10-KPeriod: FY2025

DoorDash, Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 18, 2026For Securities:DASH

Summary

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 billion. 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 million, 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.

Financial Highlights

50 data points
Beta

Revenue

$13.72B

Net Income

$935.00M

6.8% Net Margin

EPS (Diluted)

$2.13

Total Assets

$19.66B

Cash & Equivalents

$4.38B

Free Cash Flow

$2.17B

Financial Statements
Beta
Revenue$13.72B
R&D Expenses$1.43B
Operating Expenses$12.99B
Operating Income$723.00M
Net Income$935.00M
EPS (Basic)$2.19
EPS (Diluted)$2.13
Shares Outstanding (Basic)427.04M
Shares Outstanding (Diluted)439.69M

Key Highlights

  • 1DoorDash reported a 23% year-over-year increase in Total Orders, reaching 3.2 billion in 2025.
  • 2Marketplace Gross Order Value (GOV) grew by 27% to $102.0 billion in 2025.
  • 3The company achieved a GAAP net income attributable to common stockholders of $935 million in 2025, a significant turnaround from the prior year.
  • 4Adjusted EBITDA increased to $2.8 billion in 2025, reflecting improved operating performance.
  • 5Key strategic acquisitions of Deliveroo, SevenRooms, and Symbiosys were completed in 2025, significantly expanding the company's global footprint and service offerings.
  • 6DoorDash generated $1.8 billion in Free Cash Flow in 2025, indicating strong cash generation capabilities.
  • 7The 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%.

Frequently Asked Questions

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.

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.

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.

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.