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Side-by-side financial comparison of Maplebear Inc. (CART) and FIRST HORIZON CORP (FHN). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $888.0M, roughly 1.1× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 8.2%, a 21.2% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 12.3%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $171.0M). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% 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.
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
CART vs FHN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $888.0M |
| Net Profit | $81.0M | $261.0M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 38.5% |
| Net Margin | 8.2% | 29.4% |
| Revenue YoY | 12.3% | 21.8% |
| Net Profit YoY | -45.3% | 57.2% |
| EPS (diluted) | $0.31 | $0.51 |
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 | $888.0M | ||
| Q3 25 | $939.0M | $889.0M | ||
| Q2 25 | $914.0M | $830.0M | ||
| Q1 25 | $897.0M | $812.0M | ||
| Q4 24 | $883.0M | $729.0M | ||
| Q3 24 | $852.0M | $827.0M | ||
| Q2 24 | $823.0M | — | ||
| Q1 24 | $820.0M | $819.0M |
| Q4 25 | $81.0M | $261.0M | ||
| Q3 25 | $144.0M | $262.0M | ||
| Q2 25 | $116.0M | $241.0M | ||
| Q1 25 | $106.0M | $218.0M | ||
| Q4 24 | $148.0M | $166.0M | ||
| Q3 24 | $118.0M | $218.0M | ||
| Q2 24 | $61.0M | — | ||
| Q1 24 | $130.0M | $192.0M |
| 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% | 38.5% | ||
| Q3 25 | 17.7% | 38.7% | ||
| Q2 25 | 13.6% | 37.2% | ||
| Q1 25 | 12.3% | 35.1% | ||
| Q4 24 | 17.6% | 28.8% | ||
| Q3 24 | 16.2% | 34.0% | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 17.6% | 31.0% |
| Q4 25 | 8.2% | 29.4% | ||
| Q3 25 | 15.3% | 29.5% | ||
| Q2 25 | 12.7% | 29.0% | ||
| Q1 25 | 11.8% | 26.8% | ||
| Q4 24 | 16.8% | 22.8% | ||
| Q3 24 | 13.8% | 26.4% | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 15.9% | 23.4% |
| Q4 25 | $0.31 | $0.51 | ||
| Q3 25 | $0.51 | $0.50 | ||
| Q2 25 | $0.41 | $0.45 | ||
| Q1 25 | $0.37 | $0.41 | ||
| Q4 24 | $0.53 | $0.29 | ||
| Q3 24 | $0.42 | $0.40 | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | $0.43 | $0.33 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $8.8B |
| Total Assets | $3.7B | $83.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $2.5B | $8.8B | ||
| Q3 25 | $3.5B | $8.9B | ||
| Q2 25 | $3.3B | $9.0B | ||
| Q1 25 | $3.2B | $8.7B | ||
| Q4 24 | $3.1B | $8.8B | ||
| Q3 24 | $2.9B | $9.0B | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.1B | $8.9B |
| Q4 25 | $3.7B | $83.9B | ||
| Q3 25 | $4.5B | $83.2B | ||
| Q2 25 | $4.4B | $82.1B | ||
| Q1 25 | $4.3B | $81.5B | ||
| Q4 24 | $4.1B | $82.2B | ||
| Q3 24 | $3.9B | $82.6B | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $4.1B | $81.8B |
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 | $396.0M |
| Free Cash FlowOCF − Capex | $171.0M | $389.0M |
| FCF MarginFCF / Revenue | 17.2% | 43.8% |
| Capex IntensityCapex / Revenue | 1.2% | 0.8% |
| Cash ConversionOCF / Net Profit | 2.26× | 1.52× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $595.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $396.0M | ||
| Q3 25 | $287.0M | $-200.0M | ||
| Q2 25 | $203.0M | $83.0M | ||
| Q1 25 | $298.0M | $349.0M | ||
| Q4 24 | $153.0M | $191.0M | ||
| Q3 24 | $185.0M | $389.0M | ||
| Q2 24 | $244.0M | — | ||
| Q1 24 | $105.0M | $838.0M |
| Q4 25 | $171.0M | $389.0M | ||
| Q3 25 | $272.0M | $-208.0M | ||
| Q2 25 | $187.0M | $74.0M | ||
| Q1 25 | $280.0M | $340.0M | ||
| Q4 24 | $141.0M | $174.0M | ||
| Q3 24 | $171.0M | $383.0M | ||
| Q2 24 | $220.0M | — | ||
| Q1 24 | $91.0M | $828.0M |
| Q4 25 | 17.2% | 43.8% | ||
| Q3 25 | 29.0% | -23.4% | ||
| Q2 25 | 20.5% | 8.9% | ||
| Q1 25 | 31.2% | 41.9% | ||
| Q4 24 | 16.0% | 23.9% | ||
| Q3 24 | 20.1% | 46.3% | ||
| Q2 24 | 26.7% | — | ||
| Q1 24 | 11.1% | 101.1% |
| Q4 25 | 1.2% | 0.8% | ||
| Q3 25 | 1.6% | 0.9% | ||
| Q2 25 | 1.8% | 1.1% | ||
| Q1 25 | 2.0% | 1.1% | ||
| Q4 24 | 1.4% | 2.3% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 1.7% | 1.2% |
| Q4 25 | 2.26× | 1.52× | ||
| Q3 25 | 1.99× | -0.76× | ||
| Q2 25 | 1.75× | 0.34× | ||
| Q1 25 | 2.81× | 1.60× | ||
| Q4 24 | 1.03× | 1.15× | ||
| Q3 24 | 1.57× | 1.78× | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | 4.36× |
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% |
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
