0001792789-26-000013
SEC filingRevenue grew 28% to $13.7B driven by 27% Marketplace GOV growth; GAAP net income improved to $935M from $123M.
DoorDash describes its mission as "to grow and empower local economies" by reducing friction in local commerce. The company operates primarily through three marketplaces—DoorDash Marketplace, Wolt Marketplace, and Deliveroo Marketplace—which serve merchants, consumers, and Dashers. These marketplaces generate the vast majority of revenue. Additionally, DoorDash offers a Commerce Platform that includes white-label delivery fulfillment (Drive) and tools for merchants to build their own online presence.
The Business section does not break out financial segments by revenue share. However, DoorDash identifies three marketplaces (DoorDash, Wolt, Deliveroo) and the Commerce Platform as distinct offerings. The marketplaces collectively operate in over 40 countries and are the primary revenue drivers.
Key products include: DoorDash Marketplace, Wolt Marketplace, Deliveroo Marketplace, Commerce Platform, Drive (white-label delivery), and membership programs DashPass, Wolt+, and Deliveroo Plus. The Commerce Platform also provides services like online ordering, branded apps, reservations, tableside order/pay, and customer support.
DoorDash reaches consumers through its apps and websites. Merchants are onboarded to the marketplaces, and Dashers sign up as independent contractors. The Commerce Platform enables merchants to operate their own channels with DoorDash's services. No specific customer concentration is disclosed; the three main constituencies are merchants, consumers, and Dashers.
The market is intensely competitive, especially in local food delivery logistics. Named competitors include Amazon, Uber Eats, Prosus, Delivery Hero, and other local incumbents. DoorDash also competes with merchants' own online platforms, grocery delivery services, convenience store delivery, and traditional offline ordering. As DoorDash expands into new verticals, it may face additional competition.
DoorDash's strategy focuses on three pillars: (1) providing merchants with an expanding suite of services to help them build omnichannel businesses, (2) offering consumers a broad selection of merchants and products, and (3) offering Dashers attractive, flexible earning opportunities. The company believes success comes from balancing the needs of all three constituents.
As of December 31, 2025, DoorDash had over 31,400 employees worldwide. In 2025, over 9 million Dashers delivered orders, earning over $20 billion. DoorDash emphasizes a diverse and inclusive workforce and strong employee relations, with no work stoppages experienced.
DoorDash's MD&A highlights strong financial performance for fiscal year 2025. Revenue increased 28% to $13.7 billion, driven primarily by a 27% increase in Marketplace GOV to $102.0 billion. Revenue growth outpaced GOV growth due to improved logistics efficiency, higher advertising contributions, and a reduction in credits and refunds as a percentage of GOV. Gross profit rose 34% to $6.7 billion, with gross margin expanding from 46.4% to 48.7%, reflecting lower cost of revenue as a percentage of revenue (49% vs 52%). Operating income swung from a $38 million loss to a $723 million profit, representing a 5.3% operating margin. GAAP net income attributable to common stockholders reached $935 million, compared to $123 million in 2024, aided by a $32 million decrease in income tax expense due to the release of a portion of the U.S. valuation allowance and the enactment of the One Big Beautiful Bill Act. Adjusted EBITDA grew 46% to $2.8 billion, with margin expanding from 2.4% to 2.7% of Marketplace GOV.
The MD&A does not provide a segmented breakdown of revenue or profit by business line (Marketplaces vs. Commerce Platform). The discussion focuses on aggregate metrics: Total Orders grew 23% to 3.2 billion, driven by consumer growth and acquisitions (notably Deliveroo). Marketplace GOV growth of 27% was supported by order growth and higher average order value. Net Revenue Margin remained stable at 13.4%. Contribution Profit (non-GAAP) increased to $4.8 billion, or 4.7% of GOV (up from 4.3%), reflecting direct expense discipline. The Commerce Platform, including Drive, is mentioned but no separate financials are provided.
The MD&A does not include explicit forward guidance for 2026. However, management notes strategic priorities including continued investment in non-U.S. operations, global technology platform, and system capacity for Dashers. The company issued $2.75 billion of 0% Convertible Senior Notes due 2030 in May 2025, with proceeds for general corporate purposes. A $5.0 billion share repurchase program was authorized in February 2025, with $5.0 billion remaining as of year-end. Management expresses confidence in existing liquidity ($6.3 billion in cash, equivalents, and investments) and available credit facility ($800 million) to meet working capital and capital expenditure needs for at least the next 12 months. The company expects to maintain a valuation allowance on deferred tax assets in the U.S., U.K., and Finland until sustained profitability is achieved.
DoorDash's balance sheet at December 31, 2025 shows total assets of $19.659 billion, with cash and cash equivalents of $4.378 billion, restricted cash of $273 million, and marketable securities (short-term and long-term) of $1.965 billion. The company has no revolving loans outstanding under its $800 million credit facility. Total debt consists of $2.724 billion net carrying value of 0% convertible senior notes due 2030, issued in May 2025. Stockholders' equity stands at $10.033 billion, up from $7.803 billion a year earlier, primarily due to net income and other comprehensive income.
DoorDash has $5.3 billion in non-cancelable purchase commitments as of December 31, 2025, primarily related to technology platform infrastructure. Payments are scheduled as follows: $1.049 billion in 2026, $1.090 billion in 2027, $1.020 billion in 2028, $1.054 billion in 2029, and $1.087 billion in 2030 and thereafter. Additionally, the company has $607 million in collateral obligations for insurance policies, secured by surety bonds and letters of credit. Operating lease commitments total $710 million in undiscounted future payments, with $138 million due in 2026.
In February 2025, DoorDash's board authorized a new share repurchase program of up to $5.0 billion, which includes the remaining $876 million from the prior authorization. However, the company did not repurchase any shares during 2025. Debt issuance net proceeds of $2.72 billion were used to fund acquisitions, primarily the Deliveroo purchase. Capital expenditures (including capitalized software) totaled $605 million in 2025, up from $330 million in 2024, representing 4.4% of revenue. The company did not pay dividends.
DoorDash operates as a single reportable segment. Revenue by geography: United States $11.460 billion (84%), International $2.257 billion (16%). No individual country outside the U.S. exceeded 10% of revenue. Long-lived assets outside the U.S. totaled $375 million, with $173 million in Finland.
DoorDash's primary regulatory risk is the classification of Dashers as employees. A reclassification would impose substantial costs for wages, benefits, and taxes, and require fundamental business model changes. Recent EU Platform Work Directive and US state-level initiatives (e.g., Proposition 22 in California) illustrate the dynamic landscape. The company also faces risks from minimum earnings standards (e.g., New York City), which have already increased consumer fees. Antitrust litigation (e.g., Uber's February 2025 lawsuit) and evolving privacy laws (GDPR, state US privacy acts) add to compliance burdens.
DoorDash operates in intensely competitive markets for local delivery, facing well-capitalized rivals like Uber Eats and Amazon. Competitive pressures may force reductions in commission rates and increased marketing spend, affecting margins. The risk is amplified as merchants may develop their own delivery platforms or enter exclusive arrangements with competitors.
Cybersecurity remains a key risk; a 2025 social engineering attack compromised user contact information. Platform reliability is critical, and past outages have led to revenue loss. The company invests heavily in technology (e.g., new global platform, AI tools), but these investments may not yield expected returns. The emergence of autonomous delivery could disrupt the industry, and DoorDash must innovate to keep pace.
DoorDash only achieved profitability in 2024; future profitability is uncertain due to rising expenses and potential revenue deceleration. Macroeconomic factors (inflation, labor shortages) could reduce order volumes. The company also has significant exposure to foreign exchange fluctuations and tax liabilities, including limitations on NOL carryforwards.
Retaining and attracting Dashers, merchants, and consumers is crucial. High employee turnover and competition for talent in the San Francisco Bay Area may hinder innovation and growth. The company's multi-class stock structure concentrates voting power with co-founders, limiting shareholder influence.
The provided document excerpt includes the audit report and index for DoorDash, Inc.'s 10-K for the fiscal year ended December 31, 2025. However, the actual cash flow statement was not included in the provided content. Without the specific cash flow figures, it is impossible to assess cash flow quality, compare CFO to net income, evaluate capex intensity, or analyze FCF coverage. The only financial figure mentioned is insurance reserves of $1.1 billion, which is unrelated to cash flows. Therefore, no meaningful analysis can be performed on the cash flow statement based on the given input.