Maplebear (CART) financial statements
Maplebear reported revenue of $3.7B in fiscal 2025, up 19.5% a year over 4 years.
Net income was $447M and the operating margin 13.3%, against -4.7% in 2021.
Free cash flow was $910M, and the company returned $1.4B in net buybacks.
The diluted share count rose 324% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Maplebear's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2.6B | $3.0B | $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 and development | $368M | $518M | $2.3B | $604M | $650M |
| Selling, general and admin | $682M | $999M | $1.8B | $1.2B | $1.3B |
| 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 |
| EPS (diluted) | -$1.12 | $0.96 | -$12.43 | $1.58 | $1.60 |
| Diluted shares | 66M | 101M | 131M | 289M | 280M |
| 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% |
Balance sheet
Fiscal years, from Maplebear's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $1.7B | $2.2B | $1.4B | $687M |
| Receivables | — | $842M | $853M | $1.0B | $1.1B |
| Total current assets | — | $2.7B | $3.3B | $2.7B | $2.2B |
| Property, plant and equipment | — | $38M | $135M | $200M | $218M |
| Goodwill | $263M | $317M | $318M | $317M | $393M |
| Total assets | — | $3.7B | $4.7B | $4.1B | $3.7B |
| Total current liabilities | — | $795M | $733M | $798M | $917M |
| Total liabilities | — | $911M | $800M | $836M | $974M |
| Shareholders' equity | -$573M | -$64M | $3.8B | $3.1B | $2.5B |
| Net debt | -$1.1B | -$1.5B | -$2.1B | -$1.3B | -$637M |
Cash flow
Fiscal years, from Maplebear's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | -$204M | $277M | $586M | $687M | $971M |
| Capital spending | $13M | $24M | $54M | $64M | $61M |
| Free cash flow | -$217M | $253M | $532M | $623M | $910M |
| Stock-based compensation | $22M | $33M | $2.8B | $300M | $352M |
| Share buybacks (net) | $0 | $0 | -$36M | -$1.4B | -$1.4B |
| Free cash flow margin | -11.8% | 9.9% | 17.5% | 18.4% | 24.3% |
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Open CART in InvestinglyQuestions
What was Maplebear's revenue in 2025?
$3.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Maplebear generate?
$910M in fiscal 2025 (operating cash flow minus capital spending).
From Maplebear's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.