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Side-by-side financial comparison of Maplebear Inc. (CART) and MSCI Inc. (MSCI). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $822.5M, roughly 1.2× MSCI Inc.). MSCI Inc. runs the higher net margin — 34.6% vs 8.2%, a 26.4% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 10.6%). MSCI Inc. produced more free cash flow last quarter ($488.7M vs $171.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% 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.
MSCI Inc. is an American finance company headquartered in New York City. MSCI is a global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG and climate finance products. It operates the MSCI World, MSCI Emerging Markets, and MSCI All Country World (ACWI) indices, among others.
CART vs MSCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $822.5M |
| Net Profit | $81.0M | $284.7M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 56.4% |
| Net Margin | 8.2% | 34.6% |
| Revenue YoY | 12.3% | 10.6% |
| Net Profit YoY | -45.3% | -6.8% |
| EPS (diluted) | $0.31 | $3.81 |
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 | $822.5M | ||
| Q3 25 | $939.0M | $793.4M | ||
| Q2 25 | $914.0M | $772.7M | ||
| Q1 25 | $897.0M | $745.8M | ||
| Q4 24 | $883.0M | $743.5M | ||
| Q3 24 | $852.0M | $724.7M | ||
| Q2 24 | $823.0M | $707.9M | ||
| Q1 24 | $820.0M | $680.0M |
| Q4 25 | $81.0M | $284.7M | ||
| Q3 25 | $144.0M | $325.4M | ||
| Q2 25 | $116.0M | $303.6M | ||
| Q1 25 | $106.0M | $288.6M | ||
| Q4 24 | $148.0M | $305.5M | ||
| Q3 24 | $118.0M | $280.9M | ||
| Q2 24 | $61.0M | $266.8M | ||
| Q1 24 | $130.0M | $256.0M |
| 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% | 56.4% | ||
| Q3 25 | 17.7% | 56.4% | ||
| Q2 25 | 13.6% | 55.0% | ||
| Q1 25 | 12.3% | 50.6% | ||
| Q4 24 | 17.6% | 54.5% | ||
| Q3 24 | 16.2% | 55.4% | ||
| Q2 24 | 6.3% | 54.0% | ||
| Q1 24 | 17.6% | 49.9% |
| Q4 25 | 8.2% | 34.6% | ||
| Q3 25 | 15.3% | 41.0% | ||
| Q2 25 | 12.7% | 39.3% | ||
| Q1 25 | 11.8% | 38.7% | ||
| Q4 24 | 16.8% | 41.1% | ||
| Q3 24 | 13.8% | 38.8% | ||
| Q2 24 | 7.4% | 37.7% | ||
| Q1 24 | 15.9% | 37.6% |
| Q4 25 | $0.31 | $3.81 | ||
| Q3 25 | $0.51 | $4.25 | ||
| Q2 25 | $0.41 | $3.92 | ||
| Q1 25 | $0.37 | $3.71 | ||
| Q4 24 | $0.53 | $3.89 | ||
| Q3 24 | $0.42 | $3.57 | ||
| Q2 24 | $0.20 | $3.37 | ||
| Q1 24 | $0.43 | $3.22 |
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 | $515.3M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $2.5B | $-2.7B |
| Total Assets | $3.7B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $515.3M | ||
| Q3 25 | $1.7B | $400.1M | ||
| Q2 25 | $1.6B | $347.3M | ||
| Q1 25 | $1.6B | $360.7M | ||
| Q4 24 | $1.4B | $409.4M | ||
| Q3 24 | $1.3B | $501.0M | ||
| Q2 24 | $1.4B | $451.4M | ||
| Q1 24 | $1.5B | $519.3M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $2.5B | $-2.7B | ||
| Q3 25 | $3.5B | $-1.9B | ||
| Q2 25 | $3.3B | $-886.2M | ||
| Q1 25 | $3.2B | $-958.6M | ||
| Q4 24 | $3.1B | $-940.0M | ||
| Q3 24 | $2.9B | $-751.0M | ||
| Q2 24 | $3.0B | $-734.5M | ||
| Q1 24 | $3.1B | $-650.5M |
| Q4 25 | $3.7B | $5.7B | ||
| Q3 25 | $4.5B | $5.4B | ||
| Q2 25 | $4.4B | $5.4B | ||
| Q1 25 | $4.3B | $5.3B | ||
| Q4 24 | $4.1B | $5.4B | ||
| Q3 24 | $3.9B | $5.4B | ||
| Q2 24 | $4.0B | $5.5B | ||
| Q1 24 | $4.1B | $5.5B |
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 | $501.1M |
| Free Cash FlowOCF − Capex | $171.0M | $488.7M |
| FCF MarginFCF / Revenue | 17.2% | 59.4% |
| Capex IntensityCapex / Revenue | 1.2% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.26× | 1.76× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $501.1M | ||
| Q3 25 | $287.0M | $449.4M | ||
| Q2 25 | $203.0M | $336.1M | ||
| Q1 25 | $298.0M | $301.7M | ||
| Q4 24 | $153.0M | $430.6M | ||
| Q3 24 | $185.0M | $421.6M | ||
| Q2 24 | $244.0M | $349.2M | ||
| Q1 24 | $105.0M | $300.1M |
| Q4 25 | $171.0M | $488.7M | ||
| Q3 25 | $272.0M | $445.5M | ||
| Q2 25 | $187.0M | $324.7M | ||
| Q1 25 | $280.0M | $290.2M | ||
| Q4 24 | $141.0M | $416.4M | ||
| Q3 24 | $171.0M | $415.0M | ||
| Q2 24 | $220.0M | $340.6M | ||
| Q1 24 | $91.0M | $295.9M |
| Q4 25 | 17.2% | 59.4% | ||
| Q3 25 | 29.0% | 56.2% | ||
| Q2 25 | 20.5% | 42.0% | ||
| Q1 25 | 31.2% | 38.9% | ||
| Q4 24 | 16.0% | 56.0% | ||
| Q3 24 | 20.1% | 57.3% | ||
| Q2 24 | 26.7% | 48.1% | ||
| Q1 24 | 11.1% | 43.5% |
| Q4 25 | 1.2% | 1.5% | ||
| Q3 25 | 1.6% | 0.5% | ||
| Q2 25 | 1.8% | 1.5% | ||
| Q1 25 | 2.0% | 1.5% | ||
| Q4 24 | 1.4% | 1.9% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.9% | 1.2% | ||
| Q1 24 | 1.7% | 0.6% |
| Q4 25 | 2.26× | 1.76× | ||
| Q3 25 | 1.99× | 1.38× | ||
| Q2 25 | 1.75× | 1.11× | ||
| Q1 25 | 2.81× | 1.05× | ||
| Q4 24 | 1.03× | 1.41× | ||
| Q3 24 | 1.57× | 1.50× | ||
| Q2 24 | 4.00× | 1.31× | ||
| Q1 24 | 0.81× | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
