DoorDash, Inc.DASH

DoorDash, Inc. Financial Overview 2021–2025

Updated Jul 10, 2026

Eclipsing $102.0 billion in Marketplace Gross Order Value in FY2025, DoorDash proved its delivery logistics engine is highly scalable and structurally profitable. The core investment thesis is clear: the company has successfully transitioned from a loss-making aggregator into a global commerce platform that generates substantial cash flow while aggressively rolling up international competitors.

The bottom line staged a complete recovery over the reporting period, pivoting from a $468 million net loss in FY2021 to a $935 million GAAP net income in FY2025. This operational leverage was driven by increasing volume density and higher-margin advertising. In FY2025, the platform processed 3.2 billion Total Orders and maintained a stable 13.4% Net Revenue Margin. Consequently, Adjusted EBITDA surged to $2.8 billion, allowing the company to generate $1.8 billion in Free Cash Flow. Management is actively redeploying this capital into global consolidation, capped by the $3.7 billion cash acquisition of Deliveroo in Q4 2025.

Investors have rewarded this margin expansion and strategic international growth. At the close of FY2025, the market valued the equity at $226.48 per share. Because the company only recently inflected to sustained profitability, it traded at a lofty 106.3x P/E multiple based on the $2.13 in EPS generated that fiscal year.

Recent Developments (Q4 2025 and Q1 2026)

DoorDash sustained top-line momentum in Q1 2026 following recent acquisitions, pushing quarterly revenue up 33% year-over-year to $4.04 billion. Marketplace Gross Order Volume expanded 37% to $31.6 billion, generating 933 million Total Orders. However, net income slipped slightly to $184 million, pressured by a 77% jump in depreciation and amortization to $269 million related to acquired intangibles.

The company bolstered its balance sheet by issuing $2.75 billion in convertible notes due 2030 and repurchased $162 million of stock in Q1 2026. Additionally, the board expanded in January 2026 to include Milan Kovac, bringing robotics expertise from Tesla. Bulls view the 28% growth in Adjusted EBITDA to $754 million as proof that scale is driving operating leverage. Bears warn that a 15% drop in Free Cash Flow to $420 million and a rich valuation of 78.9x earnings as of May 6, 2026 leave little margin for error.

What to watch: Deliveroo integration synergies; execution of autonomous delivery initiatives

Rev

$13.72B

+27.9% YoY

FY2025

NI

$935.0M

+660.2% YoY

FY2025

EPS

$2.19

+630.0% YoY

FY2025

OCF

$2.43B

+14.0% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

View full history →

Data from SEC Company Facts

All DASH Financial Metrics(54)

Recent SEC Filings

DoorDash, Inc. 8-K Report, Corporate Update (Sep 18, 2026)

DoorDash, Inc. (DASH) announced the completion of its reincorporation from Delaware to Nevada, effective September 18, 2026. This strategic move primarily impacts the corporate legal framework, changing the governing laws and corporate documents to those of Nevada. Importantly, the reincorporation did not alter the company's business operations, management, assets, liabilities, or stock structure. Existing shareholders will see their shares automatically converted to Nevada Class A and Class B common stock without needing to exchange certificates. The company has also entered into new indemnification agreements with its executive officers and directors. While the operational and financial standing of DoorDash remains unchanged, investors should note that certain stockholder rights may differ under Nevada law compared to Delaware law. A more detailed overview of these changes and the new corporate structure is available in the company's Information Statement filed on August 27, 2026.

DoorDash, Inc. 8-K Report, Shareholder Vote Results (Aug 11, 2026)

DoorDash, Inc. (DASH) announced via an 8-K filing on August 11, 2026, a significant corporate restructuring: the company will reincorporate from Delaware to Nevada through a conversion. This decision was approved by written consent of the Consenting Stockholders, who collectively hold at least a majority of the company's voting power. The reincorporation is expected to be completed no earlier than twenty calendar days after the mailing of the Schedule 14C information statement to all record stockholders. This move represents a strategic decision by the company's major shareholders to change the corporate domicile. Investors should monitor future filings for details on the implications of this change, which may include potential impacts on corporate governance, tax considerations, and operational aspects.

DoorDash, Inc. 8-K Report, Financial Results (Aug 5, 2026)

DoorDash, Inc. (DASH) filed an 8-K on August 5, 2026, primarily to announce its financial results for the second quarter ended June 30, 2026. The company issued a press release detailing these results, which has been incorporated by reference into the filing. Investors should look to the press release (Exhibit 99.1) for specific financial performance metrics, including revenue, profitability, and key operational drivers for the quarter. Additionally, the company disclosed that it posted supplemental investor materials on its investor relations website. DoorDash utilizes various channels, including SEC filings, press releases, conference calls, webcasts, its website, blog, and social media, to ensure broad and non-exclusionary dissemination of material information. It's important to note that the information provided in this 8-K and its exhibits is not deemed 'filed' for certain regulatory purposes unless expressly incorporated by reference in a future filing.

DoorDash, Inc. 8-K Report, Shareholder Vote Results (Jun 12, 2026)

DoorDash, Inc. (DASH) has filed an 8-K report detailing the outcomes of its 2026 annual meeting of stockholders, held on June 10, 2026. The key takeaway for investors is the overwhelming approval of all three proposals presented. Directors Shona L. Brown, Milan Kovac, Alfred Lin, and Stanley Tang were all re-elected with substantial "For" votes, ensuring continuity in leadership. Furthermore, the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was overwhelmingly ratified, signaling continued confidence in the company's financial oversight. Additionally, stockholders approved, on an advisory basis, the compensation of the company's named executive officers. This strong show of support across governance, audit, and executive compensation matters suggests a positive alignment between management and its shareholders. The filing also provides updated contact information for submitting shareholder proposals for the 2027 annual meeting, indicating the company's ongoing commitment to shareholder engagement.

DoorDash, Inc. 8-K Report, Financial Results (May 6, 2026)

DoorDash, Inc. (DASH) has filed an 8-K on May 6, 2026, to report its financial results for the quarter ended March 31, 2026. The core of this filing is the press release attached as Exhibit 99.1, which details the company's performance and financial condition. Investors should refer to this press release for specific financial metrics, including revenue, profitability, and any forward-looking guidance. In addition to the financial results, DoorDash also disclosed supplemental investor materials on its investor relations website. The company emphasizes its commitment to broad and non-exclusionary disclosure of material information through various channels, including SEC filings, press releases, and its website. It is important to note that the information furnished under Items 2.02 and 7.01, and the press release itself, are not considered "filed" for purposes of Section 18 of the Exchange Act, meaning they do not carry the same legal liabilities as formally filed documents, unless expressly incorporated by reference into a future filing.

View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →