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Side-by-side financial comparison of Maplebear Inc. (CART) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $992.0M, roughly 1.6× Maplebear Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs 6.2%, a 2.0% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 12.3%). Toast, Inc. produced more free cash flow last quarter ($178.0M vs $171.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
CART vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.6B |
| Net Profit | $81.0M | $101.0M |
| Gross Margin | 72.3% | 25.9% |
| Operating Margin | 9.9% | 5.2% |
| Net Margin | 8.2% | 6.2% |
| Revenue YoY | 12.3% | 22.0% |
| Net Profit YoY | -45.3% | 215.6% |
| EPS (diluted) | $0.31 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $939.0M | $1.6B | ||
| Q2 25 | $914.0M | $1.6B | ||
| Q1 25 | $897.0M | $1.3B | ||
| Q4 24 | $883.0M | $1.3B | ||
| Q3 24 | $852.0M | $1.3B | ||
| Q2 24 | $823.0M | $1.2B | ||
| Q1 24 | $820.0M | $1.1B |
| Q4 25 | $81.0M | $101.0M | ||
| Q3 25 | $144.0M | $105.0M | ||
| Q2 25 | $116.0M | $80.0M | ||
| Q1 25 | $106.0M | $56.0M | ||
| Q4 24 | $148.0M | $32.0M | ||
| Q3 24 | $118.0M | $56.0M | ||
| Q2 24 | $61.0M | $14.0M | ||
| Q1 24 | $130.0M | $-83.0M |
| Q4 25 | 72.3% | 25.9% | ||
| Q3 25 | 73.7% | 26.5% | ||
| Q2 25 | 74.2% | 25.3% | ||
| Q1 25 | 74.8% | 25.9% | ||
| Q4 24 | 75.2% | 24.9% | ||
| Q3 24 | 75.2% | 24.7% | ||
| Q2 24 | 75.7% | 23.0% | ||
| Q1 24 | 74.9% | 23.2% |
| Q4 25 | 9.9% | 5.2% | ||
| Q3 25 | 17.7% | 5.1% | ||
| Q2 25 | 13.6% | 5.2% | ||
| Q1 25 | 12.3% | 3.2% | ||
| Q4 24 | 17.6% | 2.5% | ||
| Q3 24 | 16.2% | 2.6% | ||
| Q2 24 | 6.3% | 0.4% | ||
| Q1 24 | 17.6% | -5.2% |
| Q4 25 | 8.2% | 6.2% | ||
| Q3 25 | 15.3% | 6.4% | ||
| Q2 25 | 12.7% | 5.2% | ||
| Q1 25 | 11.8% | 4.2% | ||
| Q4 24 | 16.8% | 2.4% | ||
| Q3 24 | 13.8% | 4.3% | ||
| Q2 24 | 7.4% | 1.1% | ||
| Q1 24 | 15.9% | -7.7% |
| Q4 25 | $0.31 | $0.18 | ||
| Q3 25 | $0.51 | $0.16 | ||
| Q2 25 | $0.41 | $0.13 | ||
| Q1 25 | $0.37 | $0.09 | ||
| Q4 24 | $0.53 | $0.09 | ||
| Q3 24 | $0.42 | $0.07 | ||
| Q2 24 | $0.20 | $0.02 | ||
| Q1 24 | $0.43 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.1B |
| Total Assets | $3.7B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.6B | $1.0B | ||
| Q4 24 | $1.4B | $903.0M | ||
| Q3 24 | $1.3B | $761.0M | ||
| Q2 24 | $1.4B | $691.0M | ||
| Q1 24 | $1.5B | $578.0M |
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $3.5B | $2.0B | ||
| Q2 25 | $3.3B | $1.8B | ||
| Q1 25 | $3.2B | $1.7B | ||
| Q4 24 | $3.1B | $1.5B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $3.0B | $1.3B | ||
| Q1 24 | $3.1B | $1.2B |
| Q4 25 | $3.7B | $3.1B | ||
| Q3 25 | $4.5B | $3.0B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.3B | $2.6B | ||
| Q4 24 | $4.1B | $2.4B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $4.0B | $2.2B | ||
| Q1 24 | $4.1B | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $171.0M | $178.0M |
| FCF MarginFCF / Revenue | 17.2% | 10.9% |
| Capex IntensityCapex / Revenue | 1.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 2.26× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $194.0M | ||
| Q3 25 | $287.0M | $165.0M | ||
| Q2 25 | $203.0M | $223.0M | ||
| Q1 25 | $298.0M | $79.0M | ||
| Q4 24 | $153.0M | $147.0M | ||
| Q3 24 | $185.0M | $109.0M | ||
| Q2 24 | $244.0M | $124.0M | ||
| Q1 24 | $105.0M | $-20.0M |
| Q4 25 | $171.0M | $178.0M | ||
| Q3 25 | $272.0M | $153.0M | ||
| Q2 25 | $187.0M | $208.0M | ||
| Q1 25 | $280.0M | $69.0M | ||
| Q4 24 | $141.0M | $134.0M | ||
| Q3 24 | $171.0M | $97.0M | ||
| Q2 24 | $220.0M | $108.0M | ||
| Q1 24 | $91.0M | $-33.0M |
| Q4 25 | 17.2% | 10.9% | ||
| Q3 25 | 29.0% | 9.4% | ||
| Q2 25 | 20.5% | 13.4% | ||
| Q1 25 | 31.2% | 5.2% | ||
| Q4 24 | 16.0% | 10.0% | ||
| Q3 24 | 20.1% | 7.4% | ||
| Q2 24 | 26.7% | 8.7% | ||
| Q1 24 | 11.1% | -3.1% |
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 1.8% | 1.0% | ||
| Q1 25 | 2.0% | 0.7% | ||
| Q4 24 | 1.4% | 1.0% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.9% | 1.3% | ||
| Q1 24 | 1.7% | 1.2% |
| Q4 25 | 2.26× | 1.92× | ||
| Q3 25 | 1.99× | 1.57× | ||
| Q2 25 | 1.75× | 2.79× | ||
| Q1 25 | 2.81× | 1.41× | ||
| Q4 24 | 1.03× | 4.59× | ||
| Q3 24 | 1.57× | 1.95× | ||
| Q2 24 | 4.00× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
