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Side-by-side financial comparison of Maplebear Inc. (CART) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Maplebear Inc. is the larger business by last-quarter revenue ($992.0M vs $788.1M, roughly 1.3× Zscaler, Inc.). Maplebear Inc. runs the higher net margin — 8.2% vs -1.5%, a 9.6% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 12.3%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $171.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% 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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
CART vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $992.0M | $788.1M |
| Net Profit | $81.0M | $-11.6M |
| Gross Margin | 72.3% | 76.6% |
| Operating Margin | 9.9% | -4.6% |
| Net Margin | 8.2% | -1.5% |
| Revenue YoY | 12.3% | 25.5% |
| Net Profit YoY | -45.3% | 3.6% |
| EPS (diluted) | $0.31 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $939.0M | $719.2M | ||
| Q2 25 | $914.0M | $678.0M | ||
| Q1 25 | $897.0M | $647.9M | ||
| Q4 24 | $883.0M | $628.0M | ||
| Q3 24 | $852.0M | $592.9M | ||
| Q2 24 | $823.0M | $553.2M | ||
| Q1 24 | $820.0M | $525.0M |
| Q4 25 | $81.0M | $-11.6M | ||
| Q3 25 | $144.0M | $-17.6M | ||
| Q2 25 | $116.0M | $-4.1M | ||
| Q1 25 | $106.0M | $-7.7M | ||
| Q4 24 | $148.0M | $-12.1M | ||
| Q3 24 | $118.0M | $-14.9M | ||
| Q2 24 | $61.0M | $19.1M | ||
| Q1 24 | $130.0M | $-28.5M |
| Q4 25 | 72.3% | 76.6% | ||
| Q3 25 | 73.7% | 76.1% | ||
| Q2 25 | 74.2% | 77.0% | ||
| Q1 25 | 74.8% | 77.1% | ||
| Q4 24 | 75.2% | 77.5% | ||
| Q3 24 | 75.2% | 78.0% | ||
| Q2 24 | 75.7% | 78.6% | ||
| Q1 24 | 74.9% | 77.7% |
| Q4 25 | 9.9% | -4.6% | ||
| Q3 25 | 17.7% | -4.5% | ||
| Q2 25 | 13.6% | -3.7% | ||
| Q1 25 | 12.3% | -6.2% | ||
| Q4 24 | 17.6% | -4.9% | ||
| Q3 24 | 16.2% | -4.5% | ||
| Q2 24 | 6.3% | -0.5% | ||
| Q1 24 | 17.6% | -8.7% |
| Q4 25 | 8.2% | -1.5% | ||
| Q3 25 | 15.3% | -2.4% | ||
| Q2 25 | 12.7% | -0.6% | ||
| Q1 25 | 11.8% | -1.2% | ||
| Q4 24 | 16.8% | -1.9% | ||
| Q3 24 | 13.8% | -2.5% | ||
| Q2 24 | 7.4% | 3.5% | ||
| Q1 24 | 15.9% | -5.4% |
| Q4 25 | $0.31 | $-0.07 | ||
| Q3 25 | $0.51 | $-0.11 | ||
| Q2 25 | $0.41 | $-0.03 | ||
| Q1 25 | $0.37 | $-0.05 | ||
| Q4 24 | $0.53 | $-0.08 | ||
| Q3 24 | $0.42 | $-0.09 | ||
| Q2 24 | $0.20 | $0.12 | ||
| Q1 24 | $0.43 | $-0.19 |
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 | $2.0B |
| Total Assets | $3.7B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $687.0M | $1.3B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $1.6B | $2.0B | ||
| Q1 25 | $1.6B | $1.8B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.4B | $1.3B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $2.5B | $2.0B | ||
| Q3 25 | $3.5B | $1.8B | ||
| Q2 25 | $3.3B | $1.8B | ||
| Q1 25 | $3.2B | $1.6B | ||
| Q4 24 | $3.1B | $1.4B | ||
| Q3 24 | $2.9B | $1.3B | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $3.1B | $958.9M |
| Q4 25 | $3.7B | $6.5B | ||
| Q3 25 | $4.5B | $6.4B | ||
| Q2 25 | $4.4B | $5.3B | ||
| Q1 25 | $4.3B | $5.0B | ||
| Q4 24 | $4.1B | $4.7B | ||
| Q3 24 | $3.9B | $4.7B | ||
| Q2 24 | $4.0B | $4.2B | ||
| Q1 24 | $4.1B | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $171.0M | $431.0M |
| FCF MarginFCF / Revenue | 17.2% | 54.7% |
| Capex IntensityCapex / Revenue | 1.2% | 2.2% |
| Cash ConversionOCF / Net Profit | 2.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $910.0M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $183.0M | $448.3M | ||
| Q3 25 | $287.0M | $250.6M | ||
| Q2 25 | $203.0M | $211.1M | ||
| Q1 25 | $298.0M | $179.4M | ||
| Q4 24 | $153.0M | $331.3M | ||
| Q3 24 | $185.0M | $203.6M | ||
| Q2 24 | $244.0M | $173.4M | ||
| Q1 24 | $105.0M | $142.1M |
| Q4 25 | $171.0M | $431.0M | ||
| Q3 25 | $272.0M | $190.6M | ||
| Q2 25 | $187.0M | $138.9M | ||
| Q1 25 | $280.0M | $164.4M | ||
| Q4 24 | $141.0M | $314.3M | ||
| Q3 24 | $171.0M | $154.2M | ||
| Q2 24 | $220.0M | $137.8M | ||
| Q1 24 | $91.0M | $111.2M |
| Q4 25 | 17.2% | 54.7% | ||
| Q3 25 | 29.0% | 26.5% | ||
| Q2 25 | 20.5% | 20.5% | ||
| Q1 25 | 31.2% | 25.4% | ||
| Q4 24 | 16.0% | 50.1% | ||
| Q3 24 | 20.1% | 26.0% | ||
| Q2 24 | 26.7% | 24.9% | ||
| Q1 24 | 11.1% | 21.2% |
| Q4 25 | 1.2% | 2.2% | ||
| Q3 25 | 1.6% | 8.3% | ||
| Q2 25 | 1.8% | 10.6% | ||
| Q1 25 | 2.0% | 2.3% | ||
| Q4 24 | 1.4% | 2.7% | ||
| Q3 24 | 1.6% | 8.3% | ||
| Q2 24 | 2.9% | 6.4% | ||
| Q1 24 | 1.7% | 5.9% |
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.75× | — | ||
| Q1 25 | 2.81× | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | 1.57× | — | ||
| Q2 24 | 4.00× | 9.07× | ||
| 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% |
ZS
Segment breakdown not available.
