Filing Flows › Maplebear (CART) › Q1 2025
Maplebear (CART) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Maplebear (CART) reported revenue of $897M for the first quarter 2025 (Q1 2025), +9% from a year earlier and +2% from the quarter before. Operating margin was 12.3%, net earnings $106M (11.8% of revenue).
Maplebear, Q1 2025: revenue $897M (+9% year over year), operating margin 12.3%, net earnings $106M, operating cash flow $298M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $897M | +2% | +9% |
| Gross profit | $671M | +1% | +9% |
| Operating profit | $110M | -29% | -24% |
| Net earnings | $106M | -28% | -18% |
| Operating cash flow | $298M | +95% | +184% |
| Free cash flow | $280M | +99% | +208% |
What changed
Revenue was $897.0M in Q1 2025, up 9% year over year and up 2% from the previous quarter. Transaction was the largest line at 72% of revenue. Transaction added $47.0M year over year (up 8%), 61% of the total change.
Gross margin was 74.8%, down 0.1 points from a year earlier. Operating profit was $110.0M, a 12.3% margin (down 5.3 points year over year). Operating profit fell $34.0M even though revenue rose $77.0M versus a year earlier, so costs grew faster than sales. Operating expenses grew 19% against revenue growth of 9%. The fastest-growing cost line was General & admin (+29%). Net earnings were $106.0M, down 18% year over year. The effective tax rate was 14.5%.
Operating cash flow was $298.0M (up 184% year over year), 281% of net earnings. Non-cash charges added back $19.0M of depreciation and amortization and $66.0M of share-based compensation. Working capital and other items added $107.0M. Capital expenditures of $18.0M left free cash flow of $280.0M.
Questions
What was Maplebear's revenue in the first quarter 2025?
Maplebear (CART) reported revenue of $897M for the first quarter 2025 (Q1 2025), +9% from a year earlier and +2% from the quarter before.
Was Maplebear profitable in the first quarter 2025?
Operating profit was $110M (12.3% of revenue) and net earnings $106M.
Source: Maplebear 10-Q on SEC EDGAR.