vs
Side-by-side financial comparison of Maplebear Inc. (CART) and Sally Beauty Holdings, Inc. (SBH). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $943.2M, roughly 1.1× Sally Beauty Holdings, Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 4.8%, a 3.3% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 0.6%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $57.5M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 1.9%).
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.
Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $3.9 billion annually.
CART vs SBH — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $943.2M |
| Net Profit | $81.0M | $45.6M |
| Gross Margin | 72.3% | 51.2% |
| Operating Margin | 9.9% | 8.1% |
| Net Margin | 8.2% | 4.8% |
| Revenue YoY | 12.3% | 0.6% |
| Net Profit YoY | -45.3% | -25.3% |
| EPS (diluted) | $0.31 | $0.45 |
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 | $943.2M | ||
| Q3 25 | $939.0M | $947.1M | ||
| Q2 25 | $914.0M | $933.3M | ||
| Q1 25 | $897.0M | $883.1M | ||
| Q4 24 | $883.0M | $937.9M | ||
| Q3 24 | $852.0M | $935.0M | ||
| Q2 24 | $823.0M | $942.3M | ||
| Q1 24 | $820.0M | $908.4M |
| Q4 25 | $81.0M | $45.6M | ||
| Q3 25 | $144.0M | $49.9M | ||
| Q2 25 | $116.0M | $45.7M | ||
| Q1 25 | $106.0M | $39.2M | ||
| Q4 24 | $148.0M | $61.0M | ||
| Q3 24 | $118.0M | $48.1M | ||
| Q2 24 | $61.0M | $37.7M | ||
| Q1 24 | $130.0M | $29.2M |
| Q4 25 | 72.3% | 51.2% | ||
| Q3 25 | 73.7% | 52.2% | ||
| Q2 25 | 74.2% | 51.5% | ||
| Q1 25 | 74.8% | 52.0% | ||
| Q4 24 | 75.2% | 50.8% | ||
| Q3 24 | 75.2% | 51.2% | ||
| Q2 24 | 75.7% | 51.0% | ||
| Q1 24 | 74.9% | 51.0% |
| Q4 25 | 9.9% | 8.1% | ||
| Q3 25 | 17.7% | 8.4% | ||
| Q2 25 | 13.6% | 8.4% | ||
| Q1 25 | 12.3% | 7.9% | ||
| Q4 24 | 17.6% | 10.7% | ||
| Q3 24 | 16.2% | 8.8% | ||
| Q2 24 | 6.3% | 7.6% | ||
| Q1 24 | 17.6% | 6.6% |
| Q4 25 | 8.2% | 4.8% | ||
| Q3 25 | 15.3% | 5.3% | ||
| Q2 25 | 12.7% | 4.9% | ||
| Q1 25 | 11.8% | 4.4% | ||
| Q4 24 | 16.8% | 6.5% | ||
| Q3 24 | 13.8% | 5.1% | ||
| Q2 24 | 7.4% | 4.0% | ||
| Q1 24 | 15.9% | 3.2% |
| Q4 25 | $0.31 | $0.45 | ||
| Q3 25 | $0.51 | $0.49 | ||
| Q2 25 | $0.41 | $0.44 | ||
| Q1 25 | $0.37 | $0.38 | ||
| Q4 24 | $0.53 | $0.58 | ||
| Q3 24 | $0.42 | $0.45 | ||
| Q2 24 | $0.20 | $0.36 | ||
| Q1 24 | $0.43 | $0.27 |
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 | $157.2M |
| Total DebtLower is stronger | — | $842.5M |
| Stockholders' EquityBook value | $2.5B | $823.6M |
| Total Assets | $3.7B | $2.9B |
| Debt / EquityLower = less leverage | — | 1.02× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $157.2M | ||
| Q3 25 | $1.7B | $149.2M | ||
| Q2 25 | $1.6B | $112.8M | ||
| Q1 25 | $1.6B | $92.2M | ||
| Q4 24 | $1.4B | $105.5M | ||
| Q3 24 | $1.3B | $108.0M | ||
| Q2 24 | $1.4B | $97.4M | ||
| Q1 24 | $1.5B | $97.2M |
| Q4 25 | — | $842.5M | ||
| Q3 25 | — | $862.0M | ||
| Q2 25 | — | $882.4M | ||
| Q1 25 | — | $902.8M | ||
| Q4 24 | — | $938.1M | ||
| Q3 24 | — | $978.3M | ||
| Q2 24 | — | $978.9M | ||
| Q1 24 | — | $978.4M |
| Q4 25 | $2.5B | $823.6M | ||
| Q3 25 | $3.5B | $794.2M | ||
| Q2 25 | $3.3B | $762.9M | ||
| Q1 25 | $3.2B | $699.8M | ||
| Q4 24 | $3.1B | $656.5M | ||
| Q3 24 | $2.9B | $628.5M | ||
| Q2 24 | $3.0B | $577.7M | ||
| Q1 24 | $3.1B | $550.9M |
| Q4 25 | $3.7B | $2.9B | ||
| Q3 25 | $4.5B | $2.9B | ||
| Q2 25 | $4.4B | $2.7B | ||
| Q1 25 | $4.3B | $2.7B | ||
| Q4 24 | $4.1B | $2.7B | ||
| Q3 24 | $3.9B | $2.8B | ||
| Q2 24 | $4.0B | $2.7B | ||
| Q1 24 | $4.1B | $2.7B |
| Q4 25 | — | 1.02× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | — | 1.69× | ||
| Q1 24 | — | 1.78× |
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 | $93.2M |
| Free Cash FlowOCF − Capex | $171.0M | $57.5M |
| FCF MarginFCF / Revenue | 17.2% | 6.1% |
| Capex IntensityCapex / Revenue | 1.2% | 3.8% |
| Cash ConversionOCF / Net Profit | 2.26× | 2.05× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $216.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $93.2M | ||
| Q3 25 | $287.0M | $120.9M | ||
| Q2 25 | $203.0M | $69.4M | ||
| Q1 25 | $298.0M | $51.1M | ||
| Q4 24 | $153.0M | $33.5M | ||
| Q3 24 | $185.0M | $110.7M | ||
| Q2 24 | $244.0M | $47.9M | ||
| Q1 24 | $105.0M | $36.9M |
| Q4 25 | $171.0M | $57.5M | ||
| Q3 25 | $272.0M | $78.0M | ||
| Q2 25 | $187.0M | $49.1M | ||
| Q1 25 | $280.0M | $32.2M | ||
| Q4 24 | $141.0M | $13.4M | ||
| Q3 24 | $171.0M | $73.3M | ||
| Q2 24 | $220.0M | $28.7M | ||
| Q1 24 | $91.0M | $22.8M |
| Q4 25 | 17.2% | 6.1% | ||
| Q3 25 | 29.0% | 8.2% | ||
| Q2 25 | 20.5% | 5.3% | ||
| Q1 25 | 31.2% | 3.6% | ||
| Q4 24 | 16.0% | 1.4% | ||
| Q3 24 | 20.1% | 7.8% | ||
| Q2 24 | 26.7% | 3.1% | ||
| Q1 24 | 11.1% | 2.5% |
| Q4 25 | 1.2% | 3.8% | ||
| Q3 25 | 1.6% | 4.5% | ||
| Q2 25 | 1.8% | 2.2% | ||
| Q1 25 | 2.0% | 2.1% | ||
| Q4 24 | 1.4% | 2.1% | ||
| Q3 24 | 1.6% | 4.0% | ||
| Q2 24 | 2.9% | 2.0% | ||
| Q1 24 | 1.7% | 1.6% |
| Q4 25 | 2.26× | 2.05× | ||
| Q3 25 | 1.99× | 2.42× | ||
| Q2 25 | 1.75× | 1.52× | ||
| Q1 25 | 2.81× | 1.30× | ||
| Q4 24 | 1.03× | 0.55× | ||
| Q3 24 | 1.57× | 2.30× | ||
| Q2 24 | 4.00× | 1.27× | ||
| Q1 24 | 0.81× | 1.26× |
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% |
SBH
| Sally Beauty Supply | $531.6M | 56% |
| Beauty Systems Group | $411.6M | 44% |
