vs
Side-by-side financial comparison of Maplebear Inc. (CART) and Snowflake Inc. (SNOW). Click either name above to swap in a different company.
Snowflake Inc. is the larger business by last-quarter revenue ($1.2B vs $992.0M, roughly 1.2× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs -24.2%, a 32.4% gap on every dollar of revenue. On growth, Snowflake Inc. posted the faster year-over-year revenue change (28.7% vs 12.3%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $113.6M). Over the past eight quarters, Snowflake Inc.'s revenue compounded faster (25.1% 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.
Snowflake Inc. is an American cloud-based data platform company founded in San Mateo, California, and headquartered in Bozeman, Montana. It operates a platform that supports data analysis and simultaneous access to data sets with minimal latency. It operates on Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
CART vs SNOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.2B |
| Net Profit | $81.0M | $-294.0M |
| Gross Margin | 72.3% | 67.8% |
| Operating Margin | 9.9% | -27.2% |
| Net Margin | 8.2% | -24.2% |
| Revenue YoY | 12.3% | 28.7% |
| Net Profit YoY | -45.3% | 9.4% |
| EPS (diluted) | $0.31 | $-0.87 |
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 | $1.1B | ||
| Q2 25 | $914.0M | $1.0B | ||
| Q1 25 | $897.0M | $986.8M | ||
| Q4 24 | $883.0M | $942.1M | ||
| Q3 24 | $852.0M | $868.8M | ||
| Q2 24 | $823.0M | $828.7M | ||
| Q1 24 | $820.0M | $774.7M |
| Q4 25 | $81.0M | $-294.0M | ||
| Q3 25 | $144.0M | $-298.0M | ||
| Q2 25 | $116.0M | $-430.1M | ||
| Q1 25 | $106.0M | $-327.5M | ||
| Q4 24 | $148.0M | $-324.3M | ||
| Q3 24 | $118.0M | $-316.9M | ||
| Q2 24 | $61.0M | $-317.0M | ||
| Q1 24 | $130.0M | $-169.4M |
| Q4 25 | 72.3% | 67.8% | ||
| Q3 25 | 73.7% | 67.5% | ||
| Q2 25 | 74.2% | 66.5% | ||
| Q1 25 | 74.8% | 66.2% | ||
| Q4 24 | 75.2% | 65.9% | ||
| Q3 24 | 75.2% | 66.8% | ||
| Q2 24 | 75.7% | 67.1% | ||
| Q1 24 | 74.9% | 68.8% |
| Q4 25 | 9.9% | -27.2% | ||
| Q3 25 | 17.7% | -29.7% | ||
| Q2 25 | 13.6% | -42.9% | ||
| Q1 25 | 12.3% | -39.2% | ||
| Q4 24 | 17.6% | -38.8% | ||
| Q3 24 | 16.2% | -40.9% | ||
| Q2 24 | 6.3% | -42.1% | ||
| Q1 24 | 17.6% | -35.6% |
| Q4 25 | 8.2% | -24.2% | ||
| Q3 25 | 15.3% | -26.0% | ||
| Q2 25 | 12.7% | -41.3% | ||
| Q1 25 | 11.8% | -33.2% | ||
| Q4 24 | 16.8% | -34.4% | ||
| Q3 24 | 13.8% | -36.5% | ||
| Q2 24 | 7.4% | -38.3% | ||
| Q1 24 | 15.9% | -21.9% |
| Q4 25 | $0.31 | $-0.87 | ||
| Q3 25 | $0.51 | $-0.89 | ||
| Q2 25 | $0.41 | $-1.29 | ||
| Q1 25 | $0.37 | $-0.98 | ||
| Q4 24 | $0.53 | $-0.98 | ||
| Q3 24 | $0.42 | $-0.95 | ||
| Q2 24 | $0.20 | $-0.95 | ||
| Q1 24 | $0.43 | $-0.51 |
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 | $1.9B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.1B |
| Total Assets | $3.7B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $1.9B | ||
| Q3 25 | $1.7B | $1.9B | ||
| Q2 25 | $1.6B | $2.2B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.5B | $1.8B |
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $3.5B | $2.4B | ||
| Q2 25 | $3.3B | $2.4B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | $3.1B | $2.9B | ||
| Q3 24 | $2.9B | $4.1B | ||
| Q2 24 | $3.0B | $4.6B | ||
| Q1 24 | $3.1B | $5.2B |
| Q4 25 | $3.7B | $8.2B | ||
| Q3 25 | $4.5B | $8.2B | ||
| Q2 25 | $4.4B | $8.2B | ||
| Q1 25 | $4.3B | $9.0B | ||
| Q4 24 | $4.1B | $8.2B | ||
| Q3 24 | $3.9B | $6.9B | ||
| Q2 24 | $4.0B | $7.3B | ||
| Q1 24 | $4.1B | $8.2B |
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 | $137.5M |
| Free Cash FlowOCF − Capex | $171.0M | $113.6M |
| FCF MarginFCF / Revenue | 17.2% | 9.4% |
| Capex IntensityCapex / Revenue | 1.2% | 2.0% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $776.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $137.5M | ||
| Q3 25 | $287.0M | $74.9M | ||
| Q2 25 | $203.0M | $228.4M | ||
| Q1 25 | $298.0M | $432.7M | ||
| Q4 24 | $153.0M | $101.7M | ||
| Q3 24 | $185.0M | $69.9M | ||
| Q2 24 | $244.0M | $355.5M | ||
| Q1 24 | $105.0M | $344.6M |
| Q4 25 | $171.0M | $113.6M | ||
| Q3 25 | $272.0M | $58.2M | ||
| Q2 25 | $187.0M | $183.4M | ||
| Q1 25 | $280.0M | $421.4M | ||
| Q4 24 | $141.0M | $88.3M | ||
| Q3 24 | $171.0M | $64.8M | ||
| Q2 24 | $220.0M | $338.9M | ||
| Q1 24 | $91.0M | $331.5M |
| Q4 25 | 17.2% | 9.4% | ||
| Q3 25 | 29.0% | 5.1% | ||
| Q2 25 | 20.5% | 17.6% | ||
| Q1 25 | 31.2% | 42.7% | ||
| Q4 24 | 16.0% | 9.4% | ||
| Q3 24 | 20.1% | 7.5% | ||
| Q2 24 | 26.7% | 40.9% | ||
| Q1 24 | 11.1% | 42.8% |
| Q4 25 | 1.2% | 2.0% | ||
| Q3 25 | 1.6% | 1.5% | ||
| Q2 25 | 1.8% | 4.3% | ||
| Q1 25 | 2.0% | 1.1% | ||
| Q4 24 | 1.4% | 1.4% | ||
| Q3 24 | 1.6% | 0.6% | ||
| Q2 24 | 2.9% | 2.0% | ||
| Q1 24 | 1.7% | 1.7% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | — |
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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
