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Side-by-side financial comparison of Maplebear Inc. (CART) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
SEALED AIR CORP 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 3.1%, a 5.0% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs 2.6%). SEALED AIR CORP produced more free cash flow last quarter ($257.7M vs $171.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 2.7%).
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.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
CART vs SEE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.4B |
| Net Profit | $81.0M | $43.8M |
| Gross Margin | 72.3% | 28.6% |
| Operating Margin | 9.9% | 11.4% |
| Net Margin | 8.2% | 3.1% |
| Revenue YoY | 12.3% | 2.6% |
| Net Profit YoY | -45.3% | 700.0% |
| EPS (diluted) | $0.31 | $0.30 |
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 | $1.4B | ||
| Q3 24 | $852.0M | $1.3B | ||
| Q2 24 | $823.0M | $1.3B | ||
| Q1 24 | $820.0M | $1.3B |
| Q4 25 | $81.0M | $43.8M | ||
| Q3 25 | $144.0M | $255.1M | ||
| Q2 25 | $116.0M | $93.1M | ||
| Q1 25 | $106.0M | $113.5M | ||
| Q4 24 | $148.0M | $-7.3M | ||
| Q3 24 | $118.0M | $91.7M | ||
| Q2 24 | $61.0M | $98.3M | ||
| Q1 24 | $130.0M | $82.0M |
| Q4 25 | 72.3% | 28.6% | ||
| Q3 25 | 73.7% | 29.8% | ||
| Q2 25 | 74.2% | 30.7% | ||
| Q1 25 | 74.8% | 30.9% | ||
| Q4 24 | 75.2% | 30.0% | ||
| Q3 24 | 75.2% | 30.1% | ||
| Q2 24 | 75.7% | 31.2% | ||
| Q1 24 | 74.9% | 30.3% |
| Q4 25 | 9.9% | 11.4% | ||
| Q3 25 | 17.7% | 13.8% | ||
| Q2 25 | 13.6% | 15.0% | ||
| Q1 25 | 12.3% | 14.5% | ||
| Q4 24 | 17.6% | 11.7% | ||
| Q3 24 | 16.2% | 13.9% | ||
| Q2 24 | 6.3% | 15.4% | ||
| Q1 24 | 17.6% | 14.0% |
| Q4 25 | 8.2% | 3.1% | ||
| Q3 25 | 15.3% | 19.0% | ||
| Q2 25 | 12.7% | 7.0% | ||
| Q1 25 | 11.8% | 9.0% | ||
| Q4 24 | 16.8% | -0.5% | ||
| Q3 24 | 13.8% | 6.9% | ||
| Q2 24 | 7.4% | 7.4% | ||
| Q1 24 | 15.9% | 6.2% |
| Q4 25 | $0.31 | $0.30 | ||
| Q3 25 | $0.51 | $1.73 | ||
| Q2 25 | $0.41 | $0.63 | ||
| Q1 25 | $0.37 | $0.77 | ||
| Q4 24 | $0.53 | $-0.05 | ||
| Q3 24 | $0.42 | $0.63 | ||
| Q2 24 | $0.20 | $0.67 | ||
| Q1 24 | $0.43 | $0.56 |
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 | $344.0M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $2.5B | $1.2B |
| Total Assets | $3.7B | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $344.0M | ||
| Q3 25 | $1.7B | $282.5M | ||
| Q2 25 | $1.6B | $354.4M | ||
| Q1 25 | $1.6B | $335.2M | ||
| Q4 24 | $1.4B | $371.8M | ||
| Q3 24 | $1.3B | $386.0M | ||
| Q2 24 | $1.4B | $388.6M | ||
| Q1 24 | $1.5B | $352.8M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $3.5B | $1.2B | ||
| Q2 25 | $3.3B | $953.1M | ||
| Q1 25 | $3.2B | $797.9M | ||
| Q4 24 | $3.1B | $624.5M | ||
| Q3 24 | $2.9B | $771.2M | ||
| Q2 24 | $3.0B | $650.1M | ||
| Q1 24 | $3.1B | $598.3M |
| Q4 25 | $3.7B | $7.0B | ||
| Q3 25 | $4.5B | $7.1B | ||
| Q2 25 | $4.4B | $7.2B | ||
| Q1 25 | $4.3B | $7.0B | ||
| Q4 24 | $4.1B | $7.0B | ||
| Q3 24 | $3.9B | $7.3B | ||
| Q2 24 | $4.0B | $7.3B | ||
| Q1 24 | $4.1B | $7.2B |
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | $171.0M | $257.7M |
| FCF MarginFCF / Revenue | 17.2% | 18.5% |
| Capex IntensityCapex / Revenue | 1.2% | 2.6% |
| Cash ConversionOCF / Net Profit | 2.26× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $293.6M | ||
| Q3 25 | $287.0M | $165.9M | ||
| Q2 25 | $203.0M | $136.6M | ||
| Q1 25 | $298.0M | $31.9M | ||
| Q4 24 | $153.0M | $244.2M | ||
| Q3 24 | $185.0M | $170.5M | ||
| Q2 24 | $244.0M | $188.2M | ||
| Q1 24 | $105.0M | $125.1M |
| Q4 25 | $171.0M | $257.7M | ||
| Q3 25 | $272.0M | $119.6M | ||
| Q2 25 | $187.0M | $93.2M | ||
| Q1 25 | $280.0M | $-12.0M | ||
| Q4 24 | $141.0M | $185.1M | ||
| Q3 24 | $171.0M | $115.2M | ||
| Q2 24 | $220.0M | $129.5M | ||
| Q1 24 | $91.0M | $78.0M |
| Q4 25 | 17.2% | 18.5% | ||
| Q3 25 | 29.0% | 8.9% | ||
| Q2 25 | 20.5% | 7.0% | ||
| Q1 25 | 31.2% | -0.9% | ||
| Q4 24 | 16.0% | 13.6% | ||
| Q3 24 | 20.1% | 8.6% | ||
| Q2 24 | 26.7% | 9.7% | ||
| Q1 24 | 11.1% | 5.9% |
| Q4 25 | 1.2% | 2.6% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 1.8% | 3.3% | ||
| Q1 25 | 2.0% | 3.5% | ||
| Q4 24 | 1.4% | 4.4% | ||
| Q3 24 | 1.6% | 4.1% | ||
| Q2 24 | 2.9% | 4.4% | ||
| Q1 24 | 1.7% | 3.6% |
| Q4 25 | 2.26× | 6.70× | ||
| Q3 25 | 1.99× | 0.65× | ||
| Q2 25 | 1.75× | 1.47× | ||
| Q1 25 | 2.81× | 0.28× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 1.86× | ||
| Q2 24 | 4.00× | 1.91× | ||
| Q1 24 | 0.81× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
