Instacart vs Uber: Revenue, Profit and Business Model
Instacart reported $3.7B of revenue in FY2025 and $447M of net income. Uber reported $52B of revenue in FY2025 and $10.1B of net income.
Latest financial snapshot
Financial summary
Instacart
Instacart turned from heavy losses to steady profit after its 2023 IPO. Revenue grew from $3.04 billion in 2023 to $3.38 billion in 2024 and $3.74 billion in 2025. GAAP net income was $457 million in 2024 and $447 million in 2025; 2025 absorbed the $60 million FTC settlement and higher legal and regulatory costs. In Q2 2026 net income was $111 million, adjusted EBITDA $313 million (up 19%), and free cash flow $480 million; the company repurchased $325 million of stock that quarter and guided Q3 2026 GTV to $10.30-10.55 billion.
Uber
Uber moved from years of heavy losses to steady profitability. Revenue grew from $37.3 billion in FY2023 to $44.0 billion in FY2024 and $52.0 billion in FY2025, while net income attributable to Uber was $10.053 billion in FY2025 (FY2024's $9.856 billion included a large tax valuation allowance release). Growth continued into 2026: Q2 2026 gross bookings rose 24% year over year to $58.0 billion and revenue rose about 12% to roughly $14.2 billion, and trailing twelve-month free cash flow passed $10 billion. The pending Delivery Hero deal, valued at $14.8 billion in equity, would be Uber's largest acquisition.
Revenue and profit by year
Instacart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.7B | $447M | 11.9% | +10.8% | Source |
| FY2024 | $3.4B | $457M | 13.5% | +11.0% | Source |
| FY2023 | $3B | -$1.6B | -53.3% | +19.2% | Source |
| FY2022 | $2.6B | $428M | 16.8% | +39.1% | Source |
| FY2021 | $1.8B | -$73M | -4.0% | — | Source |
Uber
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52B | $10.1B | 19.3% | +18.3% | Source |
| FY2024 | $44B | $9.9B | 22.4% | +18.0% | Source |
| FY2023 | $37.3B | $1.9B | 5.1% | +17.0% | Source |
| FY2022 | $31.9B | -$9.1B | -28.7% | +82.6% | Source |
| FY2021 | $17.5B | -$496M | -2.8% | +56.7% | Source |
| FY2020 | $11.1B | -$6.8B | -60.8% | -14.3% | Source |
| FY2019 | $13B | -$8.5B | -65.4% | +24.6% | Source |
| FY2018 | $10.4B | $997M | 9.6% | +31.5% | Source |
| FY2017 | $7.9B | -$4B | -50.8% | — | Source |
Where the revenue comes from
Instacart
- Transaction Revenue72
Customer delivery and service fees, Instacart+ membership, and retailer fees; $746 million in Q2 2026.
- Advertising & Other28
Sponsored products and off-platform CPG campaigns plus enterprise services; $297 million in Q2 2026.
Uber
- Mobility
~52% (Q2 2026)
Fees from ride-hailing trips, including UberX, Uber Black, taxis and autonomous rides on partner vehicles. About $7.36B of Q2 2026 revenue.
- Delivery
~37% (Q2 2026)
Fees from Uber Eats restaurant, grocery and retail orders, plus delivery advertising. About $5.25B of Q2 2026 revenue.
- Freight
~11% (Q2 2026)
Uber Freight brokerage and managed transportation services for shippers.
Business model and strategy
Instacart
How it makes money
Instacart earns money two ways. Transaction revenue (about 72% of Q2 2026 revenue, $746 million) comes from customer delivery and service fees, Instacart+ membership fees, and fees retailers pay for orders and enterprise services.
Growth strategy
Growth levers in 2026 are more monthly active customers, no-markup partner pricing, enterprise ecommerce (Storefront Pro powers 380+ retailer sites), in-store tech (Caper Carts, FoodStorm, and the 2026 Arpalus computer-vision acquisition), ads partnerships such as Pinterest, and AI tools such as an in-app assistant and Agentic Analytics for retailers.
Competitive advantage
Instacart's edge is depth in grocery specifically: catalog and inventory integrations with thousands of retail banners, replacement models for out-of-stock items, and closed-loop purchase data that lets advertisers measure sales lift. Its enterprise products (Storefront Pro, Caper Carts, FoodStorm, Carrot Ads) make it a technology vendor to grocers rather than only a delivery app.
Uber
How it makes money
Uber does not own most of the cars, restaurants or trucks on its platform. It matches riders with independent drivers (Mobility), consumers with restaurants, grocers and couriers (Delivery), and shippers with carriers (Freight), and keeps a share of each transaction as revenue.
Growth strategy
Uber's growth strategy centers on cross-platform engagement between Mobility and Delivery, Uber One membership, advertising, autonomous-vehicle partnerships, and international delivery scale. The €41.50-per-share Delivery Hero tender, launched September 18, 2026 after Delivery Hero's boards recommended it on September 2, would extend delivery density; Uber expects closing in the second half of 2027.
Competitive advantage
Uber's advantage comes from local marketplace liquidity, brand recognition, routing data, payments, driver and courier networks, merchant relationships, subscriptions, and cross-sell between Mobility and Delivery.
Questions about Instacart vs Uber
Which company has higher revenue — Maplebear Inc. (Instacart) or Uber Technologies, Inc.?
Maplebear Inc. (Instacart) reported $3.7B (FY2025), while Uber Technologies, Inc. reported $52.0B (FY2025). By last reported revenue, Uber Technologies, Inc. is the larger business, with Maplebear Inc. (Instacart) reporting a smaller revenue base.
What is the market cap of Maplebear Inc. (Instacart) vs Uber Technologies, Inc.?
Maplebear Inc. (Instacart)'s market capitalisation stands at $10.5B, while Uber Technologies, Inc.'s is $142.0B. Uber Technologies, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Maplebear Inc. (Instacart).
Which is more financially efficient — Maplebear Inc. (Instacart) or Uber Technologies, Inc.?
Maplebear Inc. (Instacart) generates $1.10M / employee in revenue per employee, while Uber Technologies, Inc. generates $1.53M / employee. Uber Technologies, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Maplebear Inc. (Instacart) and Uber Technologies, Inc. make money?
Maplebear Inc. (Instacart) and Uber Technologies, Inc. generate revenue in fundamentally different ways. Maplebear Inc. (Instacart): Instacart earns money two ways. Uber Technologies, Inc.: Uber does not own most of the cars, restaurants or trucks on its platform.
Which company is valued higher relative to revenue — Maplebear Inc. (Instacart) or Uber Technologies, Inc.?
On a price-to-sales (P/S) basis, Maplebear Inc. (Instacart) trades at 2.8x P/S and Uber Technologies, Inc. at 2.7x P/S. Maplebear Inc. (Instacart) commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Uber Technologies, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Maplebear Inc. (Instacart) bigger than Uber Technologies, Inc.?
By last reported revenue, Uber Technologies, Inc. ($52.0B (FY2025)) is the larger company compared to Maplebear Inc. (Instacart) ($3.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Instacart vs Uber overview