Maplebear Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Maplebear Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	1,834	2,551	3,042	3,378	3,742
Cost of revenue	608	720	764	836	984
Gross profit	1,226	1,831	2,278	2,542	2,758
Research and development	368	518	2,312	604	650
Selling and marketing	394	660	961	808	854
General and administrative	288	339	803	363	482
Operating expenses	1,312	1,769	4,420	2,053	2,259
Operating income	-86	62	-2,142	489	498
Other non-operating income	12	-8	0	-3	1
Pre-tax income	-72	71	-2,061	552	556
Income tax	1	-357	-439	95	109
Net income	-73	428	-1,622	457	447
EBITDA	-70	96	-2,099	545	589
EPS, basic	-1.12	1.08	-12.43	1.69	1.68
EPS, diluted	-1.12	0.96	-12.43	1.58	1.60
Shares, basic (weighted)	65.9	71.9	131	265	261
Shares, diluted (weighted)	65.9	101	131	289	280

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	1,146	1,505	2,137	1,278	637
Short-term investments		209	49	91	50
Receivables		842	853	1,014	1,127
Other current assets		109	129	162	213
Total current assets		2,740	3,305	2,697	2,199
Property, plant and equipment		38	135	200	218
Lease right-of-use assets		41	31	21	30
Goodwill	263	317	318	317	393
Intangible assets		103	77	52	71
Long-term investments		28	0	0	81
Other non-current assets		12	12	38	14
Total assets		3,669	4,727	4,115	3,687
Accounts payable		88	72	80	70
Accrued liabilities		515	451	505	634
Deferred revenue		179	197	200	211
Total current liabilities		795	733	798	917
Lease liabilities		36	27	13	33
Other non-current liabilities		80	40	25	24
Total liabilities		911	800	836	974
Paid-in capital		918	6,382	6,687	7,005
Retained earnings		-977	-2,635	-3,585	-4,486
Other comprehensive income		-5	3	-9	-1
Shareholders' equity	-573	-64	3,750	3,093	2,518
Total equity	-573	-64	3,750	3,093	2,518
Total liabilities and equity		3,669	4,727	4,115	3,687
Shares outstanding		72.2	279	261	243

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	-73	428	-1,622	457	447
Depreciation and amortization	16	34	43	56	91
Stock-based compensation	22	33	2,756	300	352
Deferred income tax	-2	-373	-459	59	98
Change in receivables	-318	-21	-33	-185	-121
Change in payables	36	25	-16	8	-11
Cash from operations	-204	277	586	687	971
Capital expenditures	-13	-24	-54	-64	-61
Acquisitions	-54	-93	0	0	-106
Purchases of investments	-623	-158	-110	-110	-280
Sales and maturities of investments	369	394	301	70	243
Cash from investing	-330	117	135	-107	-208
Stock issued	125	0	0	80	8
Share buybacks	0	0	-36	-1,402	-1,386
Cash from financing	464	46	-30	-1,413	-1,391
Exchange rate effect	-1	-6	3	-11	4
Net change in cash	-71	434	694	-844	-623
Free cash flow	-217	253	532	623	910
Income taxes paid	4	3	54	13	43

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $58.47 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	72.1%	Gross profit / revenue.
Operating margin	14.4%	Operating income / revenue.
EBITDA margin	17.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	11.6%	Net income / revenue.
FCF margin	29.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.6%	Cash from operations / revenue.
Return on equity (ROE)	18.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.5%	Net income / average total assets.
Return on invested capital (ROIC)	27.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	17.6%	Research and development expense / revenue.
Stock-based pay / revenue	10.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	8.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	1.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	100.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	8.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	83.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-2.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	1.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	41.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	51.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	46.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	53.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-18.6%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-10.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	40.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.34x	Current assets / current liabilities.
Quick ratio	2.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.98x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	28.2%	Total liabilities / total assets.
Working capital	$1.27B	Current assets - current liabilities.
Goodwill and intangibles / assets	14.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.06B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.16x	Revenue / average total assets.
Fixed asset turnover	19.5x	Revenue / average property, plant and equipment.
Receivables turnover	3.94x	Revenue / average receivables.
Days sales outstanding	93 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
FCF conversion	250.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$16.76	Revenue / diluted weighted shares.
FCF per share	$4.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.12	Cash from operations / diluted weighted shares.
Book value per share	$10.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.70	Tangible book value / shares outstanding.
Cash per share	$3.91	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	168.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$13.54B	Share price x shares outstanding.
Enterprise value	$12.61B	Market cap + total debt - cash - short-term investments.
P/E	28.0x	Market cap / net income. Only when net income is positive.
P/S	3.26x	Market cap / revenue.
P/B	5.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.56x	Market cap / tangible book value, when positive.
P/FCF	11.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.7x	Market cap / cash from operations, when positive.
EV/Sales	3.04x	Enterprise value / revenue.
EV/EBIT	21.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.9%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	15.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.51x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Maplebear Inc.'s revenue in fiscal 2025?

Maplebear Inc. reported revenue of $3.74B for fiscal 2025, 10.8% higher than the year before.

Was Maplebear Inc. profitable in fiscal 2025?

Yes. Net income was $447.0M, a net margin of 11.9%.

How much free cash flow did Maplebear Inc. generate in fiscal 2025?

Cash from operations of $971.0M minus capital expenditures of $61.0M left free cash flow of $910.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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