Nasdaq:CART
Maplebear Inc.
A high-growth North American digital commerce platform combining social networking, live shopping, and membership benefits to drive consumer discovery and sales.
Key Metrics
Investment Thesis
Bull Case
Investors should consider CART as a compelling growth story with a proven ability to monetize social engagement into high-margin commerce transactions. The company's massive installed base of users and merchants provides a defensible moat against competitors, supported by a balance sheet that has recently turned profitable with $447M in retained earnings generation. Continued execution on user acquisition and merchant expansion could unlock significant value given the secular trend toward social-first shopping.
Bear Case
The stock carries substantial downside risk due to the enormous accounts receivable backlog of $1.13B, which exposes the company to potential write-downs if seller collections falter. High capital intensity is suggested by the large disparity between cash flow from operations of $971M and net profit of $447M, along with significant non-cash adjustments totaling $283M that require careful scrutiny. The recent heavy cash burn in financing activities of -$1.39B for share repurchases limits the capital available for organic growth or weathering an economic downturn.
About Maplebear Inc.
Maplebear Inc. (CART) is a leading digital commerce platform operating primarily in North America, delivering an integrated ecosystem of social commerce, live shopping, and membership services. The company serves consumers across retail, entertainment, and lifestyle sectors through its proprietary app and associated marketplace. Revenue growth is driven by expanding user engagement in short-form video content and direct-to-consumer brand partnerships.
Analysis
Management Discussion
Management successfully navigated a major financial turnaround, transforming the company from a net loss of $-1.62B in 2023 to generating $447M in net profit by 2025. Operating leverage is being realized as operating expenses of $2.26B support a gross profit of $2.76B, though high marketing spend of $854M continues to weigh on bottom line metrics. The cash balance grew from $1.45B to $827M ending cash, suggesting active share repurchases of $1.39B were prioritized over aggressive expansion in the current fiscal period.
Industry Overview
The digital commerce and social media integration industry is experiencing rapid evolution as consumers increasingly prefer discovering and purchasing products through video content and community interaction. Major players are investing heavily in AI-driven personalization and live streaming features to capture this shifting consumer attention away from traditional search-based shopping. Regulatory scrutiny regarding data privacy and platform monopoly practices remains a persistent backdrop for all companies operating in this space.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $3.04B | $3.38B | $3.74B |
| Cost of Revenue | $764.0M | $836.0M | $984.0M |
| Gross Profit | $2.28B | $2.54B | $2.76B |
| Operating Expenses | $4.42B | $2.05B | $2.26B |
| Operating Income | $-2.14B | $489.0M | $498.0M |
| R&D | $2.31B | $604.0M | $650.0M |
| G&A | $803.0M | $363.0M | $482.0M |
| Marketing | $961.0M | $808.0M | $854.0M |
| Stock-Based Comp | $2.76B | $300.0M | $352.0M |
| D&A | $43.0M | $56.0M | $91.0M |
| Other OpEx | $344.0M | $278.0M | $273.0M |
| Non-Operating Income | $81.0M | $63.0M | $58.0M |
| Pre-Tax Income | $-2.06B | $552.0M | $556.0M |
| Income Tax | $-439.0M | $95.0M | $109.0M |
| Continuing Ops | $-1.62B | $457.0M | $447.0M |
| Discontinued Ops | $0 | $0 | $0 |
| Net Income | $-1.62B | $457.0M | $447.0M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $-1.62B | $457.0M | $447.0M |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Current Assets | $3.31B | $2.70B | $2.20B |
| Cash & Equivalents | $2.14B | $1.28B | $637.0M |
| Marketable Securities | $49.0M | $91.0M | $50.0M |
| Accounts Receivable | $853.0M | $1.01B | $1.13B |
| Prepaid Expenses | $129.0M | $162.0M | $213.0M |
| Other Current Assets | $137.0M | $152.0M | $172.0M |
| Long-Term Assets | $1.42B | $1.42B | $1.49B |
| PP&E (Net) | $135.0M | $200.0M | $218.0M |
| Intangibles | $77.0M | $52.0M | $71.0M |
| Goodwill | $318.0M | $317.0M | $393.0M |
| Operating Leases | $31.0M | $21.0M | $30.0M |
| LT Securities | $0 | — | $81.0M |
| Other LT Assets | $861.0M | $828.0M | $695.0M |
| Total Assets | $4.73B | $4.12B | $3.69B |
| Current Liabilities | $733.0M | $798.0M | $917.0M |
| Accounts Payable | $72.0M | $80.0M | $70.0M |
| Current Leases | $13.0M | $13.0M | $3.0M |
| Deferred Revenue | $197.0M | $200.0M | $211.0M |
| Other Current Liab | $0 | $0 | $-1.0M |
| Long-Term Liabilities | $67.0M | $38.0M | $57.0M |
| LT Operating Leases | $27.0M | $13.0M | $33.0M |
| Other LT Liab | $40.0M | $25.0M | $24.0M |
| Total Liabilities | $800.0M | $836.0M | $974.0M |
| Shareholders' Equity | $3.93B | $3.28B | $2.71B |
| Paid-In Capital | $6.38B | $6.69B | $7.00B |
| Retained Earnings | $-2.63B | $-3.58B | $-4.49B |
| AOCI | $3.0M | $-9.0M | $-1.0M |
| Total L&E | $4.73B | $4.12B | $3.69B |
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Net Income (CFO) | $-1.62B | $457.0M | $447.0M |
| Non-Cash Adjustments | $2.26B | $-37.0M | $283.0M |
| Working Capital Changes | $-55.0M | $267.0M | $241.0M |
| Cash from Operations | $586.0M | $687.0M | $971.0M |
| Capital Expenditures | $54.0M | $64.0M | $61.0M |
| Cash from Investing | $135.0M | $-107.0M | $-208.0M |
| Share Buybacks | $36.0M | $1.40B | $1.39B |
| Cash from Financing | $-30.0M | $-1.41B | $-1.39B |
| FX Effect | $3.0M | $-11.0M | $4.0M |
| Net Change in Cash | $694.0M | $-844.0M | $-623.0M |
| Beginning Cash | $1.60B | $2.29B | $1.45B |
| Ending Cash | $2.29B | $1.45B | $827.0M |
Frequently Asked Questions
How does Maplebear Inc. make money?
The company's revenue streams are dominated by its core e-commerce marketplace where commissions and transaction fees from third-party sellers generate the majority of gross profit. A significant portion of operating expenses relates to marketing initiatives designed to acquire users and promote brand activations within the social commerce environment. The business model also leverages membership subscriptions and advertising services provided to brands looking to reach engaged audiences.
What are the main risks for CART?
Extreme concentration risk is evident with accounts receivable at $1.13B representing nearly 30% of total assets, making the company highly sensitive to any deterioration in seller payment cycles or default rates. The business faces intense competition from established tech giants and emerging social platforms that could erode market share and margin pressure on transaction fees. Significant volatility in cash flow is observed with net change in cash at -$623M while financing cash outflows exceeded $1.39B, indicating heavy reliance on capital markets or debt for liquidity management.
What is CART's competitive advantage?
CART possesses a powerful network effect where increased user activity directly attracts more third-party merchants, creating a self-reinforcing cycle of content and product discovery. The company's proprietary technology stack enables seamless integration of live streaming and social interaction, offering a superior user experience compared to traditional e-commerce sites. Strong capital efficiency is demonstrated by robust cash flow from operations relative to net income, providing ample liquidity for strategic acquisitions and reinvestment.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.