DoorDash, Inc. announced its financial results for the quarter and fiscal year ended December 31, 2025.

DoorDash, Inc. (NASDAQ: DASH) today announced its financial results for the quarter and fiscal year ended December 31, 2025. In addition to our financial results below, our annual letter to shareholders is available on the DoorDash investor relations website at http://ir.doordash.com.

In 2025, we accelerated growth in our U.S. restaurant category, expanded consumer affordability through record DashPass signups, increased consumer retention and order frequency in our grocery and retail categories by improving selection and quality, increased merchant value by launching new services such as reservations for restaurants and Smart Campaigns for ads, and drove strong organic growth internationally. In 2025, we also generated nearly $75 billion in sales for local merchants across over 40 countries and over $20 billion in earnings for Dashers.1 Our results are a reflection of our prior investments, hard work, and execution, and our effort to build products that provide value for our merchants, consumers, and Dashers.

Fourth Quarter 2025 Key Financial Metrics

Total Orders increased 32% year-over-year (Y/Y) to 903 million.

Marketplace GOV increased 39% Y/Y to $29.7 billion.

Revenue increased 38% Y/Y to $4.0 billion.

GAAP net income attributable to DoorDash, Inc. common stockholders increased 51% Y/Y to $213 million.

Adjusted EBITDA increased 38% Y/Y to $780 million.

Operational Highlights

In 2025, DoorDash grew Marketplace GOV by 27% Y/Y (23% Y/Y excluding the impact of Deliveroo) and exited the year with over 56 million monthly active users (MAUs2) and over 35 million DashPass, Wolt+, and Deliveroo Plus members.3 In addition to driving strong organic growth in 2025, we made progress across new areas that we expect will differentiate our services in the coming years, including our global technology platform, in-store services, and our autonomous delivery platform. We also completed a number of acquisitions in 2025 that expand our capabilities and reach, and we are excited by our progress so far: new venues signed at SevenRooms increased over 100% Y/Y in December, we nearly doubled the number of advertising partners through Symbiosis from June to December, and we accelerated Y/Y growth in Total Orders from Deliveroo in Q4 2025.

In our U.S. restaurant category in Q4 2025, we drove double-digit Y/Y growth in the number of new consumers,4 as well as continued strong growth in order rates5 among every mature cohort.6 This helped drive Y/Y growth in Marketplace GOV in the U.S. restaurant category in Q4 2025 to its second-highest level in the last fifteen quarters. In 2026, we expect unit economics in the U.S. restaurant category to increase from 2025, but at a slower place than the average pace over the last three years.

In our U.S. grocery and retail categories in Q4 2025, we drove Y/Y growth in Marketplace GOV that was consistent with Y/Y growth in Q3 2025 and was above our Y/Y growth in Q4 2024. We attracted more new consumers to our U.S. grocery and retail categories in Q4 2025 than in any previous quarter, drove initial engagement among our newer cohorts7 that increased Y/Y, and drove strong growth in order rates among our mature cohorts. In total, over 30% of our U.S. MAUs and nearly 30% of our global MAUs engaged with our grocery and retail categories in December. Unit economics in our U.S. grocery and retail categories increased on both a Y/Y and Q/Q basis in Q4 2025. We currently expect unit economics in our grocery and retail categories to turn positive in 2H 2026.

Excluding the impact of Deliveroo, Y/Y growth in Marketplace GOV in our international marketplaces accelerated in Q4 2025 compared to Q3 2025. Also excluding the impact of Deliveroo, unit economics in our international marketplaces increased on both a Y/Y and Q/Q basis in Q4 2025, despite significant ongoing investment. We were extremely pleased to welcome so many talented new coworkers from Deliveroo on October 2. We are already working closely together to solve problems for merchants, consumers, and Dashers and we're seeing promising initial outputs. In Q4 2025, Y/Y growth in Total Orders from Deliveroo accelerated with a contribution to Adjusted EBITDA that slightly exceeded our stated expectation of $45 million.

In 2026, we aim to increase selection and improve quality in our marketplaces, expand the value we provide through our membership programs, increase the value we generate for merchants through our Commerce Platform, and continue to invest in autonomous and artificial intelligence technologies in order to deliver long-term gains in efficiency, quality, and affordability.

We are on-track with our plan to rebuild and relaunch significant portions of our products using our new global technology platform. This platform will integrate the DoorDash, Wolt, and Deliveroo marketplaces onto a common technology stack, allowing engineers around the world to work on the same projects, enabling data analytics teams to operate using common sets of data, and empowering operators to draw on the best of our global product development to serve customers at the local level. Our expectation is that operating on a single platform will improve our operating efficiency and pace of innovation. At the same time, we have begun the process of organizing our team to drive consistent and efficient execution across our global operations. This will remain a priority to help ensure our technologies, structure, team, and controls align with our long-term ambition.

Financial Outlook

While we have historically exceeded the high end of our guidance range for Marketplace GOV, our current operating plan for Q1 2026 reflects Marketplace GOV within our guided range.

In addition to our investments in international countries, grocery and retail categories, and incremental investments in newer areas, our current expectation for Adjusted EBITDA in Q1 2026 is impacted by three primary factors: 1) incremental investments in Deliveroo, which drive an expectation for Deliveroo to contribute less than $25 million to our Adjusted EBITDA in Q1 2026 compared to over $45 million in Q4 2025, 2) an estimated $20 million direct impact from severe storms Gianna and Fern in the U.S., and 3) a Q/Q increase in Dasher costs per order, which reflects seasonality, investments to increase system capacity and support growth in longer distance and higher effort deliveries, and an annual increase in cost in regulated markets.

For the full year 2026, we expect Adjusted EBITDA as a percent of Marketplace GOV to increase slightly compared to 2025, excluding the impact of Deliveroo in both periods. We continue to expect Deliveroo to contribute approximately $200 million to our Adjusted EBITDA in 2026.

As 2026 progresses, we currently expect Adjusted EBITDA as a percent of Marketplace GOV to increase in Q2 2026 from Q1 2026, but to remain slightly below the level achieved in Q2 2025. We currently expect Adjusted EBITDA as a percentage of Marketplace GOV to increase in Q3 2026 compared to Q2 2026 and for Adjusted EBITDA to be significantly higher in 2H 2026 compared to 1H 2026.

Based on our current outlook, assuming a stock price consistent with recent trading levels, we expect:

2026 stock-based compensation expense of approximately $1.3 billion to $1.4 billion.

2026 depreciation and amortization expense of approximately $1.1 billion to $1.2 billion.

Unless otherwise indicated above, our guidance includes the expected impact of, and contributions from, Deliveroo. As with all areas of our business, we plan to operate Deliveroo with a long-term focus and deep attention to detail. While we expect cost efficiencies over time from operating a larger global business, we believe our largest opportunity to generate long-term returns at Deliveroo will come from investing in our people and products in order to generate better outcomes for consumers, merchants, and Dashers.

Our expectations regarding the impact of, and contributions from, Deliveroo are based on judgments which we believe to be reasonable and certain assumptions that are subject to change, many of which are outside of our control. In addition to the other risks and uncertainties we describe in our filings with the U.S. Securities and Exchange Commission (the "SEC"), the ongoing integration of Deliveroo into our business presents certain execution and operational risks that could cause actual results to vary from the expectations expressed above.

Our outlook assumes that aggregate consumer demand and key foreign currency rates remain relatively stable at current levels. Our outlook also anticipates significant levels of ongoing investment in new categories and international markets, as well as growing investment in new initiatives and our global technology platform.

We caution investors that consumer spending in any of our geographies could deteriorate relative to our outlook, which could drive results below our expectations. Additionally, our increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks. Changes in the international operating environment could negatively impact results versus our current outlook.

We have not provided GAAP net income (loss) attributable to DoorDash, Inc. common stockholders outlook or a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a result of the uncertainty regarding, and the potential variability of, reconciling items such as legal, tax, and regulatory expenses and other items. Accordingly, a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP measures in tables at the end of this release.

Q4 2025 Financial Performance

The Y/Y increase in Total Orders in Q4 2025 was driven primarily by growth in the number of consumers and growth in average consumer engagement, as well as our acquisition of Deliveroo. Excluding the acquisition of Deliveroo, Total Orders increased 20% Y/Y in Q4 2025.

The Y/Y increase in Marketplace GOV in Q4 2025 was driven primarily by growth in Total Orders. We estimate aggregate changes in currency rates added approximately 1% to Y/Y growth in Marketplace GOV in Q4 2025. Excluding the acquisition of Deliveroo, Marketplace GOV increased 25% Y/Y in Q4 2025.

The Y/Y increase in revenue in Q4 2025 was driven primarily by growth in Marketplace GOV, as well as our acquisition of Deliveroo. Excluding Deliveroo, revenue increased 26% Y/Y in Q4 2025.

The Y/Y increase in GAAP cost of revenue, exclusive of depreciation and amortization in Q4 2025 was driven primarily by increases in Total Orders and the acquisition of Deliveroo. As a percentage of Marketplace GOV, GAAP cost of revenue, exclusive of depreciation and amortization, was 6.5% in Q4 2025, down from 6.8% in Q4 2024 and 6.7% in Q3 2025.

The Y/Y increase in GAAP sales and marketing expense in Q4 2025 was driven primarily by increases in advertising expenses and personnel-related compensation expenses. As a percentage of Marketplace GOV, GAAP sales and marketing expense was 2.4% in Q4 2025, down from 2.5% in Q4 2024 and up from 2.3% in Q3 2025.

The Y/Y increase in GAAP research and development expense in Q4 2025 was driven primarily by increases in personnel-related compensation expenses and software and technology costs. As a percentage of Marketplace GOV, GAAP research and development expense was 1.4% in Q4 2025, consistent with 1.4% in each of Q4 2024 and Q3 2025.

The Y/Y increase in GAAP general and administrative expense in Q4 2025 was driven by an increase in transaction-related costs and personnel-related expenses. As a percentage of Marketplace GOV, GAAP general and administrative expense was 1.6% in Q4 2025, up from 1.5% in Q4 2024 and consistent with 1.6% in Q3 2025.

GAAP net income attributable to DoorDash, Inc. common stockholders was $213 million in Q4 2025, an increase from $141 million in Q4 2024 and a decrease from $244 million in Q3 2025.

Adjusted EBITDA was $780 million in Q4 2025, up 38% from $566 million in Q4 2024 and up 3% from $754 million in Q3 2025. Adjusted EBITDA as a percentage of Marketplace GOV was 2.6% in Q4 2025, down from 2.7% in Q4 2024 and 3.0% in Q3 2025.

In Q4 2025, we generated net cash provided by operating activities of $421 million and Free Cash Flow of $254 million, down from $518 million and $420 million, respectively, in Q4 2024. Free Cash Flow in Q4 2025 was negatively impacted by: 1) increased funds held at payment processors, 2) an increase in accounts receivable associated with growth in Marketplace GOV in our grocery category, advertising revenue, and gift card revenue, 3) up-front payments to technology and insurance providers, and 4) transaction costs and a legal settlement associated with the Deliveroo acquisition.

In February 2025, our board of directors authorized the repurchase of up to $5.0 billion of our Class A common stock. As of February 17, 2026, we have not repurchased shares of our Class A common stock under the February 2025 authorization. We may or may not repurchase any portion of our February 2025 authorization.

Analyst and Investor Conference Call and Earnings Webcast

DoorDash will host a conference call and webcast to discuss our quarterly results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Those interested in listening to the call can register and attend by visiting our Investor Relations page at https://ir.doordash.com. An archived webcast will be available on our Investor Relations page shortly after the call.

Available Information

We announce material information to the public about us, our products and services, and other matters through a variety of means, including filings with the SEC, press releases, public conference calls, webcasts, the investor relations section of our website (ir.doordash.com), our blog (doordash.news), and our social media accounts on X and LinkedIn in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

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