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Side-by-side financial comparison of Maplebear Inc. (CART) and Trade Desk (The) (TTD). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $846.8M, roughly 1.2× Trade Desk (The)). Trade Desk (The) runs the higher net margin — 22.1% vs 8.2%, a 13.9% gap on every dollar of revenue. On growth, Trade Desk (The) posted the faster year-over-year revenue change (14.3% vs 12.3%). Trade Desk (The) produced more free cash flow last quarter ($285.3M vs $171.0M). Over the past eight quarters, Trade Desk (The)'s revenue compounded faster (31.3% 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.
The Trade Desk, Inc. is an American multinational technology company that specializes in real-time programmatic marketing automation technologies, products, and services, designed to personalize digital content delivery to users.
CART vs TTD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $846.8M |
| Net Profit | $81.0M | $186.9M |
| Gross Margin | 72.3% | 80.7% |
| Operating Margin | 9.9% | 30.3% |
| Net Margin | 8.2% | 22.1% |
| Revenue YoY | 12.3% | 14.3% |
| Net Profit YoY | -45.3% | 2.6% |
| EPS (diluted) | $0.31 | $0.39 |
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 | $846.8M | ||
| Q3 25 | $939.0M | $739.4M | ||
| Q2 25 | $914.0M | $694.0M | ||
| Q1 25 | $897.0M | $616.0M | ||
| Q4 24 | $883.0M | $741.0M | ||
| Q3 24 | $852.0M | $628.0M | ||
| Q2 24 | $823.0M | $584.5M | ||
| Q1 24 | $820.0M | $491.3M |
| Q4 25 | $81.0M | $186.9M | ||
| Q3 25 | $144.0M | $115.5M | ||
| Q2 25 | $116.0M | $90.1M | ||
| Q1 25 | $106.0M | $50.7M | ||
| Q4 24 | $148.0M | $182.2M | ||
| Q3 24 | $118.0M | $94.2M | ||
| Q2 24 | $61.0M | $85.0M | ||
| Q1 24 | $130.0M | $31.7M |
| Q4 25 | 72.3% | 80.7% | ||
| Q3 25 | 73.7% | 78.1% | ||
| Q2 25 | 74.2% | 78.2% | ||
| Q1 25 | 74.8% | 76.8% | ||
| Q4 24 | 75.2% | 81.7% | ||
| Q3 24 | 75.2% | 80.5% | ||
| Q2 24 | 75.7% | 81.1% | ||
| Q1 24 | 74.9% | 78.9% |
| Q4 25 | 9.9% | 30.3% | ||
| Q3 25 | 17.7% | 21.8% | ||
| Q2 25 | 13.6% | 16.8% | ||
| Q1 25 | 12.3% | 8.8% | ||
| Q4 24 | 17.6% | 26.4% | ||
| Q3 24 | 16.2% | 17.3% | ||
| Q2 24 | 6.3% | 16.2% | ||
| Q1 24 | 17.6% | 5.8% |
| Q4 25 | 8.2% | 22.1% | ||
| Q3 25 | 15.3% | 15.6% | ||
| Q2 25 | 12.7% | 13.0% | ||
| Q1 25 | 11.8% | 8.2% | ||
| Q4 24 | 16.8% | 24.6% | ||
| Q3 24 | 13.8% | 15.0% | ||
| Q2 24 | 7.4% | 14.5% | ||
| Q1 24 | 15.9% | 6.4% |
| Q4 25 | $0.31 | $0.39 | ||
| Q3 25 | $0.51 | $0.23 | ||
| Q2 25 | $0.41 | $0.18 | ||
| Q1 25 | $0.37 | $0.10 | ||
| Q4 24 | $0.53 | $0.36 | ||
| Q3 24 | $0.42 | $0.19 | ||
| Q2 24 | $0.20 | $0.17 | ||
| Q1 24 | $0.43 | $0.06 |
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 | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.5B |
| Total Assets | $3.7B | $6.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $1.3B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.6B | $1.7B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | $2.5B | $2.5B | ||
| Q3 25 | $3.5B | $2.6B | ||
| Q2 25 | $3.3B | $2.7B | ||
| Q1 25 | $3.2B | $2.7B | ||
| Q4 24 | $3.1B | $2.9B | ||
| Q3 24 | $2.9B | $2.6B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $3.1B | $2.2B |
| Q4 25 | $3.7B | $6.2B | ||
| Q3 25 | $4.5B | $5.9B | ||
| Q2 25 | $4.4B | $6.0B | ||
| Q1 25 | $4.3B | $5.7B | ||
| Q4 24 | $4.1B | $6.1B | ||
| Q3 24 | $3.9B | $5.5B | ||
| Q2 24 | $4.0B | $5.2B | ||
| Q1 24 | $4.1B | $4.7B |
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 | $311.6M |
| Free Cash FlowOCF − Capex | $171.0M | $285.3M |
| FCF MarginFCF / Revenue | 17.2% | 33.7% |
| Capex IntensityCapex / Revenue | 1.2% | 3.1% |
| Cash ConversionOCF / Net Profit | 2.26× | 1.67× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $795.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $311.6M | ||
| Q3 25 | $287.0M | $224.7M | ||
| Q2 25 | $203.0M | $165.0M | ||
| Q1 25 | $298.0M | $291.4M | ||
| Q4 24 | $153.0M | $199.4M | ||
| Q3 24 | $185.0M | $273.3M | ||
| Q2 24 | $244.0M | $81.3M | ||
| Q1 24 | $105.0M | $185.5M |
| Q4 25 | $171.0M | $285.3M | ||
| Q3 25 | $272.0M | $158.3M | ||
| Q2 25 | $187.0M | $119.8M | ||
| Q1 25 | $280.0M | $232.3M | ||
| Q4 24 | $141.0M | $179.2M | ||
| Q3 24 | $171.0M | $224.6M | ||
| Q2 24 | $220.0M | $59.1M | ||
| Q1 24 | $91.0M | $178.2M |
| Q4 25 | 17.2% | 33.7% | ||
| Q3 25 | 29.0% | 21.4% | ||
| Q2 25 | 20.5% | 17.3% | ||
| Q1 25 | 31.2% | 37.7% | ||
| Q4 24 | 16.0% | 24.2% | ||
| Q3 24 | 20.1% | 35.8% | ||
| Q2 24 | 26.7% | 10.1% | ||
| Q1 24 | 11.1% | 36.3% |
| Q4 25 | 1.2% | 3.1% | ||
| Q3 25 | 1.6% | 9.0% | ||
| Q2 25 | 1.8% | 6.5% | ||
| Q1 25 | 2.0% | 9.6% | ||
| Q4 24 | 1.4% | 2.7% | ||
| Q3 24 | 1.6% | 7.8% | ||
| Q2 24 | 2.9% | 3.8% | ||
| Q1 24 | 1.7% | 1.5% |
| Q4 25 | 2.26× | 1.67× | ||
| Q3 25 | 1.99× | 1.94× | ||
| Q2 25 | 1.75× | 1.83× | ||
| Q1 25 | 2.81× | 5.75× | ||
| Q4 24 | 1.03× | 1.09× | ||
| Q3 24 | 1.57× | 2.90× | ||
| Q2 24 | 4.00× | 0.96× | ||
| Q1 24 | 0.81× | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
