CART
Instacart (Maplebear Inc.)
CART's fundamentals are strong: it turned 29% of its revenue into free cash flow and revenue grew 14%. At 30x earnings, it's trading above its usual 25x. Analysts expect strong earnings growth, though they disagree widely on how much.
CART Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
CART's revenue, profitability, cash flow and balance sheet are all currently healthy.
CART PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $58.48 | — |
| Cheap | 22x | $43.21 | -26% |
| Fair | 25x | $48.42 | -17% |
| Expensive | 29x | $55.58 | -5% |
| Current | 30x | $58.48 | — |
Historical ranges are pointers, not guarantees.
CART's PE is in its expensive range at 30x. If earnings grow as analysts expect, today's price would be 21x next year's earnings, in its cheap range.
CART Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CART, with profitability improving. However, they disagree widely on these estimates.
CART Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.74 | +42% |
| Q3 2026 | $1.93 | +6% |
| Q2 2026 | $1.84 | +6.4% |
| Q1 2026 | $1.80 | +18% |
| Q4 2025 | $1.60 | +1.3% |
CART's earnings per share have climbed steadily: $1.93 over the past year, up 6% from the year before, and higher year over year every quarter since late 2024.
CART Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +17% |
| Q2 2026 | $1B | +14% |
| Q1 2026 | $1B | +14% |
| Q4 2025 | $992M | +12% |
| Q3 2025 | $939M | +10% |
| Q2 2025 | $914M | +11% |
| Q1 2025 | $897M | +9.4% |
| Q4 2024 | $883M | +10% |
CART's revenue has grown year over year every quarter since early 2022: $1.1B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | -1.8 points |
| Q2 2026 | 14% | +0.1 points |
| Q1 2026 | 18% | +5.6 points |
| Q4 2025 | 9.8% | -7.8 points |
| Q3 2025 | 18% | +1.5 points |
| Q2 2025 | 14% | +7.3 points |
| Q1 2025 | 12% | -5.3 points |
| Q4 2024 | 18% | +12 points |
CART's operating margin was 16% last quarter, down 1.8 points from the same quarter a year ago.
CART Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $306M | +13% |
| Q2 2026 | $481M | +157% |
| Q1 2026 | $252M | -10% |
| Q4 2025 | $171M | +21% |
| Q3 2025 | $272M | +59% |
| Q2 2025 | $187M | -15% |
| Q1 2025 | $280M | +208% |
| Q4 2024 | $141M | -35% |
CART generated $1.2B in free cash flow over the past year, up 38% from the year before.
CART Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -1.3M shares |
| 1 year | -13% | -35.6M shares |
| 3 years | -10% | -28.9M shares |
CART has 248M diluted shares, down 13% from a year ago, with $2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $238M |
| Q2 2026 | $324M |
| Q1 2026 | $359M |
| Q4 2025 | $1.1B |
| Q3 2025 | $62M |
| Q2 2025 | $121M |
| Q1 2025 | $89M |
| Q4 2024 | $5M |
CART spent $2B buying back its own shares over the past year, about seven times what it spent the year before.
CART Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -2.7x | Net Cash |
| Q2 2025 | -2.5x | Net Cash |
| Q1 2025 | -3.0x | Net Cash |
| Q4 2024 | -2.3x | Net Cash |
CART has more cash than debt.
CART Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.1 | Neutral |
| Stochastic | 78.4 | Neutral |
CART's weekly RSI is 69 (neutral) and its Stochastic is 78 (neutral).
CART PE vs Consumer Cyclical Sector
| Metric | CART | Sector median | Relative |
|---|---|---|---|
| PE | 30x | 18x | 68% above |
| PE % | 92 | 31 | 61 pts above |
CART is trading at 30x earnings, a 68% premium to the Consumer Cyclical sector's median of 18x.
CART Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $51.8 | 13% above |
| 20 week MA | $49.3 | 19% above |
| 50 week MA | $44.0 | 33% above |
| 100 week MA | $43.8 | 33% above |
CART is in an uptrend: it's above all four of its weekly moving averages, and 33% above its 100-week average.
CART Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $30.0 | $23.5 | -22% |
| 2024 | $23.5 | $42.2 | +80% |
| 2025 | $42.2 | $45.9 | +8.6% |
| 2026 YTD | $45.9 | $58.5 | +28% |
CART has finished higher in two of the last three years. It's up 28% so far in 2026.