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Side-by-side financial comparison of Maplebear Inc. (CART) and Corpay (CPAY). Click either name above to swap in a different company.
Corpay is the larger business by last-quarter revenue ($1.2B vs $992.0M, roughly 1.3× Maplebear Inc.). Corpay runs the higher net margin — 21.2% vs 8.2%, a 13.0% gap on every dollar of revenue. On growth, Corpay posted the faster year-over-year revenue change (20.7% vs 12.3%). Corpay produced more free cash flow last quarter ($760.3M vs $171.0M). Over the past eight quarters, Corpay's revenue compounded faster (15.5% CAGR vs 10.0%).
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.
Corpay, Inc., headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
CART vs CPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.2B |
| Net Profit | $81.0M | $264.5M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 45.2% |
| Net Margin | 8.2% | 21.2% |
| Revenue YoY | 12.3% | 20.7% |
| Net Profit YoY | -45.3% | 7.5% |
| EPS (diluted) | $0.31 | $3.74 |
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 | $1.2B | ||
| Q3 25 | $939.0M | $1.2B | ||
| Q2 25 | $914.0M | $1.1B | ||
| Q1 25 | $897.0M | $1.0B | ||
| Q4 24 | $883.0M | $1.0B | ||
| Q3 24 | $852.0M | $1.0B | ||
| Q2 24 | $823.0M | $975.7M | ||
| Q1 24 | $820.0M | $935.3M |
| Q4 25 | $81.0M | $264.5M | ||
| Q3 25 | $144.0M | $277.9M | ||
| Q2 25 | $116.0M | $284.2M | ||
| Q1 25 | $106.0M | $243.2M | ||
| Q4 24 | $148.0M | $246.0M | ||
| Q3 24 | $118.0M | $276.4M | ||
| Q2 24 | $61.0M | $251.6M | ||
| Q1 24 | $130.0M | $229.8M |
| 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 24 | 74.9% | — |
| Q4 25 | 9.9% | 45.2% | ||
| Q3 25 | 17.7% | 44.6% | ||
| Q2 25 | 13.6% | 43.5% | ||
| Q1 25 | 12.3% | 42.5% | ||
| Q4 24 | 17.6% | 47.2% | ||
| Q3 24 | 16.2% | 45.5% | ||
| Q2 24 | 6.3% | 44.4% | ||
| Q1 24 | 17.6% | 42.5% |
| Q4 25 | 8.2% | 21.2% | ||
| Q3 25 | 15.3% | 23.7% | ||
| Q2 25 | 12.7% | 25.8% | ||
| Q1 25 | 11.8% | 24.2% | ||
| Q4 24 | 16.8% | 23.8% | ||
| Q3 24 | 13.8% | 26.9% | ||
| Q2 24 | 7.4% | 25.8% | ||
| Q1 24 | 15.9% | 24.6% |
| Q4 25 | $0.31 | $3.74 | ||
| Q3 25 | $0.51 | $3.91 | ||
| Q2 25 | $0.41 | $3.98 | ||
| Q1 25 | $0.37 | $3.40 | ||
| Q4 24 | $0.53 | $3.43 | ||
| Q3 24 | $0.42 | $3.90 | ||
| Q2 24 | $0.20 | $3.52 | ||
| Q1 24 | $0.43 | $3.12 |
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 | $2.4B |
| Total DebtLower is stronger | — | $10.0B |
| Stockholders' EquityBook value | $2.5B | $3.9B |
| Total Assets | $3.7B | $26.4B |
| Debt / EquityLower = less leverage | — | 2.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $2.4B | ||
| Q3 25 | $1.7B | $2.0B | ||
| Q2 25 | $1.6B | $2.2B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | — | $10.0B | ||
| Q3 25 | — | $8.1B | ||
| Q2 25 | — | $8.1B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $3.9B | ||
| Q3 25 | $3.5B | $4.1B | ||
| Q2 25 | $3.3B | $3.9B | ||
| Q1 25 | $3.2B | $3.5B | ||
| Q4 24 | $3.1B | $3.1B | ||
| Q3 24 | $2.9B | $3.1B | ||
| Q2 24 | $3.0B | $2.8B | ||
| Q1 24 | $3.1B | $3.3B |
| Q4 25 | $3.7B | $26.4B | ||
| Q3 25 | $4.5B | $19.7B | ||
| Q2 25 | $4.4B | $20.4B | ||
| Q1 25 | $4.3B | $18.5B | ||
| Q4 24 | $4.1B | $18.0B | ||
| Q3 24 | $3.9B | $17.6B | ||
| Q2 24 | $4.0B | $16.2B | ||
| Q1 24 | $4.1B | $15.8B |
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.99× | ||
| Q2 25 | — | 2.07× | ||
| Q1 25 | — | 2.37× | ||
| Q4 24 | — | 2.56× | ||
| 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 | $812.7M |
| Free Cash FlowOCF − Capex | $171.0M | $760.3M |
| FCF MarginFCF / Revenue | 17.2% | 60.9% |
| Capex IntensityCapex / Revenue | 1.2% | 4.2% |
| Cash ConversionOCF / Net Profit | 2.26× | 3.07× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $812.7M | ||
| Q3 25 | $287.0M | $-378.9M | ||
| Q2 25 | $203.0M | $1.1B | ||
| Q1 25 | $298.0M | $-74.2M | ||
| Q4 24 | $153.0M | $648.7M | ||
| Q3 24 | $185.0M | $400.8M | ||
| Q2 24 | $244.0M | $540.9M | ||
| Q1 24 | $105.0M | $350.2M |
| Q4 25 | $171.0M | $760.3M | ||
| Q3 25 | $272.0M | $-429.8M | ||
| Q2 25 | $187.0M | $1.1B | ||
| Q1 25 | $280.0M | $-118.9M | ||
| Q4 24 | $141.0M | $604.6M | ||
| Q3 24 | $171.0M | $355.0M | ||
| Q2 24 | $220.0M | $496.8M | ||
| Q1 24 | $91.0M | $309.0M |
| Q4 25 | 17.2% | 60.9% | ||
| Q3 25 | 29.0% | -36.7% | ||
| Q2 25 | 20.5% | 98.7% | ||
| Q1 25 | 31.2% | -11.8% | ||
| Q4 24 | 16.0% | 58.4% | ||
| Q3 24 | 20.1% | 34.5% | ||
| Q2 24 | 26.7% | 50.9% | ||
| Q1 24 | 11.1% | 33.0% |
| Q4 25 | 1.2% | 4.2% | ||
| Q3 25 | 1.6% | 4.3% | ||
| Q2 25 | 1.8% | 4.8% | ||
| Q1 25 | 2.0% | 4.5% | ||
| Q4 24 | 1.4% | 4.3% | ||
| Q3 24 | 1.6% | 4.4% | ||
| Q2 24 | 2.9% | 4.5% | ||
| Q1 24 | 1.7% | 4.4% |
| Q4 25 | 2.26× | 3.07× | ||
| Q3 25 | 1.99× | -1.36× | ||
| Q2 25 | 1.75× | 4.01× | ||
| Q1 25 | 2.81× | -0.30× | ||
| Q4 24 | 1.03× | 2.64× | ||
| Q3 24 | 1.57× | 1.45× | ||
| Q2 24 | 4.00× | 2.15× | ||
| Q1 24 | 0.81× | 1.52× |
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% |
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
