Maplebear Inc. CART
Instacart is the leading technology and enablement partner for the grocery industry — helping consumers save time, retailers run their businesses online and in-store, and connect brands with customers. Since our founding, Instacart has powered more than 1.6 billion orders.
Instacart is built for the entire grocery ecosystem, improving the experiences for each of our constituents and helping them succeed:
•Retailers. We enable more than 2,200 retail banners as of December 31, 2025 to grow by providing technology that can accelerate the digital transformation of their entire business both online and in-store. Retailers reach customers through both Instacart Marketplace, where customers can shop from their favorite retailers through our app or website, and retailers' owned and operated online storefronts that are powered by Instacart Enterprise platform, our end-to-end technology solution encompassing e-commerce, fulfillment, Connected Stores, ads and marketing, and insights.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.74B | $3.38B | $3.04B | $2.55B | $1.83B | — |
| Cost of revenue | $984.0M | $836.0M | $764.0M | $720.0M | $608.0M | — |
| Gross profit | $2.76B | $2.54B | $2.28B | $1.83B | $1.23B | — |
| R&D | $650.0M | $604.0M | $2.31B | $518.0M | $368.0M | — |
| SG&A | $482.0M | $363.0M | $803.0M | $339.0M | $288.0M | — |
| Total operating expenses | $2.26B | $2.05B | $4.42B | $1.77B | $1.31B | — |
| Operating income | $498.0M | $489.0M | -$2.14B | $62.0M | -$86.0M | — |
| Pre-tax income | $556.0M | $552.0M | -$2.06B | $71.0M | -$72.0M | — |
| Income tax | $109.0M | $95.0M | $439.0M | $357.0M | $1.0M | — |
| Net income | $447.0M | $457.0M | -$1.62B | $428.0M | -$73.0M | — |
| EPS, basic | 1.68 | 1.69 | -12.43 | 1.08 | -1.12 | — |
| EPS, diluted | 1.60 | 1.58 | -12.43 | 0.96 | -1.12 | — |
| Shares, diluted (wtd. avg.) | $279.6M | $289.2M | $130.6M | $101.5M | $65.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $637.0M | $1.28B | $2.14B | $1.60B | $1.17B | $1.24B |
| Short-term investments | $50.0M | $91.0M | $49.0M | $209.0M | — | — |
| Receivables | $1.13B | $1.01B | $853.0M | $842.0M | — | — |
| Total current assets | $2.20B | $2.70B | $3.31B | $2.74B | — | — |
| Property, plant and equipment | $218.0M | $200.0M | $135.0M | $38.0M | — | — |
| Goodwill | $393.0M | $317.0M | $318.0M | $317.0M | $263.0M | — |
| Other intangibles | $71.0M | $52.0M | $77.0M | $103.0M | — | — |
| Total assets | $3.69B | $4.12B | $4.73B | $3.67B | — | — |
| Accounts payable | $70.0M | $80.0M | $72.0M | $88.0M | — | — |
| Total current liabilities | $917.0M | $798.0M | $733.0M | $795.0M | — | — |
| Total liabilities | $974.0M | $836.0M | $800.0M | $911.0M | — | — |
| Retained earnings | -$4.49B | -$3.58B | -$2.63B | -$977.0M | — | — |
| Total equity | $2.52B | $3.09B | $3.75B | -$64.0M | -$573.0M | -$981.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $971.0M | $687.0M | $586.0M | $277.0M | -$204.0M | — |
| Depreciation and amortisation | $91.0M | $56.0M | $43.0M | $34.0M | $16.0M | — |
| Stock-based compensation | $352.0M | $300.0M | $2.76B | $33.0M | $22.0M | — |
| Capital expenditure | $61.0M | $64.0M | $54.0M | $24.0M | $13.0M | — |
| Investing cash flow | -$208.0M | -$107.0M | $135.0M | $117.0M | -$330.0M | — |
| Financing cash flow | -$1.39B | -$1.41B | -$30.0M | $46.0M | $464.0M | — |
| Buybacks | $1.39B | $1.40B | $36.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001579091-26-000024.
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