DoorDash, Inc. operates the DoorDash, Wolt and Deliveroo local-commerce marketplaces and a Commerce Platform providing delivery, ordering, reservations and customer-management tools for merchants. Its Nasdaq-listed Class A shares trade as DASH.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001628280-24-005600 | Feb 20, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001628280-25-005715 | Feb 14, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001792789-26-000013 | Feb 18, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
DoorDash’s expansion produced a genuine operating turnaround in 2025, but its latest interim results show why revenue growth alone is insufficient. Annual GAAP operating income reached $723 million on $13.717 billion of revenue, supported by stronger gross economics. Acquisition-inclusive growth continued in the first half of 2026, yet operating income declined as technology, administrative and amortization expenses absorbed the improvement. Cash generation remained stronger than accounting earnings, partly because of noncash compensation and payment timing. Deliveroo expanded international exposure, while convertible financing introduced a substantial future cash-settlement obligation. The August 2026 revolver expansion added borrowing capacity, not cash. Unresolved worker-pay, classification and consumer-protection matters remain material risks. September’s completed Nevada reincorporation preserved operating continuity but changed some stockholder rights.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-09-18
DoorDash connects consumers, merchants and delivery workers. Its marketplaces operate in over 40 countries and generate most revenue through commissions, consumer fees, memberships and advertising. Restaurant delivery remains the largest category; grocery and retail broaden its reach. Commerce Platform serves merchants’ own channels, principally through per-order Drive delivery fees, alongside ordering, reservations and customer-management services. DoorDash reports one segment, so brands and geographies are not separate disclosed profit centers.
Most transactions are reported on a net agency basis after merchant and Dasher payments. Refunds, promotions and most Dasher incentives also reduce revenue. Marketplace gross order value, or GOV, instead includes merchandise value, taxes, tips and applicable fees. Total Orders includes Commerce Platform orders that GOV excludes. Consequently, GOV divided by Total Orders is not a consistently scoped average order value, and Net Revenue Margin—revenue divided by GOV—is neither a commission rate nor a profit margin.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Revenue reached $13.717 billion in 2025, compared with $10.722 billion in 2024 and $8.635 billion in 2023. Operating income reached $723 million after operating losses in both preceding years. Management attributes growth to more consumers, greater engagement and partial-year Deliveroo inclusion; logistics efficiency, advertising and fewer credits and refunds supported monetization. Gross margin improved to 48.7%. The evidence does not isolate organic growth or advertising profitability.
Parent-attributable net income was $935 million, versus $932 million consolidated net income before minority-loss allocation. Net interest income of $211 million and an unusually low $7 million tax provision also supported earnings. The tax provision benefited from an acquisition-related valuation-allowance release and tax-law changes; its rounded 1% effective rate is not a sustainable-rate forecast. Lower office impairments and CEO-award expense helped comparisons, while acquisition expenses and amortization increased.
Sources: 10-K · 2025-12-31 · 10-K · 2024-12-31
Operating cash flow reached $2.431 billion in 2025, but operating asset and liability movements consumed $525 million, reversing a prior-year inflow. Noncash stock compensation and depreciation/amortization remained major additions. Company-defined Free Cash Flow was $1.826 billion after equipment and software cash spending, only modestly above 2024. It excludes the separate $4.151 billion acquisition outflow. Thus neither operating cash flow nor Free Cash Flow measures profit or cash remaining after all capital allocation.
At June 30, 2026, cash and equivalents were $4.424 billion, with $923 million of short-term and $869 million of long-term investments. Processor funds and restricted cash are separate balances. The $2.750 billion principal of 0% convertible notes matures in May 2030 and requires cash settlement of at least principal upon conversion. Associated hedges do not eliminate principal repayment, warrant dilution or unsecured counterparty risk.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The August 5, 2026 interim filing reported first-half revenue of $8.490 billion versus $6.316 billion, but operating income declined to $307 million from $318 million and parent net income to $384 million from $478 million. Deliveroo changes the comparison. Higher technology, administrative and amortization expenses absorbed gross-profit growth; lower investment income and the absence of a prior-year tax benefit further weakened net income. Operating cash flow nevertheless increased to $1.538 billion.
DoorDash reported an August 5 restatement expanding its unsecured revolver from $800 million to $2 billion and extending maturity to August 5, 2031. Subsidiary guarantees were released and certain restrictions modified or removed. No revolving loans were outstanding that day; letters of credit were $84 million. Additional expansion is conditional, and covenant headroom is not disclosed. Separately, Nevada reincorporation became effective September 18, 2026, preserving stated business and share continuity while changing some stockholder rights.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-09-18
California’s EDD payroll-tax assessment remains disputed and accrued without a separately disclosed amount. Italian operations entered temporary judicial administration in February 2026 pending a Deliveroo rider-pay investigation; no resolution is established. Consumer-protection and competition disputes also remain relevant. Insurance estimates can require additional expense, while AWS hosting and Stripe/PayPal processing create operational dependencies. An October 2025 cyber incident occurred despite management’s conclusion that it was not financially material. Acquisition-control integration remained underway, and founder voting control limits other stockholders’ influence.
Sources: 10-Q · 2026-06-30 · 10-K/A · 2025-12-31
USD 4.888 bn
FY2021 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2021 | USD 4.888 bn | — |
Consolidated GAAP revenue, predominantly net agency revenue rather than gross order value.
Sources: 10-K · 2023-12-31
USD 6.583 bn
FY2022 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2022 | USD 6.583 bn | — |
Consolidated GAAP revenue, predominantly net agency revenue; includes Wolt from May 31, 2022.
Sources: 10-K · 2023-12-31
USD 10.722 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 10.722 bn | 24.2% |
| 2023 | USD 8.635 bn | — |
Consolidated GAAP revenue; marketplace transactions are predominantly reported net of merchant and Dasher payments.
Sources: 10-K · 2025-12-31
USD 13.717 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 13.717 bn | — |
Consolidated GAAP revenue; includes acquired businesses from their acquisition dates, not full-year pro forma revenue.
Sources: 10-K · 2025-12-31
USD 123 m
FY2024 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 123 m | Turned profitable |
| 2023 | USD -558 m | — |
GAAP net income or loss attributable to parent common stockholders, excluding redeemable non-controlling interests.
Sources: 10-K · 2025-12-31
USD 935 m
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 935 m | — |
GAAP parent-attributable net income; consolidated net income before attribution was $932 million.
Sources: 10-K · 2025-12-31
USD 2.132 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 2.132 bn | 27.4% |
| 2023 | USD 1.673 bn | — |
GAAP consolidated operating cash flow, including working-capital movements and noncash-expense adjustments.
Sources: 10-K · 2025-12-31
USD 2.431 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.431 bn | — |
GAAP consolidated operating cash flow; not net income or acquisition-adjusted free cash flow.
Sources: 10-K · 2025-12-31
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