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Side-by-side financial comparison of Maplebear Inc. (CART) and Hyatt Hotels Corp (H). Click either name above to swap in a different company.
Hyatt Hotels Corp is the larger business by last-quarter revenue ($1.8B vs $992.0M, roughly 1.8× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs -1.1%, a 9.3% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 11.7%). Hyatt Hotels Corp produced more free cash flow last quarter ($236.0M vs $171.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 2.2%).
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.
Hyatt Hotels Corporation, commonly known as Hyatt Hotels & Resorts, is an American multinational hospitality company headquartered in the Riverside Plaza area of Chicago that manages and franchises luxury and business hotels, resorts, and vacation properties. Hyatt Hotels & Resorts is one of the businesses managed by the Pritzker family. Hyatt has more than 1350 hotels and all-inclusive properties in 69 countries, across North America, South America, Europe, Asia, Africa and Australia.
CART vs H — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.8B |
| Net Profit | $81.0M | $-20.0M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 0.4% |
| Net Margin | 8.2% | -1.1% |
| Revenue YoY | 12.3% | 11.7% |
| Net Profit YoY | -45.3% | 64.3% |
| EPS (diluted) | $0.31 | $-0.20 |
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 | $1.8B | ||
| Q3 25 | $939.0M | $1.8B | ||
| Q2 25 | $914.0M | $1.8B | ||
| Q1 25 | $897.0M | $1.7B | ||
| Q4 24 | $883.0M | $1.6B | ||
| Q3 24 | $852.0M | $1.6B | ||
| Q2 24 | $823.0M | $1.7B | ||
| Q1 24 | $820.0M | $1.7B |
| Q4 25 | $81.0M | $-20.0M | ||
| Q3 25 | $144.0M | $-49.0M | ||
| Q2 25 | $116.0M | $-3.0M | ||
| Q1 25 | $106.0M | $20.0M | ||
| Q4 24 | $148.0M | $-56.0M | ||
| Q3 24 | $118.0M | $471.0M | ||
| Q2 24 | $61.0M | $359.0M | ||
| Q1 24 | $130.0M | $522.0M |
| 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% | 0.4% | ||
| Q3 25 | 17.7% | -1.0% | ||
| Q2 25 | 13.6% | 2.1% | ||
| Q1 25 | 12.3% | 3.0% | ||
| Q4 24 | 17.6% | -3.0% | ||
| Q3 24 | 16.2% | 37.3% | ||
| Q2 24 | 6.3% | 27.1% | ||
| Q1 24 | 17.6% | 31.6% |
| Q4 25 | 8.2% | -1.1% | ||
| Q3 25 | 15.3% | -2.7% | ||
| Q2 25 | 12.7% | -0.2% | ||
| Q1 25 | 11.8% | 1.2% | ||
| Q4 24 | 16.8% | -3.5% | ||
| Q3 24 | 13.8% | 28.9% | ||
| Q2 24 | 7.4% | 21.1% | ||
| Q1 24 | 15.9% | 30.5% |
| Q4 25 | $0.31 | $-0.20 | ||
| Q3 25 | $0.51 | $-0.51 | ||
| Q2 25 | $0.41 | $-0.03 | ||
| Q1 25 | $0.37 | $0.19 | ||
| Q4 24 | $0.53 | $-0.37 | ||
| Q3 24 | $0.42 | $4.63 | ||
| Q2 24 | $0.20 | $3.46 | ||
| Q1 24 | $0.43 | $4.93 |
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 | $813.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $3.3B |
| Total Assets | $3.7B | $14.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $813.0M | ||
| Q3 25 | $1.7B | $749.0M | ||
| Q2 25 | $1.6B | $912.0M | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $1.4B | $1.4B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.4B | $2.0B | ||
| Q1 24 | $1.5B | $794.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
| Q4 25 | $2.5B | $3.3B | ||
| Q3 25 | $3.5B | $3.5B | ||
| Q2 25 | $3.3B | $3.6B | ||
| Q1 25 | $3.2B | $3.5B | ||
| Q4 24 | $3.1B | $3.5B | ||
| Q3 24 | $2.9B | $3.7B | ||
| Q2 24 | $3.0B | $3.9B | ||
| Q1 24 | $3.1B | $3.7B |
| Q4 25 | $3.7B | $14.0B | ||
| Q3 25 | $4.5B | $15.7B | ||
| Q2 25 | $4.4B | $15.9B | ||
| Q1 25 | $4.3B | $14.0B | ||
| Q4 24 | $4.1B | $13.3B | ||
| Q3 24 | $3.9B | $11.9B | ||
| Q2 24 | $4.0B | $12.8B | ||
| Q1 24 | $4.1B | $11.7B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $313.0M |
| Free Cash FlowOCF − Capex | $171.0M | $236.0M |
| FCF MarginFCF / Revenue | 17.2% | 13.2% |
| Capex IntensityCapex / Revenue | 1.2% | 4.3% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $159.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $313.0M | ||
| Q3 25 | $287.0M | $-20.0M | ||
| Q2 25 | $203.0M | $-67.0M | ||
| Q1 25 | $298.0M | $153.0M | ||
| Q4 24 | $153.0M | $235.0M | ||
| Q3 24 | $185.0M | $-21.0M | ||
| Q2 24 | $244.0M | $177.0M | ||
| Q1 24 | $105.0M | $242.0M |
| Q4 25 | $171.0M | $236.0M | ||
| Q3 25 | $272.0M | $-89.0M | ||
| Q2 25 | $187.0M | $-111.0M | ||
| Q1 25 | $280.0M | $123.0M | ||
| Q4 24 | $141.0M | $184.0M | ||
| Q3 24 | $171.0M | $-64.0M | ||
| Q2 24 | $220.0M | $135.0M | ||
| Q1 24 | $91.0M | $208.0M |
| Q4 25 | 17.2% | 13.2% | ||
| Q3 25 | 29.0% | -5.0% | ||
| Q2 25 | 20.5% | -6.1% | ||
| Q1 25 | 31.2% | 7.2% | ||
| Q4 24 | 16.0% | 11.5% | ||
| Q3 24 | 20.1% | -3.9% | ||
| Q2 24 | 26.7% | 7.9% | ||
| Q1 24 | 11.1% | 12.1% |
| Q4 25 | 1.2% | 4.3% | ||
| Q3 25 | 1.6% | 3.9% | ||
| Q2 25 | 1.8% | 2.4% | ||
| Q1 25 | 2.0% | 1.7% | ||
| Q4 24 | 1.4% | 3.2% | ||
| Q3 24 | 1.6% | 2.6% | ||
| Q2 24 | 2.9% | 2.5% | ||
| Q1 24 | 1.7% | 2.0% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | 7.65× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | -0.04× | ||
| Q2 24 | 4.00× | 0.49× | ||
| Q1 24 | 0.81× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
