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Maplebear Inc.（CART）与Reddit, Inc.（RDDT）财务数据对比。点击上方公司名可切换其他公司
Maplebear Inc.的季度营收约是Reddit, Inc.的1.4倍（$992.0M vs $725.6M），Reddit, Inc.净利率更高（34.7% vs 8.2%，领先26.5%），Reddit, Inc.同比增速更快（69.7% vs 12.3%），Reddit, Inc.自由现金流更多（$263.6M vs $171.0M），过去两年Reddit, Inc.的营收复合增速更高（72.8% vs 10.0%）
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。
Reddit是美国知名的社交新闻聚合与论坛类社交媒体平台，注册用户可发布链接、文字帖、图片、视频等各类内容，其他用户可对内容进行点赞或点踩，内容按主题归类到用户创建的子板块中，获赞更高的内容会排在板块前列，热度足够的内容还将展示在全站首页。
CART vs RDDT — 直观对比
营收规模更大
CART
是对方的1.4倍
$725.6M
营收增速更快
RDDT
高出57.3%
12.3%
净利率更高
RDDT
高出26.5%
8.2%
自由现金流更多
RDDT
多$92.6M
$171.0M
两年增速更快
RDDT
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $725.6M |
| 净利润 | $81.0M | $251.6M |
| 毛利率 | 72.3% | 91.9% |
| 营业利润率 | 9.9% | 31.9% |
| 净利率 | 8.2% | 34.7% |
| 营收同比 | 12.3% | 69.7% |
| 净利润同比 | -45.3% | 254.2% |
| 每股收益（稀释后） | $0.31 | $1.24 |
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CARTRDDT
| Q4 25 | $992.0M | $725.6M | ||
| Q3 25 | $939.0M | $584.9M | ||
| Q2 25 | $914.0M | $499.6M | ||
| Q1 25 | $897.0M | $392.4M | ||
| Q4 24 | $883.0M | $427.7M | ||
| Q3 24 | $852.0M | $348.4M | ||
| Q2 24 | $823.0M | $281.2M | ||
| Q1 24 | $820.0M | $243.0M |
净利润CARTRDDT
| Q4 25 | $81.0M | $251.6M | ||
| Q3 25 | $144.0M | $162.7M | ||
| Q2 25 | $116.0M | $89.3M | ||
| Q1 25 | $106.0M | $26.2M | ||
| Q4 24 | $148.0M | $71.0M | ||
| Q3 24 | $118.0M | $29.9M | ||
| Q2 24 | $61.0M | $-10.1M | ||
| Q1 24 | $130.0M | $-575.1M |
毛利率CARTRDDT
| Q4 25 | 72.3% | 91.9% | ||
| Q3 25 | 73.7% | 91.0% | ||
| Q2 25 | 74.2% | 90.8% | ||
| Q1 25 | 74.8% | 90.5% | ||
| Q4 24 | 75.2% | 92.6% | ||
| Q3 24 | 75.2% | 90.1% | ||
| Q2 24 | 75.7% | 89.5% | ||
| Q1 24 | 74.9% | 88.6% |
营业利润率CARTRDDT
| Q4 25 | 9.9% | 31.9% | ||
| Q3 25 | 17.7% | 23.7% | ||
| Q2 25 | 13.6% | 13.6% | ||
| Q1 25 | 12.3% | 1.0% | ||
| Q4 24 | 17.6% | 12.4% | ||
| Q3 24 | 16.2% | 2.0% | ||
| Q2 24 | 6.3% | -11.0% | ||
| Q1 24 | 17.6% | -242.5% |
净利率CARTRDDT
| Q4 25 | 8.2% | 34.7% | ||
| Q3 25 | 15.3% | 27.8% | ||
| Q2 25 | 12.7% | 17.9% | ||
| Q1 25 | 11.8% | 6.7% | ||
| Q4 24 | 16.8% | 16.6% | ||
| Q3 24 | 13.8% | 8.6% | ||
| Q2 24 | 7.4% | -3.6% | ||
| Q1 24 | 15.9% | -236.7% |
每股收益（稀释后）CARTRDDT
| Q4 25 | $0.31 | $1.24 | ||
| Q3 25 | $0.51 | $0.80 | ||
| Q2 25 | $0.41 | $0.45 | ||
| Q1 25 | $0.37 | $0.13 | ||
| Q4 24 | $0.53 | $4.76 | ||
| Q3 24 | $0.42 | $0.16 | ||
| Q2 24 | $0.20 | $-0.06 | ||
| Q1 24 | $0.43 | $-8.19 |
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 | $953.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $2.9B |
| 总资产 | $3.7B | $3.2B |
| 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CARTRDDT
| Q4 25 | $687.0M | $953.6M | ||
| Q3 25 | $1.7B | $911.7M | ||
| Q2 25 | $1.6B | $734.1M | ||
| Q1 25 | $1.6B | $635.7M | ||
| Q4 24 | $1.4B | $562.1M | ||
| Q3 24 | $1.3B | $515.9M | ||
| Q2 24 | $1.4B | $468.0M | ||
| Q1 24 | $1.5B | $968.5M |
股东权益CARTRDDT
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $3.5B | $2.6B | ||
| Q2 25 | $3.3B | $2.4B | ||
| Q1 25 | $3.2B | $2.2B | ||
| Q4 24 | $3.1B | $2.1B | ||
| Q3 24 | $2.9B | $2.0B | ||
| Q2 24 | $3.0B | $1.9B | ||
| Q1 24 | $3.1B | $1.8B |
总资产CARTRDDT
| Q4 25 | $3.7B | $3.2B | ||
| Q3 25 | $4.5B | $2.9B | ||
| Q2 25 | $4.4B | $2.6B | ||
| Q1 25 | $4.3B | $2.4B | ||
| Q4 24 | $4.1B | $2.3B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $4.0B | $2.1B | ||
| Q1 24 | $4.1B | $2.0B |
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 | $266.8M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $263.6M |
| 自由现金流率自由现金流/营收 | 17.2% | 36.3% |
| 资本支出强度资本支出/营收 | 1.2% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.26× | 1.06× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $684.2M |
8季度趋势，按日历期对齐
经营现金流CARTRDDT
| Q4 25 | $183.0M | $266.8M | ||
| Q3 25 | $287.0M | $185.2M | ||
| Q2 25 | $203.0M | $111.3M | ||
| Q1 25 | $298.0M | $127.6M | ||
| Q4 24 | $153.0M | $90.0M | ||
| Q3 24 | $185.0M | $71.6M | ||
| Q2 24 | $244.0M | $28.4M | ||
| Q1 24 | $105.0M | $32.1M |
自由现金流CARTRDDT
| Q4 25 | $171.0M | $263.6M | ||
| Q3 25 | $272.0M | $183.1M | ||
| Q2 25 | $187.0M | $110.8M | ||
| Q1 25 | $280.0M | $126.6M | ||
| Q4 24 | $141.0M | $89.2M | ||
| Q3 24 | $171.0M | $70.3M | ||
| Q2 24 | $220.0M | $27.2M | ||
| Q1 24 | $91.0M | $29.2M |
自由现金流率CARTRDDT
| Q4 25 | 17.2% | 36.3% | ||
| Q3 25 | 29.0% | 31.3% | ||
| Q2 25 | 20.5% | 22.2% | ||
| Q1 25 | 31.2% | 32.3% | ||
| Q4 24 | 16.0% | 20.8% | ||
| Q3 24 | 20.1% | 20.2% | ||
| Q2 24 | 26.7% | 9.7% | ||
| Q1 24 | 11.1% | 12.0% |
资本支出强度CARTRDDT
| Q4 25 | 1.2% | 0.4% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 1.8% | 0.1% | ||
| Q1 25 | 2.0% | 0.2% | ||
| Q4 24 | 1.4% | 0.2% | ||
| Q3 24 | 1.6% | 0.4% | ||
| Q2 24 | 2.9% | 0.4% | ||
| Q1 24 | 1.7% | 1.2% |
现金转化率CARTRDDT
| Q4 25 | 2.26× | 1.06× | ||
| Q3 25 | 1.99× | 1.14× | ||
| Q2 25 | 1.75× | 1.25× | ||
| Q1 25 | 2.81× | 4.88× | ||
| Q4 24 | 1.03× | 1.27× | ||
| Q3 24 | 1.57× | 2.40× | ||
| Q2 24 | 4.00× | — | ||
| Q1 24 | 0.81× | — |
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% |
RDDT
| Advertising | $689.7M | 95% |
| Other Revenue | $35.9M | 5% |
