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Side-by-side financial comparison of Maplebear Inc. (CART) and Magnera Corp (MAGN). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $792.0M, roughly 1.3× Magnera Corp). Maplebear Inc. runs the higher net margin — 8.2% vs -4.3%, a 12.5% gap on every dollar of revenue. On growth, Magnera Corp posted the faster year-over-year revenue change (12.8% vs 12.3%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $-13.0M). Over the past eight quarters, Magnera Corp's revenue compounded faster (54.9% 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.
CART vs MAGN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $792.0M |
| Net Profit | $81.0M | $-34.0M |
| Gross Margin | 72.3% | 12.2% |
| Operating Margin | 9.9% | 1.8% |
| Net Margin | 8.2% | -4.3% |
| Revenue YoY | 12.3% | 12.8% |
| Net Profit YoY | -45.3% | 43.3% |
| EPS (diluted) | $0.31 | $-0.95 |
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 | $792.0M | ||
| Q3 25 | $939.0M | — | ||
| Q2 25 | $914.0M | $839.0M | ||
| Q1 25 | $897.0M | $824.0M | ||
| Q4 24 | $883.0M | $702.0M | ||
| Q3 24 | $852.0M | $332.1M | ||
| Q2 24 | $823.0M | $556.0M | ||
| Q1 24 | $820.0M | $558.0M |
| Q4 25 | $81.0M | $-34.0M | ||
| Q3 25 | $144.0M | — | ||
| Q2 25 | $116.0M | $-18.0M | ||
| Q1 25 | $106.0M | $-41.0M | ||
| Q4 24 | $148.0M | $-60.0M | ||
| Q3 24 | $118.0M | $-15.2M | ||
| Q2 24 | $61.0M | $19.0M | ||
| Q1 24 | $130.0M | $14.0M |
| Q4 25 | 72.3% | 12.2% | ||
| Q3 25 | 73.7% | — | ||
| Q2 25 | 74.2% | 10.7% | ||
| Q1 25 | 74.8% | 10.7% | ||
| Q4 24 | 75.2% | 10.1% | ||
| Q3 24 | 75.2% | 10.7% | ||
| Q2 24 | 75.7% | 6.6% | ||
| Q1 24 | 74.9% | 6.2% |
| Q4 25 | 9.9% | 1.8% | ||
| Q3 25 | 17.7% | — | ||
| Q2 25 | 13.6% | 1.5% | ||
| Q1 25 | 12.3% | 0.5% | ||
| Q4 24 | 17.6% | -3.1% | ||
| Q3 24 | 16.2% | 0.9% | ||
| Q2 24 | 6.3% | 3.1% | ||
| Q1 24 | 17.6% | 3.8% |
| Q4 25 | 8.2% | -4.3% | ||
| Q3 25 | 15.3% | — | ||
| Q2 25 | 12.7% | -2.1% | ||
| Q1 25 | 11.8% | -5.0% | ||
| Q4 24 | 16.8% | -8.5% | ||
| Q3 24 | 13.8% | -4.6% | ||
| Q2 24 | 7.4% | 3.4% | ||
| Q1 24 | 15.9% | 2.5% |
| Q4 25 | $0.31 | $-0.95 | ||
| Q3 25 | $0.51 | — | ||
| Q2 25 | $0.41 | $-0.51 | ||
| Q1 25 | $0.37 | $-1.15 | ||
| Q4 24 | $0.53 | $-1.69 | ||
| Q3 24 | $0.42 | $-0.33 | ||
| Q2 24 | $0.20 | $0.60 | ||
| Q1 24 | $0.43 | $0.44 |
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 | $264.0M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $2.5B | $1.0B |
| Total Assets | $3.7B | $3.9B |
| Debt / EquityLower = less leverage | — | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $264.0M | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | $276.0M | ||
| Q1 25 | $1.6B | $282.0M | ||
| Q4 24 | $1.4B | $215.0M | ||
| Q3 24 | $1.3B | $230.0M | ||
| Q2 24 | $1.4B | $33.9M | ||
| Q1 24 | $1.5B | $30.2M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $877.4M | ||
| Q1 24 | — | $884.7M |
| Q4 25 | $2.5B | $1.0B | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.3B | $1.1B | ||
| Q1 25 | $3.2B | $1.1B | ||
| Q4 24 | $3.1B | $1.1B | ||
| Q3 24 | $2.9B | $2.1B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $3.1B | $2.4B |
| Q4 25 | $3.7B | $3.9B | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | $4.1B | ||
| Q1 25 | $4.3B | $4.1B | ||
| Q4 24 | $4.1B | $4.0B | ||
| Q3 24 | $3.9B | $2.8B | ||
| Q2 24 | $4.0B | $1.5B | ||
| Q1 24 | $4.1B | $1.5B |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 1.80× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.36× |
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 | $2.0M |
| Free Cash FlowOCF − Capex | $171.0M | $-13.0M |
| FCF MarginFCF / Revenue | 17.2% | -1.6% |
| Capex IntensityCapex / Revenue | 1.2% | 1.9% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $2.0M | ||
| Q3 25 | $287.0M | — | ||
| Q2 25 | $203.0M | $0 | ||
| Q1 25 | $298.0M | $65.0M | ||
| Q4 24 | $153.0M | $-58.0M | ||
| Q3 24 | $185.0M | $12.2M | ||
| Q2 24 | $244.0M | $38.0M | ||
| Q1 24 | $105.0M | $20.0M |
| Q4 25 | $171.0M | $-13.0M | ||
| Q3 25 | $272.0M | — | ||
| Q2 25 | $187.0M | — | ||
| Q1 25 | $280.0M | $42.0M | ||
| Q4 24 | $141.0M | $-74.0M | ||
| Q3 24 | $171.0M | $3.6M | ||
| Q2 24 | $220.0M | $23.0M | ||
| Q1 24 | $91.0M | $12.5M |
| Q4 25 | 17.2% | -1.6% | ||
| Q3 25 | 29.0% | — | ||
| Q2 25 | 20.5% | — | ||
| Q1 25 | 31.2% | 5.1% | ||
| Q4 24 | 16.0% | -10.5% | ||
| Q3 24 | 20.1% | 1.1% | ||
| Q2 24 | 26.7% | 4.1% | ||
| Q1 24 | 11.1% | 2.2% |
| Q4 25 | 1.2% | 1.9% | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 2.0% | 2.8% | ||
| Q4 24 | 1.4% | 2.3% | ||
| Q3 24 | 1.6% | 2.6% | ||
| Q2 24 | 2.9% | 2.7% | ||
| Q1 24 | 1.7% | 1.3% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 4.00× | 2.00× | ||
| Q1 24 | 0.81× | 1.43× |
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% |
MAGN
| Other | $451.0M | 57% |
| United States And Canada | $341.0M | 43% |
