Maplebear (CART) just posted Q1 2026 results with revenue of US$1.0 billion and net income of US$142 million, translating to basic EPS of US$0.59 against a trailing twelve month EPS of US$1.86. The company reported revenue of US$883 million in Q4 2024 and US$1.0 billion in Q1 2026, while quarterly EPS has ranged between US$0.31 and US$0.59 over that period alongside trailing earnings growth of 12.3% year over year. With a 12.3% net profit margin and earnings growth described in both recent results and forward estimates, the latest quarter keeps the focus on how durable those margins may be.

See our full analysis for Maplebear.

With the headline numbers set, the next step is to see how this earnings release aligns with the dominant stories around Maplebear, and where the data starts to push back on those narratives.

TTM earnings up 12.3% with steadier quarterly EPS

• Over the last 12 months, Maplebear generated US$3.9b of revenue and US$476 million of net income, with basic EPS of US$1.86 compared with US$1.62 a year earlier.
• Consensus narrative points to technology driven efficiencies and AI as key drivers of margin and earnings strength. The numbers here line up with that view but also show a slower pace than the past 5 year average of 26.3% yearly earnings growth, which is closer to:
  • Trailing 12 month earnings growth of 12.3% and a margin of 12.3% support the idea of a more efficient model. However, the step down from the longer term 26.3% growth rate means earnings are not expanding as quickly as that earlier phase.
  • Quarterly EPS moving between roughly US$0.31 and US$0.59 over the last six reported quarters suggests the business is profitable. It also leaves room for variability that consensus growth assumptions of about 9.4% revenue and 16.4% margin in three years will need to absorb.

12.3% margin and profitability claims tested

• The trailing net profit margin sits at 12.3%, with Q1 2026 net income of US$142 million on US$1.0b of revenue, compared with quarterly net income figures over the past year that ranged from US$79 million to US$146 million.
• Bulls argue that margin expansion toward roughly 20.2% over the next three years is achievable, and the recent results partly back that up while also setting a higher bar for those expectations:
  • The current 12.3% margin is described as higher than last year. This supports the bullish idea that technology and higher margin revenue streams can lift profitability, but it is still well below the 20.2% margin level bullish analysts are using in their 2028 scenario.
  • Trailing net income of US$476 million is below the US$1.0b earnings bulls expect by about 2028. Moving from roughly US$0.48b to US$1.0b would require earnings to more than double from the latest trailing base, a gap investors need to judge against the current 12.3% growth rate.

On this view, bulls are leaning on both margin expansion and earnings growth that are materially above what the latest 12 month data alone would justify, so it is worth reading their full case in context before deciding how much weight to give it. 🐂 Maplebear Bull Case

P/E of 18.9x and DCF fair value gap challenge bears

• The stock trades at US$37.99 with a P/E of 18.9x, compared with a peer average of 35.1x and a US Consumer Retailing industry average of 17.9x, while the cited DCF fair value is US$133.03 and the analyst price target reference is US$50.22.
• Bears focus on slower expected revenue growth of 6.5% per year and one year earnings growth of 12.3% versus a 26.3% 5 year trend. However, the current valuation metrics introduce some friction with that cautious view:
  • The 18.9x P/E is below peers at 35.1x, which weakens the idea that the stock is already priced aggressively, although it is slightly richer than the 17.9x industry average and lines up with bearish worries about moderating growth compared with the broader US market revenue forecast of 11.4% per year.
  • The DCF fair value of US$133.03 versus the US$37.99 share price points to a very large modeled upside, which contrasts with the more restrained bearish narrative built on revenue declining 3.5% a year. Investors have to decide which growth path feels closer to the current 12.3% earnings trend.

For anyone weighing whether the cautious narrative fits these numbers, it can help to see how skeptics build their case from the same data set. 🐻 Maplebear Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Maplebear on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With both bullish and bearish stories on the table, the key question is which parts of this earnings profile matter most to you right now. If you want to move quickly from headlines to specifics, start by seeing what sits behind the 3 key rewards.

See What Else Is Out There

Maplebear's slower 12.3% trailing earnings growth compared to its earlier 26.3% trend and its reliance on future margin expansion leaves some investors questioning how much upside is already priced in.

If that gap between expectations and current results makes you cautious, it could be worth searching for companies where pricing looks tighter by running the 51 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.