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Side-by-side financial comparison of Maplebear Inc. (CART) and StepStone Group Inc. (STEP). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $586.5M, roughly 1.7× StepStone Group Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs -21.0%, a 29.2% gap on every dollar of revenue. On growth, StepStone Group Inc. posted the faster year-over-year revenue change (73.0% vs 12.3%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $26.7M). Over the past eight quarters, StepStone Group Inc.'s revenue compounded faster (28.2% 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.
Rosetta Stone Inc. is an American education technology software company that develops language, literacy and brain-fitness software. Best known for its language-learning products, in 2013, the company expanded beyond language into education-technology with its acquisitions of Livemocha, Lexia Learning, Fit Brains, and Tell Me More. In 2021, it became a subsidiary of IXL Learning.
CART vs STEP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $586.5M |
| Net Profit | $81.0M | $-123.5M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | -33.2% |
| Net Margin | 8.2% | -21.0% |
| Revenue YoY | 12.3% | 73.0% |
| Net Profit YoY | -45.3% | 35.7% |
| EPS (diluted) | $0.31 | $-1.55 |
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 | $586.5M | ||
| Q3 25 | $939.0M | $454.2M | ||
| Q2 25 | $914.0M | $364.3M | ||
| Q1 25 | $897.0M | $377.7M | ||
| Q4 24 | $883.0M | $339.0M | ||
| Q3 24 | $852.0M | $271.7M | ||
| Q2 24 | $823.0M | $186.4M | ||
| Q1 24 | $820.0M | $356.8M |
| Q4 25 | $81.0M | $-123.5M | ||
| Q3 25 | $144.0M | $-366.1M | ||
| Q2 25 | $116.0M | $-38.4M | ||
| Q1 25 | $106.0M | $-18.5M | ||
| Q4 24 | $148.0M | $-192.0M | ||
| Q3 24 | $118.0M | $17.6M | ||
| Q2 24 | $61.0M | $13.3M | ||
| Q1 24 | $130.0M | $30.8M |
| 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% | -33.2% | ||
| Q3 25 | 17.7% | -148.8% | ||
| Q2 25 | 13.6% | -5.6% | ||
| Q1 25 | 12.3% | 2.6% | ||
| Q4 24 | 17.6% | -101.7% | ||
| Q3 24 | 16.2% | 21.3% | ||
| Q2 24 | 6.3% | 29.4% | ||
| Q1 24 | 17.6% | 26.5% |
| Q4 25 | 8.2% | -21.0% | ||
| Q3 25 | 15.3% | -80.6% | ||
| Q2 25 | 12.7% | -10.5% | ||
| Q1 25 | 11.8% | -4.9% | ||
| Q4 24 | 16.8% | -56.6% | ||
| Q3 24 | 13.8% | 6.5% | ||
| Q2 24 | 7.4% | 7.2% | ||
| Q1 24 | 15.9% | 8.6% |
| Q4 25 | $0.31 | $-1.55 | ||
| Q3 25 | $0.51 | $-4.66 | ||
| Q2 25 | $0.41 | $-0.49 | ||
| Q1 25 | $0.37 | $-0.37 | ||
| Q4 24 | $0.53 | $-2.61 | ||
| Q3 24 | $0.42 | $0.26 | ||
| Q2 24 | $0.20 | $0.20 | ||
| Q1 24 | $0.43 | $0.47 |
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 | — |
| Total DebtLower is stronger | — | $270.2M |
| Stockholders' EquityBook value | $2.5B | $-378.8M |
| Total Assets | $3.7B | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
| Q4 25 | $2.5B | $-378.8M | ||
| Q3 25 | $3.5B | $-233.5M | ||
| Q2 25 | $3.3B | $153.9M | ||
| Q1 25 | $3.2B | $179.4M | ||
| Q4 24 | $3.1B | $209.8M | ||
| Q3 24 | $2.9B | $397.5M | ||
| Q2 24 | $3.0B | $366.9M | ||
| Q1 24 | $3.1B | $324.5M |
| Q4 25 | $3.7B | $5.2B | ||
| Q3 25 | $4.5B | $5.3B | ||
| Q2 25 | $4.4B | $4.8B | ||
| Q1 25 | $4.3B | $4.6B | ||
| Q4 24 | $4.1B | $4.3B | ||
| Q3 24 | $3.9B | $4.0B | ||
| Q2 24 | $4.0B | $3.8B | ||
| Q1 24 | $4.1B | $3.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| Free Cash FlowOCF − Capex | $171.0M | $26.7M |
| FCF MarginFCF / Revenue | 17.2% | 4.6% |
| Capex IntensityCapex / Revenue | 1.2% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $18.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $27.2M | ||
| Q3 25 | $287.0M | $16.2M | ||
| Q2 25 | $203.0M | $46.3M | ||
| Q1 25 | $298.0M | $-66.5M | ||
| Q4 24 | $153.0M | $27.6M | ||
| Q3 24 | $185.0M | $53.7M | ||
| Q2 24 | $244.0M | $50.2M | ||
| Q1 24 | $105.0M | $7.6M |
| Q4 25 | $171.0M | $26.7M | ||
| Q3 25 | $272.0M | $15.9M | ||
| Q2 25 | $187.0M | $45.2M | ||
| Q1 25 | $280.0M | $-69.2M | ||
| Q4 24 | $141.0M | $27.0M | ||
| Q3 24 | $171.0M | $52.4M | ||
| Q2 24 | $220.0M | $49.6M | ||
| Q1 24 | $91.0M | $6.7M |
| Q4 25 | 17.2% | 4.6% | ||
| Q3 25 | 29.0% | 3.5% | ||
| Q2 25 | 20.5% | 12.4% | ||
| Q1 25 | 31.2% | -18.3% | ||
| Q4 24 | 16.0% | 8.0% | ||
| Q3 24 | 20.1% | 19.3% | ||
| Q2 24 | 26.7% | 26.6% | ||
| Q1 24 | 11.1% | 1.9% |
| Q4 25 | 1.2% | 0.1% | ||
| Q3 25 | 1.6% | 0.1% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 2.0% | 0.7% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 1.7% | 0.3% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | 3.05× | ||
| Q2 24 | 4.00× | 3.76× | ||
| Q1 24 | 0.81× | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
