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Side-by-side financial comparison of Maplebear Inc. (CART) and SM Energy Co (SM). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $704.9M, roughly 1.4× SM Energy Co). On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs -17.3%). Over the past eight quarters, SM Energy Co's revenue compounded faster (12.2% 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.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
CART vs SM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $704.9M |
| Net Profit | $81.0M | — |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | 25.9% |
| Net Margin | 8.2% | — |
| Revenue YoY | 12.3% | -17.3% |
| Net Profit YoY | -45.3% | — |
| EPS (diluted) | $0.31 | $0.94 |
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 | $704.9M | ||
| Q3 25 | $939.0M | $811.6M | ||
| Q2 25 | $914.0M | $792.9M | ||
| Q1 25 | $897.0M | $844.5M | ||
| Q4 24 | $883.0M | $852.0M | ||
| Q3 24 | $852.0M | $643.6M | ||
| Q2 24 | $823.0M | $634.6M | ||
| Q1 24 | $820.0M | $559.9M |
| Q4 25 | $81.0M | — | ||
| Q3 25 | $144.0M | $155.1M | ||
| Q2 25 | $116.0M | $201.7M | ||
| Q1 25 | $106.0M | $182.3M | ||
| Q4 24 | $148.0M | — | ||
| Q3 24 | $118.0M | $240.5M | ||
| Q2 24 | $61.0M | $210.3M | ||
| Q1 24 | $130.0M | $131.2M |
| 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% | 25.9% | ||
| Q3 25 | 17.7% | 30.4% | ||
| Q2 25 | 13.6% | 37.2% | ||
| Q1 25 | 12.3% | 32.7% | ||
| Q4 24 | 17.6% | 33.7% | ||
| Q3 24 | 16.2% | 51.4% | ||
| Q2 24 | 6.3% | 44.0% | ||
| Q1 24 | 17.6% | 31.9% |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 15.3% | 19.1% | ||
| Q2 25 | 12.7% | 25.4% | ||
| Q1 25 | 11.8% | 21.6% | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | 13.8% | 37.4% | ||
| Q2 24 | 7.4% | 33.1% | ||
| Q1 24 | 15.9% | 23.4% |
| Q4 25 | $0.31 | $0.94 | ||
| Q3 25 | $0.51 | $1.35 | ||
| Q2 25 | $0.41 | $1.76 | ||
| Q1 25 | $0.37 | $1.59 | ||
| Q4 24 | $0.53 | $1.63 | ||
| Q3 24 | $0.42 | $2.09 | ||
| Q2 24 | $0.20 | $1.82 | ||
| Q1 24 | $0.43 | $1.13 |
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 | $368.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $4.8B |
| Total Assets | $3.7B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $368.0M | ||
| Q3 25 | $1.7B | $162.3M | ||
| Q2 25 | $1.6B | $101.9M | ||
| Q1 25 | $1.6B | $54.0K | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $1.4B | $487.9M | ||
| Q1 24 | $1.5B | $506.3M |
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $3.5B | $4.7B | ||
| Q2 25 | $3.3B | $4.6B | ||
| Q1 25 | $3.2B | $4.4B | ||
| Q4 24 | $3.1B | $4.2B | ||
| Q3 24 | $2.9B | $4.1B | ||
| Q2 24 | $3.0B | $3.8B | ||
| Q1 24 | $3.1B | $3.7B |
| Q4 25 | $3.7B | $9.3B | ||
| Q3 25 | $4.5B | $9.1B | ||
| Q2 25 | $4.4B | $9.0B | ||
| Q1 25 | $4.3B | $8.8B | ||
| Q4 24 | $4.1B | $8.6B | ||
| Q3 24 | $3.9B | $8.0B | ||
| Q2 24 | $4.0B | $6.7B | ||
| Q1 24 | $4.1B | $6.4B |
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 | $451.9M |
| Free Cash FlowOCF − Capex | $171.0M | — |
| FCF MarginFCF / Revenue | 17.2% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $451.9M | ||
| Q3 25 | $287.0M | $505.0M | ||
| Q2 25 | $203.0M | $571.1M | ||
| Q1 25 | $298.0M | $483.0M | ||
| Q4 24 | $153.0M | $578.4M | ||
| Q3 24 | $185.0M | $452.3M | ||
| Q2 24 | $244.0M | $476.4M | ||
| Q1 24 | $105.0M | $276.0M |
| 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× | — | ||
| Q3 25 | 1.99× | 3.26× | ||
| Q2 25 | 1.75× | 2.83× | ||
| Q1 25 | 2.81× | 2.65× | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 1.88× | ||
| Q2 24 | 4.00× | 2.27× | ||
| Q1 24 | 0.81× | 2.10× |
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% |
SM
Segment breakdown not available.
