Maplebear
CART · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
Maplebear reported revenue of $3.7B in the fiscal year ended Dec 2025, up 10.8% from the year before. Operating income was $498M, an operating margin of 13.3%, and net income was $447M. Operating cash flow of $971M less capital expenditure of $61M left free cash flow of $910M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2.6B | $3B | $3.4B | $3.7B |
| Cost of revenue | $608M | $720M | $764M | $836M | $984M |
| Gross profit | $1.2B | $1.8B | $2.3B | $2.5B | $2.8B |
| Research & development | $368M | $518M | $2.3B | $604M | $650M |
| Operating income | −$86M | $62M | −$2.1B | $489M | $498M |
| Pre-tax income | −$72M | $71M | −$2.1B | $552M | $556M |
| Income tax | $1M | −$357M | −$439M | $95M | $109M |
| Net income | −$73M | $428M | −$1.6B | $457M | $447M |
| Diluted EPS | −1.12 | 0.96 | −12.43 | 1.58 | 1.60 |
| Diluted shares | 66M | 101M | 131M | 289M | 280M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $1.5B | $2.1B | $1.3B | $637M |
| Receivables | – | $842M | $853M | $1B | $1.1B |
| Current assets | – | $2.7B | $3.3B | $2.7B | $2.2B |
| Net PP&E | – | $38M | $135M | $200M | $218M |
| Goodwill | $263M | $317M | $318M | $317M | $393M |
| Total assets | – | $3.7B | $4.7B | $4.1B | $3.7B |
| Payables | – | $88M | $72M | $80M | $70M |
| Deferred revenue | – | $179M | $197M | $200M | $211M |
| Current liabilities | – | $795M | $733M | $798M | $917M |
| Total liabilities | – | $911M | $800M | $836M | $974M |
| Shareholders' equity | −$573M | −$64M | $3.8B | $3.1B | $2.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$204M | $277M | $586M | $687M | $971M |
| Capital expenditure | $13M | $24M | $54M | $64M | $61M |
| Free cash flow | −$217M | $253M | $532M | $623M | $910M |
| Depreciation & amortisation | $16M | $34M | $43M | $56M | $91M |
| Stock-based compensation | $22M | $33M | $2.8B | $300M | $352M |
| Acquisitions | $54M | $93M | $0 | $0 | $106M |
| Share buybacks | $0 | $0 | $36M | $1.4B | $1.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 39.1% | 19.2% | 11.0% | 10.8% |
| Operating income growth (YoY) | – | – | −3554.8% | – | 1.8% |
| EPS growth (YoY) | – | – | −1394.8% | – | 1.3% |
| Gross margin | 66.8% | 71.8% | 74.9% | 75.3% | 73.7% |
| Operating margin | −4.7% | 2.4% | −70.4% | 14.5% | 13.3% |
| Net margin | −4.0% | 16.8% | −53.3% | 13.5% | 11.9% |
| Return on equityBlank when equity is negative | – | – | −43.3% | 14.8% | 17.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 2.2% | −53.6% | 14.7% | 18.0% |
| Free cash flow margin | −11.8% | 9.9% | 17.5% | 18.4% | 24.3% |
| Cash conversion (CFO ÷ net income) | 2.79x | 0.65x | −0.36x | 1.50x | 2.17x |
| Receivable days | – | 120 | 102 | 110 | 110 |
| Payable days | – | 45 | 34 | 35 | 26 |
| Current ratio | – | 3.45x | 4.51x | 3.38x | 2.40x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.