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.
Total Orders increased 32% year-over-year to 903 million, accelerating significantly from prior quarters.
positiveMarketplace Gross Order Value (GOV) grew 39% year-over-year to $29.7 billion, indicating strong consumer spending on the platform.
positiveRevenue increased 38% year-over-year to $4.0 billion, with strong performance in both U.S. and international markets.
positiveAdjusted EBITDA increased 38% year-over-year to $780 million, demonstrating improved profitability.
positiveGAAP net income attributable to DoorDash, Inc. common stockholders increased 51% year-over-year to $213 million.
positiveFree 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.
attentionAdjusted 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.
attentionQ1 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.
attentionUnit 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.
attentionThe company expects Adjusted EBITDA as a percent of Marketplace GOV in Q2 2026 to remain slightly below the level achieved in Q2 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % 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.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Accelerated growth in U.S. restaurant category and expanded consumer affordability through record DashPass signups.
Increased consumer retention and order frequency in grocery and retail by improving selection and quality.
Drove strong organic growth internationally and completed acquisitions to expand capabilities.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.