Instacart (Maplebear Inc.) (CART) Cash Flow Statement
Where CART’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $971.0M +41.3% vs 2024
- Capital expenditures
- $61.0M 1.6% of revenue
- Free cash flow
- $911.0M 24.3% margin
- Returned to shareholders
- $1.39B 152% of free cash flow
- Change in cash
- −$622.0M cash at year-end $827.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CART operating cash flow, capex and free cash flow
CART cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.6M2018 | $971.0M2025 | +114.9%/yr | |
| Capital expenditures | $02018 | $61.0M2025 | — | |
| Free cash flow | $4.6M2018 | $911.0M2025 | +113.0%/yr | |
| Free cash flow margin | 27.8%2018 | 24.3%2025 | −3.5 pts | |
| Operating cash flow / net income | 1.552018 | 2.172025 | +0.62 | |
| Stock-based compensation | $1,0002018 | $352.0M2025 | +520.0%/yr | |
| Share buybacks (net) | $8.6M2018 | $1.39B2025 | +106.7%/yr | |
| Capex / revenue | 0.0%2018 | 1.6%2025 | +1.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CART cash flow by activity
CART net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CART cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $447.0M | $457.0M | −$1.62B | $428.0M | −$73.0M | −$70.0M | −$531.0M | $3.0M |
| Depreciation & amortization | $99.0M | $67.0M | $57.0M | $47.0M | $27.0M | $20.0M | $5.0M | $716,000 |
| Stock-based compensation | $352.0M | $300.0M | $2.76B | $33.0M | $22.0M | $64.0M | $43.0M | $1,000 |
| Change in working capital | −$61.0M | −$219.0M | −$165.0M | $124.0M | −$192.0M | −$141.0M | −$15.0M | $9.4M |
| Other non-cash items | $134.0M | $82.0M | −$440.0M | −$355.0M | $12.0M | $36.0M | $7.0M | −$8.5M |
| Cash from operating activities | $971.0M | $687.0M | $586.0M | $277.0M | −$204.0M | −$91.0M | −$491.0M | $4.6M |
| Investing activities | ||||||||
| Capital expenditures | −$61.0M | −$64.0M | −$56.0M | −$26.0M | −$22.0M | −$7.0M | −$16.0M | $0 |
| Investments (net) | −$37.0M | −$107.0M | $193.0M | $117.0M | −$330.0M | $301.0M | $326.0M | — |
| Acquisitions & other investing | −$110.0M | $64.0M | −$2.0M | $26.0M | $22.0M | $7.0M | $0 | — |
| Cash from investing activities | −$208.0M | −$107.0M | $135.0M | $117.0M | −$330.0M | $301.0M | $310.0M | — |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | −$1.39B | −$1.40B | −$36.0M | $0 | $0 | — | — | −$8.6M |
| Shares issued | $0 | $0 | $576.0M | $0 | $390.0M | $625.0M | $0 | $0 |
| Other financing | −$5.0M | −$11.0M | −$570.0M | $46.0M | $74.0M | $46.0M | −$1.0M | $74.0M |
| Cash from financing activities | −$1.39B | −$1.41B | −$30.0M | $46.0M | $464.0M | $671.0M | −$1.0M | $65.4M |
| Summary | ||||||||
| Net change in cash | −$622.0M | −$844.0M | $694.0M | $434.0M | −$71.0M | $882.0M | $354.0M | $22.9M |
| Cash at end of period | $827.0M | $1.45B | $2.29B | $1.60B | $1.17B | $1.24B | $354.0M | $31.9M |
| Free cash flow | $911.0M | $623.0M | $530.0M | $251.0M | −$226.0M | −$98.0M | −$507.0M | $4.6M |
| Free cash flow margin | 24.3% | 18.4% | 17.4% | 9.8% | −12.3% | −6.6% | −236.9% | 27.8% |
| Capex / revenue | 1.6% | 1.9% | 1.8% | 1.0% | 1.2% | 0.5% | 7.5% | 0.0% |
| Operating cash flow / net income | 2.17 | 1.50 | — | 0.65 | — | — | — | 1.55 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $111.0M | $144.0M | $81.0M | $144.0M | $116.0M | $106.0M | $148.0M | $118.0M | $61.0M | $130.0M | $135.0M | −$2.00B |
| Depreciation & amortization | $32.0M | $30.0M | $26.0M | $28.0M | $23.0M | $22.0M | $19.0M | $18.0M | $15.0M | $15.0M | $13.0M | $15.0M |
| Stock-based compensation | $142.0M | $80.0M | $99.0M | $81.0M | $106.0M | $66.0M | $86.0M | $69.0M | $136.0M | $9.0M | $142.0M | $2.60B |
| Change in working capital | $48.0M | −$35.0M | −$61.0M | −$47.0M | −$49.0M | $96.0M | −$109.0M | −$52.0M | $41.0M | −$99.0M | $4.0M | −$111.0M |
| Other non-cash items | $160.0M | $49.0M | $38.0M | $81.0M | $7.0M | $8.0M | $9.0M | $32.0M | −$9.0M | $50.0M | −$61.0M | −$399.0M |
| Cash from operating activities | $493.0M | $268.0M | $183.0M | $287.0M | $203.0M | $298.0M | $153.0M | $185.0M | $244.0M | $105.0M | $233.0M | $111.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$13.0M | −$16.0M | −$12.0M | −$15.0M | −$16.0M | −$18.0M | −$12.0M | −$14.0M | −$23.0M | −$14.0M | −$18.0M | −$16.0M |
| Investments (net) | −$6.0M | $8.0M | −$28.0M | −$7.0M | −$157.0M | $1.0M | −$81.0M | −$26.0M | −$13.0M | $13.0M | −$11.0M | $57.0M |
| Acquisitions & other investing | −$29.0M | $0 | −$5.0M | $15.0M | $16.0M | $18.0M | $12.0M | $14.0M | $23.0M | $14.0M | $18.0M | $16.0M |
| Cash from investing activities | −$48.0M | −$8.0M | −$45.0M | −$7.0M | −$157.0M | $1.0M | −$81.0M | −$26.0M | −$13.0M | $13.0M | −$11.0M | $57.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$324.0M | −$359.0M | −$1.11B | −$62.0M | −$121.0M | −$89.0M | −$5.0M | −$357.0M | −$325.0M | −$715.0M | −$36.0M | −$570.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $576.0M |
| Other financing | −$3.0M | $31.0M | −$32.0M | −$8.0M | −$8.0M | $43.0M | −$52.0M | $56.0M | $20.0M | −$35.0M | $0 | $1.0M |
| Cash from financing activities | −$327.0M | −$328.0M | −$1.15B | −$70.0M | −$129.0M | −$46.0M | −$57.0M | −$301.0M | −$305.0M | −$750.0M | −$36.0M | $7.0M |
| Summary | ||||||||||||
| Net change in cash | $116.0M | −$69.0M | −$1.01B | $205.0M | −$77.0M | $254.0M | $8.0M | −$140.0M | −$76.0M | −$636.0M | $189.0M | $172.0M |
| Cash at end of period | $874.0M | $758.0M | $809.0M | $1.83B | $1.62B | $1.70B | $1.45B | $1.44B | $1.56B | $1.64B | $2.27B | $2.10B |
| Free cash flow | $480.0M | $252.0M | $171.0M | $272.0M | $187.0M | $280.0M | $141.0M | $171.0M | $221.0M | $91.0M | $215.0M | $95.0M |
| Free cash flow margin | 46.0% | 24.7% | 17.2% | 29.0% | 20.5% | 31.2% | 16.0% | 20.1% | 26.9% | 11.1% | 26.8% | 12.4% |
| Capex / revenue | 1.2% | 1.6% | 1.2% | 1.6% | 1.8% | 2.0% | 1.4% | 1.6% | 2.8% | 1.7% | 2.2% | 2.1% |
| Operating cash flow / net income | 4.44 | 1.86 | 2.26 | 1.99 | 1.75 | 2.81 | 1.03 | 1.57 | 4.00 | 0.81 | 1.73 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CART cash generation
In fiscal 2025 (ended December 31, 2025), Instacart generated $971.0 million of cash from operations (up 41.3%) and spent $61.0 million on capital expenditures, leaving free cash flow of $911.0 million, 24.3% of revenue. It returned $1.4 billion to shareholders through dividends ($0) and net share buybacks ($1.4 billion). Cash and equivalents fell by $622.0 million over the year.
Related: CART income statement, CART balance sheet. See the CART stock overview for the latest quote and news.
CART cash flow FAQ
What is Instacart's free cash flow?
Instacart's free cash flow was $911.0 million in fiscal 2025: $971.0 million of operating cash flow minus $61.0 million of capital expenditures It was $623.0 million a year earlier..
How much cash does Instacart generate from operations?
Instacart generated $971.0 million of cash from operating activities in fiscal 2025, 2.17 times its net income of $447.0 million.
How much does Instacart spend on capital expenditures?
Instacart spent $61.0 million on capital expenditures in fiscal 2025, 1.6% of revenue, compared with $64.0 million the year before.
How much stock does Instacart buy back?
Instacart spent $1.4 billion on net share repurchases in fiscal 2025.