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Side-by-side financial comparison of Maplebear Inc. (CART) and Howard Hughes Holdings Inc. (HHH). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $624.4M, roughly 1.6× Howard Hughes Holdings Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 1.0%, a 7.2% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs -33.2%). Howard Hughes Holdings Inc. produced more free cash flow last quarter ($348.6M vs $171.0M). Over the past eight quarters, Howard Hughes Holdings Inc.'s revenue compounded faster (91.0% 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.
Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
CART vs HHH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $624.4M |
| Net Profit | $81.0M | $6.0M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 4.2% |
| Net Margin | 8.2% | 1.0% |
| Revenue YoY | 12.3% | -33.2% |
| Net Profit YoY | -45.3% | -96.2% |
| 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 | $624.4M | ||
| Q3 25 | $939.0M | $390.2M | ||
| Q2 25 | $914.0M | $260.9M | ||
| Q1 25 | $897.0M | $199.3M | ||
| Q4 24 | $883.0M | $935.0M | ||
| Q3 24 | $852.0M | $327.1M | ||
| Q2 24 | $823.0M | $317.4M | ||
| Q1 24 | $820.0M | $171.1M |
| Q4 25 | $81.0M | $6.0M | ||
| Q3 25 | $144.0M | $119.5M | ||
| Q2 25 | $116.0M | $-12.1M | ||
| Q1 25 | $106.0M | $10.5M | ||
| Q4 24 | $148.0M | $156.3M | ||
| Q3 24 | $118.0M | $72.8M | ||
| Q2 24 | $61.0M | $21.1M | ||
| Q1 24 | $130.0M | $-52.5M |
| 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% | 4.2% | ||
| Q3 25 | 17.7% | 48.6% | ||
| Q2 25 | 13.6% | 26.0% | ||
| Q1 25 | 12.3% | 24.0% | ||
| Q4 24 | 17.6% | 33.5% | ||
| Q3 24 | 16.2% | 60.6% | ||
| Q2 24 | 6.3% | 20.4% | ||
| Q1 24 | 17.6% | -9.8% |
| Q4 25 | 8.2% | 1.0% | ||
| Q3 25 | 15.3% | 30.6% | ||
| Q2 25 | 12.7% | -4.7% | ||
| Q1 25 | 11.8% | 5.3% | ||
| Q4 24 | 16.8% | 16.7% | ||
| Q3 24 | 13.8% | 22.2% | ||
| Q2 24 | 7.4% | 6.6% | ||
| Q1 24 | 15.9% | -30.7% |
| Q4 25 | $0.31 | $0.20 | ||
| Q3 25 | $0.51 | $2.02 | ||
| Q2 25 | $0.41 | $-0.22 | ||
| Q1 25 | $0.37 | $0.21 | ||
| Q4 24 | $0.53 | $3.14 | ||
| Q3 24 | $0.42 | $1.46 | ||
| Q2 24 | $0.20 | $0.42 | ||
| Q1 24 | $0.43 | $-1.06 |
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 | $1.5B |
| Total DebtLower is stronger | — | $5.1B |
| Stockholders' EquityBook value | $2.5B | $3.8B |
| Total Assets | $3.7B | $10.6B |
| Debt / EquityLower = less leverage | — | 1.35× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.6B | $1.4B | ||
| Q1 25 | $1.6B | $493.7M | ||
| Q4 24 | $1.4B | $596.1M | ||
| Q3 24 | $1.3B | $400.7M | ||
| Q2 24 | $1.4B | $436.8M | ||
| Q1 24 | $1.5B | $462.7M |
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $3.8B | ||
| Q3 25 | $3.5B | $3.8B | ||
| Q2 25 | $3.3B | $3.6B | ||
| Q1 25 | $3.2B | $2.8B | ||
| Q4 24 | $3.1B | $2.8B | ||
| Q3 24 | $2.9B | $2.6B | ||
| Q2 24 | $3.0B | $3.0B | ||
| Q1 24 | $3.1B | $2.9B |
| Q4 25 | $3.7B | $10.6B | ||
| Q3 25 | $4.5B | $10.7B | ||
| Q2 25 | $4.4B | $10.3B | ||
| Q1 25 | $4.3B | $9.3B | ||
| Q4 24 | $4.1B | $9.2B | ||
| Q3 24 | $3.9B | $9.4B | ||
| Q2 24 | $4.0B | $9.9B | ||
| Q1 24 | $4.1B | $9.6B |
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.85× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $360.3M |
| Free Cash FlowOCF − Capex | $171.0M | $348.6M |
| FCF MarginFCF / Revenue | 17.2% | 55.8% |
| Capex IntensityCapex / Revenue | 1.2% | 1.9% |
| Cash ConversionOCF / Net Profit | 2.26× | 60.04× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $417.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $360.3M | ||
| Q3 25 | $287.0M | $149.8M | ||
| Q2 25 | $203.0M | $177.3M | ||
| Q1 25 | $298.0M | $-224.9M | ||
| Q4 24 | $153.0M | $337.1M | ||
| Q3 24 | $185.0M | $248.3M | ||
| Q2 24 | $244.0M | $-17.5M | ||
| Q1 24 | $105.0M | $-171.2M |
| Q4 25 | $171.0M | $348.6M | ||
| Q3 25 | $272.0M | $137.7M | ||
| Q2 25 | $187.0M | $169.7M | ||
| Q1 25 | $280.0M | $-238.4M | ||
| Q4 24 | $141.0M | $317.1M | ||
| Q3 24 | $171.0M | $238.7M | ||
| Q2 24 | $220.0M | $-25.1M | ||
| Q1 24 | $91.0M | $-182.0M |
| Q4 25 | 17.2% | 55.8% | ||
| Q3 25 | 29.0% | 35.3% | ||
| Q2 25 | 20.5% | 65.1% | ||
| Q1 25 | 31.2% | -119.6% | ||
| Q4 24 | 16.0% | 33.9% | ||
| Q3 24 | 20.1% | 73.0% | ||
| Q2 24 | 26.7% | -7.9% | ||
| Q1 24 | 11.1% | -106.4% |
| Q4 25 | 1.2% | 1.9% | ||
| Q3 25 | 1.6% | 3.1% | ||
| Q2 25 | 1.8% | 2.9% | ||
| Q1 25 | 2.0% | 6.8% | ||
| Q4 24 | 1.4% | 2.1% | ||
| Q3 24 | 1.6% | 2.9% | ||
| Q2 24 | 2.9% | 2.4% | ||
| Q1 24 | 1.7% | 6.3% |
| Q4 25 | 2.26× | 60.04× | ||
| Q3 25 | 1.99× | 1.25× | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | -21.35× | ||
| Q4 24 | 1.03× | 2.16× | ||
| Q3 24 | 1.57× | 3.41× | ||
| Q2 24 | 4.00× | -0.83× | ||
| Q1 24 | 0.81× | — |
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% |
HHH
| Transferred At Point In Time | $499.8M | 80% |
| Operating Assets Segment | $117.9M | 19% |
| Builder Price Participation | $12.9M | 2% |
