Maplebear (CART)


Market Price (10/23/2026): $0 | Market Cap: $-Sector: Consumer Staples | Industry: Food Retail

Maplebear (CART)


Market Price (10/23/2026): $0
Market Cap: $-
Sector: Consumer Staples
Industry: Food Retail

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%

Attractive yield
FCF Yield is 9.7%

Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil

Low stock price volatility
Vol 12M is 42%

Megatrend and thematic drivers
Megatrends include E-commerce & DTC Adoption, and E-commerce & Digital Retail. Themes include Online Grocery Platforms, Online Marketplaces, Show more.

Trading close to highs
Dist 52W High is -0.2%, Dist 3Y High is -2.8%

Weak multi-year price returns
2Y Excs Rtn is -10%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10%

Key risks
CART key risks include [1] intense competition from major retail partners developing their own delivery services and [2] regulatory challenges to its operational model's heavy reliance on independent contractors.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%
2 Attractive yield
FCF Yield is 9.7%
3 Stock buyback support
Stock Buyback 3Y Total is 3.5 Bil
4 Low stock price volatility
Vol 12M is 42%
5 Megatrend and thematic drivers
Megatrends include E-commerce & DTC Adoption, and E-commerce & Digital Retail. Themes include Online Grocery Platforms, Online Marketplaces, Show more.
6 Trading close to highs
Dist 52W High is -0.2%, Dist 3Y High is -2.8%
7 Weak multi-year price returns
2Y Excs Rtn is -10%
8 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10%
9 Key risks
CART key risks include [1] intense competition from major retail partners developing their own delivery services and [2] regulatory challenges to its operational model's heavy reliance on independent contractors.

CART in ETFs

Weight = CART's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
IJH0.24%
VB0.10%
XOVR3.5%
MDYV0.48%
IJJ0.43%
+21 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/20/2026

Maplebear (CART) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Performance.

Maplebear (CART) reported robust second quarter 2026 financial results on August 6, 2026, which covered the period ending June 30, 2026. The company saw its Gross Transaction Value (GTV) grow by 14% year-over-year, and total revenue increased by 14% year-over-year to $1.04 billion, surpassing analysts' expectations of $1.03 billion. Adjusted EBITDA also rose significantly by 19% year-over-year to $313 million. Orders increased by 9% year-over-year to 90.3 million, with advertising and other revenue growing by 16% year-over-year. This strong performance, particularly the revenue beat, fueled positive investor sentiment, leading to an 11.4% daily stock increase on August 7, 2026.

2. Positive Analyst Sentiment and Upgraded Price Targets.

Throughout the period, analysts maintained a favorable outlook on Maplebear. As of October 18, 2026, the stock held a consensus "Buy" rating from 16 analysts. Analysts set average price targets around $58.38, signaling potential upside. This continued positive analyst coverage contributed to investor confidence and supported the stock's upward trend.

Show more
Updated on 10/20/2026

Maplebear (CART) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Performance.

Maplebear (CART) reported robust second quarter 2026 financial results on August 6, 2026, which covered the period ending June 30, 2026. The company saw its Gross Transaction Value (GTV) grow by 14% year-over-year, and total revenue increased by 14% year-over-year to $1.04 billion, surpassing analysts' expectations of $1.03 billion. Adjusted EBITDA also rose significantly by 19% year-over-year to $313 million. Orders increased by 9% year-over-year to 90.3 million, with advertising and other revenue growing by 16% year-over-year. This strong performance, particularly the revenue beat, fueled positive investor sentiment, leading to an 11.4% daily stock increase on August 7, 2026.

2. Positive Analyst Sentiment and Upgraded Price Targets.

Throughout the period, analysts maintained a favorable outlook on Maplebear. As of October 18, 2026, the stock held a consensus "Buy" rating from 16 analysts. Analysts set average price targets around $58.38, signaling potential upside. This continued positive analyst coverage contributed to investor confidence and supported the stock's upward trend.

3. Introduction of AI-Powered Shopping Assistant.

In September 2026, Instacart launched "Clementine," an AI-powered shopping assistant. This new product offering highlighted the company's commitment to innovation and enhancing the user experience, suggesting future growth opportunities through advanced technology and potentially attracting more users to its platform.

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Stock Movement Drivers

Fundamental Drivers

The 9.1% change in CART stock from 6/30/2026 to 10/22/2026 was primarily driven by a 8.3% change in the company's P/E Multiple.
(LTM values as of)630202610222026Change
Stock Price ($)47.3551.689.1%
Change Contribution By: 
Total Revenues ($ Mil)3,8643,9933.3%
Net Income Margin (%)12.6%12.0%-4.2%
P/E Multiple23.425.38.3%
Shares Outstanding (Mil)2392351.8%
Cumulative Contribution9.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/22/2026
ReturnCorrelation
CART9.1% 
Market (SPY)2.3%23.7%
Sector (XLP)8.3%27.4%

Fundamental Drivers

The 38.0% change in CART stock from 3/31/2026 to 10/22/2026 was primarily driven by a 18.1% change in the company's P/E Multiple.
(LTM values as of)331202610222026Change
Stock Price ($)37.4651.6838.0%
Change Contribution By: 
Total Revenues ($ Mil)3,7423,9936.7%
Net Income Margin (%)11.9%12.0%0.6%
P/E Multiple21.425.318.1%
Shares Outstanding (Mil)2552358.7%
Cumulative Contribution38.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/22/2026
ReturnCorrelation
CART38.0% 
Market (SPY)17.8%12.0%
Sector (XLP)10.5%13.6%

Fundamental Drivers

The 40.6% change in CART stock from 9/30/2025 to 10/22/2026 was primarily driven by a 27.9% change in the company's P/E Multiple.
(LTM values as of)930202510222026Change
Stock Price ($)36.7651.6840.6%
Change Contribution By: 
Total Revenues ($ Mil)3,5463,99312.6%
Net Income Margin (%)13.8%12.0%-12.7%
P/E Multiple19.825.327.9%
Shares Outstanding (Mil)26323511.8%
Cumulative Contribution40.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/22/2026
ReturnCorrelation
CART40.6% 
Market (SPY)15.6%14.0%
Sector (XLP)17.2%10.5%

Fundamental Drivers

The 74.1% change in CART stock from 9/30/2023 to 10/22/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)930202310222026Change
Stock Price ($)29.6951.6874.1%
Change Contribution By: 
Total Revenues ($ Mil)�3,9930.0%
Net Income Margin (%)�12.0%0.0%
P/E Multiple�25.30.0%
Shares Outstanding (Mil)27623517.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/22/2026
ReturnCorrelation
CART74.1% 
Market (SPY)84.8%25.5%
Sector (XLP)40.9%16.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CART Return---30%76%9%12%49%
Peers Return78%1%-2%78%8%12%278%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
CART Win Rate--0%67%50%50% 
Peers Win Rate65%54%43%72%52%66% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CART Max Drawdown----23%-34%-27% 
Peers Max Drawdown-22%-28%-28%-22%-32%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: KR, UNFI, CASY, CART, SFM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/22/2026 (YTD)

How Low Can It Go

EventCARTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-30.2%-9.5%
  % Gain to Breakeven43.3%10.5%
  Time to Breakeven89 days24 days

Compare to KR, UNFI, CASY, CART, SFM

In The Past

Maplebear's stock fell -6.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCARTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-30.2%-9.5%
  % Gain to Breakeven43.3%10.5%
  Time to Breakeven89 days24 days

Compare to KR, UNFI, CASY, CART, SFM

In The Past

Maplebear's stock fell -6.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 7.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Maplebear (CART)

Maplebear, operating as Instacart, is a prominent grocery technology company dedicated to digitizing the grocery industry. It partners with over 1,400 national, regional, and local retail banners, collectively representing more than 85% of the U.S. grocery market, to facilitate their digital transformation and power their online sales. Instacart’s core mission is to make grocery shopping effortless by connecting consumers to their favorite stores for convenient on-demand delivery or pickup, having processed approximately $29 billion in Gross Transaction Volume (GTV) in 2022.

The company offers a multi-faceted technology platform that serves various stakeholders within the grocery ecosystem. Its main products include the Instacart Marketplace, a consumer-facing app and website used by 7.7 million monthly active orderers to shop from a wide selection of retailers. For its retail partners, Instacart provides the Instacart Enterprise Platform, an end-to-end suite of technologies spanning eCommerce, fulfillment, connected stores, and marketing. Additionally, Instacart Ads allows over 5,500 CPG brands to effectively engage with high-intent customers directly at the point of purchase, leveraging first-party data to drive product discovery and sales.

Instacart’s primary customers and markets encompass retailers seeking to grow their online presence, consumers desiring selection and convenience across various shopping occasions (from weekly shops to quick needs), and CPG brands aiming for measurable advertising returns. The platform also provides flexible earning opportunities for approximately 600,000 shoppers who fulfill orders. By continuously investing in grocery-specific technology and leveraging its vast scale and data insights, Instacart aims to improve experiences for all constituents, ensuring retailers, customers, brands, and shoppers thrive in an increasingly digital grocery landscape.

AI Analysis | Feedback

Here are 1-3 brief analogies for Maplebear (Instacart):

  • DoorDash for groceries
  • Shopify for grocery retailers
  • Amazon's advertising platform, but for grocery products

AI Analysis | Feedback

Maplebear (Instacart) Major Products and Services:

  • Instacart Marketplace: Connects customers to their favorite retailers for online grocery shopping, offering on-demand delivery or pickup services.
  • Instacart Enterprise Platform: Provides retailers with a suite of technology solutions for eCommerce, fulfillment, Connected Stores, ads, marketing, and insights to power their own online operations.
  • Instacart Ads: Enables CPG brands to engage with high-intent customers and drive sales through measurable, targeted advertising solutions and insights.
  • Instacart+: A membership program offering customers benefits such as unlimited free delivery, reduced service fees, and credit back on eligible pickup orders.

AI Analysis | Feedback

Maplebear (CART), doing business as Instacart, primarily sells its technology and marketplace services to other companies, specifically retailers.

Its major customers are the more than 1,400 national, regional, and local retail banners that partner with Instacart. Examples of these retail partners that are publicly traded companies include:

  • Costco Wholesale Corporation (NASDAQ: COST)
  • The Kroger Co. (NYSE: KR)
  • Best Buy Co., Inc. (NYSE: BBY)
  • Lowe's Companies, Inc. (NYSE: LOW)
  • Walgreens Boots Alliance, Inc. (NASDAQ: WBA)

AI Analysis | Feedback

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AI Analysis | Feedback

Chris Rogers
Chief Executive Officer

Chris Rogers was appointed Chief Executive Officer of Instacart, effective August 15, 2025. Prior to this role, he served as Instacart's Chief Business Officer, overseeing commercial operations, including retailer relationships and expansions, Ad Sales and R&D, Partnerships, and Mergers & Acquisitions. Before joining Instacart in 2019, Mr. Rogers spent nearly 11 years at Apple, where he was the Managing Director for Apple Canada, leading country strategy and driving iPhone adoption. He began his career at Procter & Gamble, where he managed relationships with Canada's largest national grocery retailers.

Emily Reuter
Chief Financial Officer

Emily Reuter serves as the Chief Financial Officer at Instacart, a position she assumed in May 2024. She joined Instacart in January 2024 as Vice President of Finance. Prior to her time at Instacart, Ms. Reuter spent nearly a decade at Uber, where she held various finance-related positions, including leading corporate finance and serving as CFO of the Mobility (Rides) business.

Varouj Chitilian
Chief Technology Officer

Varouj Chitilian is the Chief Technology Officer at Instacart, a role he took on in July 2022. He joined Instacart in November 2018 as Vice President of Engineering, where he oversaw consumer and growth teams and led significant technical milestones for the company. Before Instacart, Mr. Chitilian spent over 12 years at Google in various senior engineering positions, including Senior Director of Engineering for Consumer Payments and Senior Staff Software Engineer for Search Ads Quality. He also worked as a Software Development Manager at Oracle.

Asha Sharma
Chief Operating Officer

Asha Sharma serves as the Chief Operating Officer at Instacart. In this role, she is responsible for overseeing the company's operations and driving strategic initiatives. Her background includes senior leadership roles at Meta, Porch Group, and Microsoft, where she gained extensive experience in product management and engineering. Ms. Sharma has also served on the boards of AppLovin and Coupang.

Dani Dudeck
Chief Corporate Affairs Officer

Dani Dudeck is the Chief Corporate Affairs Officer at Instacart, where she is responsible for the company's communications, public relations, and corporate affairs strategies. Before joining Instacart in 2018, Ms. Dudeck held senior roles at Zynga, News Corp, and Edelman, bringing a wealth of experience in global communications and public relations.

AI Analysis | Feedback

The key risks to Maplebear's (Instacart) business include intense competition, its dependence on retail partners and the risk of retailers in-housing their e-commerce fulfillment, and ongoing regulatory scrutiny.

  1. Intense Competition: Instacart operates in a highly competitive and increasingly digital industry. The company faces significant threats from well-capitalized competitors such as Amazon, Walmart, Uber, and DoorDash, which are heavily investing in and expanding their grocery delivery operations. These rivals are forming partnerships with major retailers, which could diminish Instacart's market share and lead to a loss of exclusive relationships. This intense competition is also contributing to pricing pressure and increased operating expenses for Instacart.
  2. Dependence on Retail Partners and Risk of In-housing: Instacart relies heavily on its partnerships with over 1,400 retail banners. A significant risk is that these retail partners may increasingly develop and expand their own e-commerce and fulfillment capabilities, thereby reducing their reliance on Instacart's platform. This shift could negatively impact Instacart's contractual negotiations, lead to lower utilization of its services, or even result in the termination of existing retailer engagements. For instance, Instacart's top three retailers alone account for approximately 43% of its gross transaction value, highlighting a concentration risk.
  3. Regulatory Scrutiny and Worker Classification: Instacart faces substantial risks related to heavy regulation, including those concerning worker classification and privacy laws. The company has already incurred a $60 million penalty from the Federal Trade Commission (FTC) for deceptive practices related to subscription sign-ups and its "100% satisfaction guarantee" advertisement. Furthermore, Instacart is reportedly under a separate FTC probe regarding its pricing practices, following allegations of algorithmic pricing discrepancies that led customers to pay different prices for identical items. Potential changes in gig-worker regulations could also significantly impact Instacart's operational model and costs.

AI Analysis | Feedback

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The addressable markets for Maplebear (Instacart)'s main products and services are primarily within North America.

  • Online Grocery Market: The North America online grocery shopping market was valued at approximately USD 98.87 billion in 2022. It is projected to reach nearly USD 523.15 billion by 2029, growing at a compound annual growth rate (CAGR) of 26.87% from 2023 to 2029. Another estimate places the North America online grocery shopping market at USD 100 billion.
  • Retail Media Networks Market (Instacart Ads): The global retail media platform market was valued at USD 16.1 billion in 2023. North America dominated this market in 2023, accounting for a 35% revenue share, which translates to approximately USD 5.64 billion for the region. The global retail media networks market is expected to grow from USD 23.96 billion in 2025 to USD 26.23 billion in 2026, with North America being the largest region in this market in 2025.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for Maplebear (CART) over the next 2-3 years:

  1. Expansion of Instacart Ads Platform: Instacart anticipates significant revenue growth from its advertising business, with projections indicating it could constitute 30-40% of its total revenue in the coming years. This growth is expected to be fueled by diversifying its advertiser base to include emerging and mid-sized brands, expanding ad placements beyond its own app to retailer websites, and developing new advertising products that leverage first-party transaction data and artificial intelligence for personalized recommendations.
  2. Growth of Instacart Enterprise Platform and Connected Stores: Instacart is focused on growing its business-to-business (B2B) technology solutions, known as the Instacart Enterprise Platform. This platform provides retailers with tools for e-commerce, fulfillment, and in-store digitization. Key initiatives include onboarding new retail partners (with 40 net new retailers projected for 2025) and deepening integrations with existing ones. The expansion of "Connected Stores" with technologies like AI-powered Caper Carts and Carrot Tags is central to this strategy, enhancing the in-store shopping experience and creating new revenue streams for Instacart.
  3. Increasing Customer Engagement and Instacart+ Subscriber Growth: A core driver for revenue growth is the expansion of Instacart's monthly active orderer base and increasing customer engagement, particularly through its Instacart+ membership program. Instacart+ members typically spend two to three times more annually than non-members, and the company is observing strong new customer acquisition and retention within this program. Initiatives such as lower basket minimums for Instacart+ members also encourage more frequent orders, contributing to higher Gross Transaction Value (GTV).
  4. Diversification into New Categories and Use Cases: Instacart is actively diversifying its service offerings beyond traditional grocery deliveries. This includes expanding into new categories such as convenience stores, pharmacies, and general merchandise retailers. The company also projects growth from integrating restaurant orders, which could contribute nearly $10 million in additional revenue by 2026. This broader service portfolio aims to attract a wider customer base and increase overall order volume across various shopping needs.
  5. Continued Technological Innovation and AI Integration: Instacart's ongoing investment in research and development, particularly in artificial intelligence (AI) and machine learning, is crucial for maintaining its competitive edge and driving operational efficiency. This includes further development of AI for personalized shopping experiences, the expansion of the 'Connected Stores' program through smart technologies like AI-powered Caper Carts, and the exploration of automation to enhance delivery efficiency and internal operations. These innovations are expected to improve the user experience and create new monetization opportunities.

AI Analysis | Feedback

Share Repurchases

  • Maplebear Inc. repurchased $1.4 billion of stock in 2025, including $1.1 billion in the fourth quarter of 2025 and a $250 million accelerated share repurchase completed in January 2026.
  • The company's board approved an increase to its share repurchase program, authorizing the repurchase of up to $2.5 billion in common stock. This program increased from the $1 billion previously authorized since June 2024.
  • As of September 30, 2025, approximately $290 million remained available under the existing repurchase program.

Share Issuance

  • Instacart completed its initial public offering (IPO) of 22,000,000 shares of its common stock at $30.00 per share, generating gross proceeds of approximately $660.0 million. Of these, 14,100,000 shares were sold by Instacart, with the remainder sold by existing stockholders.
  • Maplebear's shares outstanding significantly increased in 2024 by 121.38% from 2023, reaching 0.289 billion shares.
  • In late February 2026, Maplebear Inc. filed a US$532.61 million shelf registration for 14,572,040 common shares tied to its employee stock ownership plan.

Inbound Investments

  • In March 2021, Instacart received $265 million from a new funding round, which increased its valuation to $39 billion. The funding was led by existing investors including Andreessen Horowitz, Sequoia Capital, and D1 Capital Partners.
  • In October (presumably 2020), the company secured $200 million in funding from investors such as Valiant Peregrine Fund and D1 Capital Partners, elevating its valuation to $17.7 billion.

Outbound Investments

  • In the first quarter of 2025, Instacart acquired Wynshop to enhance its integration capabilities and support white-label storefronts.

Capital Expenditures

  • Maplebear's capital expenditures were $22.0 million in 2021, $26.0 million in 2022, $56.0 million in 2023, $64.0 million in 2024, and $61.0 million in 2025.
  • The expected capital expenditures for 2026 are approximately $64.95 million.
  • Capital expenditures are primarily focused on investing in technology custom-built for online grocery to drive growth and operational efficiencies for its retail partners and to support its marketplace, advertising, and enterprise operations.

Better Bets vs. Maplebear (CART)

Peer Outperformance in Food Retail

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Share of Food Retail constituents that CART has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
83%
of 6 industry peers · 30.9% return
3Y
67%
of 6 industry peers · 109.9% return
5Y
—
insufficient peer history
null
Median price return by industry across the Consumer Staples sector, ranked by 5Y. Food Retail is CART's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Consumer Staples Merchandise Retail 12 19.3%55.3%66.3% WMT 161% · PSMT 145% · COST 123%
Food Retail ← 6 1.2%67.5%47.6% CASY 282% · SFM 207% · KR 88%
Tobacco 6 -33.0%6.6%28.5% PM 162% · MO 132%
Food Distributors 9 -0.3%39.7%22.0% CHEF 242% · USFD 185% · ANDE 118%
Soft Drinks & Non-alcoholic Beverages 13 3.7%-0.3%15.9% COKE 468% · COCO 323% · MNST 123%
Brewers 3 -6.5%-19.4%10.6% BUD 63% · TAP 11% · SAM -63%
Household Products 19 13.9%3.9%-9.7% IPAR 71% · CL 45% · CHD 36%
Personal Care Products 4 10.8%9.0%-14.1% ELF 276% · PG 32% · COTY -60%
Agricultural Products & Services 11 -14.0%-0.1%-29.1% ADM 39% · BG 34% · INGR 15%
Packaged Foods & Meats 48 -26.4%-25.9%-35.9% CALM 130% · TR 44% · SJM 30%
Distillers & Vintners 5 -36.8%-52.7%-74.6% STZ -30% · BF-B -51%
Drug Retail 3 -37.0%-58.1%-95.1%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CARTKRUNFICASYSFMMedian
NameMaplebearKroger United N.Casey's .Sprouts . 
Mkt Price51.7667.8747.30716.0068.8067.87
Mkt Cap12.241.1-26.56.519.3
Rev LTM3,993149,326-18,6729,00413,838
Op Inc LTM5922,083-1,097674886
FCF LTM1,1762,384-649357912
FCF 3Y Avg8592,118-569368714
CFO LTM1,2326,708-1,3896751,311
CFO 3Y Avg9216,205-1,1726331,047

Growth & Margins

CARTKRUNFICASYSFMMedian
NameMaplebearKroger United N.Casey's .Sprouts . 
Rev Chg LTM12.6%1.6%-13.8%7.2%9.9%
Rev Chg 3Y Avg11.3%0.3%-8.8%11.0%9.9%
Rev Chg Q14.1%2.0%-24.3%4.7%9.4%
QoQ Delta Rev Chg LTM3.3%0.5%-6.3%1.2%2.3%
Op Inc Chg LTM12.5%-46.9%-29.1%4.5%8.5%
Op Inc Chg 3Y Avg-170.7%1.6%-18.9%21.5%10.3%
Op Mgn LTM14.8%1.4%-5.9%7.5%6.7%
Op Mgn 3Y Avg-13.1%2.3%-5.3%7.1%3.8%
QoQ Delta Op Mgn LTM0.0%0.1%--0.0%-0.2%0.0%
CFO/Rev LTM30.9%4.5%-7.4%7.5%7.5%
CFO/Rev 3Y Avg25.4%4.2%-7.0%7.7%7.3%
FCF/Rev LTM29.5%1.6%-3.5%4.0%3.7%
FCF/Rev 3Y Avg23.6%1.4%-3.4%4.5%3.9%

Valuation

CARTKRUNFICASYSFMMedian
NameMaplebearKroger United N.Casey's .Sprouts . 
Mkt Cap12.241.1-26.56.519.3
P/S3.00.3-1.40.71.1
P/Op Inc20.519.7-24.19.620.1
P/EBIT20.520.5-24.19.620.5
P/E25.337.9-34.212.929.8
P/CFO9.96.1-19.19.69.7
Total Yield4.0%4.8%-3.3%7.8%4.4%
Dividend Yield0.0%2.2%-0.3%0.0%0.2%
FCF Yield 3Y Avg8.5%5.5%-3.0%3.5%4.5%
D/E0.00.6-0.10.30.2
Net D/E-0.10.5-0.10.30.2

Returns

CARTKRUNFICASYSFMMedian
NameMaplebearKroger United N.Casey's .Sprouts . 
1M Rtn16.6%15.9%3.1%22.4%0.2%15.9%
3M Rtn21.7%22.6%-2.7%-18.1%-6.4%-2.7%
6M Rtn21.3%-0.6%-0.7%-9.2%-5.2%-0.7%
12M Rtn31.1%1.2%17.2%31.8%-36.4%17.2%
3Y Rtn110.2%67.5%226.0%174.2%61.7%110.2%
1M Excs Rtn21.1%18.4%8.7%20.5%4.7%18.4%
3M Excs Rtn19.3%16.8%-8.1%-20.2%-11.5%-8.1%
6M Excs Rtn13.5%-8.3%-8.4%-17.0%-12.9%-8.4%
12M Excs Rtn19.6%-11.0%3.9%17.3%-51.2%3.9%
3Y Excs Rtn35.8%-12.0%121.4%89.5%-15.7%35.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment3,7423,3783,0422,551 
Advertising and other    572
Transaction    1,262
Total3,7423,3783,0422,5511,834


Price Behavior

Price Behavior
Market Price$51.68 
Market Cap ($ Bil)12.1 
First Trading Date09/19/2023 
Distance from 52W High-0.2% 
   50 Days200 Days
DMA Price$48.03$42.84
DMA Trendindeterminateindeterminate
Distance from DMA7.6%20.6%
 3M1YR
Volatility41.8%42.0%
Downside Capture128.5384.52
Upside Capture198.94101.49
Correlation (S&P 500)23.3%13.7%
CART Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.061.210.960.420.440.75
Up Beta-2.32-0.00-0.64-0.96-0.620.63
Down Beta1.700.840.890.140.140.79
Up Capture64%143%121%100%88%51%
Bmk +ve Days6162766132424
Stock +ve Days10202963133392
Down Capture284%193%178%106%95%94%
Bmk -ve Days16263760120328
Stock -ve Days12223563119358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CART
CART33.3%42.0%0.79-
Sector ETF (XLP)15.9%15.1%0.7610.6%
Equity (SPY)14.8%12.7%0.8013.1%
Gold (GLD)-2.2%28.4%-0.093.7%
Commodities (DBC)52.1%20.7%1.91-4.9%
Real Estate (VNQ)4.7%13.9%0.0812.6%
Bitcoin (BTCUSD)-22.4%43.4%-0.4717.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CART
CART7.7%45.1%0.40-
Sector ETF (XLP)7.5%13.8%0.3216.6%
Equity (SPY)13.0%17.1%0.5725.9%
Gold (GLD)17.1%18.9%0.726.3%
Commodities (DBC)9.3%19.5%0.367.6%
Real Estate (VNQ)1.1%18.9%-0.0518.8%
Bitcoin (BTCUSD)8.0%51.7%0.3313.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CART
CART3.8%45.1%0.40-
Sector ETF (XLP)8.4%14.9%0.4216.6%
Equity (SPY)15.4%17.9%0.7325.9%
Gold (GLD)11.9%16.4%0.596.3%
Commodities (DBC)8.3%18.1%0.377.6%
Real Estate (VNQ)5.2%20.7%0.2118.8%
Bitcoin (BTCUSD)63.0%66.2%1.0313.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity22.0 Mil
Short Interest: % Change Since 915202641.9%
Average Daily Volume4.5 Mil
Days-to-Cover Short Interest4.8 days
Basic Shares Quantity234.9 Mil
Short % of Basic Shares9.3%

Earnings Returns History

Updated 9/25/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202611.4%11.2%13.4%
5/6/2026-8.2%-10.7%-5.2%
2/12/20269.2%9.1%16.6%
11/10/20251.6%11.7%18.3%
8/7/20253.7%-11.2%-8.5%
5/1/202513.6%7.9%16.7%
2/25/2025-12.3%-21.2%-17.3%
11/12/2024-11.0%-11.5%-13.3%
...
SUMMARY STATS   
# Positive655
# Negative455
Median Positive6.4%9.1%16.6%
Median Negative-9.6%-11.5%-12.0%
Max Positive13.6%11.7%18.3%
Max Negative-12.3%-21.2%-17.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202611.4%11.2%13.4%
5/6/2026-8.2%-10.7%-5.2%
2/12/20269.2%9.1%16.6%
11/10/20251.6%11.7%18.3%
8/7/20253.7%-11.2%-8.5%
5/1/202513.6%7.9%16.7%
2/25/2025-12.3%-21.2%-17.3%
11/12/2024-11.0%-11.5%-13.3%
8/6/20242.8%2.3%10.1%
5/8/2024-3.7%-12.4%-12.0%
SUMMARY STATS   
# Positive655
# Negative455
Median Positive6.4%9.1%16.6%
Median Negative-9.6%-11.5%-12.0%
Max Positive13.6%11.7%18.3%
Max Negative-12.3%-21.2%-17.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/08/202510-Q
03/31/202505/08/202510-Q
12/31/202402/28/202510-K
09/30/202411/13/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/05/202410-K
09/30/202311/13/202310-Q
06/30/202309/20/2023424B4
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/07/202610-Q
12/31/202502/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/08/202510-Q
03/31/202505/08/202510-Q
12/31/202402/28/202510-K
09/30/202411/13/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/05/202410-K
09/30/202311/13/202310-Q
06/30/202309/20/2023424B4

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 GTVReported10.30 Bil10.43 Bil10.55 Bil2.5% Higher NewGuidance: 10.18 Bil for Q2 2026
Q3 2026 Adjusted EBITDAReported320.00 Mil330.00 Mil340.00 Mil11.9% Higher NewGuidance: 295.00 Mil for Q2 2026


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 GTVReported10.10 Bil10.18 Bil10.25 Bil-0.2% Lower NewActual: 10.20 Bil for Q1 2026
Q2 2026 GTV GrowthReported11.0%12.0%13.0%   
Q2 2026 Adjusted EBITDAReported290.00 Mil295.00 Mil300.00 Mil3.5% Higher NewActual: 285.00 Mil for Q1 2026
Q2 2026 Adjusted EBITDA GrowthReported11.0%13.0%15.0%   

Q4 2025 Earnings Reported 2/12/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 GTVReported10.12 Bil10.20 Bil10.28 Bil7.1% Higher NewGuidance: 9.53 Bil for Q4 2025
Q1 2026 Adjusted EBITDAReported280.00 Mil285.00 Mil290.00 Mil-1.7% Lower NewGuidance: 290.00 Mil for Q4 2025

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 GTVReported9.45 Bil9.53 Bil9.60 Bil5.0% Higher NewGuidance: 9.07 Bil for Q3 2025
Q4 2025 Adjusted EBITDAReported285.00 Mil290.00 Mil295.00 Mil9.4% Higher NewGuidance: 265.00 Mil for Q3 2025

Insider Activity

Updated 10/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Blackwood-Kapral, LisaChief Accounting OfficerDirectSell1019202649.583,016149,5331,720,376Form
2Fong, MorganChief Legal OfficerDirectSell924202644.9818,390827,24623,837,242Form
3Blackwood-Kapral, LisaChief Accounting OfficerDirectSell917202647.083,017142,0401,775,622Form
4Laughton, Mary Beth DirectSell831202650.3310,236515,150548,064Form
5Fong, MorganChief Legal OfficerDirectSell826202649.9618,390918,80226,475,433Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Blackwood-Kapral, LisaChief Accounting OfficerDirectSell1019202649.583,016149,5331,720,376Form
2Fong, MorganChief Legal OfficerDirectSell924202644.9818,390827,24623,837,242Form
3Blackwood-Kapral, LisaChief Accounting OfficerDirectSell917202647.083,017142,0401,775,622Form
4Laughton, Mary Beth DirectSell831202650.3310,236515,150548,064Form
5Fong, MorganChief Legal OfficerDirectSell826202649.9618,390918,80226,475,433Form
6Rogers, ChrisPresident and CEODirectSell821202648.957,606372,28744,866,124Form
7Gupta, Ravi Estate Planning VehicleSell821202650.61150,0007,591,51529,937,038Form
8Reuter, EmilyCHIEF FINANCIAL OFFICERDirectSell817202650.0125,0001,250,22233,432,200Form
9Rogers, ChrisPresident and CEODirectSell811202650.004,933246,65048,402,450Form
10Fong, MorganChief Legal OfficerDirectSell724202644.3418,390815,39824,123,983Form
11Blackwood-Kapral, LisaChief Accounting OfficerDirectSell717202647.643,016143,6822,231,219Form
12Blackwood-Kapral, LisaChief Accounting OfficerDirectSell617202641.243,017124,4212,055,855Form
13Gupta, Ravi Estate Planning VehicleSell604202641.51181,0007,513,87130,782,918Form
14Rogers, ChrisPresident and CEODirectSell603202640.667,893320,92939,561,448Form
15Fong, MorganChief Legal OfficerDirectSell519202639.9414,033560,41621,728,062Form
16Blackwood-Kapral, LisaChief Accounting OfficerDirectSell417202640.259,390377,9042,373,311Form
17Blackwood-Kapral, LisaChief Accounting OfficerDirectSell318202638.749,390363,7971,840,680Form
18Fong, MorganGENERAL COUNSEL & SECRETARYDirectSell313202637.09126,0834,676,95414,342,230Form
19Sarafan, Lily DirectSell227202636.533,500127,847787,320Form
20Fong, MorganGENERAL COUNSEL & SECRETARYDirectSell1223202545.214,914222,16818,307,813Form
21Laughton, Mary Beth DirectSell1125202540.724,056165,168614,003Form
22Fong, MorganGENERAL COUNSEL & SECRETARYDirectSell1121202541.254,914202,70216,906,478Form
23Simo, Fidji DirectSell1114202539.914,065162,25422,578,884Form
24Fong, MorganGENERAL COUNSEL & SECRETARYDirectSell1022202538.853,546137,76216,609,269Form
25Simo, Fidji DirectSell1017202540.001,01440,56022,789,680Form
26Simo, Fidji DirectSell1017202539.603,051120,81222,600,511Form

Investor Activity (13F)

Updated Oct 23, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GCM Grosvenor Holdings, LLC$155.1 Mil17.2%22Hold13F
SC US (TTGP), LTD.$1.0 Bil11.3%36Hold13F
D1 Capital Partners L.P.$845.0 Mil7.5%44Hold13F
Goodnow Investment Group, LLC$51.8 Mil5.7%29Hold13F
Impactive Capital LP$58.9 Mil4.3%10New13F
Wolf Hill Capital Management, LP$26.9 Mil3.8%20ADD +271.8%13F
Shapiro Capital Management LLC$48.3 Mil3.0%50New13F
Valueworks LLC$9.3 Mil2.5%35ADD +8.9%13F
HS Management Partners, LLC$7.0 Mil2.4%24TRIM -45.1%13F
Hook Mill Capital Partners, LP$16.5 Mil1.5%39New13F
Scge Management, L.P.$10.5 Mil0.3%21Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Impactive Capital LP$58.9 Mil4.3%10New13F
Shapiro Capital Management LLC$48.3 Mil3.0%50New13F
Hook Mill Capital Partners, LP$16.5 Mil1.5%39New13F
Wolf Hill Capital Management, LP$26.9 Mil3.8%20ADD +271.8%13F
Valueworks LLC$9.3 Mil2.5%35ADD +8.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Capital Impact Advisors, LLC$61.1 Mil4.8%30ExitedDec 31, 202513F
HS Management Partners, LLC$7.0 Mil2.4%24TRIM -45.1%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SC US (TTGP), LTD.$1.0 Bil11.3%36Hold13F
D1 Capital Partners L.P.$845.0 Mil7.5%44Hold13F
GCM Grosvenor Holdings, LLC$155.1 Mil17.2%22Hold13F
Impactive Capital LP$58.9 Mil4.3%10New13F
Goodnow Investment Group, LLC$51.8 Mil5.7%29Hold13F
Shapiro Capital Management LLC$48.3 Mil3.0%50New13F
Wolf Hill Capital Management, LP$26.9 Mil3.8%20ADD +271.8%13F
Hook Mill Capital Partners, LP$16.5 Mil1.5%39New13F
Scge Management, L.P.$10.5 Mil0.3%21Hold13F
Valueworks LLC$9.3 Mil2.5%35ADD +8.9%13F
HS Management Partners, LLC$7.0 Mil2.4%24TRIM -45.1%13F
Core Cache Last Updated: 10/22/2026