01—Abstract
Summary
Summary of the 8-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
DoorDash reported Q4 2025 results that were driven by strong top-line growth, much of it from the Deliveroo acquisition (closed October 2, 2025).
Total Orders rose 32% Y/Y to 903 million, Marketplace GOV rose 39% to $29.7 billiona, and revenue rose 38% to $3.96 billion. Excluding Deliveroo, Total Orders grew 20%, Marketplace GOV grew 25%, and revenue grew 26%. GAAP net income attributable to common stockholders was $213 million, up 51% Y/Y but down 13% sequentially, and Adjusted EBITDA was $780 million, up 38% Y/Y and 3% Q/Q.
Adjusted EBITDA margin on Marketplace GOV compressed to 2.6% from 3.0% in Q3 2025, and free cash flow fell 40% Y/Y to $254 millionb, weighed by working capital, Deliveroo deal costs, and a legal settlement. The Q1 2026 outlook is more cautious. Guidance calls for Marketplace GOV of $31.0–31.8 billion and Adjusted EBITDA of $675–775 million.
Management said the operating plan puts GOV within the range rather than above the high end, which it has historically exceeded. Q1 EBITDA is pressured by Deliveroo, which is expected to contribute under $25 millionc versus over $45 million in Q4, by about $20 million of storm-related impact, and by higher Dasher costs per order. For full-year 2026, management expects EBITDA margin excluding Deliveroo to rise slightly, with Deliveroo contributing about $200 million, and it expects EBITDA to be significantly higher in 2H 2026 than in 1H.
Investors should weigh strong top-line growth and a large balance sheet (including $2.7 billiond of new convertible notes and $5.5 billion of goodwill) against near-term margin pressure, falling free cash flow, and heavy investment in new categories, international markets, and a global technology platform. The filing also indicates that no shares have been repurchased under the $5.0 billion February 2025 buyback authorization. The 8-K furnished the earnings release and shareholder letter under Items 2.02 and 7.01, which are not deemed filed for Section 18 purposes.
02—Key points
Key Highlights
- Total Orders grew 32% Y/Y to 903 million and Marketplace GOV grew 39% to $29.7 billion in Q4 2025, with Deliveroo included from October 2, 2025; ex-Deliveroo growth was 20% for orders and 25% for GOV.
- Revenue rose 38% Y/Y to $3.96 billion, but Net Revenue Margin fell to 13.3% from 13.8% in Q3 2025.
- Adjusted EBITDA was $780 million (up 38% Y/Y, up 3% Q/Q), but its margin on Marketplace GOV fell to 2.6% from 3.0% in Q3 2025.
- GAAP net income attributable to common stockholders was $213 million, up 51% Y/Y but down 13% Q/Q.
- Free cash flow fell 40% Y/Y to $254 million in Q4, pressured by working capital, Deliveroo transaction costs, and a legal settlement; full-year 2025 operating cash flow was $2.43 billion.
- Q1 2026 guidance: Marketplace GOV of $31.0–31.8 billion and Adjusted EBITDA of $675–775 million; management said GOV is planned within the range, not above the high end, and Deliveroo's Q1 EBITDA contribution is expected below $25 million.
- Full-year 2026 outlook: Deliveroo to contribute about $200 million of Adjusted EBITDA, EBITDA margin ex-Deliveroo to rise slightly, and 2H 2026 EBITDA significantly higher than 1H; SBC of $1.3–1.4 billion and D&A of $1.1–1.2 billion expected.
03—Questions
Frequently Asked Questions
How much of DoorDash's Q4 2025 growth came from the Deliveroo acquisition?
A large share. Reported Marketplace GOV growth of 39% falls to 25% excluding Deliveroo, Total Orders growth of 32% falls to 20%, and revenue growth of 38% falls to 26%. Deliveroo contributed $347 million of Q4 revenue and more than $45 million of Adjusted EBITDA.
Why is management guiding Q1 2026 Adjusted EBITDA below prior trends?
Three factors drive the outlook: Deliveroo is expected to contribute under $25 million (versus over $45 million in Q4) because of incremental investment, storms Gianna and Fern are expected to cost about $20 million, and Dasher cost per order is rising on seasonality, capacity investments, and annual regulated cost increases. Investment in grocery, international, and newer areas also weighs on results.
Has DoorDash been buying back stock?
Not under the February 2025 authorization. As of February 17, 2026, the company had repurchased no Class A shares under the up-to-$5.0 billion program, and it stated it may or may not use any portion of it. The company did repurchase $750 million of stock in 2023 and $224 million in 2024.
How did the balance sheet change after the Deliveroo deal and convertible notes?
Total assets rose to $19.7 billion from $12.8 billion. Goodwill increased to $5.5 billion from $2.3 billion, intangible assets to $2.3 billion, and convertible notes (net) to $2.7 billion. Acquisitions consumed $4.15 billion of cash in 2025, and the company issued $2.72 billion of net convertible notes.
What do the non-GAAP metrics exclude, and should investors rely on Adjusted EBITDA alone?
Adjusted EBITDA excludes stock-based compensation (about $276 million in Q4), D&A, transaction costs, certain legal and regulatory settlements (about $29 million in Q4), impairments, and taxes. Stock-based compensation is a recurring cost, so investors should also review GAAP net income ($213 million in Q4) and free cash flow ($254 million in Q4), which were both weaker than Adjusted EBITDA suggests.
04—Continue