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Side-by-side financial comparison of Maplebear Inc. (CART) and Public Storage (PSA). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $992.0M, roughly 1.2× Maplebear Inc.). Public Storage runs the higher net margin — 41.7% vs 8.2%, a 33.5% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 3.3%). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 2.5%).
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.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
CART vs PSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.2B |
| Net Profit | $81.0M | $507.1M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 40.7% |
| Net Margin | 8.2% | 41.7% |
| Revenue YoY | 12.3% | 3.3% |
| Net Profit YoY | -45.3% | -17.5% |
| EPS (diluted) | $0.31 | $2.59 |
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.
| Q4 25 | $992.0M | $1.2B | ||
| Q3 25 | $939.0M | $1.2B | ||
| Q2 25 | $914.0M | $1.2B | ||
| Q1 25 | $897.0M | $1.2B | ||
| Q4 24 | $883.0M | $1.2B | ||
| Q3 24 | $852.0M | $1.2B | ||
| Q2 24 | $823.0M | $1.2B | ||
| Q1 24 | $820.0M | $1.2B |
| Q4 25 | $81.0M | $507.1M | ||
| Q3 25 | $144.0M | $511.1M | ||
| Q2 25 | $116.0M | $358.4M | ||
| Q1 25 | $106.0M | $407.8M | ||
| Q4 24 | $148.0M | $614.6M | ||
| Q3 24 | $118.0M | $430.3M | ||
| Q2 24 | $61.0M | $518.1M | ||
| Q1 24 | $130.0M | $508.9M |
| 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% | 40.7% | ||
| Q3 25 | 17.7% | 42.3% | ||
| Q2 25 | 13.6% | 30.4% | ||
| Q1 25 | 12.3% | 34.8% | ||
| Q4 24 | 17.6% | 52.4% | ||
| Q3 24 | 16.2% | 36.7% | ||
| Q2 24 | 6.3% | 44.6% | ||
| Q1 24 | 17.6% | 44.3% |
| Q4 25 | 8.2% | 41.7% | ||
| Q3 25 | 15.3% | 41.8% | ||
| Q2 25 | 12.7% | 29.8% | ||
| Q1 25 | 11.8% | 34.5% | ||
| Q4 24 | 16.8% | 52.2% | ||
| Q3 24 | 13.8% | 36.2% | ||
| Q2 24 | 7.4% | 44.2% | ||
| Q1 24 | 15.9% | 44.0% |
| Q4 25 | $0.31 | $2.59 | ||
| Q3 25 | $0.51 | $2.62 | ||
| Q2 25 | $0.41 | $1.76 | ||
| Q1 25 | $0.37 | $2.04 | ||
| Q4 24 | $0.53 | $3.22 | ||
| Q3 24 | $0.42 | $2.16 | ||
| Q2 24 | $0.20 | $2.66 | ||
| Q1 24 | $0.43 | $2.60 |
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 | $318.1M |
| Total DebtLower is stronger | — | $10.3B |
| Stockholders' EquityBook value | $2.5B | $9.2B |
| Total Assets | $3.7B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $318.1M | ||
| Q3 25 | $1.7B | $296.5M | ||
| Q2 25 | $1.6B | $1.1B | ||
| Q1 25 | $1.6B | $287.2M | ||
| Q4 24 | $1.4B | $447.4M | ||
| Q3 24 | $1.3B | $599.0M | ||
| Q2 24 | $1.4B | $542.3M | ||
| Q1 24 | $1.5B | $271.6M |
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
| Q4 25 | $2.5B | $9.2B | ||
| Q3 25 | $3.5B | $9.3B | ||
| Q2 25 | $3.3B | $9.4B | ||
| Q1 25 | $3.2B | $9.6B | ||
| Q4 24 | $3.1B | $9.7B | ||
| Q3 24 | $2.9B | $9.6B | ||
| Q2 24 | $3.0B | $9.7B | ||
| Q1 24 | $3.1B | $9.9B |
| Q4 25 | $3.7B | $20.2B | ||
| Q3 25 | $4.5B | $20.1B | ||
| Q2 25 | $4.4B | $20.5B | ||
| Q1 25 | $4.3B | $19.6B | ||
| Q4 24 | $4.1B | $19.8B | ||
| Q3 24 | $3.9B | $19.8B | ||
| Q2 24 | $4.0B | $19.8B | ||
| Q1 24 | $4.1B | $19.6B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
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 | $733.6M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $733.6M | ||
| Q3 25 | $287.0M | $875.1M | ||
| Q2 25 | $203.0M | $872.7M | ||
| Q1 25 | $298.0M | $705.1M | ||
| Q4 24 | $153.0M | $768.6M | ||
| Q3 24 | $185.0M | $798.8M | ||
| Q2 24 | $244.0M | $895.3M | ||
| Q1 24 | $105.0M | $665.6M |
| 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× | 1.45× | ||
| Q3 25 | 1.99× | 1.71× | ||
| Q2 25 | 1.75× | 2.43× | ||
| Q1 25 | 2.81× | 1.73× | ||
| Q4 24 | 1.03× | 1.25× | ||
| Q3 24 | 1.57× | 1.86× | ||
| Q2 24 | 4.00× | 1.73× | ||
| Q1 24 | 0.81× | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
