Did DoorDash become profitable in 2024?

Yes, on a GAAP basis. DoorDash generated $123 million of net income attributable to common stockholders for full-year 2024, compared with a $558 million loss in 2023. Q4 2024 alone contributed $141 million. The company characterized 2024 as its first full year of positive GAAP net income.

What does the new $5.0 billion buyback mean for shareholders?

The authorization is up to $5.0B for Class A repurchases, inclusive of the $876M left under the February 2024 program. It is an authorization, not a commitment: DoorDash may or may not repurchase any portion, and timing depends on price, market conditions, and alternative investment opportunities. Future authorizations will be assessed against balance sheet strength and expected free cash flow. At December 31, 2024, the company had $4.0B in cash and equivalents plus $2.2B in marketable securities, which supports the program.

What is the near-term outlook for DoorDash?

For Q1 2025, DoorDash guided Marketplace GOV to $22.6–$23.0B and Adjusted EBITDA to $550–$600M. Management expects Adjusted EBITDA as a percentage of Marketplace GOV to increase from Q1 to Q2 and again from Q2 to Q3. The company also cautioned that its outlook assumes significant ongoing investment in new categories and international markets, and that weaker consumer spending or adverse foreign currency or geopolitical developments could push results below expectations.

How much stock-based compensation should investors expect in 2025?

Management expects 2025 stock-based compensation expense of approximately $1.1–$1.2B, compared with $1.099B in 2024. The estimate includes roughly $960–$1,060M of new hire, continuing employee, and other grants, along with Wolt retention and revesting expense of about $130M, which falls to about $50M in 2026. This dilution is a key consideration when evaluating buyback capacity.

What metrics show user and business growth beyond revenue?

Total Orders grew 19% Y/Y to 685 million in Q4 2024, and Marketplace GOV rose 21% to $21.3B. MAUs exceeded 42 million in December 2024, and over 25% of MAUs ordered from new verticals categories, up from 20% a year earlier. Average Net Revenue Margin rose to 13.5% in Q4 from 13.1%. International marketplaces grew Total Orders faster than the U.S. marketplace during 2024.

DASH 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed February 11, 2025. Cited figures are marked; the original filing is the authoritative source.

DoorDash (NASDAQ: DASH) reported a record fourth quarter and full year 2024, marking its first full year of positive GAAP net income.

Full-year revenue grew 24% Y/Y to $10.7 billion^a, Marketplace GOV rose 20% to $80.2 billion, and GAAP net income attributable to common stockholders was $123 million versus a $558 million loss in 2023. Q4 2024 revenue was $2.9 billion (up 25% Y/Y), Total Orders reached 685 million (up 19%), and Adjusted EBITDA hit an all-time high of $566 million, or 2.7% of Marketplace GOV. Free Cash Flow for 2024 was $1.8 billion, up 34% Y/Y, and operating cash flow was $2.1 billion.

MAUs reached over 42 million in December 2024, and DashPass plus Wolt+ members exceeded 22 million. Management guided Q1 2025 Marketplace GOV to $22.6^b–$23.0 billion and Adjusted EBITDA to $550–$600 million, and expects 2025 stock-based compensation of $1.1–$1.2 billion and D&A of $580–$600 million. Management also signaled continued heavy investment in new verticals and international markets, which tempers near-term margin expansion.

Note that Q1 2025 Adjusted EBITDA guidance is only modestly above Q4 2024's $566 million^c, and the company says it expects Adjusted EBITDA margin to rise through Q2 and Q3. In February 2025, the board authorized a new share repurchase program of up to $5.0 billion, inclusive of the $876 million remaining under the prior authorization.

The new program is a meaningful capital return signal, following $224 million^d of repurchases in 2024, and the company stated that future authorizations will depend on balance sheet strength, expected free cash flow, and alternative investment opportunities. Investors should weigh the buyback capacity against continued stock-based compensation dilution and the company's ongoing investment agenda.

02—Key points

Key Highlights

Record 2024 results: revenue of $10.7B (+24% Y/Y), Marketplace GOV of $80.2B (+20% Y/Y), and first full year of positive GAAP net income ($123M attributable to common stockholders).
Q4 2024 Adjusted EBITDA reached an all-time high of $566M (2.7% of Marketplace GOV), up from $363M in Q4 2023.
Free Cash Flow grew 34% Y/Y to $1.8B for 2024, with operating cash flow of $2.1B.
Q1 2025 guidance: Marketplace GOV of $22.6–$23.0B and Adjusted EBITDA of $550–$600M.
New $5.0B share repurchase authorization, inclusive of the $876M remaining under the prior program, versus $224M repurchased in 2024.
Engagement momentum: MAUs exceeded 42M in December 2024 (up from 37M), and DashPass/Wolt+ members surpassed 22M.
2025 outlook includes $1.1–$1.2B of stock-based compensation and $580–$600M of D&A, with continued investment in new verticals and international markets.

03—Questions

Frequently Asked Questions

Did DoorDash become profitable in 2024?
Yes, on a GAAP basis. DoorDash generated $123 million of net income attributable to common stockholders for full-year 2024, compared with a $558 million loss in 2023. Q4 2024 alone contributed $141 million. The company characterized 2024 as its first full year of positive GAAP net income.
What does the new $5.0 billion buyback mean for shareholders?
The authorization is up to $5.0B for Class A repurchases, inclusive of the $876M left under the February 2024 program. It is an authorization, not a commitment: DoorDash may or may not repurchase any portion, and timing depends on price, market conditions, and alternative investment opportunities. Future authorizations will be assessed against balance sheet strength and expected free cash flow. At December 31, 2024, the company had $4.0B in cash and equivalents plus $2.2B in marketable securities, which supports the program.
What is the near-term outlook for DoorDash?
For Q1 2025, DoorDash guided Marketplace GOV to $22.6–$23.0B and Adjusted EBITDA to $550–$600M. Management expects Adjusted EBITDA as a percentage of Marketplace GOV to increase from Q1 to Q2 and again from Q2 to Q3. The company also cautioned that its outlook assumes significant ongoing investment in new categories and international markets, and that weaker consumer spending or adverse foreign currency or geopolitical developments could push results below expectations.
How much stock-based compensation should investors expect in 2025?
Management expects 2025 stock-based compensation expense of approximately $1.1–$1.2B, compared with $1.099B in 2024. The estimate includes roughly $960–$1,060M of new hire, continuing employee, and other grants, along with Wolt retention and revesting expense of about $130M, which falls to about $50M in 2026. This dilution is a key consideration when evaluating buyback capacity.
What metrics show user and business growth beyond revenue?
Total Orders grew 19% Y/Y to 685 million in Q4 2024, and Marketplace GOV rose 21% to $21.3B. MAUs exceeded 42 million in December 2024, and over 25% of MAUs ordered from new verticals categories, up from 20% a year earlier. Average Net Revenue Margin rose to 13.5% in Q4 from 13.1%. International marketplaces grew Total Orders faster than the U.S. marketplace during 2024.

04—Continue

← View all 8-K filings