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Side-by-side financial comparison of Maplebear Inc. (CART) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
MARRIOTT VACATIONS WORLDWIDE Corp 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 -35.0%, a 43.2% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs -0.7%). Maplebear Inc. produced more free cash flow last quarter ($171.0M vs $-6.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 5.2%).
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.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
CART vs VAC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.2B |
| Net Profit | $81.0M | $-431.0M |
| Gross Margin | 72.3% | — |
| Operating Margin | 9.9% | — |
| Net Margin | 8.2% | -35.0% |
| Revenue YoY | 12.3% | -0.7% |
| Net Profit YoY | -45.3% | -962.0% |
| EPS (diluted) | $0.31 | $-12.00 |
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 | $1.2B | ||
| Q2 25 | $914.0M | $1.2B | ||
| Q1 25 | $897.0M | $1.1B | ||
| Q4 24 | $883.0M | $1.2B | ||
| Q3 24 | $852.0M | $1.2B | ||
| Q2 24 | $823.0M | $1.1B | ||
| Q1 24 | $820.0M | $1.1B |
| Q4 25 | $81.0M | $-431.0M | ||
| Q3 25 | $144.0M | $-2.0M | ||
| Q2 25 | $116.0M | $69.0M | ||
| Q1 25 | $106.0M | $56.0M | ||
| Q4 24 | $148.0M | $50.0M | ||
| Q3 24 | $118.0M | $84.0M | ||
| Q2 24 | $61.0M | $37.0M | ||
| Q1 24 | $130.0M | $47.0M |
| 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% | — | ||
| Q3 25 | 17.7% | — | ||
| Q2 25 | 13.6% | — | ||
| Q1 25 | 12.3% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 16.2% | — | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 17.6% | — |
| Q4 25 | 8.2% | -35.0% | ||
| Q3 25 | 15.3% | -0.2% | ||
| Q2 25 | 12.7% | 6.0% | ||
| Q1 25 | 11.8% | 5.0% | ||
| Q4 24 | 16.8% | 4.0% | ||
| Q3 24 | 13.8% | 6.9% | ||
| Q2 24 | 7.4% | 3.5% | ||
| Q1 24 | 15.9% | 4.2% |
| Q4 25 | $0.31 | $-12.00 | ||
| Q3 25 | $0.51 | $-0.07 | ||
| Q2 25 | $0.41 | $1.77 | ||
| Q1 25 | $0.37 | $1.46 | ||
| Q4 24 | $0.53 | $1.29 | ||
| Q3 24 | $0.42 | $2.12 | ||
| Q2 24 | $0.20 | $0.98 | ||
| Q1 24 | $0.43 | $1.22 |
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 | $406.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.0B |
| Total Assets | $3.7B | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $406.0M | ||
| Q3 25 | $1.7B | $474.0M | ||
| Q2 25 | $1.6B | $205.0M | ||
| Q1 25 | $1.6B | $196.0M | ||
| Q4 24 | $1.4B | $197.0M | ||
| Q3 24 | $1.3B | $197.0M | ||
| Q2 24 | $1.4B | $206.0M | ||
| Q1 24 | $1.5B | $237.0M |
| Q4 25 | $2.5B | $2.0B | ||
| Q3 25 | $3.5B | $2.5B | ||
| Q2 25 | $3.3B | $2.5B | ||
| Q1 25 | $3.2B | $2.4B | ||
| Q4 24 | $3.1B | $2.4B | ||
| Q3 24 | $2.9B | $2.4B | ||
| Q2 24 | $3.0B | $2.4B | ||
| Q1 24 | $3.1B | $2.4B |
| Q4 25 | $3.7B | $9.8B | ||
| Q3 25 | $4.5B | $10.1B | ||
| Q2 25 | $4.4B | $9.9B | ||
| Q1 25 | $4.3B | $9.9B | ||
| Q4 24 | $4.1B | $9.8B | ||
| Q3 24 | $3.9B | $9.7B | ||
| Q2 24 | $4.0B | $9.6B | ||
| Q1 24 | $4.1B | $9.9B |
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 | $6.0M |
| Free Cash FlowOCF − Capex | $171.0M | $-6.0M |
| FCF MarginFCF / Revenue | 17.2% | -0.5% |
| Capex IntensityCapex / Revenue | 1.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $6.0M | ||
| Q3 25 | $287.0M | $62.0M | ||
| Q2 25 | $203.0M | $-48.0M | ||
| Q1 25 | $298.0M | $8.0M | ||
| Q4 24 | $153.0M | $100.0M | ||
| Q3 24 | $185.0M | $72.0M | ||
| Q2 24 | $244.0M | $30.0M | ||
| Q1 24 | $105.0M | $3.0M |
| Q4 25 | $171.0M | $-6.0M | ||
| Q3 25 | $272.0M | $51.0M | ||
| Q2 25 | $187.0M | $-68.0M | ||
| Q1 25 | $280.0M | $-6.0M | ||
| Q4 24 | $141.0M | $86.0M | ||
| Q3 24 | $171.0M | $58.0M | ||
| Q2 24 | $220.0M | $17.0M | ||
| Q1 24 | $91.0M | $-13.0M |
| Q4 25 | 17.2% | -0.5% | ||
| Q3 25 | 29.0% | 4.3% | ||
| Q2 25 | 20.5% | -5.9% | ||
| Q1 25 | 31.2% | -0.5% | ||
| Q4 24 | 16.0% | 6.9% | ||
| Q3 24 | 20.1% | 4.8% | ||
| Q2 24 | 26.7% | 1.6% | ||
| Q1 24 | 11.1% | -1.2% |
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | 1.6% | 0.9% | ||
| Q2 25 | 1.8% | 1.7% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 1.4% | 1.1% | ||
| Q3 24 | 1.6% | 1.1% | ||
| Q2 24 | 2.9% | 1.2% | ||
| Q1 24 | 1.7% | 1.4% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | -0.70× | ||
| Q1 25 | 2.81× | 0.14× | ||
| Q4 24 | 1.03× | 2.00× | ||
| Q3 24 | 1.57× | 0.86× | ||
| Q2 24 | 4.00× | 0.81× | ||
| Q1 24 | 0.81× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
