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Side-by-side financial comparison of Maplebear Inc. (CART) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $614.5M, roughly 1.6× Cloudflare, Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs -2.0%, a 10.1% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 12.3%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% 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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
CART vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $614.5M |
| Net Profit | $81.0M | $-12.1M |
| Gross Margin | 72.3% | 73.6% |
| Operating Margin | 9.9% | -8.0% |
| Net Margin | 8.2% | -2.0% |
| Revenue YoY | 12.3% | 33.6% |
| Net Profit YoY | -45.3% | 6.0% |
| EPS (diluted) | $0.31 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $939.0M | $562.0M | ||
| Q2 25 | $914.0M | $512.3M | ||
| Q1 25 | $897.0M | $479.1M | ||
| Q4 24 | $883.0M | $459.9M | ||
| Q3 24 | $852.0M | $430.1M | ||
| Q2 24 | $823.0M | $401.0M | ||
| Q1 24 | $820.0M | $378.6M |
| Q4 25 | $81.0M | $-12.1M | ||
| Q3 25 | $144.0M | $-1.3M | ||
| Q2 25 | $116.0M | $-50.4M | ||
| Q1 25 | $106.0M | $-38.5M | ||
| Q4 24 | $148.0M | $-12.8M | ||
| Q3 24 | $118.0M | $-15.3M | ||
| Q2 24 | $61.0M | $-15.1M | ||
| Q1 24 | $130.0M | $-35.5M |
| Q4 25 | 72.3% | 73.6% | ||
| Q3 25 | 73.7% | 74.0% | ||
| Q2 25 | 74.2% | 74.9% | ||
| Q1 25 | 74.8% | 75.9% | ||
| Q4 24 | 75.2% | 76.4% | ||
| Q3 24 | 75.2% | 77.7% | ||
| Q2 24 | 75.7% | 77.8% | ||
| Q1 24 | 74.9% | 77.5% |
| Q4 25 | 9.9% | -8.0% | ||
| Q3 25 | 17.7% | -6.7% | ||
| Q2 25 | 13.6% | -13.1% | ||
| Q1 25 | 12.3% | -11.1% | ||
| Q4 24 | 17.6% | -7.5% | ||
| Q3 24 | 16.2% | -7.2% | ||
| Q2 24 | 6.3% | -8.7% | ||
| Q1 24 | 17.6% | -14.4% |
| Q4 25 | 8.2% | -2.0% | ||
| Q3 25 | 15.3% | -0.2% | ||
| Q2 25 | 12.7% | -9.8% | ||
| Q1 25 | 11.8% | -8.0% | ||
| Q4 24 | 16.8% | -2.8% | ||
| Q3 24 | 13.8% | -3.6% | ||
| Q2 24 | 7.4% | -3.8% | ||
| Q1 24 | 15.9% | -9.4% |
| Q4 25 | $0.31 | $-0.03 | ||
| Q3 25 | $0.51 | $0.00 | ||
| Q2 25 | $0.41 | $-0.15 | ||
| Q1 25 | $0.37 | $-0.11 | ||
| Q4 24 | $0.53 | $-0.05 | ||
| Q3 24 | $0.42 | $-0.04 | ||
| Q2 24 | $0.20 | $-0.04 | ||
| Q1 24 | $0.43 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $1.5B |
| Total Assets | $3.7B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $943.5M | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.6B | $204.5M | ||
| Q4 24 | $1.4B | $147.7M | ||
| Q3 24 | $1.3B | $182.9M | ||
| Q2 24 | $1.4B | $157.0M | ||
| Q1 24 | $1.5B | $254.4M |
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $3.5B | $1.3B | ||
| Q2 25 | $3.3B | $1.2B | ||
| Q1 25 | $3.2B | $1.4B | ||
| Q4 24 | $3.1B | $1.0B | ||
| Q3 24 | $2.9B | $973.1M | ||
| Q2 24 | $3.0B | $881.5M | ||
| Q1 24 | $3.1B | $797.2M |
| Q4 25 | $3.7B | $6.0B | ||
| Q3 25 | $4.5B | $5.8B | ||
| Q2 25 | $4.4B | $5.6B | ||
| Q1 25 | $4.3B | $3.7B | ||
| Q4 24 | $4.1B | $3.3B | ||
| Q3 24 | $3.9B | $3.1B | ||
| Q2 24 | $4.0B | $2.9B | ||
| Q1 24 | $4.1B | $2.8B |
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 | $190.4M |
| Free Cash FlowOCF − Capex | $171.0M | $105.2M |
| FCF MarginFCF / Revenue | 17.2% | 17.1% |
| Capex IntensityCapex / Revenue | 1.2% | 13.9% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $190.4M | ||
| Q3 25 | $287.0M | $167.1M | ||
| Q2 25 | $203.0M | $99.8M | ||
| Q1 25 | $298.0M | $145.8M | ||
| Q4 24 | $153.0M | $127.3M | ||
| Q3 24 | $185.0M | $104.7M | ||
| Q2 24 | $244.0M | $74.8M | ||
| Q1 24 | $105.0M | $73.6M |
| Q4 25 | $171.0M | $105.2M | ||
| Q3 25 | $272.0M | $82.5M | ||
| Q2 25 | $187.0M | $39.9M | ||
| Q1 25 | $280.0M | $59.9M | ||
| Q4 24 | $141.0M | $54.2M | ||
| Q3 24 | $171.0M | $54.5M | ||
| Q2 24 | $220.0M | $45.2M | ||
| Q1 24 | $91.0M | $41.5M |
| Q4 25 | 17.2% | 17.1% | ||
| Q3 25 | 29.0% | 14.7% | ||
| Q2 25 | 20.5% | 7.8% | ||
| Q1 25 | 31.2% | 12.5% | ||
| Q4 24 | 16.0% | 11.8% | ||
| Q3 24 | 20.1% | 12.7% | ||
| Q2 24 | 26.7% | 11.3% | ||
| Q1 24 | 11.1% | 11.0% |
| Q4 25 | 1.2% | 13.9% | ||
| Q3 25 | 1.6% | 15.1% | ||
| Q2 25 | 1.8% | 11.7% | ||
| Q1 25 | 2.0% | 17.9% | ||
| Q4 24 | 1.4% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 2.9% | 7.4% | ||
| Q1 24 | 1.7% | 8.5% |
| 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× | — | ||
| 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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
