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Side-by-side financial comparison of Maplebear Inc. (CART) and PACS Group, Inc. (PACS). Click either name above to swap in a different company.
PACS Group, Inc. is the larger business by last-quarter revenue ($1.4B vs $992.0M, roughly 1.4× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 4.4%, a 3.8% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 12.3%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% 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 PACS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.4B |
| Net Profit | $81.0M | $59.7M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 7.0% |
| Net Margin | 8.2% | 4.4% |
| Revenue YoY | 12.3% | 18.4% |
| Net Profit YoY | -45.3% | 3022.5% |
| EPS (diluted) | $0.31 | $0.42 |
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 | $1.4B | ||
| Q3 25 | $939.0M | $1.3B | ||
| Q2 25 | $914.0M | $1.3B | ||
| Q1 25 | $897.0M | $1.3B | ||
| Q4 24 | $883.0M | $1.1B | ||
| Q3 24 | $852.0M | $1.0B | ||
| Q2 24 | $823.0M | $981.4M | ||
| Q1 24 | $820.0M | $934.3M |
| Q4 25 | $81.0M | $59.7M | ||
| Q3 25 | $144.0M | $52.4M | ||
| Q2 25 | $116.0M | $51.0M | ||
| Q1 25 | $106.0M | $28.5M | ||
| Q4 24 | $148.0M | $1.9M | ||
| Q3 24 | $118.0M | $15.6M | ||
| Q2 24 | $61.0M | $-10.9M | ||
| Q1 24 | $130.0M | $49.1M |
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 74.8% | — | ||
| Q4 24 | 75.2% | — | ||
| Q3 24 | 75.2% | 17.1% | ||
| Q2 24 | 75.7% | 22.3% | ||
| Q1 24 | 74.9% | 21.2% |
| Q4 25 | 9.9% | 7.0% | ||
| Q3 25 | 17.7% | 6.4% | ||
| Q2 25 | 13.6% | 6.2% | ||
| Q1 25 | 12.3% | 3.8% | ||
| Q4 24 | 17.6% | 1.7% | ||
| Q3 24 | 16.2% | 2.2% | ||
| Q2 24 | 6.3% | 0.1% | ||
| Q1 24 | 17.6% | 8.6% |
| Q4 25 | 8.2% | 4.4% | ||
| Q3 25 | 15.3% | 3.9% | ||
| Q2 25 | 12.7% | 3.9% | ||
| Q1 25 | 11.8% | 2.2% | ||
| Q4 24 | 16.8% | 0.2% | ||
| Q3 24 | 13.8% | 1.5% | ||
| Q2 24 | 7.4% | -1.1% | ||
| Q1 24 | 15.9% | 5.3% |
| Q4 25 | $0.31 | $0.42 | ||
| Q3 25 | $0.51 | $0.32 | ||
| Q2 25 | $0.41 | $0.31 | ||
| Q1 25 | $0.37 | $0.17 | ||
| Q4 24 | $0.53 | $-0.03 | ||
| Q3 24 | $0.42 | $0.10 | ||
| Q2 24 | $0.20 | $-0.07 | ||
| Q1 24 | $0.43 | $0.38 |
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 | $197.0M |
| Total DebtLower is stronger | — | $353.2M |
| Stockholders' EquityBook value | $2.5B | $946.8M |
| Total Assets | $3.7B | $5.6B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $197.0M | ||
| Q3 25 | $1.7B | $355.7M | ||
| Q2 25 | $1.6B | $294.2M | ||
| Q1 25 | $1.6B | $287.5M | ||
| Q4 24 | $1.4B | $157.7M | ||
| Q3 24 | $1.3B | $49.5M | ||
| Q2 24 | $1.4B | $73.4M | ||
| Q1 24 | $1.5B | $81.2M |
| Q4 25 | — | $353.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $411.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $946.8M | ||
| Q3 25 | $3.5B | $871.3M | ||
| Q2 25 | $3.3B | $806.8M | ||
| Q1 25 | $3.2B | $750.2M | ||
| Q4 24 | $3.1B | $709.6M | ||
| Q3 24 | $2.9B | $660.0M | ||
| Q2 24 | $3.0B | $572.1M | ||
| Q1 24 | $3.1B | $128.0M |
| Q4 25 | $3.7B | $5.6B | ||
| Q3 25 | $4.5B | $5.6B | ||
| Q2 25 | $4.4B | $5.5B | ||
| Q1 25 | $4.3B | $5.5B | ||
| Q4 24 | $4.1B | $5.2B | ||
| Q3 24 | $3.9B | $4.5B | ||
| Q2 24 | $4.0B | $3.9B | ||
| Q1 24 | $4.1B | $3.9B |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-3.4M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | -0.06× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $-3.4M | ||
| Q3 25 | $287.0M | $204.8M | ||
| Q2 25 | $203.0M | $52.6M | ||
| Q1 25 | $298.0M | $150.2M | ||
| Q4 24 | $153.0M | $64.6M | ||
| Q3 24 | $185.0M | $209.2M | ||
| Q2 24 | $244.0M | $34.8M | ||
| Q1 24 | $105.0M | $58.8M |
| 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 24 | $91.0M | — |
| 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 24 | 11.1% | — |
| 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 24 | 1.7% | — |
| Q4 25 | 2.26× | -0.06× | ||
| Q3 25 | 1.99× | 3.91× | ||
| Q2 25 | 1.75× | 1.03× | ||
| Q1 25 | 2.81× | 5.28× | ||
| Q4 24 | 1.03× | 33.78× | ||
| Q3 24 | 1.57× | 13.39× | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | 1.20× |
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% |
PACS
Segment breakdown not available.
