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Side-by-side financial comparison of Maplebear Inc. (CART) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $992.0M, roughly 1.3× Maplebear Inc.). Graham Holdings Co runs the higher net margin — 8.7% vs 8.2%, a 0.5% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 0.4%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $5.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 4.2%).
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.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
CART vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.3B |
| Net Profit | $81.0M | $108.7M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 3.8% |
| Net Margin | 8.2% | 8.7% |
| Revenue YoY | 12.3% | 0.4% |
| Net Profit YoY | -45.3% | -80.2% |
| EPS (diluted) | $0.31 | $24.76 |
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 | $1.3B | ||
| Q3 25 | $939.0M | $1.3B | ||
| Q2 25 | $914.0M | $1.2B | ||
| Q1 25 | $897.0M | $1.2B | ||
| Q4 24 | $883.0M | $1.2B | ||
| Q3 24 | $852.0M | $1.2B | ||
| Q2 24 | $823.0M | $1.2B | ||
| Q1 24 | $820.0M | $1.2B |
| Q4 25 | $81.0M | $108.7M | ||
| Q3 25 | $144.0M | $122.9M | ||
| Q2 25 | $116.0M | $36.7M | ||
| Q1 25 | $106.0M | $23.9M | ||
| Q4 24 | $148.0M | $548.8M | ||
| Q3 24 | $118.0M | $72.5M | ||
| Q2 24 | $61.0M | $-21.0M | ||
| Q1 24 | $130.0M | $124.4M |
| 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% | 3.8% | ||
| Q3 25 | 17.7% | 5.2% | ||
| Q2 25 | 13.6% | 6.0% | ||
| Q1 25 | 12.3% | 4.1% | ||
| Q4 24 | 17.6% | 5.8% | ||
| Q3 24 | 16.2% | 6.8% | ||
| Q2 24 | 6.3% | 2.2% | ||
| Q1 24 | 17.6% | 3.1% |
| Q4 25 | 8.2% | 8.7% | ||
| Q3 25 | 15.3% | 9.6% | ||
| Q2 25 | 12.7% | 3.0% | ||
| Q1 25 | 11.8% | 2.0% | ||
| Q4 24 | 16.8% | 44.1% | ||
| Q3 24 | 13.8% | 6.0% | ||
| Q2 24 | 7.4% | -1.8% | ||
| Q1 24 | 15.9% | 10.8% |
| Q4 25 | $0.31 | $24.76 | ||
| Q3 25 | $0.51 | $27.91 | ||
| Q2 25 | $0.41 | $8.35 | ||
| Q1 25 | $0.37 | $5.45 | ||
| Q4 24 | $0.53 | $124.05 | ||
| Q3 24 | $0.42 | $16.42 | ||
| Q2 24 | $0.20 | $-4.79 | ||
| Q1 24 | $0.43 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $4.8B |
| Total Assets | $3.7B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $267.0M | ||
| Q3 25 | $1.7B | $190.8M | ||
| Q2 25 | $1.6B | $176.2M | ||
| Q1 25 | $1.6B | $156.7M | ||
| Q4 24 | $1.4B | $260.9M | ||
| Q3 24 | $1.3B | $244.4M | ||
| Q2 24 | $1.4B | $140.7M | ||
| Q1 24 | $1.5B | $130.9M |
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $3.5B | $4.5B | ||
| Q2 25 | $3.3B | $4.4B | ||
| Q1 25 | $3.2B | $4.3B | ||
| Q4 24 | $3.1B | $4.3B | ||
| Q3 24 | $2.9B | $4.0B | ||
| Q2 24 | $3.0B | $4.0B | ||
| Q1 24 | $3.1B | $4.0B |
| Q4 25 | $3.7B | $8.4B | ||
| Q3 25 | $4.5B | $7.9B | ||
| Q2 25 | $4.4B | $7.6B | ||
| Q1 25 | $4.3B | $7.6B | ||
| Q4 24 | $4.1B | $7.7B | ||
| Q3 24 | $3.9B | $7.4B | ||
| Q2 24 | $4.0B | $7.2B | ||
| Q1 24 | $4.1B | $7.3B |
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 | $28.3M |
| Free Cash FlowOCF − Capex | $171.0M | $5.0M |
| FCF MarginFCF / Revenue | 17.2% | 0.4% |
| Capex IntensityCapex / Revenue | 1.2% | 1.9% |
| Cash ConversionOCF / Net Profit | 2.26× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $28.3M | ||
| Q3 25 | $287.0M | $178.1M | ||
| Q2 25 | $203.0M | $94.8M | ||
| Q1 25 | $298.0M | $46.0M | ||
| Q4 24 | $153.0M | $116.3M | ||
| Q3 24 | $185.0M | $237.6M | ||
| Q2 24 | $244.0M | $52.0M | ||
| Q1 24 | $105.0M | $1.1M |
| Q4 25 | $171.0M | $5.0M | ||
| Q3 25 | $272.0M | $161.8M | ||
| Q2 25 | $187.0M | $78.0M | ||
| Q1 25 | $280.0M | $30.5M | ||
| Q4 24 | $141.0M | $91.1M | ||
| Q3 24 | $171.0M | $219.4M | ||
| Q2 24 | $220.0M | $33.7M | ||
| Q1 24 | $91.0M | $-20.2M |
| Q4 25 | 17.2% | 0.4% | ||
| Q3 25 | 29.0% | 12.6% | ||
| Q2 25 | 20.5% | 6.4% | ||
| Q1 25 | 31.2% | 2.6% | ||
| Q4 24 | 16.0% | 7.3% | ||
| Q3 24 | 20.1% | 18.2% | ||
| Q2 24 | 26.7% | 2.8% | ||
| Q1 24 | 11.1% | -1.8% |
| Q4 25 | 1.2% | 1.9% | ||
| Q3 25 | 1.6% | 1.3% | ||
| Q2 25 | 1.8% | 1.4% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 1.4% | 2.0% | ||
| Q3 24 | 1.6% | 1.5% | ||
| Q2 24 | 2.9% | 1.5% | ||
| Q1 24 | 1.7% | 1.8% |
| Q4 25 | 2.26× | 0.26× | ||
| Q3 25 | 1.99× | 1.45× | ||
| Q2 25 | 1.75× | 2.58× | ||
| Q1 25 | 2.81× | 1.93× | ||
| Q4 24 | 1.03× | 0.21× | ||
| Q3 24 | 1.57× | 3.28× | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
