At a glance
Maplebear Inc. is worth $13.52B, about 37 times its fiscal 2025 earnings. Revenue grew 10.8% to $3.74B in fiscal 2025, with 11.9% kept as profit; over 4 years it has grown 19.5% a year. It pays no dividend; it spent $2.82B buying back its shares over FY2021–FY2025. The stock returned +54.5% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Maplebear Inc. runs Instacart, which calls itself a technology partner for the grocery industry. Customers use its app or website to order from stores they already know, for delivery or pickup. As of December 31, 2025, Instacart worked with more than 2,200 retail banners (the store names grocery chains operate under) and reached over 98% of North American households. About 600,000 shoppers, who work as independent contractors rather than employees, pick, pack and deliver orders. Its Instacart+ membership offers unlimited $0 delivery fees on orders above a set size.
Instacart makes money in two main ways. Revenue in fiscal 2025, the year ended December 31, 2025, was $3.74 billion. Transaction revenue, earned on orders placed through Instacart, was $2.68 billion, or 71.5% of the total. Advertising and other revenue was $1.07 billion, or 28.5%. More than 9,000 active brands pay for sponsored product ads, display ads and coupons that reach people as they shop.
Instacart also sells technology straight to grocers. Its Instacart Enterprise platform powers more than 380 grocers' own online shopping sites and supplies in-store tools such as Caper Carts and Carrot Tags. The business is seasonal: orders usually dip in spring and summer and rise over the holidays, while ad revenue tends to peak in the fourth quarter.
Price history
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CART +54.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Transaction | $2.68B | 71.5% |
| Advertising and other | $1.06B | 28.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.04B, up 14.1% from a year earlier, and net income was $111.0M (-4.3%).
- For fiscal 2025, revenue was $3.74B (+10.8% year over year; +19.5% a year from FY2021 to FY2025) with a 11.9% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +19.5% good |
|---|---|
| Operating margin | 13.3% watch |
| Free cash flow margin | 24.3% good |
| Return on equity (FY2025) | 17.8% good |
| Return on assets (FY2025) | 12.1% good |
| Cash and investments | $885.0M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.83B | $-73.0M | $-217.0M |
| FY2022 | $2.55B | $428.0M | $253.0M |
| FY2023 | $3.04B | $-1.62B | $532.0M |
| FY2024 | $3.38B | $457.0M | $623.0M |
| FY2025 | $3.74B | $447.0M | $910.0M |
Valuation snapshot
| Market value | $13.52B |
|---|---|
| P/E ratio | 36.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Maplebear’s market value went from $6.58B at the end of 2023 to $13.52B on Oct 28, 2026, about 2.1 times as much; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.52B | +14.5% |
| 2025 | $11.81B | +11.0% |
| 2024 | $10.64B | +61.8% |
| 2023 | $6.58B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CART price data to Oct 28, 2026 | +29.9% | +54.5% | +32.9% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.9% |
| 2025 | +8.6% |
| 2024 | +76.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 21 sales ($27.4M), 18 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | Ravi Gupta Director | sell | $7.6M |
| Jun 2, 2026 | Ravi Gupta Director, 10% owner | sell | $7.5M |
| Oct 23, 2026 | Emily Reuter CHIEF FINANCIAL OFFICER | sell (plan) | $2.8M |
| Oct 26, 2026 | Chris Rogers President and CEO, Director | sell (plan) | $1.5M |
| Oct 23, 2026 | Chris Rogers President and CEO, Director | sell (plan) | $1.3M |
Who owns it
Large shareholders (13G filings)
| Apoorva Mehta | 8.4% | Jun 30, 2025 |
| BlackRock, Inc. | 6.6% | Mar 31, 2026 |
| GCM GROSVENOR IC SPV, LLC | 1.7% | Mar 31, 2026 |
ETFs with the most weight in CART
| IPO Renaissance IPO ETF | 5.8% |
| RVER Trenchless Fund ETF | 5.01% |
| MVPA Miller Value Partners Appreciation ETF | 3.68% |
| IBUY Amplify Online Retail ETF | 2.4% |
| PBJ Invesco Food & Beverage ETF | 2.25% |
| GVIP Goldman Sachs Hedge Industry VIP ETF | 1.98% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.93% |
| TAX Cambria Tax Aware ETF | 0.9% |
What could go wrong
- Depends on grocery chains staying on board. Instacart depends on its relationships with retailers. Losing one or more retail partners, or seeing them use Instacart less, could hurt orders and revenue. Mergers among retailers could also weaken its position.
- Laws on gig workers could raise costs. Instacart treats shoppers as independent contractors, not employees. California's Proposition 22 raised its costs by requiring minimum earnings and healthcare subsidies. Other states may follow, and legal challenges to shopper classification continue.
- Advertising growth may stall. Advertising and other revenue was 28.5% of fiscal 2025 revenue. Instacart is still building its ads business and says failing to grow it would hurt results. Ad revenue is usually weakest in the first quarter.
- Larger rivals, some of them partners. Instacart faces well-capitalized, better-known competitors, some of which are also its partners. It competes with them for retailers, customers, brands and shoppers, often on price and technology quality.
- Growth has slowed since the pandemic boom. Rapid earlier growth was driven substantially by COVID-19 demand. Revenue grew 10.8% in fiscal 2025, and the company warns growth may keep slowing from tariffs, inflation, recession fears or competition.
- A short record of profits. Instacart has a history of losses, including a net loss of $1.62 billion in fiscal 2023. It earned $447 million in fiscal 2025, but says it may not sustain or grow profits.
Recent events
- Major agreement signed; Other company announcement
- Quarterly results released
- Restructuring or exit costs
- Unregistered sale of shares; Bylaws or fiscal year changed
- Quarterly results released
- Shareholder vote results
- Major agreement signed; Quarterly results released; New debt or financial obligation; Other company announcement
- Quarterly results released
- Executive or board change
- Quarterly results released; Other company announcement
For income and retirement investors
Maplebear pays no dividend, so the stock provides no regular income, and the only way to draw cash from it is to part with shares. Instead, the company has repurchased its own stock: $2.82 billion from fiscal 2021 through fiscal 2025, including $1.40 billion in fiscal 2024 and $1.39 billion in fiscal 2025. In both years, buybacks exceeded free cash flow (cash left after running and investing in the business) of $623 million and $910 million, respectively. The share count fell 17.4%, from about 280.2 million on October 31, 2023, to about 231.5 million on July 31, 2026.
The shares have traded for only about three years as of October 28, 2026, so they have no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Their largest peak-to-trough fall in that time was 38%. Single stocks like this one carry more risk than diversified funds.
Questions investors ask
Does Instacart pay a dividend?
No. Maplebear, the company behind Instacart, paid no dividends from fiscal 2021 through fiscal 2025. It returned cash through share buybacks instead, totaling $2.82 billion over that period, including $1.39 billion in fiscal 2025. Repurchases shrink the number of shares, so each remaining share holds a larger slice of the company, but they pay no cash to shareholders who keep their stock. Income investors would get no regular payouts from it.
How does Instacart make money?
Mostly from transactions, meaning orders placed through its platform. In fiscal 2025, transaction revenue was $2.68 billion, or 71.5% of total revenue of $3.74 billion. The other $1.07 billion, or 28.5%, came from advertising and other sources, including brands paying for sponsored product ads, display ads and coupons. Instacart also supplies grocers with technology through its Instacart Enterprise platform, which powers more than 380 grocers' own online shopping sites.
Is Instacart profitable?
Yes, based on its latest full year. Maplebear earned net income of $447 million on revenue of $3.74 billion in fiscal 2025, or about 12 cents of profit per dollar of sales, and produced $910 million of free cash flow. Its profit record is short, though. It lost $1.62 billion in fiscal 2023, and its annual report warns it may not sustain profitability. In the quarter ended June 30, 2026, revenue rose 14.1% from a year earlier, while net income fell 4.3% to $111 million.
How has Instacart stock performed?
It has risen strongly over three years, with big swings along the way. As of October 28, 2026, the share price was up 54.5% over one year and 135% over three years, or 32.9% a year. Calendar-year returns were 76.5% in 2024 and 8.6% in 2025, and 29.9% in 2026 through October 28. The deepest peak-to-trough fall over three years was 38%, and one-year volatility, a measure of how widely the price swings, was 43.7%.
What is Instacart's P/E ratio?
About 36.5 as of October 28, 2026, based on fiscal 2025 earnings per share of $1.60. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each dollar of a company's yearly profit. A high P/E usually reflects hopes for strong future growth. Revenue grew 10.8% in fiscal 2025, but net income slipped 2.2%. The company's market value was about $13.5 billion on the same date.