Maplebear (MEX:CART) Operating Income: MXN10,444 Mil (TTM As of Mar. 2026)


MEX:CART Maplebear Inc MEX:CART
63 GF Score
Price MXN678.83
GF Value MXN630.25
! 3 Warning Signs
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What is Maplebear Operating Income?

Maplebear MEX:CART 63 Operating Income is MXN10,444 Mil as of Mar. 2026. GuruFocus rates MEX:CART with a GF Score™ of 63/100 and a GF Value™ of MXN630.25. The stock has 3 warning signs investors should review.

Maplebear's Operating Income for the three months ended in Mar. 2026 was MXN3,282 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was MXN10,444 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Maplebear's Operating Income for the three months ended in Mar. 2026 was MXN3,282 Mil. Maplebear's Revenue for the three months ended in Mar. 2026 was MXN18,375 Mil. Therefore, Maplebear's Operating Margin % for the quarter that ended in Mar. 2026 was 17.86%.

Maplebear's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Maplebear's annualized ROC % for the quarter that ended in Mar. 2026 was 22.32%. Maplebear's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 90.51%.


Maplebear  (MEX:CART) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Maplebear's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=13127.804 * ( 1 - 23.4% )/( (45626.444 + 44486.671)/ 2 )
=10055.897864/45056.5575
=22.32 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=66387.016 - 8390.656 - ( 12369.916 - max(0, 16511.227 - 39594.534+12369.916))
=45626.444

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=63745.595 - 6816.361 - ( 12442.563 - max(0, 15958.94 - 37706.376+12442.563))
=44486.671

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Maplebear's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=13127.804/( ( (4465.414 + max(10767.408, 0)) + (4436.044 + max(9340.938, 0)) )/ 2 )
=13127.804/( ( 15232.822 + 13776.982 )/ 2 )
=13127.804/14504.902
=90.51 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(20292.424 + 0 + 6932.194) - (8390.656 + 5041.596 + 3024.958)
=10767.408

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(19745.807 + 0 + 5518.006) - (6816.361 + 5932.758 + 3173.756)
=9340.938

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Maplebear's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=3281.951/18375.321
=17.86 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Maplebear Operating Income Related Terms


Maplebear Operating Income Historical Data

* Premium members only.

The historical data trend for Maplebear's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Maplebear Operating Income Chart

Maplebear Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial -1,764.20 1,208.75 -36,358.84 10,198.44 8,966.84

Maplebear Quarterly Data
Dec21 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2,250.40 2,315.99 3,081.83 1,764.56 3,281.95
MEX:CART
63GF Score
Maplebear Inc MEX:CART
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Maplebear Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was MXN10,444 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of MXN10,444 Mil mean?
Maplebear (MEX:CART) has a Operating Income of MXN10,444 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Maplebear and its competitors.
Is Maplebear's Operating Income too high?
Maplebear's current Operating Income is MXN10,444 Mil. Overall, Maplebear has a GF Score™ of 63/100, reflecting its overall financial health beyond just this single metric.
How does Maplebear's Operating Income compare to CHWY and W?
Maplebear's Operating Income of MXN10,444 Mil can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Retail - Cyclical company?
A good Operating Income depends on the Retail - Cyclical industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Maplebear and its competitors. Maplebear's current Operating Income is MXN10,444 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Maplebear stock overvalued right now?
Maplebear (MEX:CART) has a current Operating Income of MXN10,444 Mil. The stock's GF Value™ is MXN630.25, compared to a current price of MXN678.83 — trading 7.7% above its estimated fair value. The current Operating Income is MXN10,444 Mil. Maplebear's overall GF Score™ is 63/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Maplebear (MEX:CART), the current Operating Income is MXN10,444 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Maplebear (MEX:CART) Overvalued in 2026?

Based on GuruFocus' analysis, Maplebear stock appears to be overvalued. The current stock price of MXN678.83 is trading 7.7% above its estimated GF Value™ of MXN630.25.

Key valuation signals for MEX:CART:

  • Operating Income: MXN10,444 Mil
  • GF Value™: MXN630.25 vs. price of MXN678.83 (7.7% above fair value)
  • GF Score™: 63/100 with 3 warning signs

No single metric tells the full story. See the MEX:CART stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Maplebear Business Description

Other Exchanges CART:USA
Address 50 Beale Street, Suite 600, San Francisco, CA, USA, 94105
Maplebear (Instacart) is a grocery-focused delivery marketplace that connects national and regional grocers with consumers and couriers, and consumers with their favorite stores. Its app provides on-demand convenience for consumers, allows couriers to earn income, and helps grocers to scale their business through digital channels. The marketplace gathers valuable consumer behavior data, attracting consumer-packaged-goods advertisers that seek to reach consumers at the point of purchase. With approximately 600,000 shoppers and 1,800 retail partners, Instacart delivers to about 98% of households in the United States and Canada.
63GF Score

Get the complete analysis for MEX:CART

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN678.83
Price
MXN630.25
GF Value