# Maplebear Inc. (CART)

> Source: Nexqual · https://nexqual.com/CART · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Maplebear Inc. (CART), nexqual.com/CART" · informational, not investment advice.

**Price:** USD 51.68 (+2.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 50.31 · day 50.33–51.82 · 52w 32.73–52.68 · market cap $12.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.99B, net income $480M (12.0% margin), free cash flow $1.18B (SEC filings).
- Valuation: P/E 25.6x (avg 27.1x at the last 2 fiscal year-ends).
- 1 of 80 tracked superinvestors hold CART (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 16 Form 4 filings, $21.9M; 3 not under a Rule 10b5-1 plan ($15.6M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.30 on a 1–5 scale) (33 analysts), mean target USD 57.9 (range 45–77).
- Total return with dividends: 1Y +31.1% vs S&P 500 +14.9%; 5Y +72.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.63, revenue estimate $1.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.83B | $2.55B | $3.04B | $3.38B | $3.74B | $3.99B |
| Gross profit | $1.23B | $1.83B | $2.28B | $2.54B | $2.76B | — |
| Operating income | -$86.0M | $62.0M | -$2.14B | $489M | $498M | $588M |
| Net income | -$73.0M | $428M | -$1.62B | $457M | $447M | $480M |
| EPS (diluted) | -$1.12 | $0.96 | -$12.43 | $1.58 | $1.60 | — |
| Free cash flow | -$217M | $253M | $532M | $623M | $910M | $1.18B |
| Gross margin | 66.8% | 71.8% | 74.9% | 75.3% | 73.7% | — |
| Operating margin | -4.7% | 2.4% | -70.4% | 14.5% | 13.3% | 14.7% |
| Net margin | -4.0% | 16.8% | -53.3% | 13.5% | 11.9% | 12.0% |
| Revenue growth | — | +39.1% | +19.2% | +11.0% | +10.8% | — |
| Cash + short-term investments | $1.15B | $1.71B | $2.19B | $1.37B | $687M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 25.6x · P/S 3.1x · P/FCF 10.4x · P/B 5.3x · FCF yield 9.59% · Earnings yield 3.91% · Buyback yield (TTM) 15.16%
P/E at fiscal year-ends: Dec 2025 28.1x, Dec 2024 26.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CART. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 0.51% | $2.2M | Added +0.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 16 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Blackwood-Kapral Lisa | Chief Accounting Officer | 3,016 | $150K | 8% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-22 | Fong Morgan | Chief Legal Officer | 18,390 | $827K | 3.4% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-15 | Blackwood-Kapral Lisa | Chief Accounting Officer | 3,017 | $142K | 7.4% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-27 | Laughton Mary Beth | Director | 10,236 | $515K | 48.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-24 | Fong Morgan | Chief Legal Officer | 18,390 | $919K | 3.4% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-19 | Gupta Ravi | Director | 150,000 | $7.6M | 19.8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-19 | Rogers Chris | President and CEO | 7,606 | $372K | 0.8% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-13 | Reuter Emily | CHIEF FINANCIAL OFFICER | 25,000 | $1.3M | 3.7% | Yes (adopted May 8, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Rogers Chris | President and CEO | 4,933 | $247K | 0.5% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-22 | Fong Morgan | Chief Legal Officer | 18,390 | $815K | 3.3% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-07-15 | Blackwood-Kapral Lisa | Chief Accounting Officer | 3,016 | $144K | 6.1% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Blackwood-Kapral Lisa | Chief Accounting Officer | 3,017 | $124K | 5.7% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Gupta Ravi | Director | 181,000 | $7.5M | 0.6% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-01 | Rogers Chris | President and CEO | 7,893 | $321K | 0.8% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-18 | Fong Morgan | Chief Legal Officer | 14,033 | $560K | 2.5% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-15 | Blackwood-Kapral Lisa | Chief Accounting Officer | 9,390 | $378K | 13.7% | Yes (adopted November 20, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.30 on a 1–5 scale), 33 analysts; mean target USD 57.9 (low 45, high 77).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Wells Fargo | Target raised | Equal-Weight | $54 → $56 |
| 2026-09-02 | Argus Research | Target raised | Buy | $50 → $58 |
| 2026-09-01 | Rosenblatt | Initiated | Neutral | $55 |
| 2026-08-10 | Citigroup | Target raised | Buy | $50 → $58 |
| 2026-08-07 | Barclays | Target raised | Overweight | $69 → $77 |
| 2026-08-07 | Benchmark | Target raised | Buy | $55 → $63 |
| 2026-08-07 | Guggenheim | Target raised | Neutral | $44 → $46 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $55 → $62 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $47 → $54 |
| 2026-08-07 | Oppenheimer | Target raised | Outperform | $60 → $65 |
| 2026-08-07 | Needham | Target raised | Buy | $55 → $63 |
| 2026-08-07 | Cantor Fitzgerald | Target raised | Overweight | $56 → $63 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2023-09-18) |
|---|---|---|
| Total return | +31.1% | +72.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +31.2% | +19.2% |
| Volatility (annualized) | 42.0% | 39.7% |
| Max drawdown | -28.8% (Dec 2025→Feb 2026) | -33.9% (Feb 2025→Feb 2026) |

## Peers (Internet Retail)
W (Wayfair Inc.) USD 113.49 +0.16% · CHWY (Chewy, Inc.) USD 22.33 +4.69% · ETSY (Etsy, Inc.) USD 90.82 +4.12% · GLBE (Global-E Online Ltd.) USD 41.33 +0.46% · VIPS (Vipshop Holdings Limited) USD 12.77 +1.43% · CPNG (Coupang, Inc.) USD 13.99 +0.87%

## More
Full page: https://nexqual.com/CART · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CART's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1579091/000157909126000018/cart-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walmart (WMT) | "Certain brick-and-mortar retailers that have their own digital offering, such as Walmart, also have significant size, scale, geographic, and customer base advantages, which may allow them to grow online sales or capture …" |
| Partner | Uber (UBER) | "•enter into and maintain strategic partnerships, including our partnership with Uber to offer their restaurant delivery services on our platform;" |
| Competitor | Amazon (AMZN) | "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 solutio…" |

Other companies that name CART in their own reports (relationship from CART's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Ibotta, Inc. (IBTA) | 10-K 2026-02-26 | "This growth was driven primarily by the launch of new partners, namely Instacart and DoorDash, and growth at certain existing third-party publishers." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Transaction | $746.0M | 71.5% | +13.2% |
| Advertising and other | $297.0M | 28.5% | +16.5% |
| Total revenue | $1.04B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $994.0M | 95.3% | +13.2% |
| International | $48.0M | 4.6% | +33.3% |
| Total revenue | $1.04B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "Starting with our Q3 2026 financial outlook below, we've widened our GTV and Adjusted EBITDA guidance ranges to reflect our increased operating scale."
- "Our GTV outlook represents 14% year-over-year growth at the midpoint and we continue to expect GTV to outpace orders growth."
- "Our Adjusted EBITDA outlook represents 19% year-over-year growth at the midpoint."
- "We continue to expect this rate of expansion to moderate year-over-year as we reinvest to accelerate across our multiple growth engines and lap some of the more significant operating expense efficiencies realized in 2024 and 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.63 | $0.64 | -1.9% | $1.07B | 26 |
| Next quarter (ends 2026-12-31) | $0.68 | $0.70 | -2.8% | $1.12B | 26 |
| Current fiscal year (ends 2026-12-31) | $2.31 | $2.44 | -5.2% | $4.26B | 30 |
| Next fiscal year (ends 2027-12-31) | $2.91 | $2.99 | -2.8% | $4.71B | 31 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±9.4%; earnings reaction alone ±7.0%; last 8 reports averaged ±10.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 38.5% | ±4.6% |
| 2026-11-06 | 14 | 57.7% | ±9.4% |
| 2026-11-13 | 21 | 50.5% | ±9.9% |
| 2026-11-20 | 28 | 50.9% | ±11.4% |
| 2026-11-27 | 35 | 47.4% | ±11.8% |
| 2026-12-04 | 42 | 47.2% | ±14.5% |
| 2026-12-18 | 56 | 46.2% | ±14.5% |
| 2027-01-15 | 84 | 43.2% | ±16.5% |