Instacart (Maplebear Inc.) (CART) Income Statement
CART 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCART revenue and net income
Where CART's revenue goes
2025Each bar shows an amount and its share of revenue. CART kept 11.9% of revenue as net income.
CART profit margins
CART growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.8% | +13.6% | +20.4% | — |
| Gross profit | +8.5% | +14.6% | +25.7% | — |
| Operating income | +1.8% | +100.3% | — | — |
| Net income | −2.2% | +1.5% | — | — |
| EPS (diluted) | −25.1% | +15.5% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CART quarterly EPS vs estimates
Instacart beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.64).
CART income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.74B | $3.38B | $3.04B | $2.55B | $1.83B | $1.48B | $214.0M | $16.5M |
| Cost of revenue | $984.0M | $836.0M | $764.0M | $720.0M | $608.0M | $598.0M | $232.0M | $0 |
| Gross profit | $2.76B | $2.54B | $2.28B | $1.83B | $1.23B | $879.0M | −$18.0M | $16.5M |
| Research & development | $650.0M | $604.0M | $2.31B | $518.0M | $368.0M | $194.0M | $127.0M | — |
| Sales, general & admin | $1.34B | $1.17B | $1.76B | $999.0M | $682.0M | $436.0M | $222.0M | $7.3M |
| Total operating expenses | $2.26B | $2.05B | $4.42B | $1.77B | $1.31B | $954.0M | $538.0M | $7.3M |
| Operating income | $498.0M | $489.0M | −$2.14B | $62.0M | −$86.0M | −$75.0M | −$556.0M | $3.9M |
| Interest income | $57.0M | $66.0M | $67.0M | $17.0M | $2.0M | $5.0M | — | — |
| Interest expense | — | $0 | $0 | $0 | $0 | $0 | — | $4.6M |
| Income before taxes | $556.0M | $552.0M | −$2.06B | $71.0M | −$72.0M | −$70.0M | −$531.0M | $3.9M |
| Income taxes | $109.0M | $95.0M | −$439.0M | −$357.0M | $1.0M | −$1.0M | — | $963,000 |
| Net income | $447.0M | $457.0M | −$1.62B | $428.0M | −$73.0M | −$70.0M | −$531.0M | $3.0M |
| EBITDA | $655.0M | $619.0M | −$2.00B | $118.0M | −$45.0M | −$55.0M | −$551.0M | $9.3M |
| EPS (diluted) | $2.39 | $3.19 | $2.64 | $1.55 | −$1.08 | −$1.21 | −$56.67 | $0.46 |
| Gross margin | 73.7% | 75.3% | 74.9% | 71.8% | 66.8% | 59.5% | −8.4% | 100.0% |
| Operating margin | 13.3% | 14.5% | −70.4% | 2.4% | −4.7% | −5.1% | −259.8% | 23.8% |
| Net margin | 11.9% | 13.5% | −53.3% | 16.8% | −4.0% | −4.7% | −248.1% | 17.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $1.02B | $992.0M | $939.0M | $914.0M | $897.0M | $883.0M | $852.0M | $823.0M | $820.0M | $803.0M | $764.0M |
| Cost of revenue | $292.0M | $287.0M | $275.0M | $247.0M | $236.0M | $226.0M | $219.0M | $211.0M | $200.0M | $206.0M | $195.0M | $203.0M |
| Gross profit | $751.0M | $732.0M | $717.0M | $692.0M | $678.0M | $671.0M | $664.0M | $641.0M | $623.0M | $614.0M | $608.0M | $561.0M |
| Research & development | $202.0M | $164.0M | $171.0M | $169.0M | $166.0M | $144.0M | $155.0M | $149.0M | $185.0M | $115.0M | $205.0M | $1.85B |
| Sales, general & admin | $331.0M | $318.0M | $377.0M | $293.0M | $323.0M | $342.0M | $282.0M | $290.0M | $317.0M | $271.0M | $286.0M | $1.02B |
| Total operating expenses | $608.0M | $548.0M | $619.0M | $526.0M | $554.0M | $561.0M | $509.0M | $503.0M | $571.0M | $470.0M | $562.0M | $3.02B |
| Operating income | $143.0M | $184.0M | $98.0M | $166.0M | $124.0M | $110.0M | $155.0M | $138.0M | $52.0M | $144.0M | $46.0M | −$2.46B |
| Interest income | $5.0M | $6.0M | $12.0M | $16.0M | $15.0M | $14.0M | $12.0M | $15.0M | $17.0M | $22.0M | $24.0M | $23.0M |
| Income before taxes | $147.0M | $188.0M | $109.0M | $181.0M | $142.0M | $124.0M | $166.0M | $153.0M | $68.0M | $165.0M | $72.0M | −$2.44B |
| Income taxes | $36.0M | $44.0M | $28.0M | $37.0M | $26.0M | $18.0M | $18.0M | $35.0M | $7.0M | $35.0M | −$63.0M | −$440.0M |
| 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 |
| EBITDA | $179.0M | $218.0M | $135.0M | $209.0M | $146.0M | $146.0M | $185.0M | $171.0M | $83.0M | $171.0M | $80.0M | −$2.42B |
| EPS (diluted) | $0.45 | $0.83 | $0.97 | $0.51 | $0.41 | $0.50 | $0.53 | $0.43 | $0.21 | $2.02 | $0.91 | $1.42 |
| Gross margin | 72.0% | 71.8% | 72.3% | 73.7% | 74.2% | 74.8% | 75.2% | 75.2% | 75.7% | 74.9% | 75.7% | 73.4% |
| Operating margin | 13.7% | 18.1% | 9.9% | 17.7% | 13.6% | 12.3% | 17.6% | 16.2% | 6.3% | 17.6% | 5.7% | −321.6% |
| Net margin | 10.6% | 14.1% | 8.2% | 15.3% | 12.7% | 11.8% | 16.8% | 13.8% | 7.4% | 15.9% | 16.8% | −261.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CART's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CART financial results
In fiscal year 2025 (ended December 31, 2025), Instacart reported revenue of $3.7 billion, up 10.8% from the year before. It had net income of $447.0 million (down 2.2%), a net profit margin of 11.9%. Diluted earnings per share came to $2.39. Over five years revenue grew at an average rate of 20.4% a year.
See the CART stock overview for the latest quote and news, or the CART chart for price history and technical indicators.
CART income statement FAQ
What is Instacart's annual revenue?
Instacart reported total revenue of $3.7 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.8% from $3.4 billion the previous year.
Is Instacart profitable?
Yes. Instacart reported net income of $447.0 million in fiscal 2025, a net profit margin of 11.9%; its operating margin was 13.3%.
What is Instacart's gross margin?
Instacart's gross margin was 73.7% in fiscal 2025: for every $100 of revenue, Instacart kept $74 after the direct cost of its products and services.
How much does Instacart spend on research and development?
Instacart spent $650.0 million on research and development in fiscal 2025, 17.4% of revenue.
How fast is Instacart growing?
Revenue grew 20.4% a year on average over the last five fiscal years, from $1.5 billion to $3.7 billion.
What are Instacart's earnings per share?
Instacart earned $2.39 per diluted share in fiscal 2025, compared with $3.19 a year earlier.
When will Instacart report its next earnings?
Instacart is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Instacart's fiscal year end?
Instacart's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.