DoorDash, Inc. (DASH) Earnings History

DoorDash, Inc. - Q4 FY2025 EarningsBeat

Filed at: Feb 18, 2026, 4:08 PM EST|Read from source

EXECUTIVE SUMMARY

DoorDash demonstrated strong acceleration in Q4 2025, driven by robust growth in its U.S. restaurant category and international markets, alongside strategic investments in new categories and technology. The company is focused on expanding its platform value for merchants and consumers, while navigating integration efforts for recent acquisitions.

POSITIVE HIGHLIGHTS

  • •

    Total Orders increased 32% year-over-year to 903 million, accelerating significantly from prior quarters.

    positive
  • •

    Marketplace Gross Order Value (GOV) grew 39% year-over-year to $29.7 billion, indicating strong consumer spending on the platform.

    positive
  • •

    Revenue increased 38% year-over-year to $4.0 billion, with strong performance in both U.S. and international markets.

    positive
  • •

    Adjusted EBITDA increased 38% year-over-year to $780 million, demonstrating improved profitability.

    positive
  • •

    GAAP net income attributable to DoorDash, Inc. common stockholders increased 51% year-over-year to $213 million.

    positive

CONCERNS & RISKS

  • •

    Free Cash Flow decreased significantly by 40% year-over-year to $254 million in Q4 2025, impacted by increased funds held at payment processors, higher accounts receivable, upfront payments, and acquisition-related costs for Deliveroo.

    attention
  • •

    Adjusted EBITDA as a percentage of Marketplace GOV decreased to 2.6% in Q4 2025 from 3.0% in Q3 2025, indicating margin pressure despite revenue growth.

    attention
  • •

    Q1 2026 Adjusted EBITDA guidance is impacted by incremental investments in Deliveroo, expected to contribute less than $25 million (down from over $45 million in Q4 2025), and an estimated $20 million direct impact from severe storms.

    attention
  • •

    Unit economics in the U.S. restaurant category are expected to increase at a slower pace in 2026 than the average pace over the last three years.

    attention
  • •

    The company expects Adjusted EBITDA as a percent of Marketplace GOV in Q2 2026 to remain slightly below the level achieved in Q2 2025.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$3.96B
+37.7%
Prior year: $2.87B
Annual (YTD)
$13.72B
N/A
Prior year: $10.72B
Net Income
Quarterly
$213.00M
+51.0%
Prior year: $141.00M
Annual (YTD)
$935.00M
N/A
Prior year: $123.00M
EPS (Diluted)
Quarterly
$0.48
+45.5%
Prior year: $0.33
Annual (YTD)
$2.13
N/A
Prior year: $0.29
Operating Income
Quarterly
$147.00M
+25.6%
Prior year: $117.00M
Annual (YTD)
$723.00M
N/A
Prior year: $-38.00M
EPS (Basic)
Quarterly
$0.49
+44.1%
Prior year: $0.34
Annual (YTD)
$2.19
N/A
Prior year: $0.30

MARGIN ANALYSIS

Gross Margin
Current Quarter
48.3%
Prior Year
47.8%
YoY Change
+50 bps
Operating Margin
Current Quarter
3.7%
Prior Year
4.1%
YoY Change
-35 bps
Net Margin
Current Quarter
5.4%
Prior Year
4.9%
YoY Change
+48 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 FY2025 2025

VISUAL OVERVIEW

|
U.S. Restaurants
0.0%
N/A
U.S. Grocery and Retail
0.0%
N/A
International Marketplaces (excluding Deliveroo)
0.0%
N/A
Deliveroo
0.0%
N/A

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% Total
U.S. Restaurants
N/A———
U.S. Grocery and Retail
N/A———
International Marketplaces (excluding Deliveroo)
N/A———
Deliveroo
N/A———
Total Revenue$0.00M——100.0%

Segment performance shows business unit health and growth drivers.

MANAGEMENT GUIDANCE

Q1 2026

Marketplace GOV
31,000,000,000—31,800,000,000
Mid-point: 31,400,000,000
Adjusted EBITDA
675,000,000—775,000,000
Mid-point: 725,000,000

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

MANAGEMENT COMMENTARY

Accelerated growth in U.S. restaurant category and expanded consumer affordability through record DashPass signups.

— DoorDash, Inc., Q4 FY2025 2025 Earnings Call

Increased consumer retention and order frequency in grocery and retail by improving selection and quality.

— DoorDash, Inc., Q4 FY2025 2025 Earnings Call

Drove strong organic growth internationally and completed acquisitions to expand capabilities.

— DoorDash, Inc., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

DashPass, Wolt+, and Deliveroo Plus Members
35.0M
members
Marketplace GOV
29683.0M
+39.5% YoY
Prior year: 21279.0M
dollars
Monthly Active Users (MAUs)
56.0M
users
Total Orders
903.0M
+31.8% YoY
Prior year: 685.0M
orders

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

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