 24 | $823.0M | $1.1B | ||
| Q1 24 | $820.0M | — |
| Q4 25 | $81.0M | $-37.3M | ||
| Q3 25 | $144.0M | $313.4M | ||
| Q2 25 | $116.0M | $-147.9M | ||
| Q1 25 | $106.0M | $-162.0M | ||
| Q4 24 | $148.0M | — | ||
| Q3 24 | $118.0M | $-100.6M | ||
| Q2 24 | $61.0M | $-39.1M | ||
| Q1 24 | $130.0M | — |
| Q4 25 | 72.3% | -0.3% | ||
| Q3 25 | 73.7% | 34.7% | ||
| Q2 25 | 74.2% | -4.2% | ||
| Q1 25 | 74.8% | -8.2% | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | 0.4% | ||
| Q2 24 | 75.7% | 5.6% | ||
| Q1 24 | 74.9% | — |
| Q4 25 | 9.9% | -6.2% | ||
| Q3 25 | 17.7% | 30.0% | ||
| Q2 25 | 13.6% | -9.8% | ||
| Q1 25 | 12.3% | -4.9% | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 16.2% | -5.2% | ||
| Q2 24 | 6.3% | 0.5% | ||
| Q1 24 | 17.6% | — |
| Q4 25 | 8.2% | -3.6% | ||
| Q3 25 | 15.3% | 29.1% | ||
| Q2 25 | 12.7% | -14.4% | ||
| Q1 25 | 11.8% | -16.3% | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | 13.8% | -9.1% | ||
| Q2 24 | 7.4% | -3.4% | ||
| Q1 24 | 15.9% | — |
| Q4 25 | $0.31 | $-0.43 | ||
| Q3 25 | $0.51 | $3.61 | ||
| Q2 25 | $0.41 | $-1.70 | ||
| Q1 25 | $0.37 | $-1.87 | ||
| Q4 24 | $0.53 | — | ||
| Q3 24 | $0.42 | $-1.18 | ||
| Q2 24 | $0.20 | $-0.48 | ||
| Q1 24 | $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 | $687.0M | $125.1M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | $2.5B | $-732.7M |
| Total Assets | $3.7B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $125.1M | ||
| Q3 25 | $1.7B | $94.6M | ||
| Q2 25 | $1.6B | $110.6M | ||
| Q1 25 | $1.6B | $123.4M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $34.6M | ||
| Q2 24 | $1.4B | $7.0M | ||
| Q1 24 | $1.5B | — |
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $-732.7M | ||
| Q3 25 | $3.5B | $-695.3M | ||
| Q2 25 | $3.3B | $-1.0B | ||
| Q1 25 | $3.2B | $-862.3M | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $2.9B | $-672.2M | ||
| Q2 24 | $3.0B | $-566.4M | ||
| Q1 24 | $3.1B | — |
| Q4 25 | $3.7B | $2.7B | ||
| Q3 25 | $4.5B | $2.7B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.3B | $2.8B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $3.9B | $2.6B | ||
| Q2 24 | $4.0B | $100 | ||
| Q1 24 | $4.1B | — |
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 | $116.5M |
| Free Cash FlowOCF − Capex | $171.0M | $103.8M |
| FCF MarginFCF / Revenue | 17.2% | 10.0% |
| Capex IntensityCapex / Revenue | 1.2% | 1.2% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $116.5M | ||
| Q3 25 | $287.0M | $23.5M | ||
| Q2 25 | $203.0M | $-1.8M | ||
| Q1 25 | $298.0M | $-29.3M | ||
| Q4 24 | $153.0M | — | ||
| Q3 24 | $185.0M | $-15.5M | ||
| Q2 24 | $244.0M | — | ||
| Q1 24 | $105.0M | — |
| Q4 25 | $171.0M | $103.8M | ||
| Q3 25 | $272.0M | $15.1M | ||
| Q2 25 | $187.0M | $-15.4M | ||
| Q1 25 | $280.0M | $-46.9M | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | $-32.2M | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $91.0M | — |
| Q4 25 | 17.2% | 10.0% | ||
| Q3 25 | 29.0% | 1.4% | ||
| Q2 25 | 20.5% | -1.5% | ||
| Q1 25 | 31.2% | -4.7% | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | -2.9% | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 11.1% | — |
| Q4 25 | 1.2% | 1.2% | ||
| Q3 25 | 1.6% | 0.8% | ||
| Q2 25 | 1.8% | 1.3% | ||
| Q1 25 | 2.0% | 1.8% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.6% | 1.5% | ||
| Q2 24 | 2.9% | 2.2% | ||
| Q1 24 | 1.7% | — |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 0.07× | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 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
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
