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Side-by-side financial comparison of Maplebear Inc. (CART) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $425.9M, roughly 2.3× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 8.2%, a 27.5% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
CART vs NFG — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $425.9M |
| Net Profit | $81.0M | $152.0M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 81.5% |
| Net Margin | 8.2% | 35.7% |
| Revenue YoY | 12.3% | 1.7% |
| Net Profit YoY | -45.3% | — |
| EPS (diluted) | $0.31 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $992.0M | $637.9M | ||
| Q3 25 | $939.0M | $443.1M | ||
| Q2 25 | $914.0M | $527.4M | ||
| Q1 25 | $897.0M | $734.8M | ||
| Q4 24 | $883.0M | $513.8M | ||
| Q3 24 | $852.0M | $310.0M | ||
| Q2 24 | $823.0M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $81.0M | $181.6M | ||
| Q3 25 | $144.0M | $107.3M | ||
| Q2 25 | $116.0M | $149.8M | ||
| Q1 25 | $106.0M | $216.4M | ||
| Q4 24 | $148.0M | $45.0M | ||
| Q3 24 | $118.0M | $-167.6M | ||
| Q2 24 | $61.0M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 72.3% | 86.6% | ||
| Q3 25 | 73.7% | — | ||
| Q2 25 | 74.2% | 94.7% | ||
| Q1 25 | 74.8% | 81.6% | ||
| Q4 24 | 75.2% | 87.3% | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 75.7% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 9.9% | 43.3% | ||
| Q3 25 | 17.7% | 40.6% | ||
| Q2 25 | 13.6% | 43.7% | ||
| Q1 25 | 12.3% | 43.2% | ||
| Q4 24 | 17.6% | 16.8% | ||
| Q3 24 | 16.2% | -63.4% | ||
| Q2 24 | 6.3% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 8.2% | 28.5% | ||
| Q3 25 | 15.3% | 24.2% | ||
| Q2 25 | 12.7% | 28.4% | ||
| Q1 25 | 11.8% | 29.4% | ||
| Q4 24 | 16.8% | 8.8% | ||
| Q3 24 | 13.8% | -54.1% | ||
| Q2 24 | 7.4% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.31 | $1.98 | ||
| Q3 25 | $0.51 | $1.18 | ||
| Q2 25 | $0.41 | $1.64 | ||
| Q1 25 | $0.37 | $2.37 | ||
| Q4 24 | $0.53 | $0.49 | ||
| Q3 24 | $0.42 | $-1.81 | ||
| Q2 24 | $0.20 | $-0.59 |
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 | — | $300.0M |
| Stockholders' EquityBook value | $2.5B | — |
| Total Assets | $3.7B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $687.0M | $271.4M | ||
| Q3 25 | $1.7B | $43.2M | ||
| Q2 25 | $1.6B | $39.3M | ||
| Q1 25 | $1.6B | $40.0M | ||
| Q4 24 | $1.4B | $48.7M | ||
| Q3 24 | $1.3B | $38.2M | ||
| Q2 24 | $1.4B | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $3.6B | ||
| Q3 25 | $3.5B | $3.1B | ||
| Q2 25 | $3.3B | $3.0B | ||
| Q1 25 | $3.2B | $2.8B | ||
| Q4 24 | $3.1B | $-76.2M | ||
| Q3 24 | $2.9B | $-15.5M | ||
| Q2 24 | $3.0B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $3.7B | $9.2B | ||
| Q3 25 | $4.5B | $8.7B | ||
| Q2 25 | $4.4B | $8.4B | ||
| Q1 25 | $4.3B | $8.5B | ||
| Q4 24 | $4.1B | $8.3B | ||
| Q3 24 | $3.9B | $8.3B | ||
| Q2 24 | $4.0B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | 117.0% |
| Cash ConversionOCF / Net Profit | 2.26× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $183.0M | $274.9M | ||
| Q3 25 | $287.0M | $237.8M | ||
| Q2 25 | $203.0M | $388.4M | ||
| Q1 25 | $298.0M | $253.8M | ||
| Q4 24 | $153.0M | $220.1M | ||
| Q3 24 | $185.0M | $197.9M | ||
| Q2 24 | $244.0M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $171.0M | $-2.7M | ||
| Q3 25 | $272.0M | $-47.8M | ||
| Q2 25 | $187.0M | $195.3M | ||
| Q1 25 | $280.0M | $59.9M | ||
| Q4 24 | $141.0M | $-20.3M | ||
| Q3 24 | $171.0M | $-49.1M | ||
| Q2 24 | $220.0M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 17.2% | -0.4% | ||
| Q3 25 | 29.0% | -10.8% | ||
| Q2 25 | 20.5% | 37.0% | ||
| Q1 25 | 31.2% | 8.2% | ||
| Q4 24 | 16.0% | -4.0% | ||
| Q3 24 | 20.1% | -15.8% | ||
| Q2 24 | 26.7% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 1.2% | 43.5% | ||
| Q3 25 | 1.6% | 64.4% | ||
| Q2 25 | 1.8% | 36.6% | ||
| Q1 25 | 2.0% | 26.4% | ||
| Q4 24 | 1.4% | 46.8% | ||
| Q3 24 | 1.6% | 79.7% | ||
| Q2 24 | 2.9% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 2.26× | 1.51× | ||
| Q3 25 | 1.99× | 2.21× | ||
| Q2 25 | 1.75× | 2.59× | ||
| Q1 25 | 2.81× | 1.17× | ||
| Q4 24 | 1.03× | 4.89× | ||
| Q3 24 | 1.57× | — | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
