Filing Flows › Maplebear (CART) › Q4 2025
Maplebear (CART) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Maplebear (CART) reported revenue of $992M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +6% from the quarter before. Operating margin was 9.8%, net earnings $81.0M (8.2% of revenue).
Maplebear, Q4 2025: revenue $992M (+12% year over year), operating margin 9.8%, net earnings $81.0M, operating cash flow $183M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $992M | +6% | +12% |
| Gross profit | $717M | +4% | +8% |
| Operating profit | $97.0M | -42% | -37% |
| Net earnings | $81.0M | -44% | -45% |
| Operating cash flow | $183M | -36% | +20% |
| Free cash flow | $171M | -37% | +21% |
What changed
Revenue was $992.0M in Q4 2025, up 12% year over year and up 6% from the previous quarter. Transaction was the largest line at 70% of revenue.
Gross margin was 72.3%, down 2.9 points from a year earlier. Operating profit was $97.0M, a 9.8% margin (down 7.8 points year over year). Operating profit fell $58.0M even though revenue rose $109.0M versus a year earlier, so costs grew faster than sales. Operating expenses grew 22% against revenue growth of 12%. The fastest-growing cost line was General & admin (+120%). Net earnings were $81.0M, down 45% year over year. The effective tax rate was 25.7%.
Operating cash flow was $183.0M (up 20% year over year), 226% of net earnings. Non-cash charges added back $26.0M of depreciation and amortization and $99.0M of share-based compensation. Working capital and other items used $23.0M. Capital expenditures of $12.0M left free cash flow of $171.0M.
Questions
What was Maplebear's revenue in the fourth quarter 2025?
Maplebear (CART) reported revenue of $992M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +6% from the quarter before.
Was Maplebear profitable in the fourth quarter 2025?
Operating profit was $97.0M (9.8% of revenue) and net earnings $81.0M.
Source: Maplebear 10-K on SEC EDGAR.