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Side-by-side financial comparison of Maplebear Inc. (CART) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO 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 4.5%, a 3.6% gap on every dollar of revenue. On growth, Maplebear Inc. posted the faster year-over-year revenue change (12.3% vs -10.0%). WATSCO INC produced more free cash flow last quarter ($388.5M vs $171.0M). Over the past eight quarters, Maplebear Inc.'s revenue compounded faster (10.0% CAGR vs 0.4%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
CART vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $1.6B |
| Net Profit | $81.0M | $71.7M |
| Gross Margin | 72.3% | 27.1% |
| Operating Margin | 9.9% | 6.4% |
| Net Margin | 8.2% | 4.5% |
| Revenue YoY | 12.3% | -10.0% |
| Net Profit YoY | -45.3% | -25.9% |
| EPS (diluted) | $0.31 | $1.82 |
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 | $2.1B | ||
| Q2 25 | $914.0M | $2.1B | ||
| Q1 25 | $897.0M | $1.5B | ||
| Q4 24 | $883.0M | $1.8B | ||
| Q3 24 | $852.0M | $2.2B | ||
| Q2 24 | $823.0M | $2.1B | ||
| Q1 24 | $820.0M | $1.6B |
| Q4 25 | $81.0M | $71.7M | ||
| Q3 25 | $144.0M | $161.6M | ||
| Q2 25 | $116.0M | $183.6M | ||
| Q1 25 | $106.0M | $80.1M | ||
| Q4 24 | $148.0M | $96.8M | ||
| Q3 24 | $118.0M | $171.0M | ||
| Q2 24 | $61.0M | $181.4M | ||
| Q1 24 | $130.0M | $87.0M |
| Q4 25 | 72.3% | 27.1% | ||
| Q3 25 | 73.7% | 27.5% | ||
| Q2 25 | 74.2% | 29.3% | ||
| Q1 25 | 74.8% | 28.1% | ||
| Q4 24 | 75.2% | 26.7% | ||
| Q3 24 | 75.2% | 26.2% | ||
| Q2 24 | 75.7% | 27.1% | ||
| Q1 24 | 74.9% | 27.5% |
| Q4 25 | 9.9% | 6.4% | ||
| Q3 25 | 17.7% | 11.4% | ||
| Q2 25 | 13.6% | 13.2% | ||
| Q1 25 | 12.3% | 7.3% | ||
| Q4 24 | 17.6% | 7.8% | ||
| Q3 24 | 16.2% | 11.6% | ||
| Q2 24 | 6.3% | 12.6% | ||
| Q1 24 | 17.6% | 8.1% |
| Q4 25 | 8.2% | 4.5% | ||
| Q3 25 | 15.3% | 7.8% | ||
| Q2 25 | 12.7% | 8.9% | ||
| Q1 25 | 11.8% | 5.2% | ||
| Q4 24 | 16.8% | 5.5% | ||
| Q3 24 | 13.8% | 7.9% | ||
| Q2 24 | 7.4% | 8.5% | ||
| Q1 24 | 15.9% | 5.6% |
| Q4 25 | $0.31 | $1.82 | ||
| Q3 25 | $0.51 | $3.98 | ||
| Q2 25 | $0.41 | $4.52 | ||
| Q1 25 | $0.37 | $1.93 | ||
| Q4 24 | $0.53 | $2.42 | ||
| Q3 24 | $0.42 | $4.22 | ||
| Q2 24 | $0.20 | $4.49 | ||
| Q1 24 | $0.43 | $2.17 |
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 | $733.3M |
| Total DebtLower is stronger | — | $361.6M |
| Stockholders' EquityBook value | $2.5B | $2.8B |
| Total Assets | $3.7B | $4.4B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $733.3M | ||
| Q3 25 | $1.7B | $524.3M | ||
| Q2 25 | $1.6B | $293.0M | ||
| Q1 25 | $1.6B | $431.8M | ||
| Q4 24 | $1.4B | $781.9M | ||
| Q3 24 | $1.3B | $550.0M | ||
| Q2 24 | $1.4B | $424.9M | ||
| Q1 24 | $1.5B | $478.9M |
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
| Q4 25 | $2.5B | $2.8B | ||
| Q3 25 | $3.5B | $2.8B | ||
| Q2 25 | $3.3B | $2.8B | ||
| Q1 25 | $3.2B | $2.7B | ||
| Q4 24 | $3.1B | $2.7B | ||
| Q3 24 | $2.9B | $2.7B | ||
| Q2 24 | $3.0B | $2.6B | ||
| Q1 24 | $3.1B | $2.5B |
| Q4 25 | $3.7B | $4.4B | ||
| Q3 25 | $4.5B | $4.6B | ||
| Q2 25 | $4.4B | $4.7B | ||
| Q1 25 | $4.3B | $4.5B | ||
| Q4 24 | $4.1B | $4.5B | ||
| Q3 24 | $3.9B | $4.5B | ||
| Q2 24 | $4.0B | $4.4B | ||
| Q1 24 | $4.1B | $4.4B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| Free Cash FlowOCF − Capex | $171.0M | $388.5M |
| FCF MarginFCF / Revenue | 17.2% | 24.6% |
| Capex IntensityCapex / Revenue | 1.2% | 0.7% |
| Cash ConversionOCF / Net Profit | 2.26× | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $399.8M | ||
| Q3 25 | $287.0M | $354.9M | ||
| Q2 25 | $203.0M | $-7.4M | ||
| Q1 25 | $298.0M | $-177.6M | ||
| Q4 24 | $153.0M | $378.9M | ||
| Q3 24 | $185.0M | $232.8M | ||
| Q2 24 | $244.0M | $57.7M | ||
| Q1 24 | $105.0M | $103.7M |
| Q4 25 | $171.0M | $388.5M | ||
| Q3 25 | $272.0M | $346.1M | ||
| Q2 25 | $187.0M | $-14.3M | ||
| Q1 25 | $280.0M | $-185.2M | ||
| Q4 24 | $141.0M | $370.9M | ||
| Q3 24 | $171.0M | $223.0M | ||
| Q2 24 | $220.0M | $51.3M | ||
| Q1 24 | $91.0M | $97.9M |
| Q4 25 | 17.2% | 24.6% | ||
| Q3 25 | 29.0% | 16.7% | ||
| Q2 25 | 20.5% | -0.7% | ||
| Q1 25 | 31.2% | -12.1% | ||
| Q4 24 | 16.0% | 21.1% | ||
| Q3 24 | 20.1% | 10.3% | ||
| Q2 24 | 26.7% | 2.4% | ||
| Q1 24 | 11.1% | 6.3% |
| Q4 25 | 1.2% | 0.7% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 1.8% | 0.3% | ||
| Q1 25 | 2.0% | 0.5% | ||
| Q4 24 | 1.4% | 0.5% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.9% | 0.3% | ||
| Q1 24 | 1.7% | 0.4% |
| Q4 25 | 2.26× | 5.57× | ||
| Q3 25 | 1.99× | 2.20× | ||
| Q2 25 | 1.75× | -0.04× | ||
| Q1 25 | 2.81× | -2.22× | ||
| Q4 24 | 1.03× | 3.91× | ||
| Q3 24 | 1.57× | 1.36× | ||
| Q2 24 | 4.00× | 0.32× | ||
| Q1 24 | 0.81× | 1.19× |
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% |
WSO
Segment breakdown not available.
