Maplebear (CART) Q2 FY2024 earnings: revenue $823 million, up 14.9% on the year

Maplebear Inc. (CART) reported revenue of $823 million for Q2 FY2024, the quarter ended 30 June 2024, up 14.9% on the same quarter a year earlier. Net income was $61 million, down 46.5% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 9 August 2024.

Revenue$823 millionup 14.9%

Net income$61 milliondown 46.5%

Diluted EPS$0.20

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	823	820	n/a	n/a
Cost of revenue	200	206	n/a	n/a
Gross profit	623	614	n/a	n/a
Gross margin	75.7%	74.9%	n/a
Research and development	185	115	n/a	n/a
Operating income	52.0	144	n/a	n/a
Operating margin	6.3%	17.6%	n/a
Pre-tax income	68.0	165	n/a	n/a
Income tax	7.0	35.0	n/a	n/a
Effective tax rate	10.3%	21.2%	n/a
Net income	61.0	130	n/a	n/a
Net margin	7.4%	15.9%	n/a
Diluted EPS	$0.20	$0.43	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	244	105	n/a	n/a
Capital expenditure	24.0	14.0	n/a	n/a
Free cash flow	220	91.0	n/a	n/a
Free cash flow margin	26.7%	11.1%	n/a
Cash from investing	-13.0	13.0	n/a	n/a
Cash from financing	-305	-750	n/a	n/a
Depreciation and amortisation	12.0	12.0	n/a	n/a
Share-based compensation	136	9.0	n/a	n/a
Buybacks	325	715	n/a	n/a
Diluted shares, weighted	286m	302m	n/a	n/a
Shares outstanding at period end	264m	266m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	3,039	3,141	n/a	n/a
Operating lease liabilities	19.0	23.0	n/a	n/a
Other liabilities	969	933	n/a	n/a
Total liabilities and equity	4,027	4,097	n/a	n/a
Fixed assets	174	153	n/a	n/a
Goodwill	318	318	n/a	n/a
Intangible assets	64.0	71.0	n/a	n/a
Investments	9.0	20.0	n/a	n/a
Cash and equivalents	1,434	1,514	n/a	n/a
Receivables	888	917	n/a	n/a
Other assets	1,140	1,104	n/a	n/a
Total assets	4,027	4,097	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	764	803	820	823	852	883	897	914	939	992	1,019	1,043
Cost of revenue	203	195	206	200	211	219	226	236	247	275	281	292
Gross profit	561	608	614	623	641	664	671	678	692	717	738	751
Gross margin	73%	76%	75%	76%	75%	75%	75%	74%	74%	72%	72%	72%
R&D	1,850	205	115	185	149	155	144	166	169	171	164	202
Operating income	-2,457	46.0	144	52.0	138	155	110	124	166	98.0	182	143
Operating margin	-322%	6%	18%	6%	16%	18%	12%	14%	18%	10%	18%	14%
Pre-tax income	-2,439	72.0	165	68.0	153	166	124	142	181	109	n/a	n/a
Tax rate	n/a	-88%	21%	10%	23%	11%	15%	18%	20%	26%	n/a	n/a
Net income	-1,999	135	130	61.0	118	148	106	116	144	81.0	144	111
Net margin	-262%	17%	16%	7%	14%	17%	12%	13%	15%	8%	14%	11%
Diluted EPS	-$20.86	$8.43	$0.43	$0.20	$0.42	$0.53	$0.37	$0.41	$0.51	$0.31	$0.57	$0.45
Operating cash flow	111	233	105	244	185	153	298	203	287	183	268	494
Capital expenditure	16.0	16.0	14.0	24.0	14.0	12.0	18.0	16.0	15.0	12.0	16.0	13.0
Free cash flow	95.0	217	91.0	220	171	141	280	187	272	171	252	481
Buybacks	0.0	36.0	715	325	357	5.0	89.0	121	62.0	1,114	359	324
Shares outstanding	280m	279m	266m	264m	257m	261m	263m	263m	266m	243m	237m	233m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless. EPS is as filed for each quarter. A split or a bonus issue changes the share count, so quarters before it are on the old count.

Source

10-Q for the period ended 30 June 2024, filed 9 August 2024, accession 0001579091-24-000087: the filing on EDGAR. All of Maplebear Inc.'s filings: EDGAR company page.

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