CART Maplebear Inc. - Common Stock
NASDAQ · Retail · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 7, 2026CART Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Maplebear Inc. - Common Stock Company overview from Wikipedia
Maplebear Inc., doing business as Instacart, is an American retail media and delivery company based in San Francisco that operates a grocery delivery and pick-up service in the United States and Canada accessible via a website and mobile app. It allows customers to order groceries from participating retailers with the shopping being done by a personal shopper, who picks, packs, and delivers the order, while also providing alcohol delivery in regions where it is permitted.
The company offers service from 2,200 retailers covering nearly 100,000 grocery stores, and works with 9,000 consumer packaged goods brands. Alcohol delivery is available from hundreds of retail banners that span 17,000 stores across North America.
Instacart reaches "nearly 98%" of SNAP households, offering delivery services from about 180 retail banners, including ALDI, Food Lion, Publix, The Save Mart Companies and Walgreens, spanning about 30,000 stores across all 50 states and Washington D.C. Since its founding, Instacart Marketplace has seen over $100 billion of "gross transactional value" and over 900 million orders with approximately 20 billion items ordered.
History
Corporate history
After getting inspiration from being low on groceries without owning a car as well as his trips to the grocery store by bus in the cold while growing up in Canada, Apoorva Mehta founded Instacart in 2012 at age 26. He tried to apply for funding through Y Combinator but missed the deadline. He eventually got a meeting by using the Instacart mobile app to deliver a six-pack of beer from 21st Amendment Brewery to a Y Combinator partner and was admitted to the summer of 2012 batch. Y Combinator helped Mehta raise $2.3 million in funding and enabled him to meet his two co-founders, Max Mullen and Brandon Leonardo. The company’s name is a combination of "maple," in reference to Canada, and "bear," for the logo on the California state flag, as Mehta grew up in Canada and moved to California.
At the end of 2018, Instacart changed its pay system for its personal shoppers. Shoppers reported frustration with the new payment system.
In 2019, the company expanded its services to offering an on-demand option for its shoppers, in order to allow shoppers to work more flexible schedules.
In 2020, during the COVID-19 pandemic, Instacart implemented contactless delivery, safety kits and guidelines for shoppers. From mid-March to mid-April 2020, as a result of a surge in usage of the mobile app, Instacart signed up an additional 300,000 shoppers to meet the surge in demand for grocery deliveries.
In 2021, Instacart had a valuation of $39 billion. In July 2021, Fidji Simo was appointed CEO, while Mehta transitioned to Executive Chairman of the Board. In July 2022, Simo was appointed to succeed Mehta as chairperson once the company completed its initial public offering. In September 2023, the company became public through an initial public offering raising $660 million, valuing the company at about $10 billion. The company's shares opened on Nasdaq at a price of $30. Mehta left the company after it went public. In 2025, Instacart unveiled its first Super Bowl ad.
In May 2025, TechCrunch and others reported that Simo would leave Instacart to take a role with OpenAI. Later that month the company appointed business chief, Chris Rogers, as its next CEO beginning in August 2025. On August 15, 2025, Chris Rogers officially stepped into the position of CEO and joined the company's Board of Directors.
In December 2025, Instacart agreed to pay $60 million to settle an investigation opened by the U.S. Federal Trade Commission (FTC) related to allegations the company had deceived consumers about its Instacart+ membership and free delivery offers, according to court documents. An Instacart spokesperson said the company flatly denied any allegations of wrongdoing, and that the settlement allows the company to focus on shoppers and retailers.
Service launches and grocery partnerships
2010s
Instacart was first launched in San Francisco in 2012. In November 2013, Instacart added alcohol delivery in areas where alcohol delivery was legal. The company expanded across the United States in the following years.
In August 2013, Instacart began offering an annual membership service called Instacart Express. In June 2022, Instacart Express was renamed Instacart+ and new family shopping features, including sharing membership and shopping-cart collaboration with another family member for free, were added.
In November 2017, the company expanded to Canada, first with a partnership with Loblaw Companies in Toronto and Vancouver. By May 2018, Instacart was available for use in 11 Canadian markets and was planning expansions for five more markets.
In April 2018, Instacart changed its prices by instituting a mandatory 5% service fee on all orders. It originally offered an optional 10% service fee that went directly to Instacart that could be turned off. It also returned the gratuity option back to the checkout screen and raised the default value from 0% to 5%.
In March 2019, Instacart expanded its same-day alcohol delivery service in the U.S. Effective May 2019, Whole Foods Market ended its partnership with Instacart in the U.S. given its ties to Amazon.com. In February 2024, Instacart announced customers throughout Canada can now order fresh groceries and everyday essentials from Whole Foods Market on the Instacart App.
2020s
In May 2020, Instacart began a partnership with Rite Aid, offering its service across 2,400 locations in 18 states. In August 2020, Instacart entered its first partnership with Walmart in the U.S. to offer same-day delivery services. The partnership is a pilot program beginning in Los Angeles, San Francisco, San Diego, and Tulsa. Additional partnerships in June included C&S Wholesale Grocers and Staples.
In March 2022, in partnership with TikTok, Hearst Magazine and Tasty, Instacart launched Shoppable Recipes with product integrations for food creators. In the same month, Instacart introduced the Instacart Platform, a program providing digital tools for retailers. The platform includes services such as advertising, home delivery, inventory management, and other technologies designed to support retailers online grocery operations.Through these services, Instacart expanded from a grocery delivery marketplace into a broader technology platform for grocery retailers.
In May 2022, Instacart partnered with Canadian grocers Metro, Giant Tiger, and Galleria Supermarket. In March 2023, Instacart announced the availability of digital tools for medical providers to promote nutritious foods to patients and their families. In November 2023, Instacart partnered with Peacock with US Instacart subscribers receiving free access to Peacock. In May 2024, Instacart partnered with Uber Eats to give Instacart customers access to food delivery from Uber Eats U.S. restaurant partners. In June 2024, Instacart began a partnership with New York Times Cooking with recipes from NYT Cooking providing links to Instacart for the ingredients needed to make the recipe and giving Instacart+ subscribers free access to NYT Cooking for a year.
Acquisitions history
In January 2018, the company acquired Toronto-based Unata, a white-label platform for grocers, for $65 million. In October 2021, Instacart acquired smart cart and checkout company Caper AI for $350 million. In September 2022, Instacart announced the acquisition of Eversight, an artificial intelligence pricing platform for brands and retailers. Also in September 2022, the company acquired Rosie, an e-commerce platform for local and independent retailers and wholesalers. In May 2025, the company acquired Wynshop, an e-commerce platform for US grocery chains. In April 2026, the company acquired Instaleap, a global enablement and fulfillment solutions platform based in Bogotá.
Finance
The key financial trends for Instacart (CART) are as follows, based on fiscal years ending December 31:
Labor practices and legal issues
Workforce
Instacart has approximately 600,000 shoppers on their platform. Instacart shoppers are independent contractors, and the majority of shoppers shop less than 10 hours per week. In June 2015, Instacart began hiring some shoppers as part-time employees, known as in-store shoppers, starting with Chicago and Boston and extending to shoppers in Atlanta, Miami, and Washington, D.C. the following month.
In January 2021, the company announced plans to lay off nearly 2,000 in-store employees. Instacart said that the layoffs were due to stores increasingly using Instacart to have consumers place orders, but have their own employees fulfill the order instead of Instacart's workforce, reducing reliance on Instacart's in-store shoppers.
Worker classification
In March 2017, Instacart agreed to pay $4.6 million to settle a class action settlement stemming from the alleged misclassification of its personal shoppers as independent contractors. The suit, filed in March 2015, alleged 18 violations, including improper tip pooling and failure to reimburse workers for business expenses.
In February 2020, 15 Instacart in-store shoppers in Skokie, Illinois voted to form a trade union.
COVID-19 response
In March 2020, shoppers impacted by COVID-19 would be eligible for up to 14 days of sick pay. Instacart required that workers either get a positive COVID-19 test or be under a mandatory quarantine by a public health or other government agency. Workers demanded hazard pay and personal protective equipment. In early April 2020, Instacart began providing safety kits to workers. In June, Instacart changed its sick leave in an agreement reached by it and the D.C. Attorney General, Karl Racine. Under the agreement, Instacart provided paid leave to workers who were clinically diagnosed with COVID-19 by a doctor or other medical professional along with those who had a household member contract COVID-19. The agreement also provided workers access to telemedicine services. In January 2021, Instacart announced a $25 stipend to provide financial assistance to company shoppers who choose to get the COVID-19 vaccine.
2020 customer data exposure
In July 2020 data tied to an estimated 278,531 Instacart accounts - names, partial addresses, the last four digits of payment cards and recent order histories - was reported for sale on dark-web marketplaces. Instacart denied any breach of its systems, attributed the exposure to credential stuffing and forced password resets, security researchers and customers interviewed by TechCrunch said the data looked genuine. Instacart did not offer two-factor authentication at the time.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | CART | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 24.05Y avg ≈17.5 | ≈17.5 | 25.7 | Fair value | |
| P/S (TTM) | 2.65Y avg ≈2.8 | ≈2.8 | 0.5 | Overvalued | |
| P/B (MRQ) | 4.45Y avg ≈3.2 | ≈3.2 | 4.8 | Fair value | |
| Price / FCF (TTM) | 8.85Y avg ≈13.9 | ≈13.9 | · | · | |
| Price / Cash Flow (TTM) | 8.45Y avg ≈12.7 | ≈12.7 | 10.7 | Overvalued | |
| Price / Tangible Book (MRQ) | 4.65Y avg ≈3.7 | ≈3.7 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | CART | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 72.6%5Y avg ≈74.6% | ≈74.6% | 29.3% | Top tier | |
| Operating Margin (TTM) | 14.8%5Y avg ≈-14.2% | ≈-14.2% | 2.8% | Top tier | |
| EBITDA Margin (TTM) | 17.6%5Y avg ≈-12.4% | ≈-12.4% | 4.9% | Top tier | |
| Pretax Margin | 14.9%5Y avg ≈-12.2% | ≈-12.2% | 3.2% | Top tier | |
| Net Profit Margin (TTM) | 12.0%5Y avg ≈-9.3% | ≈-9.3% | 1.9% | Top tier | |
| ROA (TTM) | 12.1%5Y avg ≈-5.6% | ≈-5.6% | 4.7% | Top tier | |
| ROE (TTM) | 17.1%5Y avg ≈-4.7% | ≈-4.7% | 14.3% | In line | |
| ROIC | 15.9%5Y avg ≈-5.3% | ≈-5.3% | 11.7% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CART | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 2.35Y avg ≈3.4 | ≈3.4 | 1.2 | Strong liquidity | |
| Quick Ratio (MRQ) | 2.05Y avg ≈3.0 | ≈3.0 | 0.3 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | CART | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 10.8%5Y avg ≈20.0% | ≈20.0% | · | · | |
| Revenue CAGR 3Y | 13.6% | · | · | · | |
| EPS YoY | 1.3% | · | · | · | |
| Net Income YoY | -2.2% | · | · | · | |
| EPS CAGR 3Y | 18.6% | · | · | · | |
| Net Income CAGR 3Y | 1.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | CART | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 1.05Y avg ≈0.8 | ≈0.8 | 2.1 | Weak | |
| Receivables Turnover | 3.55Y avg ≈3.6 | ≈3.6 | 80.7 | Weak | |
| Revenue / Employee | ≈$1.0M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $0.45 | $0.55 | -18.3% |
| March 31, 2026 | $0.57 | $0.61 | -6.3% | |
| Dec. 31, 2025 | $0.30 | $0.53 | -42.9% | |
| Sept. 30, 2025 | $0.51 | $0.50 | 1.2% | |
| June 30, 2025 | $0.41 | $0.39 | 6.3% | |
| March 31, 2025 | $0.37 | $0.39 | -5.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $3.74B | $3.38B | $3.04B | $2.55B | $1.83B | |
| Cost of Revenue | $984M | $836M | $764M | $720M | $608M | |
| Gross Profit | $2.76B | $2.54B | $2.28B | $1.83B | $1.23B | |
| R&D Expense | $650M | $604M | $2.31B | $518M | $368M | |
| SG&A Expense | $482M | $363M | $803M | $339M | $288M | |
| Operating Expenses | $2.26B | $2.05B | $4.42B | $1.77B | $1.31B | |
| Operating Income | $498M | $489M | $-2.14B | $62M | $-86M | |
| Other Non-op | $1M | $-3M | $0 | $-8M | $12M | |
| Pretax Income | $556M | $552M | $-2.06B | $71M | $-72M | |
| Income Tax | $109M | $95M | $-439M | $-357M | $1M | |
| Net Income | $447M | $457M | $-1.62B | $428M | $-73M | |
| EPS (Basic) | $1.68 | $1.69 | $-12.43 | $1.08 | $-1.12 | |
| EPS (Diluted) | $1.60 | $1.58 | $-12.43 | $0.96 | $-1.12 | |
| Shares (Basic) | 261,353,000 | 264,640,000 | 130,616,000 | 71,853,000 | 65,874,000 | |
| Shares (Diluted) | 279,621,000 | 289,158,000 | 130,616,000 | 101,480,000 | 65,874,000 | |
| EBITDA | $589M | $545M | $-2.10B | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $637M | $1.28B | $2.14B | $1.50B | $1.15B | |
| Short-term Investments | $50M | $91M | $49M | $209M | · | |
| Receivables | $1.13B | $1.01B | $853M | $842M | · | |
| Prepaid Expense | $213M | $162M | $129M | $109M | · | |
| Current Assets | $2.20B | $2.70B | $3.31B | $2.74B | · | |
| PP&E (Net) | $218M | $200M | $135M | $38M | · | |
| PP&E (Gross) | $345M | $274M | $185M | $75M | · | |
| Accum. Depreciation | $127M | $74M | $50M | $37M | · | |
| Goodwill | $393M | $317M | $318M | $317M | $263M | |
| Intangibles | $71M | $52M | $77M | $103M | · | |
| Other Non-current Assets | $14M | $38M | $12M | $12M | · | |
| Total Assets | $3.69B | $4.12B | $4.73B | $3.67B | · | |
| Accounts Payable | $70M | $80M | $72M | $88M | · | |
| Accrued Liabilities | $634M | $505M | $451M | $515M | · | |
| Current Liabilities | $917M | $798M | $733M | $795M | · | |
| Capital Leases | $33M | $13M | $27M | $36M | · | |
| Other Non-current Liabilities | $24M | $25M | $40M | $80M | · | |
| Total Liabilities | $974M | $836M | $800M | $911M | · | |
| Common Stock | $0 | $0 | $0 | $0 | · | |
| Paid-in Capital | $7.00B | $6.69B | $6.38B | $918M | · | |
| Retained Earnings | $-4.49B | $-3.58B | $-2.63B | $-977M | · | |
| AOCI | $-1M | $-9M | $3M | $-5M | · | |
| Stockholders' Equity | $2.52B | $3.09B | $3.75B | $-64M | $-573M | |
| Liabilities + Equity | $3.69B | $4.12B | $4.73B | $3.67B | · | |
| Shares Outstanding | 242,867,000 | 260,964,000 | 279,046,000 | 72,230,000 | 69,535,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $91M | $56M | $43M | $34M | $16M | |
| Stock-based Comp | $352M | $300M | $2.76B | $33M | $22M | |
| Deferred Tax | $98M | $59M | $-459M | $-373M | $-2M | |
| Other Non-cash | $-17M | $-185M | $-132M | · | · | |
| Operating Cash Flow | $971M | $687M | $586M | $277M | $-204M | |
| CapEx | $61M | $64M | $54M | $24M | $13M | |
| Investing Cash Flow | $-208M | $-107M | $135M | $117M | $-330M | |
| Stock Issued | · | · | $0 | $0 | $125M | |
| Stock Repurchased | $1.39B | $1.40B | $36M | $0 | $0 | |
| Net Stock Activity | $-1.39B | $-1.40B | $-36M | · | · | |
| Financing Cash Flow | $-1.39B | $-1.41B | $-30M | $46M | $464M | |
| Net Change in Cash | $-623M | $-844M | $694M | $434M | $-71M | |
| Taxes Paid | $43M | $13M | $54M | $3M | $4M | |
| Free Cash Flow | $910M | $623M | $532M | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 73.7% | 75.2% | 74.9% | · | · | |
| Operating Margin | 13.3% | 14.5% | -70.4% | · | · | |
| Net Margin | 11.9% | 13.5% | -53.3% | · | · | |
| Pretax Margin | 14.9% | 16.3% | -67.8% | · | · | |
| EBITDA Margin | 15.7% | 16.1% | -69.0% | · | · | |
| ROA | 11.5% | 10.3% | -38.6% | · | · | |
| ROE | 15.4% | 15.3% | -44.8% | · | · | |
| ROIC | 15.9% | 13.1% | -45.0% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 3.4 | 4.5 | · | · | |
| Quick Ratio | 2.0 | 3.0 | 4.1 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 0.8 | 0.7 | · | · | |
| Receivables Turnover | 3.5 | 3.6 | 3.6 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Book Value / Share | $10.37 | $11.85 | $13.44 | · | · | |
| Revenue / Share | $13.38 | $11.68 | $23.29 | · | · | |
| Cash Flow / Share | $3.47 | $2.38 | $4.49 | · | · | |
| Cash / Share | $2.62 | $4.90 | $7.66 | · | · | |
| EPS (TTM) | $1.60 | $1.58 | $-12.43 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 10.8% | 11.1% | 19.2% | 39.1% | · | |
| Revenue CAGR 3Y | 13.6% | 22.6% | · | · | · | |
| EPS YoY | 1.3% | · | · | · | · | |
| EPS CAGR 3Y | 18.6% | · | · | · | · | |
| Net Income YoY | -2.2% | · | · | · | · | |
| Net Income CAGR 3Y | 1.5% | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $3.74B | $3.38B | $3.04B | · | · | |
| Net Income TTM | $447M | $457M | $-1.62B | · | · | |
| Market Cap | $10.92B | $10.81B | $6.55B | · | · | |
| P/E | 28.1 | 26.2 | -1.9 | · | · | |
| P/S | 2.9 | 3.2 | 2.2 | · | · | |
| P/B | 4.3 | 3.5 | 1.7 | · | · | |
| P / Tangible Book | 5.3 | 4.0 | 2.0 | · | · | |
| P / Cash Flow | 11.3 | 15.7 | 11.2 | · | · | |
| P / FCF | 12.0 | 17.4 | 12.3 | · | · | |
| Earnings Yield | 3.6% | 3.8% | -53.0% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $1.02B | $992M | $939M | $914M | $897M | $883M | $852M | $823M | $820M | $803M | $764M | $716M | $759M | $757M | $668M | |
| Cost of Revenue | $292M | $281M | $275M | $247M | $236M | $226M | $219M | $211M | $200M | $206M | $195M | $203M | $189M | $177M | $180M | $183M | |
| Gross Profit | $751M | $738M | $717M | $692M | $678M | $671M | $664M | $641M | $623M | $614M | $608M | $561M | $527M | $582M | $577M | $485M | |
| R&D Expense | $202M | $164M | $171M | $169M | $166M | $144M | $155M | $149M | $185M | $115M | $205M | $1.85B | $130M | $127M | $148M | $127M | |
| SG&A Expense | $98M | $88M | $163M | $87M | $106M | $126M | $74M | $77M | $114M | $98M | $107M | $568M | $51M | $77M | $90M | $96M | |
| Operating Expenses | $608M | $556M | $619M | $525M | $554M | $561M | $509M | $503M | $571M | $470M | $562M | $3.02B | $408M | $432M | $475M | $452M | |
| Operating Income | $143M | $182M | $98M | $166M | $124M | $110M | $155M | $138M | $52M | $144M | $46M | $-2.46B | $119M | $150M | $102M | $33M | |
| Other Non-op | $-1M | · | $-1M | $-1M | $3M | $0 | $-1M | $0 | $-1M | $-1M | $2M | $-5M | $3M | $0 | $-1M | $-5M | |
| Pretax Income | · | · | $109M | $181M | $142M | $124M | $166M | $153M | $68M | $165M | $72M | $-2.44B | $142M | $164M | $111M | $33M | |
| Income Tax | $36M | $44M | $28M | $37M | $26M | $18M | $18M | $35M | $7M | $35M | $-63M | $-440M | $28M | $36M | $-355M | $-3M | |
| Net Income | $111M | $144M | $81M | $144M | $116M | $106M | $148M | $118M | $61M | $130M | $135M | $-2.00B | $114M | $128M | $466M | $36M | |
| EPS (Basic) | $0.46 | $0.59 | $0.31 | $0.54 | $0.43 | $0.40 | $0.55 | $0.45 | $0.22 | $0.47 | $8.43 | $-20.86 | $0.00 | $0.00 | $1.60 | $0.00 | |
| EPS (Diluted) | $0.45 | $0.57 | $0.31 | $0.51 | $0.41 | $0.37 | $0.53 | $0.42 | $0.20 | $0.43 | $8.43 | $-20.86 | $0.00 | $0.00 | $1.48 | $0.00 | |
| Shares (Basic) | 234,928,000 | 239,273,000 | · | 264,895,000 | 262,588,000 | 262,432,000 | · | 259,660,000 | 265,542,000 | 274,763,000 | · | 95,836,000 | 72,266,000 | 72,179,000 | · | 72,010,000 | |
| Shares (Diluted) | 248,935,000 | 253,597,000 | · | 283,176,000 | 281,293,000 | 277,193,000 | · | 281,003,000 | 286,256,000 | 302,126,000 | · | 95,836,000 | 72,266,000 | 72,179,000 | · | 72,010,000 | |
| EBITDA | $143M | $212M | · | $166M | $124M | $129M | · | $138M | $52M | $156M | · | $-2.46B | · | · | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $757M | $631M | $637M | $1.69B | $1.49B | $1.56B | $1.28B | $1.29B | $1.43B | $1.51B | $2.14B | $2.01B | · | · | $1.50B | · | |
| Short-term Investments | $93M | $59M | $50M | $39M | $109M | $72M | $91M | $20M | $9M | $20M | · | $56M | · | · | · | · | |
| Receivables | $979M | $1.09B | $1.13B | $1.04B | $1.04B | $974M | $1.01B | $949M | $888M | $917M | · | $841M | · | · | · | · | |
| Prepaid Expense | $171M | $197M | $213M | $134M | $127M | $139M | $162M | $118M | $126M | $132M | · | $91M | · | · | · | · | |
| Current Assets | $2.12B | $2.09B | $2.20B | $3.03B | $2.89B | $2.87B | $2.70B | $2.51B | $2.58B | $2.71B | · | $3.07B | · | · | · | · | |
| PP&E (Net) | $218M | $219M | $218M | $218M | $221M | $213M | $200M | $192M | $174M | $153M | · | $108M | · | · | · | · | |
| PP&E (Gross) | $389M | $364M | $345M | $328M | $314M | $298M | $274M | $255M | $232M | $206M | · | $154M | · | · | · | · | |
| Accum. Depreciation | $171M | $146M | $127M | $110M | $93M | $85M | $74M | $63M | $58M | $53M | · | $46M | · | · | · | · | |
| Goodwill | $412M | $393M | $393M | $392M | $392M | $317M | $317M | $318M | $318M | $318M | · | $318M | · | · | · | · | |
| Intangibles | $66M | $60M | $71M | $74M | $81M | $47M | $52M | $58M | $64M | $71M | · | $82M | · | · | · | · | |
| Other Non-current Assets | $39M | $37M | $14M | $18M | $25M | $29M | $38M | $32M | $39M | $12M | · | $13M | · | · | · | · | |
| Total Assets | $3.51B | $3.54B | $3.69B | $4.54B | $4.43B | $4.29B | $4.12B | $3.93B | $4.03B | $4.10B | · | $4.42B | · | · | · | · | |
| Accounts Payable | $62M | $48M | $70M | $78M | $69M | $77M | $80M | $69M | $57M | $49M | · | $57M | · | · | · | · | |
| Accrued Liabilities | $631M | $604M | $634M | $532M | $579M | $580M | $505M | $530M | $466M | $442M | · | $412M | · | · | · | · | |
| Current Liabilities | $929M | $885M | $917M | $832M | $871M | $887M | $798M | $820M | $750M | $716M | · | $683M | · | · | · | · | |
| Capital Leases | $31M | $32M | $33M | $34M | $34M | $9M | $13M | $16M | $19M | $23M | · | $30M | · | · | · | · | |
| Other Non-current Liabilities | $27M | $24M | $24M | $23M | $37M | $32M | $25M | $34M | $37M | $38M | · | $49M | · | · | · | · | |
| Total Liabilities | $988M | $941M | $974M | $889M | $942M | $928M | $836M | $870M | $806M | $777M | · | $762M | · | · | · | · | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | · | · | · | · | |
| Paid-in Capital | $7.29B | $7.14B | $7.00B | $6.95B | $6.87B | $6.76B | $6.69B | $6.60B | $6.53B | $6.36B | · | $6.22B | · | · | · | · | |
| Retained Earnings | $-4.96B | $-4.74B | $-4.49B | $-3.49B | $-3.57B | $-3.57B | $-3.58B | $-3.73B | $-3.48B | $-3.22B | · | $-2.73B | · | · | · | · | |
| AOCI | $-7M | $-4M | $-1M | $-4M | $-1M | $-9M | $-9M | $0 | $-2M | $-2M | · | $-2M | · | · | · | · | |
| Stockholders' Equity | $2.32B | $2.40B | $2.52B | $3.46B | $3.30B | $3.18B | $3.09B | $2.87B | $3.04B | $3.14B | $3.75B | $3.48B | · | · | $-64M | · | |
| Liabilities + Equity | $3.51B | $3.54B | $3.69B | $4.54B | $4.43B | $4.29B | $4.12B | $3.93B | $4.03B | $4.10B | · | $4.42B | · | · | · | · | |
| Shares Outstanding | 233,035,000 | 236,710,000 | 242,867,000 | 265,508,000 | 263,443,000 | 262,517,000 | 260,964,000 | 256,986,000 | 263,573,000 | 265,729,000 | 279,046,000 | 280,087,000 | · | · | 72,230,000 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $32M | $30M | $26M | $25M | $21M | $19M | $17M | $15M | $12M | $12M | $10M | $11M | $11M | $11M | $11M | · | |
| Stock-based Comp | $141M | $80M | $99M | $81M | $106M | $66M | $86M | $69M | $136M | $9M | $142M | $2.60B | $4M | $5M | $10M | · | |
| Deferred Tax | $29M | $38M | $32M | $67M | $1M | $-2M | $4M | $28M | $-14M | $41M | $-65M | $-412M | $12M | $6M | $-373M | · | |
| Restructuring | · | · | · | · | · | · | · | · | · | $18M | · | · | · | · | · | · | |
| Other Non-cash | · | $-24M | · | · | · | $109M | · | · | · | $-87M | · | · | · | · | · | · | |
| Operating Cash Flow | $494M | $268M | $183M | $287M | $203M | $298M | $153M | $185M | $244M | $105M | $233M | $111M | $172M | $70M | $49M | · | |
| CapEx | $13M | $16M | $12M | $15M | $16M | $18M | $12M | $14M | $24M | $14M | $16M | $16M | $13M | $9M | $3M | · | |
| Investing Cash Flow | $-48M | $-8M | $-45M | $-7M | $-157M | $1M | $-81M | $-26M | $-13M | $13M | $-11M | $57M | $47M | $42M | $47M | · | |
| Stock Repurchased | $324M | $359M | $1.11B | $62M | $121M | $89M | $5M | $357M | $325M | $715M | $36M | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-359M | · | · | · | $-89M | · | · | · | $-715M | · | · | · | · | · | · | |
| Financing Cash Flow | $-327M | $-328M | $-1.15B | $-70M | $-129M | $-46M | $-57M | $-301M | $-305M | $-750M | $-36M | $7M | $0 | $-1M | $11M | · | |
| Net Change in Cash | $115M | $-68M | $-1.01B | $208M | $-78M | $254M | $8M | $-140M | $-76M | $-636M | $189M | $172M | $222M | $111M | $108M | · | |
| Taxes Paid | $4M | $-6M | $2M | $-1M | $21M | $21M | $0 | $1M | $11M | $1M | $14M | $6M | $34M | $0 | $0 | · | |
| Free Cash Flow | · | $252M | · | · | · | $280M | · | · | · | $91M | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.0% | 72.4% | · | 73.7% | 74.2% | 74.8% | · | 75.2% | 75.7% | 74.9% | · | 73.4% | · | · | · | · | |
| Operating Margin | 13.7% | 17.9% | · | 17.7% | 13.6% | 12.3% | · | 16.2% | 6.3% | 17.6% | · | -321.6% | · | · | · | · | |
| Net Margin | 10.6% | 14.1% | · | 15.3% | 12.7% | 11.8% | · | 13.9% | 7.4% | 15.8% | · | -261.6% | · | · | · | · | |
| Pretax Margin | · | · | · | 19.3% | 15.5% | 13.8% | · | 18.0% | 8.3% | 20.1% | · | -319.2% | · | · | · | · | |
| EBITDA Margin | 13.7% | 20.8% | · | 17.7% | 13.6% | 14.4% | · | 16.2% | 6.3% | 19.0% | · | -321.6% | · | · | · | · | |
| ROA | 2.8% | 3.7% | · | 3.4% | 2.7% | 2.5% | · | 2.8% | 3.0% | 6.3% | · | -90.4% | · | · | · | · | |
| ROE | 4.0% | 5.2% | · | 4.5% | 3.7% | 3.4% | · | 3.7% | 4.0% | 8.3% | · | -114.8% | · | · | · | · | |
| ROIC | · | · | · | 3.8% | 3.1% | 3.0% | · | 3.7% | 1.5% | 3.6% | · | -57.8% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 2.4 | · | 3.6 | 3.3 | 3.2 | · | 3.1 | 3.4 | 3.8 | · | 4.5 | · | · | · | · | |
| Quick Ratio | 2.0 | 2.0 | · | 3.3 | 3.0 | 2.9 | · | 2.8 | 3.1 | 3.4 | · | 4.3 | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.4 | 0.4 | · | 0.3 | · | · | · | · | |
| Receivables Turnover | 1.0 | 1.0 | · | 0.9 | 0.9 | 0.9 | · | 1.0 | 1.9 | 1.8 | · | 1.8 | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $9.96 | $10.12 | · | $13.02 | $12.52 | $12.10 | · | $11.18 | $11.53 | $11.82 | · | $12.44 | · | · | · | · | |
| Revenue / Share | $4.19 | $4.02 | · | $3.32 | $3.25 | $3.24 | · | $3.03 | $2.88 | $2.71 | · | $7.97 | · | · | · | · | |
| Cash Flow / Share | · | $1.06 | · | · | · | $1.08 | · | · | · | $0.35 | · | · | · | · | · | · | |
| Cash / Share | $3.25 | $2.67 | · | $6.37 | $5.65 | $5.93 | · | $5.01 | $5.44 | $5.70 | · | $7.18 | · | · | · | · | |
| EPS (TTM) | $1.84 | $1.80 | · | $1.82 | $1.73 | $1.52 | · | $9.48 | $-11.80 | $-12.00 | · | $-19.38 | $1.48 | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.99B | $3.86B | · | $3.63B | $3.55B | $3.46B | · | $3.30B | $3.21B | $3.10B | · | $3.00B | $2.90B | · | · | · | |
| Net Income TTM | $480M | $485M | · | $514M | $488M | $433M | · | $444M | $-1.67B | $-1.62B | · | $-1.29B | $744M | $638M | · | · | |
| Market Cap | $11.03B | $8.87B | · | $9.76B | $11.92B | $10.47B | · | $10.47B | $8.47B | $9.91B | · | $8.32B | · | · | · | · | |
| P/E | 25.7 | 20.8 | · | 20.2 | 26.2 | 26.2 | · | 4.3 | -2.7 | -3.1 | · | -1.5 | · | · | · | · | |
| P/S | 2.8 | 2.3 | · | 2.7 | 3.4 | 3.0 | · | 3.2 | 2.6 | 3.2 | · | 2.8 | · | · | · | · | |
| P/B | 4.8 | 3.7 | · | 2.8 | 3.6 | 3.3 | · | 3.6 | 2.8 | 3.2 | · | 2.4 | · | · | · | · | |
| P / Tangible Book | 6.0 | 4.6 | · | 3.3 | 4.2 | 3.7 | · | 4.2 | 3.2 | 3.6 | · | 2.7 | · | · | · | · | |
| P / Cash Flow | · | 33.1 | · | · | · | 35.1 | · | · | · | 94.4 | · | · | · | · | · | · | |
| Earnings Yield | 3.9% | 4.8% | · | 5.0% | 3.8% | 3.8% | · | 23.3% | -36.7% | -32.2% | · | -65.3% | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $3.74B | $3.38B | $3.04B | $2.55B | $1.83B |
| Gross Margin % | 73.7% | 75.2% | 74.9% | · | · |
| Operating Margin % | 13.3% | 14.5% | -70.4% | · | · |
| Net Income | $447M | $457M | $-1.62B | $428M | $-73M |
| Diluted EPS | $1.60 | $1.58 | $-12.43 | $0.96 | $-1.12 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.4 | 3.4 | 4.5 | · | · |
| Quick Ratio | 2.0 | 3.0 | 4.1 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $910M | $623M | $532M | · | · |
Institutional owners (13F) 554 filers · $10.1B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 104 (-13 vs prior Q) | 56 (-16 vs prior Q) | 159 (-12 vs prior Q) | 183 (+43 vs prior Q) | +7.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SC US (TTGP), LTD. | $1,322,409,030 | 27,928,385 | 13.03% | Shares |
| D1 Capital Partners L.P. | $1,068,425,997 | 22,564,435 | 10.53% | Shares |
| VANGUARD GROUP INC | $856,603,439 | 19,044,096 | 8.44% | Shares |
| BlackRock, Inc. | $750,477,336 | 15,849,574 | 7.40% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $388,238,465 | 8,199,334 | 3.83% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $370,038,687 | 7,814,967 | 3.65% | Shares |
| STATE STREET CORP | $246,780,293 | 5,211,833 | 2.43% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $227,966,097 | 4,814,545 | 2.25% | Shares |
| MORGAN STANLEY | $199,762,476 | 4,218,846 | 1.97% | Shares |
| GCM Grosvenor Holdings, LLC | $196,072,751 | 4,140,924 | 1.93% | Shares |
| FMR LLC | $182,868,757 | 3,862,064 | 1.80% | Shares |
| Contour Asset Management LLC | $182,369,046 | 3,851,511 | 1.80% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $175,367,999 | 3,702,878 | 1.73% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $148,928,535 | 3,145,270 | 1.47% | Shares |
| FEDERATED HERMES, INC. | $146,605,400 | 3,096,207 | 1.44% | Shares |
| GOLDMAN SACHS GROUP INC | $132,943,507 | 2,807,677 | 1.31% | Shares |
| Holocene Advisors, LP | $119,745,546 | 2,528,945 | 1.18% | Shares |
| UBS Group AG | $115,219,500 | 2,433,358 | 1.14% | Shares |
| ANTIPODES PARTNERS Ltd | $101,345,525 | 2,140,349 | 1.00% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $86,462,331 | 1,826,026 | 0.85% | Shares |
| Invesco Ltd. | $82,160,821 | 1,735,181 | 0.81% | Shares |
| Schonfeld Strategic Advisors LLC | $76,277,912 | 1,610,938 | 0.75% | Shares |
| DEUTSCHE BANK AG\ | $73,800,563 | 1,558,618 | 0.73% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $71,787,335 | 1,516,100 | 0.71% | Call option |
| D. E. Shaw & Co., Inc. | $71,750,686 | 1,515,326 | 0.71% | Shares |
| GOODNOW INVESTMENT GROUP, LLC | $69,897,644 | 1,476,191 | 0.69% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $68,754,757 | 1,452,054 | 0.68% | Shares |
| NORTHERN TRUST CORP | $62,267,523 | 1,315,048 | 0.61% | Shares |
| CITADEL ADVISORS LLC | $61,924,804 | 1,307,810 | 0.61% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $61,698,613 | 1,303,033 | 0.61% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $61,118,812 | 1,290,788 | 0.60% | Shares |
| SHAPIRO CAPITAL MANAGEMENT LLC | $59,697,459 | 1,260,770 | 0.59% | Shares |
| BARCLAYS PLC | $57,478,165 | 1,213,900 | 0.57% | Call option |
| BANK OF AMERICA CORP /DE/ | $57,392,415 | 1,212,089 | 0.57% | Shares |
| JANE STREET GROUP, LLC | $52,720,106 | 1,113,413 | 0.52% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $50,176,984 | 1,059,704 | 0.49% | Shares |
| FIRST TRUST ADVISORS LP | $49,296,000 | 1,041,103 | 0.49% | Shares |
| KPCB DGF II Associates, LLC | $49,269,905 | 1,340,313 | 0.49% | Shares |
| NORGES BANK | $49,046,124 | 1,035,821 | 0.48% | Shares |
| Bank of New York Mellon Corp | $45,238,669 | 955,410 | 0.45% | Shares |
| Russell Investments Group, Ltd. | $44,357,961 | 936,808 | 0.44% | Shares |
| Walleye Trading LLC | $41,525,950 | 877,000 | 0.41% | Call option |
| Point72 Asset Management, L.P. | $40,662,523 | 858,765 | 0.40% | Shares |
| CITIGROUP INC | $40,288,173 | 850,859 | 0.40% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $39,622,480 | 836,800 | 0.39% | Put option |
| JPMORGAN CHASE & CO | $38,569,340 | 809,551 | 0.38% | Shares |
| CITADEL ADVISORS LLC | $37,302,330 | 787,800 | 0.37% | Call option |
| BARCLAYS PLC | $35,461,456 | 748,922 | 0.35% | Shares |
| AMI ASSET MANAGEMENT CORP | $35,127,113 | 741,861 | 0.35% | Shares |
| General Catalyst Group Management, LLC | $33,652,166 | 710,711 | 0.33% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| SEQUOIA CAPITAL GLOBAL GROWTH FUND III - ENDURANCE PARTNERS, L.P. ("SC GGF III"), SEQUOIA CAPITAL US/E EXPANSION FUND I, L.P. ("SC US/E EXPANSION FUND I"), SEQUOIA CAPITAL US/E EXPANSION FUND I MANAGEMENT, L.P. ("SC US/E EXPANSION FUND I MGMT"), SCGGF III - U.S./INDIA MANAGEMENT, L.P. ("SCGGF III - U.S./INDIA MANAGEMENT"), SEQUOIA CAPITAL GLOBAL GROWTH FUND III - ENDURANCE PARTNERS MANAGEMENT, L.P. ("SC GGF III MGMT"), SEQUOIA CAPITAL FUND PARALLEL, LLC ("SCFP"), SEQUOIA CAPITAL FUND, L.P. ("SCF"), SEQUOIA CAPITAL FUND MANAGEMENT, L.P. ("SEQUOIA CAPITAL FUND MANAGEMENT"), SC US (TTGP), LTD. ("SC US (TTGP)") ×4 filings | Aug. 17, 2026 | 8.00% | Amendment | · | SEC |
| SEQUOIA CAPITAL GLOBAL GROWTH FUND II, L.P. (“SEQUOIA CAPITAL GLOBAL GROWTH FUND II”), SEQUOIA CAPITAL GLOBAL GROWTH II PRINCIPALS FUND, L.P. (“SEQUOIA CAPITAL GLOBAL GROWTH II PRINCIPALS FUND”), SEQUOIA CAPITAL U.S. GROWTH FUND VII, L.P. (“SEQUOIA CAPITAL U.S. GROWTH FUND VII”), SEQUOIA CAPITAL U.S. GROWTH VII PRINCIPALS FUND, L.P. (“SEQUOIA CAPITAL U.S. GROWTH VII PRINCIPALS FUND”), SEQUOIA CAPITAL GLOBAL GROWTH FUND III - ENDURANCE PARTNERS, L.P. (“SC GGF III ”), SEQUOIA CAPITAL US/E EXPANSION FUND I, L.P. (“SC US/E EXPANSION FUND I”), SEQUOIA CAPITAL US/E EXPANSION FUND I MANAGEMENT, L.P. (“SC US/E EXPANSION FUND I MGMT”), SC GLOBAL GROWTH II MANAGEMENT, L.P. (“SC GLOBAL GROWTH II MANAGEMENT”), SCGGF III – U.S./INDIA MANAGEMENT, L.P. (“SCGGF III – U.S./INDIA MANAGEMENT”), SC U.S. GROWTH VII MANAGEMENT, L.P. (“SC U.S. GROWTH VII MANAGEMENT”), SEQUOIA CAPITAL GLOBAL GROWTH FUND III – ENDURANCE PARTNERS MANAGEMENT, L.P. (“SC GGF III MGMT”), SEQUOIA CAPITAL FUND PARALLEL, LLC (“SCFP”), SEQUOIA CAPITAL FUND, L.P. (“SCF”), SEQUOIA CAPITAL FUND MANAGEMENT, L.P. (“SEQUOIA CAPITAL FUND MANAGEMENT”), SC US (TTGP), LTD. (“SC US (TTGP)”), DOUGLAS LEONE (“DL”), ROELOF BOTHA (“RB”) | Nov. 21, 2024 | · | Initial filing | · | SEC |
| SEQUOIA CAPITAL USV XIV HOLDCO, LTD. (“SEQUOIA CAPITAL USV XIV HOLDCO”), SEQUOIA CAPITAL U.S. GROWTH FUND VI, L.P. (“SEQUOIA CAPITAL U.S. GROWTH FUND VI”), SEQUOIA CAPITAL U.S. GROWTH VI PRINCIPALS FUND, L.P. (“SEQUOIA CAPITAL U.S. GROWTH VI PRINCIPALS FUND”), SEQUOIA CAPITAL GLOBAL GROWTH FUND II, L.P. (“SEQUOIA CAPITAL GLOBAL GROWTH FUND II”), SEQUOIA CAPITAL GLOBAL GROWTH II PRINCIPALS FUND, L.P. (“SEQUOIA CAPITAL GLOBAL GROWTH II PRINCIPALS FUND”), SEQUOIA CAPITAL U.S. GROWTH FUND VII, L.P. (“SEQUOIA CAPITAL U.S. GROWTH FUND VII”), SEQUOIA CAPITAL U.S. GROWTH VII PRINCIPALS FUND, L.P. (“SEQUOIA CAPITAL U.S. GROWTH VII PRINCIPALS FUND”), SEQUOIA CAPITAL GLOBAL GROWTH FUND III - ENDURANCE PARTNERS, L.P. (“SC GGF III ”), SEQUOIA CAPITAL US/E EXPANSION FUND I, L.P. (“SC US/E EXPANSION FUND I”), SEQUOIA CAPITAL US/E EXPANSION FUND I MANAGEMENT, L.P. (“SC US/E EXPANSION FUND I MGMT”), SEQUOIA CAPITAL U.S. VENTURE FUND XIV, L.P. (“SC U.S. VENTURE FUND XIV”), SEQUOIA CAPITAL U.S. VENTURE PARTNERS FUND XIV, L.P. (“SC U.S. VENTURE PARTNERS FUND XIV”), SEQUOIA CAPITAL U.S. VENTURE PARTNERS FUND XIV (Q), L.P. (“SC U.S. VENTURE FUND XIV (Q)”), SC U.S. VENTURE XIV MANAGEMENT, L.P. (“SC U.S. VENTURE XIV MANAGEMENT”), SC U.S. GROWTH VI MANAGEMENT, L.P. (“SC U.S. GROWTH VI MANAGEMENT”), SC GLOBAL GROWTH II MANAGEMENT, L.P. (“SC GLOBAL GROWTH II MANAGEMENT”), SCGGF III – U.S./INDIA MANAGEMENT, L.P. (“SCGGF III – U.S./INDIA MANAGEMENT”), SC U.S. GROWTH VII MANAGEMENT, L.P. (“SC U.S. GROWTH VII MANAGEMENT”), SEQUOIA CAPITAL GLOBAL GROWTH FUND III – ENDURANCE PARTNERS MANAGEMENT, L.P. (“SC GGF III MGMT”), SEQUOIA CAPITAL FUND PARALLEL, LLC (“SCFP”), SEQUOIA CAPITAL FUND, L.P. (“SCF”), SEQUOIA CAPITAL FUND MANAGEMENT, L.P. (“SEQUOIA CAPITAL FUND MANAGEMENT”), SC US (TTGP), LTD. (“SC US (TTGP)”), DOUGLAS LEONE (“DL”), ROELOF BOTHA (“RB”) ×5 filings | Sept. 9, 2024 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 21 insiders · 7 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Chris Rogers | President and CEO | Aug. 19, 2026 S | 916,636 | 0 | 3 | $-939,893 |
| Emily Reuter | CHIEF FINANCIAL OFFICER | Aug. 15, 2026 F | 649,337 | 0 | 1 | $-1,250,250 |
| Nick Giovanni | CHIEF FINANCIAL OFFICER | April 17, 2024 S | 576,977 | 0 | 0 | $0 |
| Asha Sharma | CHIEF OPERATING OFFICER | Feb. 15, 2024 M | 1,175,929 | 0 | 0 | $0 |
| Morgan Fong | Chief Legal Officer | Sept. 22, 2026 M | 529,911 | 0 | 15 | $-8,361,256 |
| Lisa Blackwood-Kapral | Chief Accounting Officer | Sept. 15, 2026 S | 37,715 | 0 | 5 | $-1,151,860 |
| Alan Ramsay | CHIEF ACCOUNTING OFFICER | Feb. 21, 2025 S | 78,660 | 0 | 0 | $0 |
| Mary Beth Laughton | Director | Aug. 27, 2026 S | 10,890 | 0 | 2 | $-680,338 |
| Ravi Gupta | Director | Aug. 19, 2026 S | 591,523 | 0 | 2 | $-15,104,810 |
| Lily Sarafan | Director | May 22, 2026 A | 27,602 | 0 | 1 | $-127,855 |
| Levien Meredith A. Kopit | Director | May 22, 2026 A | 26,877 | 0 | 0 | $0 |
| Josh Silverman | Director | May 22, 2026 A | 15,228 | 0 | 0 | $0 |
| Victoria L Dolan | Director | May 22, 2026 A | 26,056 | 0 | 0 | $0 |
| Fidji Simo | Director | Nov. 12, 2025 S | 565,677 | 0 | 3 | $-323,614 |
| Michael J Moritz | Director | May 22, 2025 A | 33,804 | 0 | 0 | $0 |
| Frank Slootman | Director | May 29, 2024 A | 27,624 | 0 | 0 | $0 |
| Jeffrey D Jordan | Director | May 10, 2024 J | 88,922 | 0 | 0 | $0 |
| Barry Mccarthy | Director | Sept. 21, 2023 J | 33,333 | 0 | 0 | $0 |
| Apoorva Mehta | 10% owner | April 4, 2025 G | 17,413,892 | 0 | 0 | $0 |
| Daniel Danker | · | Aug. 15, 2025 F | 445,427 | 0 | 0 | $0 |
| GCM Grosvenor Inc. | · | July 25, 2025 S | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 92 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| NEWZ · EA Series Trust | 3.55% | 15,524 NS | July 31, 2026 | N-PORT |
| PEJ · Invesco Exchange-Traded Fund Trust | 2.58% | 206,416 SH | Oct. 2, 2026 | Daily |
| PBJ · Invesco Exchange-Traded Fund Trust | 2.50% | 47,727 SH | Oct. 2, 2026 | Daily |
| FCPI · FIDELITY COVINGTON TRUST | 2.15% | 130,072 NS | July 31, 2026 | N-PORT |
| AZTD · Tidal Trust I | 2.06% | 17,528 NS | July 31, 2026 | N-PORT |
| JMID · Janus Detroit Street Trust | 1.40% | 7,419 NS | July 31, 2026 | N-PORT |
| SMLL · Harbor ETF Trust | 1.36% | 4,259 NS | July 31, 2026 | N-PORT |
| ABOT · Abacus FCF ETF Trust | 1.28% | 1,162 NS | July 31, 2026 | N-PORT |
| GURU · Global X Funds | 1.19% | 16,278 NS | July 31, 2026 | N-PORT |
| RNIN · EA Series Trust | 1.05% | 43,139 NS | July 31, 2026 | N-PORT |
| RETL · Direxion Shares ETF Trust | 1.04% | 6,479 NS | July 31, 2026 | N-PORT |
| XMHQ · Invesco Exchange-Traded Fund Trust | 1.03% | 1,267,694 SH | Oct. 2, 2026 | Daily |
| CALF · Pacer Funds Trust | 0.92% | 760,191 NS | July 31, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.90% | 200,510 NS | July 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.77% | 111,800 NS | July 31, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 0.62% | 359,211 NS | July 31, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 0.60% | 77,539 NS | July 31, 2026 | N-PORT |
| VDC · VANGUARD WORLD FUND | 0.46% | 899,747 SH | Aug. 19, 2026 | Daily |
| IVOV · VANGUARD ADMIRAL FUNDS | 0.45% | 141,289 SH | Aug. 19, 2026 | Daily |
| FSTA · FIDELITY COVINGTON TRUST | 0.43% | 136,686 NS | July 31, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.39% | 73,267 NS | July 31, 2026 | N-PORT |
| FQAL · FIDELITY COVINGTON TRUST | 0.36% | 112,985 NS | July 31, 2026 | N-PORT |
| PKW · Invesco Exchange-Traded Fund Trust | 0.29% | 110,834 SH | Oct. 2, 2026 | Daily |
| QVMM · Invesco Exchange-Traded Fund Trust … | 0.26% | 23,815 SH | Oct. 2, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.25% | 25,017 SH | Aug. 19, 2026 | Daily |
| SMDX · Tidal Trust III | 0.24% | 6,958 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.23% | 2,335,742 SH | Aug. 19, 2026 | Daily |
| FSMD · FIDELITY COVINGTON TRUST | 0.22% | 122,025 NS | July 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.21% | 65,260 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.21% | 31,218 SH | Aug. 19, 2026 | Daily |
| IVOO · VANGUARD ADMIRAL FUNDS | 0.21% | 265,529 SH | Aug. 19, 2026 | Daily |
| PTMC · Pacer Funds Trust | 0.21% | 18,047 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.18% | 26,344 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.18% | 23,282 NS | July 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 33,594 NS | July 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 90,188 NS | July 31, 2026 | N-PORT |
| MIDU · Direxion Shares ETF Trust | 0.16% | 2,416 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.16% | 534,643 NS | July 31, 2026 | N-PORT |
| RWK · Invesco Exchange-Traded Fund Trust … | 0.16% | 44,803 SH | Oct. 2, 2026 | Daily |
| FYEE · Fidelity Greenwood Street Trust | 0.15% | 7,417 NS | July 31, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.15% | 26,043 SH | Aug. 19, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 66,671 NS | July 31, 2026 | N-PORT |
| FBUF · Fidelity Greenwood Street Trust | 0.14% | 761 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.12% | 25,405 SH | Sept. 11, 2026 | Daily |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 214,669 NS | July 31, 2026 | N-PORT |
| FHEQ · Fidelity Greenwood Street Trust | 0.10% | 21,641 NS | July 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.10% | 82,072 SH | Sept. 11, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.10% | 4,043,431 SH | Aug. 19, 2026 | Daily |
| IWP · iShares Trust | 0.10% | 402,078 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.09% | 1,886,887 SH | Aug. 19, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.07% | 97,828 NS | July 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 0.07% | 5,295 NS | July 31, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.07% | 216,014 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.06% | 8,002 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.06% | 9,135 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.06% | 10,704 SH | Oct. 2, 2026 | Daily |
| IWR · iShares Trust | 0.05% | 627,820 SH | Sept. 11, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.05% | 181,024 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.05% | 25,870 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 28,899 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.04% | 447,651 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.04% | 28,733 NS | July 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.04% | 121,419 SH | Sept. 11, 2026 | Daily |
| IYW · iShares Trust | 0.04% | 189,585 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 7,147 SH | Oct. 2, 2026 | Daily |
| IUSV · iShares Trust | 0.02% | 143,549 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.02% | 24,811 SH | Oct. 2, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.02% | 53,844 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.02% | 33,417 SH | Oct. 2, 2026 | Daily |
| TILT · FlexShares Trust | 0.01% | 6,994 NS | July 31, 2026 | N-PORT |
| LRGF · iShares Trust | 0.01% | 8,870 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.01% | 7,041 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 212,031 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.01% | 181,391 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 105,709 SH | Sept. 11, 2026 | Daily |
| IWF · iShares Trust | 0.01% | 268,396 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.01% | 47,161 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 5,599,014 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 131,373 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 25,261 SH | Aug. 19, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 49,395 SH | Aug. 19, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 114,289 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 12,894 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 34,586 SH | Aug. 19, 2026 | Daily |
| IWV · iShares Trust | 0.01% | 42,072 SH | Sept. 11, 2026 | Daily |
| IJH · iShares Trust | · | 5,773,218 SH | Sept. 11, 2026 | Daily |
| IJJ · iShares Trust | · | 840,650 SH | Aug. 31, 2026 | Daily |
| XJH · iShares Trust | · | 22,509 SH | Sept. 8, 2026 | Daily |
| ISCB · iShares Trust | · | 6,802 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 15,996 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 147,201 SH | Sept. 11, 2026 | Daily |
| SMMV · iShares Trust | · | 8,252 SH | Aug. 19, 2026 | Daily |
CART Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
28 analysts · 2026-09-30Mean target $58.14 +31.4%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| CART | $10.92B | 28.1 | 10.8% | 11.9% | 15.4% | 73.7% |
| KR | · | 40.8 | 0.35% | 0.69% | 14.3% | · |
| CASY | $30.34B | 42.9 | 10.2% | 4.1% | 18.4% | · |
| SFM | $7.64B | 15.0 | 14.1% | 5.9% | 38.0% | 38.8% |
| ACI | $10.75B | 44.8 | 3.5% | 0.26% | 8.8% | 27.2% |
| WMK | $1.61B | 17.8 | 3.5% | 1.9% | 7.0% | 25.0% |
| IMKTA | · | · | -5.4% | · | · | · |
| YSWY | · | · | · | · | · | · |
| GO | $998M | -4.4 | 7.3% | -4.8% | -20.7% | 30.3% |
| NGVC | $918M | 20.0 | 7.2% | 3.5% | 22.9% | 29.9% |
| VLGEA | · | · | 3.8% | · | · | · |
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