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Side-by-side financial comparison of Maplebear Inc. (CART) and DARLING INGREDIENTS INC. (DAR). Click either name above to swap in a different company.
DARLING INGREDIENTS INC. is the larger business by last-quarter revenue ($1.6B vs $992.0M, roughly 1.6× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 1.2%, a 6.9% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 10.0%). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs -1.6%).
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.
Darling Ingredients Inc. is a global sustainable natural ingredients maker that converts edible and inedible organic byproducts into high-value products: food-grade nutritional ingredients, animal feed additives, pharmaceutical raw materials and biofuel components, serving food, agriculture, pharma and renewable energy markets across North America, Europe and Asia-Pacific.
CART vs DAR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.6B |
| Net Profit | $81.0M | $19.4M |
| Gross Margin | 72.3% | 24.7% |
| Operating Margin | 9.9% | 4.6% |
| Net Margin | 8.2% | 1.2% |
| Revenue YoY | 12.3% | 10.0% |
| Net Profit YoY | -45.3% | 14.2% |
| EPS (diluted) | $0.31 | $0.12 |
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 | $1.6B | ||
| Q2 25 | $914.0M | $1.5B | ||
| Q1 25 | $897.0M | $1.4B | ||
| Q4 24 | $883.0M | $1.4B | ||
| Q3 24 | $852.0M | $1.4B | ||
| Q2 24 | $823.0M | $1.5B | ||
| Q1 24 | $820.0M | $1.4B |
| Q4 25 | $81.0M | — | ||
| Q3 25 | $144.0M | $19.4M | ||
| Q2 25 | $116.0M | $12.7M | ||
| Q1 25 | $106.0M | $-26.2M | ||
| Q4 24 | $148.0M | $101.9M | ||
| Q3 24 | $118.0M | $16.9M | ||
| Q2 24 | $61.0M | $78.9M | ||
| Q1 24 | $130.0M | $81.2M |
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | 24.7% | ||
| Q2 25 | 74.2% | 23.3% | ||
| Q1 25 | 74.8% | 22.6% | ||
| Q4 24 | 75.2% | 23.5% | ||
| Q3 24 | 75.2% | 22.1% | ||
| Q2 24 | 75.7% | 22.5% | ||
| Q1 24 | 74.9% | 21.4% |
| Q4 25 | 9.9% | — | ||
| Q3 25 | 17.7% | 4.6% | ||
| Q2 25 | 13.6% | 5.1% | ||
| Q1 25 | 12.3% | 2.1% | ||
| Q4 24 | 17.6% | 8.6% | ||
| Q3 24 | 16.2% | 4.2% | ||
| Q2 24 | 6.3% | 10.2% | ||
| Q1 24 | 17.6% | 9.7% |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 15.3% | 1.2% | ||
| Q2 25 | 12.7% | 0.9% | ||
| Q1 25 | 11.8% | -1.9% | ||
| Q4 24 | 16.8% | 7.2% | ||
| Q3 24 | 13.8% | 1.2% | ||
| Q2 24 | 7.4% | 5.4% | ||
| Q1 24 | 15.9% | 5.7% |
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | $0.12 | ||
| Q2 25 | $0.41 | $0.08 | ||
| Q1 25 | $0.37 | $-0.16 | ||
| Q4 24 | $0.53 | $0.63 | ||
| Q3 24 | $0.42 | $0.11 | ||
| Q2 24 | $0.20 | $0.49 | ||
| Q1 24 | $0.43 | $0.50 |
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 | $91.5M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $2.5B | $4.7B |
| Total Assets | $3.7B | $10.5B |
| Debt / EquityLower = less leverage | — | 0.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | $91.5M | ||
| Q2 25 | $1.6B | $94.6M | ||
| Q1 25 | $1.6B | $81.5M | ||
| Q4 24 | $1.4B | $76.0M | ||
| Q3 24 | $1.3B | $114.8M | ||
| Q2 24 | $1.4B | $121.6M | ||
| Q1 24 | $1.5B | $145.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.4B |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.5B | $4.7B | ||
| Q2 25 | $3.3B | $4.6B | ||
| Q1 25 | $3.2B | $4.4B | ||
| Q4 24 | $3.1B | $4.4B | ||
| Q3 24 | $2.9B | $4.6B | ||
| Q2 24 | $3.0B | $4.5B | ||
| Q1 24 | $3.1B | $4.6B |
| Q4 25 | $3.7B | — | ||
| Q3 25 | $4.5B | $10.5B | ||
| Q2 25 | $4.4B | $10.3B | ||
| Q1 25 | $4.3B | $10.0B | ||
| Q4 24 | $4.1B | $10.1B | ||
| Q3 24 | $3.9B | $10.6B | ||
| Q2 24 | $4.0B | $10.6B | ||
| Q1 24 | $4.1B | $10.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.86× | ||
| Q2 25 | — | 0.85× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.95× |
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 | $224.3M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | 11.59× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $224.3M | ||
| Q2 25 | $203.0M | $145.8M | ||
| Q1 25 | $298.0M | $249.0M | ||
| Q4 24 | $153.0M | $154.4M | ||
| Q3 24 | $185.0M | $274.5M | ||
| Q2 24 | $244.0M | $146.5M | ||
| Q1 24 | $105.0M | $263.9M |
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | — | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | — | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | — | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $91.0M | — |
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | — | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 11.1% | — |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 1.7% | — |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 11.59× | ||
| Q2 25 | 1.75× | 11.52× | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | 1.52× | ||
| Q3 24 | 1.57× | 16.19× | ||
| Q2 24 | 4.00× | 1.86× | ||
| Q1 24 | 0.81× | 3.25× |
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% |
DAR
| Fats | $428.4M | 27% |
| Food Ingredients | $380.6M | 24% |
| Diamond Green Diesel Holdings Llc Joint Venture | $342.1M | 22% |
| Fuel Ingredients | $154.3M | 10% |
| Used Cooking Oil | $125.9M | 8% |
| Other Rendering | $76.9M | 5% |
| Bakery | $46.9M | 3% |
| Other Products And Services | $12.2M | 1% |
