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Side-by-side financial comparison of Maplebear Inc. (CART) and CONDUENT Inc (CNDT). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $770.0M, roughly 1.3× CONDUENT Inc). Maplebear Inc. runs the higher net margin — 8.2% vs -4.3%, a 12.5% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs -3.8%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $24.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs -8.6%).
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.
Conduent Inc. is an American business services provider company headquartered in Florham Park, New Jersey. It was formed in 2017 as a divestiture from Xerox. The company offers digital platforms for businesses and governments. As of 2026, it has over 54,000 employees working across 24 countries.
CART vs CNDT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $770.0M |
| Net Profit | $81.0M | $-33.0M |
| Gross Margin | 72.3% | 19.0% |
| Operating Margin | 9.9% | -3.6% |
| Net Margin | 8.2% | -4.3% |
| Revenue YoY | 12.3% | -3.8% |
| Net Profit YoY | -45.3% | -175.0% |
| EPS (diluted) | $0.31 | $-0.25 |
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 | $770.0M | ||
| Q3 25 | $939.0M | $767.0M | ||
| Q2 25 | $914.0M | $754.0M | ||
| Q1 25 | $897.0M | $751.0M | ||
| Q4 24 | $883.0M | $800.0M | ||
| Q3 24 | $852.0M | $807.0M | ||
| Q2 24 | $823.0M | $828.0M | ||
| Q1 24 | $820.0M | $921.0M |
| Q4 25 | $81.0M | $-33.0M | ||
| Q3 25 | $144.0M | $-46.0M | ||
| Q2 25 | $116.0M | $-40.0M | ||
| Q1 25 | $106.0M | $-51.0M | ||
| Q4 24 | $148.0M | $-12.0M | ||
| Q3 24 | $118.0M | $123.0M | ||
| Q2 24 | $61.0M | $216.0M | ||
| Q1 24 | $130.0M | $99.0M |
| Q4 25 | 72.3% | 19.0% | ||
| Q3 25 | 73.7% | 17.7% | ||
| Q2 25 | 74.2% | 18.2% | ||
| Q1 25 | 74.8% | 17.7% | ||
| Q4 24 | 75.2% | 17.3% | ||
| Q3 24 | 75.2% | 18.7% | ||
| Q2 24 | 75.7% | 18.2% | ||
| Q1 24 | 74.9% | 20.2% |
| Q4 25 | 9.9% | -3.6% | ||
| Q3 25 | 17.7% | -5.0% | ||
| Q2 25 | 13.6% | -5.0% | ||
| Q1 25 | 12.3% | -7.5% | ||
| Q4 24 | 17.6% | -10.3% | ||
| Q3 24 | 16.2% | 19.7% | ||
| Q2 24 | 6.3% | 36.2% | ||
| Q1 24 | 17.6% | 13.8% |
| Q4 25 | 8.2% | -4.3% | ||
| Q3 25 | 15.3% | -6.0% | ||
| Q2 25 | 12.7% | -5.3% | ||
| Q1 25 | 11.8% | -6.8% | ||
| Q4 24 | 16.8% | -1.5% | ||
| Q3 24 | 13.8% | 15.2% | ||
| Q2 24 | 7.4% | 26.1% | ||
| Q1 24 | 15.9% | 10.7% |
| Q4 25 | $0.31 | $-0.25 | ||
| Q3 25 | $0.51 | $-0.30 | ||
| Q2 25 | $0.41 | $-0.26 | ||
| Q1 25 | $0.37 | $-0.33 | ||
| Q4 24 | $0.53 | $-0.02 | ||
| Q3 24 | $0.42 | $0.72 | ||
| Q2 24 | $0.20 | $1.07 | ||
| Q1 24 | $0.43 | $0.46 |
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 | $233.0M |
| Total DebtLower is stronger | — | $665.0M |
| Stockholders' EquityBook value | $2.5B | $685.0M |
| Total Assets | $3.7B | $2.4B |
| Debt / EquityLower = less leverage | — | 0.97× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $233.0M | ||
| Q3 25 | $1.7B | $248.0M | ||
| Q2 25 | $1.6B | $275.0M | ||
| Q1 25 | $1.6B | $277.0M | ||
| Q4 24 | $1.4B | $366.0M | ||
| Q3 24 | $1.3B | $393.0M | ||
| Q2 24 | $1.4B | $300.0M | ||
| Q1 24 | $1.5B | $415.0M |
| Q4 25 | — | $665.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $685.0M | ||
| Q3 25 | $3.5B | $717.0M | ||
| Q2 25 | $3.3B | $777.0M | ||
| Q1 25 | $3.2B | $800.0M | ||
| Q4 24 | $3.1B | $839.0M | ||
| Q3 24 | $2.9B | $877.0M | ||
| Q2 24 | $3.0B | $751.0M | ||
| Q1 24 | $3.1B | $701.0M |
| Q4 25 | $3.7B | $2.4B | ||
| Q3 25 | $4.5B | $2.5B | ||
| Q2 25 | $4.4B | $2.5B | ||
| Q1 25 | $4.3B | $2.5B | ||
| Q4 24 | $4.1B | $2.6B | ||
| Q3 24 | $3.9B | $2.8B | ||
| Q2 24 | $4.0B | $2.8B | ||
| Q1 24 | $4.1B | $3.1B |
| Q4 25 | — | 0.97× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $39.0M |
| Free Cash FlowOCF − Capex | $171.0M | $24.0M |
| FCF MarginFCF / Revenue | 17.2% | 3.1% |
| Capex IntensityCapex / Revenue | 1.2% | 1.9% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $-132.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $39.0M | ||
| Q3 25 | $287.0M | $-39.0M | ||
| Q2 25 | $203.0M | $-15.0M | ||
| Q1 25 | $298.0M | $-58.0M | ||
| Q4 24 | $153.0M | $41.0M | ||
| Q3 24 | $185.0M | $-13.0M | ||
| Q2 24 | $244.0M | $-41.0M | ||
| Q1 24 | $105.0M | $-37.0M |
| Q4 25 | $171.0M | $24.0M | ||
| Q3 25 | $272.0M | $-54.0M | ||
| Q2 25 | $187.0M | $-30.0M | ||
| Q1 25 | $280.0M | $-72.0M | ||
| Q4 24 | $141.0M | $30.0M | ||
| Q3 24 | $171.0M | $-21.0M | ||
| Q2 24 | $220.0M | $-59.0M | ||
| Q1 24 | $91.0M | $-50.0M |
| Q4 25 | 17.2% | 3.1% | ||
| Q3 25 | 29.0% | -7.0% | ||
| Q2 25 | 20.5% | -4.0% | ||
| Q1 25 | 31.2% | -9.6% | ||
| Q4 24 | 16.0% | 3.8% | ||
| Q3 24 | 20.1% | -2.6% | ||
| Q2 24 | 26.7% | -7.1% | ||
| Q1 24 | 11.1% | -5.4% |
| Q4 25 | 1.2% | 1.9% | ||
| Q3 25 | 1.6% | 2.0% | ||
| Q2 25 | 1.8% | 2.0% | ||
| Q1 25 | 2.0% | 1.9% | ||
| Q4 24 | 1.4% | 1.4% | ||
| Q3 24 | 1.6% | 1.0% | ||
| Q2 24 | 2.9% | 2.2% | ||
| Q1 24 | 1.7% | 1.4% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | -0.11× | ||
| Q2 24 | 4.00× | -0.19× | ||
| Q1 24 | 0.81× | -0.37× |
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% |
CNDT
| Government Segment | $230.0M | 30% |
| Integrated Digital Solutions | $134.0M | 17% |
| Customer Experience Management | $127.0M | 16% |
| B Paa S | $116.0M | 15% |
| Government Services Solutions | $93.0M | 12% |
| Transferred At Point In Time | $36.0M | 5% |
| Other | $34.0M | 4% |
