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Maplebear Inc.（CART）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是Maplebear Inc.的1.6倍（$1.6B vs $992.0M），Maplebear Inc.净利率更高（8.2% vs 6.2%，领先2.0%），Toast, Inc.同比增速更快（22.0% vs 12.3%），Toast, Inc.自由现金流更多（$178.0M vs $171.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
CART vs TOST — 直观对比
营收规模更大
TOST
是对方的1.6倍
$992.0M
营收增速更快
TOST
高出9.7%
12.3%
净利率更高
CART
高出2.0%
6.2%
自由现金流更多
TOST
多$7.0M
$171.0M
两年增速更快
TOST
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $992.0M | $1.6B |
| 净利润 | $81.0M | $101.0M |
| 毛利率 | 72.3% | 25.9% |
| 营业利润率 | 9.9% | 5.2% |
| 净利率 | 8.2% | 6.2% |
| 营收同比 | 12.3% | 22.0% |
| 净利润同比 | -45.3% | 215.6% |
| 每股收益（稀释后） | $0.31 | $0.18 |
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CARTTOST
| Q4 25 | $992.0M | $1.6B | ||
| Q3 25 | $939.0M | $1.6B | ||
| Q2 25 | $914.0M | $1.6B | ||
| Q1 25 | $897.0M | $1.3B | ||
| Q4 24 | $883.0M | $1.3B | ||
| Q3 24 | $852.0M | $1.3B | ||
| Q2 24 | $823.0M | $1.2B | ||
| Q1 24 | $820.0M | $1.1B |
净利润CARTTOST
| Q4 25 | $81.0M | $101.0M | ||
| Q3 25 | $144.0M | $105.0M | ||
| Q2 25 | $116.0M | $80.0M | ||
| Q1 25 | $106.0M | $56.0M | ||
| Q4 24 | $148.0M | $32.0M | ||
| Q3 24 | $118.0M | $56.0M | ||
| Q2 24 | $61.0M | $14.0M | ||
| Q1 24 | $130.0M | $-83.0M |
毛利率CARTTOST
| Q4 25 | 72.3% | 25.9% | ||
| Q3 25 | 73.7% | 26.5% | ||
| Q2 25 | 74.2% | 25.3% | ||
| Q1 25 | 74.8% | 25.9% | ||
| Q4 24 | 75.2% | 24.9% | ||
| Q3 24 | 75.2% | 24.7% | ||
| Q2 24 | 75.7% | 23.0% | ||
| Q1 24 | 74.9% | 23.2% |
营业利润率CARTTOST
| Q4 25 | 9.9% | 5.2% | ||
| Q3 25 | 17.7% | 5.1% | ||
| Q2 25 | 13.6% | 5.2% | ||
| Q1 25 | 12.3% | 3.2% | ||
| Q4 24 | 17.6% | 2.5% | ||
| Q3 24 | 16.2% | 2.6% | ||
| Q2 24 | 6.3% | 0.4% | ||
| Q1 24 | 17.6% | -5.2% |
净利率CARTTOST
| Q4 25 | 8.2% | 6.2% | ||
| Q3 25 | 15.3% | 6.4% | ||
| Q2 25 | 12.7% | 5.2% | ||
| Q1 25 | 11.8% | 4.2% | ||
| Q4 24 | 16.8% | 2.4% | ||
| Q3 24 | 13.8% | 4.3% | ||
| Q2 24 | 7.4% | 1.1% | ||
| Q1 24 | 15.9% | -7.7% |
每股收益（稀释后）CARTTOST
| Q4 25 | $0.31 | $0.18 | ||
| Q3 25 | $0.51 | $0.16 | ||
| Q2 25 | $0.41 | $0.13 | ||
| Q1 25 | $0.37 | $0.09 | ||
| Q4 24 | $0.53 | $0.09 | ||
| Q3 24 | $0.42 | $0.07 | ||
| Q2 24 | $0.20 | $0.02 | ||
| Q1 24 | $0.43 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $2.1B |
| 总资产 | $3.7B | $3.1B |
| 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CARTTOST
| Q4 25 | $687.0M | $1.4B | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.6B | $1.2B | ||
| Q1 25 | $1.6B | $1.0B | ||
| Q4 24 | $1.4B | $903.0M | ||
| Q3 24 | $1.3B | $761.0M | ||
| Q2 24 | $1.4B | $691.0M | ||
| Q1 24 | $1.5B | $578.0M |
股东权益CARTTOST
| Q4 25 | $2.5B | $2.1B | ||
| Q3 25 | $3.5B | $2.0B | ||
| Q2 25 | $3.3B | $1.8B | ||
| Q1 25 | $3.2B | $1.7B | ||
| Q4 24 | $3.1B | $1.5B | ||
| Q3 24 | $2.9B | $1.4B | ||
| Q2 24 | $3.0B | $1.3B | ||
| Q1 24 | $3.1B | $1.2B |
总资产CARTTOST
| Q4 25 | $3.7B | $3.1B | ||
| Q3 25 | $4.5B | $3.0B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.3B | $2.6B | ||
| Q4 24 | $4.1B | $2.4B | ||
| Q3 24 | $3.9B | $2.2B | ||
| Q2 24 | $4.0B | $2.2B | ||
| Q1 24 | $4.1B | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $171.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 17.2% | 10.9% |
| 资本支出强度资本支出/营收 | 1.2% | 1.0% |
| 现金转化率经营现金流/净利润 | 2.26× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $910.0M | $608.0M |
8季度趋势，按日历期对齐
经营现金流CARTTOST
| Q4 25 | $183.0M | $194.0M | ||
| Q3 25 | $287.0M | $165.0M | ||
| Q2 25 | $203.0M | $223.0M | ||
| Q1 25 | $298.0M | $79.0M | ||
| Q4 24 | $153.0M | $147.0M | ||
| Q3 24 | $185.0M | $109.0M | ||
| Q2 24 | $244.0M | $124.0M | ||
| Q1 24 | $105.0M | $-20.0M |
自由现金流CARTTOST
| Q4 25 | $171.0M | $178.0M | ||
| Q3 25 | $272.0M | $153.0M | ||
| Q2 25 | $187.0M | $208.0M | ||
| Q1 25 | $280.0M | $69.0M | ||
| Q4 24 | $141.0M | $134.0M | ||
| Q3 24 | $171.0M | $97.0M | ||
| Q2 24 | $220.0M | $108.0M | ||
| Q1 24 | $91.0M | $-33.0M |
自由现金流率CARTTOST
| Q4 25 | 17.2% | 10.9% | ||
| Q3 25 | 29.0% | 9.4% | ||
| Q2 25 | 20.5% | 13.4% | ||
| Q1 25 | 31.2% | 5.2% | ||
| Q4 24 | 16.0% | 10.0% | ||
| Q3 24 | 20.1% | 7.4% | ||
| Q2 24 | 26.7% | 8.7% | ||
| Q1 24 | 11.1% | -3.1% |
资本支出强度CARTTOST
| Q4 25 | 1.2% | 1.0% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 1.8% | 1.0% | ||
| Q1 25 | 2.0% | 0.7% | ||
| Q4 24 | 1.4% | 1.0% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.9% | 1.3% | ||
| Q1 24 | 1.7% | 1.2% |
现金转化率CARTTOST
| Q4 25 | 2.26× | 1.92× | ||
| Q3 25 | 1.99× | 1.57× | ||
| Q2 25 | 1.75× | 2.79× | ||
| Q1 25 | 2.81× | 1.41× | ||
| Q4 24 | 1.03× | 4.59× | ||
| Q3 24 | 1.57× | 1.95× | ||
| Q2 24 | 4.00× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
