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Maplebear
(NASDAQ:CART)
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Rating:78Outperform
Price Target:
$51.00
▲(20.82% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by strong financial performance (high margins, very low leverage, and robust free cash flow) and a positive earnings outlook highlighting profitable growth and advertising strength. These are tempered by mixed technical momentum and only moderate valuation support (P/E ~23.85 with no dividend yield), plus noted variability risks (historical earnings swings and some timing-driven cash-flow uplift).
Positive Factors
High Profitability & Margins
Sustained high gross and operating margins indicate durable unit economics in Instacart’s marketplace and tech businesses. That margin profile supports reinvestment in product and fulfillment, funds EBITDA expansion, and provides an earnings buffer versus peers as scale and advertising mix deepen.
Negative Factors
Earnings & Cash-Flow Volatility
Material year-to-year swings (a 2023 loss and earlier negative cash flow) signal earnings and cash volatility that can complicate multi-quarter planning. This raises the risk that occasional operational setbacks or timing issues could produce outsized hits to reported profitability or free cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
Sustained high gross and operating margins indicate durable unit economics in Instacart’s marketplace and tech businesses. That margin profile supports reinvestment in product and fulfillment, funds EBITDA expansion, and provides an earnings buffer versus peers as scale and advertising mix deepen.
Read all positive factors
Maplebear Key Performance Indicators (KPIs)
Any
Gross Transaction Volume
Represents the total value of transactions processed, highlighting the scale of business operations and market reach.
Represents the total value of transactions processed, highlighting the scale of business operations and market reach.
Data provided by:
The Fly
The FlyMaplebear (CART) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.48B
Dividend YieldN/A
Average Volume (3M)4.21M
Price to Earnings (P/E)23.9
Beta (1Y)0.86
Revenue Growth11.84%
EPS Growth14.91%
CountryUS
Employees3,600
SectorConsumer Cyclical
Sector Strength84
IndustrySoftware - Services
Share Statistics
EPS (TTM)1.90
Shares Outstanding235,029,820
10 Day Avg. Volume3,890,887
30 Day Avg. Volume4,212,905
Financial Highlights & Ratios
PEG Ratio22.23
Price to Book (P/B)4.67
Price to Sales (P/S)3.14
P/FCF Ratio12.90
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$58.00Price Target Upside37.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering22
EPS Forecast (FY)2.46
Revenue Forecast (FY)$4.20B
Maplebear Business Overview & Revenue Model
Company Description
Maplebear Inc., doing business as Instacart (NASDAQ: CART), operates an online grocery technology platform that connects consumers with retailers to enable grocery and other everyday-item ordering for delivery or pickup. The company’s core offerin...
How the Company Makes Money
Instacart primarily makes money through a combination of transaction-related revenue from its marketplace and high-margin advertising/technology revenue.
1) Transaction and service revenue (consumer and retailer-facing fees)
- Consumer fees: When...
Maplebear Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call highlights broad-based momentum: double-digit GTV and revenue growth, strong advertising performance, improving order quality for the 16th consecutive quarter, meaningful Adjusted EBITDA expansion, and large operating/free cash flow gains. Strategic initiatives — AI assistant rollout, Arpalus and Instaleap acquisitions, Storefront Pro expansion, and enterprise signings — support durable growth and deeper retailer relationships. Offsetting items include modest GAAP net income decline due to timing of stock-based compensation, slight gross margin pressure from increased payments to publishers, and widened guidance ranges reflecting larger operating scale and variability. Some cash flow strength was also driven by a large accounts receivable collection, which is timing-sensitive. Overall, positives significantly outweigh the challenges, with management emphasizing profitable growth and continued reinvestment.Positive Updates
Strong GTV and Revenue Growth
Gross Transaction Value (GTV) was $10.35B, up 14% year-over-year. Total revenue was $1.04B, up 14% year-over-year, driven by GTV growth and advertising strength.
Negative Updates
GAAP Net Income Decline
GAAP net income was $111M, down 4% year-over-year, primarily due to an increase in stock-based compensation tied to a shift in vesting timing for annual equity grants.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong GTV and Revenue Growth
Gross Transaction Value (GTV) was $10.35B, up 14% year-over-year. Total revenue was $1.04B, up 14% year-over-year, driven by GTV growth and advertising strength.
Read all positive updates
Company Guidance
Instacart guided Q3 2026 GTV of $10.3B–$10.55B (midpoint $10.425B, ~14% YoY at the midpoint) and said GTV should continue to outpace orders, and guided Adjusted EBITDA of $320M–$340M (midpoint $330M, ~19% YoY at the midpoint); advertising & other revenue is expected to grow 15%–18% YoY and to again outpace GTV. Management said it has widened GTV and Adjusted EBITDA ranges (reflecting larger operating scale), that the midpoint is its best estimate and it now expects to land within the ranges, and reiterated full‑year expectations that Adjusted EBITDA will grow faster than GTV while moderating expansion as it reinvests and laps prior expense efficiencies.Maplebear Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
91
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.99B | 3.74B | 3.38B | 3.04B | 2.55B | 1.83B |
| Gross Profit | 2.89B | 2.76B | 2.54B | 2.28B | 1.83B | 1.23B |
| EBITDA | 741.00M | 655.00M | 619.00M | -2.00B | 118.00M | -45.00M |
| Net Income | 480.00M | 447.00M | 457.00M | -1.62B | 428.00M | -73.00M |
Balance Sheet | ||||||
| Total Assets | 3.51B | 3.69B | 4.12B | 4.73B | 3.67B | 2.96B |
| Cash, Cash Equivalents and Short-Term Investments | 850.00M | 687.00M | 1.52B | 2.19B | 1.79B | 1.50B |
| Total Debt | 34.00M | 36.00M | 26.00M | 40.00M | 49.00M | 54.00M |
| Total Liabilities | 1.19B | 1.17B | 1.02B | 977.00M | 911.00M | 712.00M |
| Stockholders Equity | 2.32B | 2.52B | 3.09B | 3.75B | 2.76B | 2.25B |
Cash Flow | ||||||
| Free Cash Flow | 1.18B | 911.00M | 623.00M | 530.00M | 251.00M | -226.00M |
| Operating Cash Flow | 1.23B | 972.00M | 687.00M | 586.00M | 277.00M | -204.00M |
| Investing Cash Flow | -108.00M | -208.00M | -107.00M | 135.00M | 117.00M | -330.00M |
| Financing Cash Flow | -1.87B | -1.39B | -1.41B | -30.00M | 46.00M | 464.00M |
Maplebear Technical Analysis
Positive
42.21
Price Trends
44.76
Positive
42.44
Positive
41.14
Positive
Market Momentum
0.37
Negative
66.89
Neutral
71.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CART, the sentiment is Positive. The current price of 42.21 is below the 20-day moving average (MA) of 45.68, below the 50-day MA of 44.76, and above the 200-day MA of 41.14, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 66.89 is Neutral, neither overbought nor oversold. The STOCH value of 71.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CART.
Maplebear Risk Analysis
Maplebear disclosed 66 risk factors in its most recent earnings report. Maplebear reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Maplebear Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $10.48B | 23.85 | 16.35% | ― | 11.84% | 14.91% | |
66 Neutral | $1.20B | 29.23 | -99.42% | 4.07% | 3.76% | -2.25% | |
66 Neutral | $7.75B | 28.26 | -17.67% | ― | 1.78% | 75.71% | |
66 Neutral | $9.25B | 48.09 | 44.82% | ― | 6.14% | -32.48% | |
62 Neutral | $11.21B | -36.44 | 11.48% | ― | 6.80% | 18.24% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $745.86M | -33.68 | -37.30% | ― | 10.25% | 70.25% |
* Consumer Cyclical Sector Average
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Maplebear Corporate Events
Executive/Board ChangesShareholder Meetings
Maplebear Shareholders Approve Directors, Auditor and Executive Pay
Positive
May 29, 2026
On May 22, 2026, Maplebear Inc. held its 2026 Annual Meeting of Stockholders, at which shareholders voted on board elections, auditor ratification and executive compensation matters, with each share of common stock entitled to one vote as of the A...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.