01—Abstract
Summary
Summary of the 10-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
DoorDash, Inc. demonstrated robust growth in fiscal year 2025, with Total Orders increasing by 23% year-over-year to 3.2 billion and Marketplace Gross Order Value (GOV) growing by 27% to $102.0 billiona.
This expansion was significantly fueled by the acquisition of Deliveroo in October 2025, which bolstered international presence and capabilities. The company achieved positive GAAP net income attributable to common stockholders of $935 millionb, a substantial improvement from the prior year's $123 million, and its Contribution Profit grew to $4.8 billion. Adjusted EBITDA also saw strong growth, reaching $2.8 billion.
The company continues to invest in its global technology platform and expand its offerings beyond restaurant delivery into areas like convenience and grocery, as evidenced by the SevenRooms and Symbiosys acquisitions. Despite increased investments and operating expenses, DoorDash is focused on driving long-term shareholder value through strategic growth initiatives and operational efficiencies.
02—Key points
Key Highlights
- DoorDash reported a 23% year-over-year increase in Total Orders, reaching 3.2 billion in 2025.
- Marketplace Gross Order Value (GOV) grew by 27% to $102.0 billion in 2025.
- The company achieved a GAAP net income attributable to common stockholders of $935 million in 2025, a significant turnaround from the prior year.
- Adjusted EBITDA increased to $2.8 billion in 2025, reflecting improved operating performance.
- Key strategic acquisitions of Deliveroo, SevenRooms, and Symbiosys were completed in 2025, significantly expanding the company's global footprint and service offerings.
- DoorDash generated $1.8 billion in Free Cash Flow in 2025, indicating strong cash generation capabilities.
- The company's Net Revenue Margin remained stable at 13.4% in 2025, with improved Contribution Profit as a percentage of Marketplace GOV at 4.7%.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 18, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $13.72B$10.72B | +27.9% |
| R&D Expenses | $1.43B$1.17B | +22.5% |
| Operating Expenses | $12.99B$10.76B | +20.8% |
| Operating Income | $723.00M-$38.00M | +2002.6% |
| Net Income | $935.00M$123.00M | +660.2% |
| EPS (Basic) | $2.19$0.30 | +630.0% |
| EPS (Diluted) | $2.13$0.29 | +634.5% |
| Shares Outstanding (Basic) | 427.04M411.55M | +3.8% |
| Shares Outstanding (Diluted) | 439.69M430.24M | +2.2% |
05—Questions
Frequently Asked Questions
What was DoorDash's financial performance in 2025?
DoorDash experienced strong financial performance in 2025. Total Orders increased by 23% year-over-year to 3.2 billion, and Marketplace GOV grew by 27% to $102.0 billion. The company reported a GAAP net income of $935 million and Adjusted EBITDA of $2.8 billion, demonstrating significant growth and profitability.
What were the key strategic moves made by DoorDash in 2025?
In 2025, DoorDash completed several significant acquisitions: Deliveroo, SevenRooms, and Symbiosys. These acquisitions are aimed at expanding the company's global presence, enhancing its technology capabilities in areas like reservations and customer relationship management, and broadening its advertising offerings.
How is DoorDash managing its operational costs and investments?
While DoorDash is investing significantly in its global technology platform, international operations, and expanding into new verticals, it has also seen improvements in operational efficiencies. Costs like Cost of Revenue, Sales and Marketing, and Research and Development increased, but at rates generally below revenue growth, leading to improved Contribution Profit and Adjusted EBITDA margins.
What are the primary risks identified in the 10-K filing?
Key risks include intense competition, the potential reclassification of Dashers as employees, cybersecurity threats, the impact of adverse economic conditions on consumer spending, regulatory changes, and the ability to attract and retain merchants, consumers, and Dashers. The company also highlights risks associated with its international expansion and potential system failures.
06—Continue