Demand and volumemixed · 5 filings
“In the second quarter of 2026, GTV increased to $10,351 million, or 14% growth, compared to the same period of 2025, primarily driven by the increase in orders and higher average order value.”10-Q · Aug 7, 2026 ↗
Maplebear Inc.
CART
Market read
Maplebear Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
What changed
- Revenue increased 14.1% versus the comparable filing period.
- Gross margin fell 2.2 percentage points.
Company+3.1% todayVolume comparison unavailable
Market group0 of 1 activeOnline Grocery Marketplace · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- CART's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if CART's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 14.1% versus the comparable filing period.
Evidence that challenges
- Gross margin fell 2.2 percentage points.
- Net margin fell 2.0 percentage points.
What would clarify the read
- CART's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods5
Price observations328
Usable filing statements154
Verified relationships11
Evidence supporting the case
- Latest annual revenue changed +10.8% year over year.
- Operating cash flow covered net income at 2.17x in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Operating margin changed -1.2 percentage points in the latest annual period.
- Net margin changed -1.6 percentage points in the latest annual period.
- Product pipeline and R&D has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 68% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 44% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
48.726m+29.2%12m+3.7%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.8B—$-1.12—
2022-12-31$2.6B+39.1%$0.96—
2023-12-31$3.0B+19.2%$-12.43+28.7%
2024-12-31$3.4B+11.0%$1.58—
2025-12-31$3.7B+10.8%$1.60-3.3%
What management says matters
Persistent and emerging business drivers
Energy and commodity pricesmixed · 5 filings
“Increased fuel prices as a result of supply chain and other macroeconomic factors may also result in fewer shoppers or reduced shopper activity.”10-Q · Aug 7, 2026 ↗
Macroeconomic conditionsmixed · 5 filings
“Increased fuel prices as a result of supply chain and other macroeconomic factors may also result in fewer shoppers or reduced shopper activity.”10-Q · Aug 7, 2026 ↗
Product pipeline and R&Dnegative · 5 filings
“38 Table of Contents Provision for Income Taxes Three Months Ended June 30, Six Months Ended June 30, 2025 2026 $ Change % Change 2025 2026 $ Change % Change (in millions) (in millions) Provision for income taxes $ 26 $ 36 $ 10 40 % $ 43 $ 80 $ 36 84 % The in…”10-Q · Aug 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.6× · EV/sales 3.5×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
48.72+3.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for CART. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing presents a mixed picture
10-Q filed 2026-08-07 against the comparable filing from 2025-08-08.
OperationsmixedEvidence score +1
liquidityneutralEvidence score 0
valuationmixed
Capital and cash conversion
Cash conversion improved
Capital-spending intensity declined while free-cash-flow margin improved.
- Capital spending YoY
- -14.7%
- Capital spending / revenue
- +1.4%
- Free-cash-flow margin
- +35.5%
- FCF margin change
- +9.8 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 14.1% versus the comparable filing period.
What weakened
- Gross margin fell 2.2 percentage points.
- Net margin fell 2.0 percentage points.
Filing receipts
“The year-over-year increase in cash provided by operating activities was primarily driven by fluctuations in working capital from general business impacts including (i) the timing of customer collections, including the settlement of large accounts receivable balances, and the impact of offering mix on invoiced amounts; (ii) the timing of customer, vendor, and other third-party payments and accruals including legal and regulatory matters, sales and indirect taxes, and insurance; (iii) the timing of spend and usage of software subscriptions for hosting arrangements; and (iv) the overall growth of our business.”
“The year-over-year increase in net changes in operating assets and liabilities, which impacted cash provided by operating activities, from a net cash inflow of $349 million to $501 million, was primarily driven by fluctuations in working capital from general business impacts such as (i) the timing of customer collections due to the collection of a large accounts receivable balance from a retailer and the mix of transaction types, such as those involving EBT SNAP and alcohol sales, which result in longer and uneven collection cycles; (ii) the timing of customer, vendor, and other third party payments and accruals; (iii) the timing of spend and usage of software subscriptions for hosting arra...”
“Cost of Revenue, Gross Profit, and Gross Margin Three Months Ended June 30, Six Months Ended June 30, 2025 2026 $ Change % Change 2025 2026 $ Change % Change (in millions, except percentages) (in millions, except percentages) Cost of revenue $ 236 $ 292 $ 56 24 % $ 462 $ 573 $ 111 24 % Gross profit $ 678 $ 751 $ 72 11 % $ 1,350 $ 1,489 $ 139 10 % Gross margin 74 % 72 % 75 % 72 % The increase in cost of revenue during the second quarter of 2026, compared to the same period of 2025, was primarily due to an increase of $21 million in credit card processing fees, an increase of $11 million in depreciation and amortization expense, primarily related to capitalized internal-use software, and an i...”
Point-in-time filing assessment published from the live pipeline.
Business ecosystem
The relationships behind CART
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
AMZNAmazon.com, Inc.competitorMay 7, 2026 ▾
“Our Instacart Enterprise platform also includes in-store technology offerings, including Caper Carts, FoodStorm, Carrot Tags, and other in-store applications, which face competition from other retailer technology solution providers, such as Amazon and Hanshow.”
DASHDoorDash, Inc.competitorMay 7, 2026 ▾
“With respect to restaurants offered on Instacart’s Marketplace via our partnership with Uber, there are a number of competitors to such offering available through Instacart including, but not limited to: (i) local on-demand delivery companies such as DoorDash…”
Depended on by
IBTAIbotta, Inc.customerMay 6, 2026 ▾
“We have strategic relationships with Walmart Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 11 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
CART is currently a Leader in the organic co-movement group Online Grocery Marketplace. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for CART; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.