vs
Side-by-side financial comparison of Maplebear Inc. (CART) and EXELIXIS, INC. (EXEL). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $598.7M, roughly 1.7× EXELIXIS, INC.). EXELIXIS, INC. runs the higher net margin — 40.8% vs 8.2%, a 32.7% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 5.6%). EXELIXIS, INC. produced more free cash flow last quarter ($332.4M vs $171.0M). Over the past eight quarters, EXELIXIS, INC.'s revenue compounded faster (18.7% 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.
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
CART vs EXEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $598.7M |
| Net Profit | $81.0M | $244.5M |
| Gross Margin | 72.3% | 95.6% |
| Operating Margin | 9.9% | 39.3% |
| Net Margin | 8.2% | 40.8% |
| Revenue YoY | 12.3% | 5.6% |
| Net Profit YoY | -45.3% | 74.8% |
| EPS (diluted) | $0.31 | $0.89 |
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 | — | $598.7M | ||
| Q4 25 | $992.0M | $597.8M | ||
| Q3 25 | $939.0M | $568.3M | ||
| Q2 25 | $914.0M | $555.4M | ||
| Q1 25 | $897.0M | $566.8M | ||
| Q4 24 | $883.0M | — | ||
| Q3 24 | $852.0M | $539.5M | ||
| Q2 24 | $823.0M | $637.2M |
| Q1 26 | — | $244.5M | ||
| Q4 25 | $81.0M | $193.6M | ||
| Q3 25 | $144.0M | $184.8M | ||
| Q2 25 | $116.0M | $159.6M | ||
| Q1 25 | $106.0M | $139.9M | ||
| Q4 24 | $148.0M | — | ||
| Q3 24 | $118.0M | $118.0M | ||
| Q2 24 | $61.0M | $226.1M |
| Q1 26 | — | 95.6% | ||
| Q4 25 | 72.3% | 96.9% | ||
| Q3 25 | 73.7% | 96.6% | ||
| Q2 25 | 74.2% | 96.5% | ||
| Q1 25 | 74.8% | 96.5% | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | 96.8% | ||
| Q2 24 | 75.7% | 97.2% |
| Q1 26 | — | 39.3% | ||
| Q4 25 | 9.9% | 39.6% | ||
| Q3 25 | 17.7% | 37.6% | ||
| Q2 25 | 13.6% | 33.6% | ||
| Q1 25 | 12.3% | 28.8% | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 16.2% | 25.2% | ||
| Q2 24 | 6.3% | 43.3% |
| Q1 26 | — | 40.8% | ||
| Q4 25 | 8.2% | 32.4% | ||
| Q3 25 | 15.3% | 32.5% | ||
| Q2 25 | 12.7% | 28.7% | ||
| Q1 25 | 11.8% | 24.7% | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | 13.8% | 21.9% | ||
| Q2 24 | 7.4% | 35.5% |
| Q1 26 | — | $0.89 | ||
| Q4 25 | $0.31 | $0.69 | ||
| Q3 25 | $0.51 | $0.65 | ||
| Q2 25 | $0.41 | $0.55 | ||
| Q1 25 | $0.37 | $0.47 | ||
| Q4 24 | $0.53 | — | ||
| Q3 24 | $0.42 | $0.40 | ||
| Q2 24 | $0.20 | $0.77 |
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 | $1.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.2B |
| Total Assets | $3.7B | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $687.0M | $988.5M | ||
| Q3 25 | $1.7B | $791.1M | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.4B | $1.0B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $2.5B | $2.2B | ||
| Q3 25 | $3.5B | $2.0B | ||
| Q2 25 | $3.3B | $2.1B | ||
| Q1 25 | $3.2B | $2.2B | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $2.9B | $2.3B | ||
| Q2 24 | $3.0B | $2.1B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $3.7B | $2.8B | ||
| Q3 25 | $4.5B | $2.7B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.3B | $2.9B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $3.9B | $3.0B | ||
| Q2 24 | $4.0B | $2.8B |
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 | $333.5M |
| Free Cash FlowOCF − Capex | $171.0M | $332.4M |
| FCF MarginFCF / Revenue | 17.2% | 55.5% |
| Capex IntensityCapex / Revenue | 1.2% | 0.2% |
| Cash ConversionOCF / Net Profit | 2.26× | 1.36× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $875.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $333.5M | ||
| Q4 25 | $183.0M | $290.3M | ||
| Q3 25 | $287.0M | $49.0M | ||
| Q2 25 | $203.0M | $211.4M | ||
| Q1 25 | $298.0M | $240.3M | ||
| Q4 24 | $153.0M | — | ||
| Q3 24 | $185.0M | $271.3M | ||
| Q2 24 | $244.0M | $119.5M |
| Q1 26 | — | $332.4M | ||
| Q4 25 | $171.0M | $288.8M | ||
| Q3 25 | $272.0M | $46.2M | ||
| Q2 25 | $187.0M | $208.5M | ||
| Q1 25 | $280.0M | $236.3M | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | $263.1M | ||
| Q2 24 | $220.0M | $113.0M |
| Q1 26 | — | 55.5% | ||
| Q4 25 | 17.2% | 48.3% | ||
| Q3 25 | 29.0% | 8.1% | ||
| Q2 25 | 20.5% | 37.5% | ||
| Q1 25 | 31.2% | 41.7% | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | 48.8% | ||
| Q2 24 | 26.7% | 17.7% |
| Q1 26 | — | 0.2% | ||
| Q4 25 | 1.2% | 0.2% | ||
| Q3 25 | 1.6% | 0.5% | ||
| Q2 25 | 1.8% | 0.5% | ||
| Q1 25 | 2.0% | 0.7% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.6% | 1.5% | ||
| Q2 24 | 2.9% | 1.0% |
| Q1 26 | — | 1.36× | ||
| Q4 25 | 2.26× | 1.50× | ||
| Q3 25 | 1.99× | 0.27× | ||
| Q2 25 | 1.75× | 1.32× | ||
| Q1 25 | 2.81× | 1.72× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 2.30× | ||
| Q2 24 | 4.00× | 0.53× |
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% |
EXEL
| Cabometyx | $544.7M | 91% |
| Collaboration | $52.1M | 9% |
| Collaborative Arrangementwith Takeda | $5.9M | 1% |
| Cometriq | $1.8M | 0% |
