# DoorDash, Inc. (DASH)

Informational only - not investment advice.

CIK: 0001792789
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2026-02-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=1792789
Filing source: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-05-06 · accession 0001792789-26-000035 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001792789.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 13,717,000,000 USD | 2025 | verified |
| Net income | 935,000,000 USD | 2025 | verified |
| Assets | 19,659,000,000 USD | 2025 | verified |
| Free cash flow | 2,174,000,000 USD | 2025 | computed |
| Net margin | 6.82% | 2025 | computed |
| Operating margin | 5.27% | 2025 | computed |
| Revenue YoY | +27.93% | 2025 | computed |
| ROE | 9.32% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | DASH | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 6.8% | 5.8% | 55 | 59 |
| Operating margin | 5.3% | 9.2% | 38 | 56 |
| Revenue growth | 27.9% | 8.4% | 86 | 58 |
| FCF margin | 15.8% | 14.2% | 58 | 58 |
| ROE | 9.3% | 8.7% | 53 | 52 |
| ROA | 4.8% | 2.9% | 62 | 59 |
| Liabilities / equity | 0.96 | 1.52 | 23 | 54 |
| Current ratio | 1.41 | 1.34 | 55 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 13717000000 | USD | 2025 | 2026-05-06 |
| Net income | 935000000 | USD | 2025 | 2026-05-06 |
| Assets | 19659000000 | USD | 2025 | 2026-05-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001792789.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 291,000,000 | 885,000,000 | 2,886,000,000 | 4,888,000,000 | 6,583,000,000 | 8,635,000,000 | 10,722,000,000 | 13,717,000,000 |
| Net income |  | -204,000,000 | -667,000,000 | -461,000,000 | -468,000,000 | -1,365,000,000 | -558,000,000 | 123,000,000 | 935,000,000 |
| Operating income |  | -210,000,000 | -616,000,000 | -436,000,000 | -452,000,000 | -1,124,000,000 | -579,000,000 | -38,000,000 | 723,000,000 |
| Diluted EPS |  |  | -15.44 | -7.39 | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 |
| Operating cash flow |  | -159,000,000 | -467,000,000 | 252,000,000 | 692,000,000 | 367,000,000 | 1,673,000,000 | 2,132,000,000 | 2,431,000,000 |
| Capital expenditures |  | 13,000,000 | 78,000,000 | 106,000,000 | 129,000,000 | 176,000,000 | 123,000,000 | 104,000,000 | 257,000,000 |
| Share buybacks |  | 60,000,000 | 0.00 | 0.00 | 0.00 | 400,000,000 | 750,000,000 | 224,000,000 | 0.00 |
| Assets |  |  |  | 6,353,000,000 | 6,809,000,000 | 9,789,000,000 | 10,839,000,000 | 12,845,000,000 | 19,659,000,000 |
| Liabilities |  |  |  | 1,653,000,000 | 2,142,000,000 | 3,021,000,000 | 4,026,000,000 | 5,035,000,000 | 9,613,000,000 |
| Stockholders' equity | -198,000,000 | -436,000,000 |  | 4,700,000,000 | 4,667,000,000 | 6,754,000,000 | 6,806,000,000 | 7,803,000,000 | 10,033,000,000 |
| Cash and cash equivalents |  | 215,000,000 | 257,000,000 | 4,345,000,000 | 2,504,000,000 | 1,977,000,000 | 2,656,000,000 | 4,019,000,000 | 4,378,000,000 |
| Free cash flow |  | -172,000,000 | -545,000,000 | 146,000,000 | 563,000,000 | 191,000,000 | 1,550,000,000 | 2,028,000,000 | 2,174,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -70.10% | -75.37% | -15.97% | -9.57% | -20.74% | -6.46% | 1.15% | 6.82% |
| Operating margin |  | -72.16% | -69.60% | -15.11% | -9.25% | -17.07% | -6.71% | -0.35% | 5.27% |
| Return on equity |  |  |  | -9.81% | -10.03% | -20.21% | -8.20% | 1.58% | 9.32% |
| Return on assets |  |  |  | -7.26% | -6.87% | -13.94% | -5.15% | 0.96% | 4.76% |
| Liabilities / equity |  |  |  | 0.35 | 0.46 | 0.45 | 0.59 | 0.65 | 0.96 |
| Current ratio |  |  | 2.61 | 3.94 | 2.59 | 1.86 | 1.64 | 1.66 | 1.41 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001792789.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.77 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.41 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.44 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,164,000,000 | -75,000,000 | -0.19 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,303,000,000 | -156,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,513,000,000 | -25,000,000 | -0.06 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,630,000,000 | -158,000,000 | -0.38 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,706,000,000 | 161,000,000 | 0.38 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,873,000,000 | 139,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 3,032,000,000 | 192,000,000 | 0.44 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,284,000,000 | 284,000,000 | 0.65 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,446,000,000 | 243,000,000 | 0.55 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,955,000,000 | 213,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 4,036,000,000 | 183,000,000 | 0.42 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 4,454,000,000 | 199,000,000 | 0.46 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DASH's latest 10-K: [/company/DASH/business/](/company/DASH/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DASH's latest 10-K: [/company/DASH/risk-factors/](/company/DASH/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000050/dash-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements that are based on current plans, expectations, and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” and other sections of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.

Overview

DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.

Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, our "Marketplaces"), and our Commerce Platform. Our Marketplaces operate in over 40 countries and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.

Our Marketplaces seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits.

In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer white-label delivery fulfillment services ("Drive") as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support.

Financial and Operational Highlights

We use the below financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors. These factors include, but are not limited to, those highlighted in this Quarterly Report on Form 10-Q, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued

30

Table of Contents

investment in our non-U.S. operations, in our global technology platform, and to increase system capacity for Dashers and in support of longer distance and higher effort deliveries. Certain of these and other factors may not be within our control.

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,"],["(in millions, except percentages)","","2025","","2026"],["Total Orders","","761","","","970"],["Total Orders Y/Y growth","","20","%","","27","%"],["Marketplace GOV","","$","24,244","","","$","33,078"],["Marketplace GOV Y/Y growth","","23","%","","36","%"],["Revenue","","$","3,284","","","$","4,454"],["Revenue Y/Y growth","","25","%","","36","%"],["Net Revenue Margin","","13.5","%","","13.5","%"],["GAAP gross profit","","$","1,608","","","$","2,223"],["GAAP gross profit as a % of Marketplace GOV","","6.6","%","","6.7","%"],["Contribution Profit(1)","","$","1,147","","","$","1,641"],["Contribution Profit as a % of Marketplace GOV","","4.7","%","","5.0","%"],["GAAP net income attributable to DoorDash, Inc. common stockholders","","$","285","","","$","200"],["GAAP net income attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV","","1.2","%","","0.6","%"],["Adjusted EBITDA(1)","","$","655","","","$","914"],["Adjusted EBITDA as a % of Marketplace GOV","","2.7","%","","2.8","%"],["Weighted-average diluted shares outstanding","","438","","","439"]]
[[/GREPCENT_TABLE]]

(1)Contribution Profit and Adjusted EBITDA are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “Non-GAAP Financial Measures."

Total Orders. We define Total Orders as all orders completed through our Marketplaces and Commerce Platform over the period of measurement.

In the second quarter of 2026, Total Orders increased to 970 million, or 27% growth compared to the same quarter of 2025. The increase in Total Orders was driven primarily by growth in the number of consumers and the acquisition of Deliveroo plc ("Deliveroo").

Marketplace GOV. We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips2, and any applicable consumer fees, including membership fees related to DashPass, Wolt+, and Deliveroo Plus. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants for orders fulfilled through our Commerce Platform.

In the second quarter of 2026, Marketplace GOV increased to $33.1 billion, or 36% growth compared to the same quarter of 2025, driven primarily by growth in Total Orders and an increase in average order value3 on our Marketplaces.

Net Revenue Margin. We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.

In the second quarter of 2026, Net Revenue Margin was 13.5%, consistent with the same quarter of 2025.

Contribution Profit. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue.

We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.

2 Dashers receive 100% of tips

3 Calculated as the total value of Marketplace GOV divided by the total number of orders completed on our Marketplaces in the period of measurement.

31

Table of Contents

In the second quarter of 2026, Contribution Profit increased to $1.6 billion, compared to $1.1 billion in the same quarter of 2025, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business.

In the second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.

Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.

In the second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities.

32

Table of Contents

Results of Operations

The following table summarizes our historical condensed consolidated statements of operations data:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["(in millions)","","2025","","2026","","2025","","2026"],["Revenue","","$","3,284","","","$","4,454","","","$","6,316","","","$","8,490"],["Costs and expenses:(1)"],["Cost of revenue, exclusive of depreciation and amortization shown separately below","","1,616","","","2,107","","","3,116","","","4,099"],["Sales and marketing","","607","","","821","","","1,193","","","1,567"],["Research and development","","351","","","535","","","657","","","933"],["General and administrative","","388","","","538","","","720","","","970"],["Depreciation and amortization(2)","","159","","","295","","","311","","","564"],["Restructuring charges","","\u2014","","","2","","","1","","","50"],["Total costs and expenses","","3,121","","","4,298","","","5,998","","","8,183"],["Income from operations","","163","","","156","","","318","","","307"],["Interest income, net","","49","","","35","","","98","","","69"],["Other income, net","","59","","","16","","","53","","","22"],["Income before income taxes","","271","","","207","","","469","","","398"],["Provision for (benefit from) income taxes","","(13)","","","8","","","(7)","","","16"],["Net income including redeemable non-controlling interests","","284","","","199","","","476","","","382"],["Less: net loss attributable to redeemable non-controlling interests","","(1)","","","(1)","","","(2)","","","(2)"],["Net income attributable to DoorDash, Inc. common stockholders","","$","285","","","$","200","","","$","478","","","$","384"]]
[[/GREPCENT_TABLE]]

(1)Costs and expenses included stock-based compensation expense as follows:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm
Complete FY 2025 MD&A: /company/DASH/mda/fy2025/

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-02-18
Report date: 2025-12-31

Overview

DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.

53

Table of Contents

Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, our "Marketplaces"), and our Commerce Platform. Our Marketplaces operate in over 40 countries and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.

Our Marketplaces seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits.

In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer white-label delivery fulfillment services ("Drive") as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support.

Financial and Operational Highlights

We use the below financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors. These factors include, but are not limited to, those highlighted in this Annual Report on Form 10-K, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued investment in our non-U.S. operations, in our global technology platform, and to increase system capacity for Dashers and in support of longer distance and higher effort deliveries. Certain of these and other factors may not be within our control.

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["(in millions, except percentages)","","2023","","2024","","2025"],["Total Orders","","2,161","","","2,583","","","3,172"],["Total Orders Y/Y growth","","24","%","","20","%","","23","%"],["Marketplace GOV","","$","66,771","","","$","80,231","","","$","102,018"],["Marketplace GOV Y/Y growth","","25","%","","20","%","","27","%"],["Revenue","","$","8,635","","","$","10,722","","","$","13,717"],["Revenue Y/Y growth","","31","%","","24","%","","28","%"],["Net Revenue Margin","","12.9","%","","13.4","%","","13.4","%"],["GAAP gross profit","","$","3,860","","","$","4,979","","","$","6,686"],["GAAP gross profit as a % of Marketplace GOV","","5.8","%","","6.2","%","","6.6","%"],["Contribution Profit(1)","","$","2,482","","","$","3,474","","","$","4,840"],["Contribution Profit as a % of Marketplace GOV","","3.7","%","","4.3","%","","4.7","%"],["GAAP net income (loss) attributable to DoorDash, Inc. common stockholders","","$","(558)","","","$","123","","","$","935"],["GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV","","(0.8)","%","","0.2","%","","0.9","%"],["Adjusted EBITDA(1)","","$","1,190","","","$","1,900","","","$","2,779"],["Adjusted EBITDA as a % of Marketplace GOV","","1.8","%","","2.4","%","","2.7","%"],["Weighted-average diluted shares outstanding","","393","","","430","","","440"]]
[[/GREPCENT_TABLE]]

(1)Contribution Profit and Adjusted EBITDA are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “Non-GAAP Financial Measures."

Total Orders. We define Total Orders as all orders completed through our Marketplaces and Commerce Platform over the period of measurement.

Total Orders grew to 3.2 billion in 2025, a 23% increase compared to 2024. The increase in Total Orders was driven primarily by growth in the number of consumers, including partially as a result of our acquisition of Deliveroo, and growth in average consumer engagement.

54

Table of Contents

Marketplace GOV. We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips5, and any applicable consumer fees, including membership fees related to DashPass, Wolt+, and Deliveroo Plus. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants for orders fulfilled through our Commerce Platform.

Marketplace GOV grew to $102.0 billion in 2025, a 27% increase compared to 2024, driven primarily by growth in Total Orders.

Net Revenue Margin. We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.

Net Revenue Margin was 13.4% in 2025, consistent with 2024.

Contribution Profit. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue.

We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.

Contribution Profit increased to $4.8 billion in 2025 from $3.5 billion in 2024, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business.

Adjusted EBITDA increased to $2.8 billion in 2025 from $1.9 billion in 2024, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.

Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.

Free Cash Flow was $1.8 billion in 2025, consistent with 2024. Free Cash Flow remained flat as the increase in net cash provided by operating activities was largely offset by a comparable increase in purchases of property and equipment, as well as capitalized software and website development costs.

5 Dashers receive 100% of tips.

55

Table of Contents

Results of Operations

The following table summarizes our historical consolidated statements of operations data:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["(in millions)","","2023","","2024","","2025"],["Revenue","","$","8,635","","","$","10,722","","","$","13,717"],["Costs and expenses:(1)"],["Cost of revenue, exclusive of depreciation and amortization shown separately below","","4,589","","","5,542","","","6,738"],["Sales and marketing","","1,876","","","2,037","","","2,476"],["Research and development","","1,003","","","1,168","","","1,431"],["General and administrative","","1,235","","","1,452","","","1,600"],["Depreciation and amortization(2)","","509","","","561","","","747"],["Restructuring charges","","2","","","\u2014","","","2"],["Total costs and expenses","","9,214","","","10,760","","","12,994"],["Income (loss) from operations","","(579)","","","(38)","","","723"],["Interest income, net","","152","","","199","","","211"],["Other income (expense), net","","(107)","","","(5)","","","5"],["Income (loss) before income taxes","","(534)","","","156","","","939"],["Provision for income taxes","","31","","","39","","","7"],["Net income (loss) including redeemable non-controlling interests","","(565)","","","117","","","932"],["Less: net loss attributable to redeemable non-controlling interests","","(7)","","","(6)","","","(3)"],["Net income (loss) attributable to DoorDash, Inc. common stockholders","","$","(558)","","","$","123","","","$","935"]]
[[/GREPCENT_TABLE]]

(1)Costs and expenses include stock-based compensation expense as follows:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["(in millions)","","2023","","2024","","2025"],["Cost of revenue, exclusive of depreciation and amortization","","$","139","","","$","151","","","$","154"],["Sales and marketing","","119","","","117","","","107"],["Research and development","","466","","","505","","","527"],["General and administrative","","364","","","326","","","263"],["Total stock-based compensation expense","","$","1,088","","","$","1,099","","","$","1,051"]]
[[/GREPCENT_TABLE]]

(2)Depreciation and amortization related to the following:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["(in millions)","","2023","","2024","","2025"],["Cost of revenue","","$","186","","","$","201","","","$","293"],["Sales and marketing","","125","","","119","","","161"],["Research and development","","185","","","222","","","270"],["General and administrative","","13","","","19","","","23"],["Total depreciation and amortization","","$","509","","","$","561","","","$","747"]]
[[/GREPCENT_TABLE]]

56

Table of Contents

The following table sets forth the components of our consolidated statements of operations data as a percentage of revenue:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/DASH/mda/fy2025/
All MD&A years: /company/DASH/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/DASH/mda/fy2024/): filed 2025-02-14; accession 0001628280-25-005715 (https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-20241231.htm)
- [FY 2023 MD&A](/company/DASH/mda/fy2023/): filed 2024-02-20; accession 0001628280-24-005600 (https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-20231231.htm)
- [FY 2022 MD&A](/company/DASH/mda/fy2022/): filed 2023-02-27; accession 0001628280-23-005131 (https://www.sec.gov/Archives/edgar/data/1792789/000162828023005131/dash-20221231.htm)
- [FY 2021 MD&A](/company/DASH/mda/fy2021/): filed 2022-03-01; accession 0001628280-22-004350 (https://www.sec.gov/Archives/edgar/data/1792789/000162828022004350/dash-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DASH.md · JSON record: /company/DASH.json · verified financials: /company/DASH/financials.json / /company/DASH/financials.csv · machine TOC for the whole site: /llms.txt