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Side-by-side financial comparison of Maplebear Inc. (CART) and Element Solutions Inc (ESI). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $840.0M, roughly 1.2× Element Solutions Inc). Maplebear Inc. runs the higher net margin — 8.2% vs 6.7%, a 1.5% gap on every dollar of revenue. On growth, Element Solutions Inc posted the faster year-over-year revenue change (41.0% vs 12.3%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $-74.2M). Over the past eight quarters, Element Solutions Inc's revenue compounded faster (17.1% 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.
Element Solutions Inc is an American specialty chemicals production corporation listed on the New York Stock Exchange.
CART vs ESI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $840.0M |
| Net Profit | $81.0M | $56.0M |
| Gross Margin | 72.3% | 38.4% |
| Operating Margin | 9.9% | 13.3% |
| Net Margin | 8.2% | 6.7% |
| Revenue YoY | 12.3% | 41.0% |
| Net Profit YoY | -45.3% | -42.9% |
| EPS (diluted) | $0.31 | $0.23 |
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.
| Q1 26 | — | $840.0M | ||
| Q4 25 | $992.0M | $676.2M | ||
| Q3 25 | $939.0M | $656.1M | ||
| Q2 25 | $914.0M | $625.2M | ||
| Q1 25 | $897.0M | $593.7M | ||
| Q4 24 | $883.0M | $624.2M | ||
| Q3 24 | $852.0M | $645.0M | ||
| Q2 24 | $823.0M | $612.7M |
| Q1 26 | — | $56.0M | ||
| Q4 25 | $81.0M | $6.2M | ||
| Q3 25 | $144.0M | $39.3M | ||
| Q2 25 | $116.0M | $47.4M | ||
| Q1 25 | $106.0M | $98.0M | ||
| Q4 24 | $148.0M | $54.7M | ||
| Q3 24 | $118.0M | $40.3M | ||
| Q2 24 | $61.0M | $93.2M |
| Q1 26 | — | 38.4% | ||
| Q4 25 | 72.3% | 40.9% | ||
| Q3 25 | 73.7% | 42.2% | ||
| Q2 25 | 74.2% | 42.6% | ||
| Q1 25 | 74.8% | 42.2% | ||
| Q4 24 | 75.2% | 41.0% | ||
| Q3 24 | 75.2% | 41.5% | ||
| Q2 24 | 75.7% | 43.6% |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 9.9% | 10.3% | ||
| Q3 25 | 17.7% | 15.4% | ||
| Q2 25 | 13.6% | 15.1% | ||
| Q1 25 | 12.3% | 13.0% | ||
| Q4 24 | 17.6% | 12.0% | ||
| Q3 24 | 16.2% | 14.7% | ||
| Q2 24 | 6.3% | 15.7% |
| Q1 26 | — | 6.7% | ||
| Q4 25 | 8.2% | 0.9% | ||
| Q3 25 | 15.3% | 6.0% | ||
| Q2 25 | 12.7% | 7.6% | ||
| Q1 25 | 11.8% | 16.5% | ||
| Q4 24 | 16.8% | 8.8% | ||
| Q3 24 | 13.8% | 6.2% | ||
| Q2 24 | 7.4% | 15.2% |
| Q1 26 | — | $0.23 | ||
| Q4 25 | $0.31 | $0.03 | ||
| Q3 25 | $0.51 | $0.16 | ||
| Q2 25 | $0.41 | $0.20 | ||
| Q1 25 | $0.37 | $0.40 | ||
| Q4 24 | $0.53 | $0.22 | ||
| Q3 24 | $0.42 | $0.17 | ||
| Q2 24 | $0.20 | $0.39 |
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 | $177.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.7B |
| Total Assets | $3.7B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $177.3M | ||
| Q4 25 | $687.0M | $626.5M | ||
| Q3 25 | $1.7B | $594.3M | ||
| Q2 25 | $1.6B | $529.9M | ||
| Q1 25 | $1.6B | $499.2M | ||
| Q4 24 | $1.4B | $359.4M | ||
| Q3 24 | $1.3B | $376.0M | ||
| Q2 24 | $1.4B | $309.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $2.7B | ||
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $3.5B | $2.7B | ||
| Q2 25 | $3.3B | $2.6B | ||
| Q1 25 | $3.2B | $2.5B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $2.9B | $2.4B | ||
| Q2 24 | $3.0B | $2.4B |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $3.7B | $5.1B | ||
| Q3 25 | $4.5B | $5.0B | ||
| Q2 25 | $4.4B | $5.0B | ||
| Q1 25 | $4.3B | $4.8B | ||
| Q4 24 | $4.1B | $4.9B | ||
| Q3 24 | $3.9B | $5.1B | ||
| Q2 24 | $4.0B | $5.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.64× | ||
| Q4 24 | — | 0.76× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.81× |
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 | — |
| Free Cash FlowOCF − Capex | $171.0M | $-74.2M |
| FCF MarginFCF / Revenue | 17.2% | -8.8% |
| Capex IntensityCapex / Revenue | 1.2% | 3.0% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $100.1M | ||
| Q2 25 | $203.0M | — | ||
| Q1 25 | $298.0M | $26.0M | ||
| Q4 24 | $153.0M | — | ||
| Q3 24 | $185.0M | $98.5M | ||
| Q2 24 | $244.0M | — |
| Q1 26 | — | $-74.2M | ||
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | $83.6M | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | $15.0M | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | $85.9M | ||
| Q2 24 | $220.0M | — |
| Q1 26 | — | -8.8% | ||
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | 12.7% | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | 2.5% | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | 13.3% | ||
| Q2 24 | 26.7% | — |
| Q1 26 | — | 3.0% | ||
| Q4 25 | 1.2% | 2.5% | ||
| Q3 25 | 1.6% | 2.5% | ||
| Q2 25 | 1.8% | 2.8% | ||
| Q1 25 | 2.0% | 1.9% | ||
| Q4 24 | 1.4% | 3.6% | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 2.9% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 2.55× | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | 0.27× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 2.44× | ||
| Q2 24 | 4.00× | — |
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% |
ESI
| Electronics ex-Metals | $377.8M | 45% |
| Pass-through Metals | $255.7M | 30% |
| Other | $206.5M | 25% |
