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Side-by-side financial comparison of Maplebear Inc. (CART) and Incyte (INCY). Click either name above to swap in a different company.
Incyte is the larger business by last-quarter revenue ($1.3B vs $992.0M, roughly 1.3× Maplebear Inc.). Incyte runs the higher net margin — 23.8% vs 8.2%, a 15.7% gap on every dollar of revenue. On growth, Incyte posted the faster year-over-year revenue change (19.8% vs 12.3%). Over the past eight quarters, Incyte's revenue compounded faster (10.4% 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.
Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.
CART vs INCY — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.3B |
| Net Profit | $81.0M | $303.3M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 23.7% |
| Net Margin | 8.2% | 23.8% |
| Revenue YoY | 12.3% | 19.8% |
| Net Profit YoY | -45.3% | 91.7% |
| EPS (diluted) | $0.31 | $1.47 |
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 | — | $1.3B | ||
| Q4 25 | $992.0M | $1.5B | ||
| Q3 25 | $939.0M | $1.4B | ||
| Q2 25 | $914.0M | $1.2B | ||
| Q1 25 | $897.0M | $1.1B | ||
| Q4 24 | $883.0M | $1.2B | ||
| Q3 24 | $852.0M | $1.1B | ||
| Q2 24 | $823.0M | $1.0B |
| Q1 26 | — | $303.3M | ||
| Q4 25 | $81.0M | $299.3M | ||
| Q3 25 | $144.0M | $424.2M | ||
| Q2 25 | $116.0M | $405.0M | ||
| Q1 25 | $106.0M | $158.2M | ||
| Q4 24 | $148.0M | $201.2M | ||
| Q3 24 | $118.0M | $106.5M | ||
| Q2 24 | $61.0M | $-444.6M |
| Q1 26 | — | — | ||
| Q4 25 | 72.3% | 92.0% | ||
| Q3 25 | 73.7% | 92.8% | ||
| Q2 25 | 74.2% | 93.5% | ||
| Q1 25 | 74.8% | 93.0% | ||
| Q4 24 | 75.2% | 92.5% | ||
| Q3 24 | 75.2% | 92.4% | ||
| Q2 24 | 75.7% | 92.7% |
| Q1 26 | — | 23.7% | ||
| Q4 25 | 9.9% | 22.3% | ||
| Q3 25 | 17.7% | 32.5% | ||
| Q2 25 | 13.6% | 43.6% | ||
| Q1 25 | 12.3% | 19.5% | ||
| Q4 24 | 17.6% | 25.6% | ||
| Q3 24 | 16.2% | 12.8% | ||
| Q2 24 | 6.3% | -45.8% |
| Q1 26 | — | 23.8% | ||
| Q4 25 | 8.2% | 19.9% | ||
| Q3 25 | 15.3% | 31.1% | ||
| Q2 25 | 12.7% | 33.3% | ||
| Q1 25 | 11.8% | 15.0% | ||
| Q4 24 | 16.8% | 17.1% | ||
| Q3 24 | 13.8% | 9.4% | ||
| Q2 24 | 7.4% | -42.6% |
| Q1 26 | — | $1.47 | ||
| Q4 25 | $0.31 | $1.46 | ||
| Q3 25 | $0.51 | $2.11 | ||
| Q2 25 | $0.41 | $2.04 | ||
| Q1 25 | $0.37 | $0.80 | ||
| Q4 24 | $0.53 | $0.90 | ||
| Q3 24 | $0.42 | $0.54 | ||
| Q2 24 | $0.20 | $-2.04 |
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 | $5.6B |
| Total Assets | $3.7B | $7.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $687.0M | $3.1B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.6B | $2.0B | ||
| Q1 25 | $1.6B | $1.9B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | $987.3M |
| Q1 26 | — | $5.6B | ||
| Q4 25 | $2.5B | $5.2B | ||
| Q3 25 | $3.5B | $4.7B | ||
| Q2 25 | $3.3B | $4.2B | ||
| Q1 25 | $3.2B | $3.7B | ||
| Q4 24 | $3.1B | $3.4B | ||
| Q3 24 | $2.9B | $3.2B | ||
| Q2 24 | $3.0B | $3.0B |
| Q1 26 | — | $7.3B | ||
| Q4 25 | $3.7B | $7.0B | ||
| Q3 25 | $4.5B | $6.3B | ||
| Q2 25 | $4.4B | $5.8B | ||
| Q1 25 | $4.3B | $5.7B | ||
| Q4 24 | $4.1B | $5.4B | ||
| Q3 24 | $3.9B | $5.0B | ||
| Q2 24 | $4.0B | $4.7B |
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 | — |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $183.0M | $543.3M | ||
| Q3 25 | $287.0M | $559.4M | ||
| Q2 25 | $203.0M | $44.7M | ||
| Q1 25 | $298.0M | $266.1M | ||
| Q4 24 | $153.0M | $381.2M | ||
| Q3 24 | $185.0M | $310.9M | ||
| Q2 24 | $244.0M | $-575.6M |
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | — | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | — | ||
| Q4 24 | $141.0M | — | ||
| Q3 24 | $171.0M | — | ||
| Q2 24 | $220.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | — | ||
| Q4 24 | 16.0% | — | ||
| Q3 24 | 20.1% | — | ||
| Q2 24 | 26.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.26× | 1.82× | ||
| Q3 25 | 1.99× | 1.32× | ||
| Q2 25 | 1.75× | 0.11× | ||
| Q1 25 | 2.81× | 1.68× | ||
| Q4 24 | 1.03× | 1.89× | ||
| Q3 24 | 1.57× | 2.92× | ||
| Q2 24 | 4.00× | — |
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% |
INCY
Segment breakdown not available.
