Business Context and Reporting Period
Company: DoorDash, Inc.
Filing Type: Form 10-K (Annual Report)
Reporting Period: Fiscal year ended December 31, 2025
Business Overview: DoorDash operates a local commerce platform connecting merchants, consumers, and delivery workers ("Dashers") across over 40 countries. Its primary offerings include the DoorDash, Wolt, and Deliveroo Marketplaces, as well as the Commerce Platform (including "Drive" for white-label delivery). The company reported over 56 million monthly active users and 35 million membership program subscribers as of December 31, 2025.
Key Financial Metrics
| Metric (in millions, except per share) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | $13,717 | $10,722 | $8,635 |
| Net Income (GAAP) | $935 | $123 | $(558) |
| Diluted EPS | $2.13 | $0.29 | $(1.42) |
| Adjusted EBITDA | $2,779 | $1,900 | $1,190 |
| Contribution Profit | $4,840 | $3,474 | $2,482 |
| Free Cash Flow | $1,826 | $1,802 | $1,349 |
| Marketplace GOV | $102,018 | $80,231 | $66,771 |
| Total Orders (in billions) | 3.172 | 2.583 | 2.161 |
Liquidity and Debt: As of December 31, 2025, the company held $6.3 billion in cash, cash equivalents, and investments. It has $2.75 billion in aggregate principal amount of 0% Convertible Senior Notes due 2030 outstanding. The company maintains an $800 million revolving credit facility with no outstanding borrowings as of year-end.
Material Changes vs. Prior Period
- Revenue Growth: Revenue increased 28% year-over-year to $13.7 billion, driven by a 27% increase in Marketplace GOV and improved logistics efficiency.
- Profitability: The company achieved GAAP net income of $935 million in 2025, a significant turnaround from a net loss of $558 million in 2023 and a modest profit of $123 million in 2024. Operating income was $723 million.
- Acquisitions: The company completed the acquisition of Deliveroo plc for approximately $3.7 billion in October 2025, as well as SevenRooms Inc. ($1.15 billion) and Symbiosys Corp. ($121 million) earlier in the year. These acquisitions contributed to a significant increase in goodwill and intangible assets.
- Capital Structure: In May 2025, the company issued $2.75 billion in 0% Convertible Senior Notes due 2030. Proceeds were used for general corporate purposes and to fund the Deliveroo acquisition.
- Share Repurchases: In February 2025, the board authorized a $5.0 billion share repurchase program. No shares were repurchased under this program during 2025.
Guidance, Outlook, and Risks
Management Commentary: Management highlighted the successful integration of Deliveroo and the continued growth of the global technology platform. The company emphasized its commitment to long-term shareholder value through investments in AI-native tooling and operational consistency. Free Cash Flow remained flat at $1.8 billion due to increased capital expenditures for property, equipment, and software development.
Key Risks and Contingencies:
- Regulatory and Legal: Significant ongoing risks relate to the classification of Dashers as independent contractors versus employees, particularly in California (Proposition 22) and the EU (Platform Work Directive). The company is subject to various audits and investigations regarding payroll taxes and worker classification.
- Cybersecurity: In October 2025, the company disclosed a social engineering incident where an unauthorized third party accessed limited contact information. While deemed immaterial, it underscores ongoing cybersecurity risks.
- Competition: The local delivery market remains intensely competitive with players like Uber Eats, Amazon, and local incumbents, potentially impacting pricing power and margins.
- Debt Obligations: The 2030 Notes may require cash settlement upon conversion or repurchase following a fundamental change, which could impact liquidity.
Investor Verification Checklist
- Acquisition Integration: Verify the progress of integrating Deliveroo, SevenRooms, and Symbiosys, specifically regarding revenue synergies and cost savings.
- Regulatory Exposure: Monitor developments in worker classification laws in key jurisdictions (California, EU) and the potential financial impact of reclassifying Dashers as employees.
- Debt Conversion Risk: Assess the likelihood of the 2030 Notes being converted or repurchased, and the company's ability to fund cash settlements if required.
- Capital Allocation: Track the execution of the $5.0 billion share repurchase program and the impact on future earnings per share.
- Insurance Reserves: Review the adequacy of the $1.1 billion in retained insurance deductibles reserves, a critical audit matter identified by KPMG.