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Maplebear Inc.（CART）与达美乐（DPZ）财务数据对比。点击上方公司名可切换其他公司
达美乐的季度营收约是Maplebear Inc.的1.2倍（$1.2B vs $992.0M），达美乐净利率更高（12.2% vs 8.2%，领先4.0%），Maplebear Inc.同比增速更快（12.3% vs 3.5%），Maplebear Inc.自由现金流更多（$171.0M vs $147.0M），过去两年Maplebear Inc.的营收复合增速更高（10.0% vs 2.4%）
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
CART vs DPZ — 直观对比
营收规模更大
DPZ
是对方的1.2倍
$992.0M
营收增速更快
CART
高出8.9%
3.5%
净利率更高
DPZ
高出4.0%
8.2%
自由现金流更多
CART
多$24.0M
$147.0M
两年增速更快
CART
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.2B |
| 净利润 | $81.0M | $139.8M |
| 毛利率 | 72.3% | 40.4% |
| 营业利润率 | 9.9% | 20.0% |
| 净利率 | 8.2% | 12.2% |
| 营收同比 | 12.3% | 3.5% |
| 净利润同比 | -45.3% | -6.6% |
| 每股收益（稀释后） | $0.31 | $4.13 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CARTDPZ
| Q1 26 | — | $1.2B | ||
| Q4 25 | $992.0M | — | ||
| Q3 25 | $939.0M | $1.1B | ||
| Q2 25 | $914.0M | $1.1B | ||
| Q1 25 | $897.0M | $1.1B | ||
| Q4 24 | $883.0M | $1.4B | ||
| Q3 24 | $852.0M | $1.1B | ||
| Q2 24 | $823.0M | $1.1B |
净利润CARTDPZ
| Q1 26 | — | $139.8M | ||
| Q4 25 | $81.0M | — | ||
| Q3 25 | $144.0M | $139.3M | ||
| Q2 25 | $116.0M | $131.1M | ||
| Q1 25 | $106.0M | $149.7M | ||
| Q4 24 | $148.0M | $169.4M | ||
| Q3 24 | $118.0M | $146.9M | ||
| Q2 24 | $61.0M | $142.0M |
毛利率CARTDPZ
| Q1 26 | — | 40.4% | ||
| Q4 25 | 72.3% | — | ||
| Q3 25 | 73.7% | 40.1% | ||
| Q2 25 | 74.2% | 40.3% | ||
| Q1 25 | 74.8% | 39.8% | ||
| Q4 24 | 75.2% | 39.2% | ||
| Q3 24 | 75.2% | 39.2% | ||
| Q2 24 | 75.7% | 39.8% |
营业利润率CARTDPZ
| Q1 26 | — | 20.0% | ||
| Q4 25 | 9.9% | — | ||
| Q3 25 | 17.7% | 19.5% | ||
| Q2 25 | 13.6% | 19.7% | ||
| Q1 25 | 12.3% | 18.9% | ||
| Q4 24 | 17.6% | 19.0% | ||
| Q3 24 | 16.2% | 18.4% | ||
| Q2 24 | 6.3% | 17.9% |
净利率CARTDPZ
| Q1 26 | — | 12.2% | ||
| Q4 25 | 8.2% | — | ||
| Q3 25 | 15.3% | 12.1% | ||
| Q2 25 | 12.7% | 11.4% | ||
| Q1 25 | 11.8% | 13.5% | ||
| Q4 24 | 16.8% | 11.7% | ||
| Q3 24 | 13.8% | 13.6% | ||
| Q2 24 | 7.4% | 12.9% |
每股收益（稀释后）CARTDPZ
| Q1 26 | — | $4.13 | ||
| Q4 25 | $0.31 | — | ||
| Q3 25 | $0.51 | $4.08 | ||
| Q2 25 | $0.41 | $3.81 | ||
| Q1 25 | $0.37 | $4.33 | ||
| Q4 24 | $0.53 | $4.89 | ||
| Q3 24 | $0.42 | $4.19 | ||
| Q2 24 | $0.20 | $4.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $687.0M | $232.9M |
| 总债务越低越好 | — | $4.9B |
| 股东权益账面价值 | $2.5B | — |
| 总资产 | $3.7B | $1.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资CARTDPZ
| Q1 26 | — | $232.9M | ||
| Q4 25 | $687.0M | — | ||
| Q3 25 | $1.7B | $139.7M | ||
| Q2 25 | $1.6B | $272.9M | ||
| Q1 25 | $1.6B | $304.3M | ||
| Q4 24 | $1.4B | $186.1M | ||
| Q3 24 | $1.3B | $189.1M | ||
| Q2 24 | $1.4B | $283.7M |
总债务CARTDPZ
| Q1 26 | — | $4.9B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B |
股东权益CARTDPZ
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.5B | $-4.0B | ||
| Q2 25 | $3.3B | $-4.0B | ||
| Q1 25 | $3.2B | $-3.9B | ||
| Q4 24 | $3.1B | $-4.0B | ||
| Q3 24 | $2.9B | $-4.0B | ||
| Q2 24 | $3.0B | $-3.9B |
总资产CARTDPZ
| Q1 26 | — | $1.8B | ||
| Q4 25 | $3.7B | — | ||
| Q3 25 | $4.5B | $1.7B | ||
| Q2 25 | $4.4B | $1.8B | ||
| Q1 25 | $4.3B | $1.9B | ||
| Q4 24 | $4.1B | $1.7B | ||
| Q3 24 | $3.9B | $1.8B | ||
| Q2 24 | $4.0B | $1.9B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $183.0M | $162.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $147.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 12.8% |
| 资本支出强度资本支出/营收 | 1.2% | 1.3% |
| 现金转化率经营现金流/净利润 | 2.26× | 1.16× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $625.3M |
8季度趋势，按日历期对齐
经营现金流CARTDPZ
| Q1 26 | — | $162.0M | ||
| Q4 25 | $183.0M | — | ||
| Q3 25 | $287.0M | $185.4M | ||
| Q2 25 | $203.0M | $187.8M | ||
| Q1 25 | $298.0M | $179.1M | ||
| Q4 24 | $153.0M | $178.0M | ||
| Q3 24 | $185.0M | $172.7M | ||
| Q2 24 | $244.0M | $150.7M |
自由现金流CARTDPZ
| Q1 26 | — | $147.0M | ||
| Q4 25 | $171.0M | — | ||
| Q3 25 | $272.0M | $164.0M | ||
| Q2 25 | $187.0M | $167.3M | ||
| Q1 25 | $280.0M | $164.3M | ||
| Q4 24 | $141.0M | $135.9M | ||
| Q3 24 | $171.0M | $145.6M | ||
| Q2 24 | $220.0M | $127.2M |
自由现金流率CARTDPZ
| Q1 26 | — | 12.8% | ||
| Q4 25 | 17.2% | — | ||
| Q3 25 | 29.0% | 14.3% | ||
| Q2 25 | 20.5% | 14.6% | ||
| Q1 25 | 31.2% | 14.8% | ||
| Q4 24 | 16.0% | 9.4% | ||
| Q3 24 | 20.1% | 13.5% | ||
| Q2 24 | 26.7% | 11.6% |
资本支出强度CARTDPZ
| Q1 26 | — | 1.3% | ||
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.6% | 1.9% | ||
| Q2 25 | 1.8% | 1.8% | ||
| Q1 25 | 2.0% | 1.3% | ||
| Q4 24 | 1.4% | 2.9% | ||
| Q3 24 | 1.6% | 2.5% | ||
| Q2 24 | 2.9% | 2.1% |
现金转化率CARTDPZ
| Q1 26 | — | 1.16× | ||
| Q4 25 | 2.26× | — | ||
| Q3 25 | 1.99× | 1.33× | ||
| Q2 25 | 1.75× | 1.43× | ||
| Q1 25 | 2.81× | 1.20× | ||
| Q4 24 | 1.03× | 1.05× | ||
| Q3 24 | 1.57× | 1.18× | ||
| Q2 24 | 4.00× | 1.06× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
