DoorDash, Inc. (DASH) Earnings History

DoorDash, Inc. - Q3 FY2025 Earnings

Filed at: Nov 5, 2025, 3:09 PM EST|Read from source

EXECUTIVE SUMMARY

DoorDash demonstrated accelerated growth in Q3 2025, driven by strong performance in Total Orders, Marketplace GOV, and revenue, alongside significant improvements in profitability metrics like Adjusted EBITDA.

POSITIVE HIGHLIGHTS

  • •

    Total Orders increased 21% Y/Y to 776 million.

    positive
  • •

    Marketplace GOV increased 25% Y/Y to $25.0 billion.

    positive
  • •

    Revenue increased 27% Y/Y to $3.4 billion.

    positive
  • •

    GAAP net income attributable to DoorDash, Inc. common stockholders increased 51% Y/Y to $244 million.

    positive
  • •

    Adjusted EBITDA increased 41% Y/Y to $754 million.

    positive
  • •

    Contribution Margin improved to 36.8% from 34.4% in Q3 2024.

    positive
  • •

    Acquisition of Deliveroo plc closed, expanding global reach and user base.

    positive

CONCERNS & RISKS

  • •

    While unit economics in U.S. new verticals are improving, they remain negative.

    attention
  • •

    International Total Orders growth decelerated slightly due to slower average order frequency.

    attention
  • •

    Guidance for Q4 2025 Adjusted EBITDA has a wide range ($710 million - $810 million), indicating some uncertainty.

    attention
  • •

    The company expects to invest several hundred million dollars more in new initiatives and platform development in 2026 than in 2025, which could impact near-term profitability.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$3.45B
+27.0%
Prior year: $2.71B
Net Income
Quarterly
$244.00M
+50.6%
Prior year: $162.00M
EPS (Diluted)
Quarterly
$0.55
+44.7%
Prior year: $0.38
Operating Income
Quarterly
$258.00M
+141.1%
Prior year: $107.00M
EPS (Basic)
Quarterly
$0.57
+46.2%
Prior year: $0.39

MARGIN ANALYSIS

Gross Margin
Current Quarter
49.0%
Prior Year
47.4%
YoY Change
+160 bps
Operating Margin
Current Quarter
7.5%
Prior Year
4.0%
YoY Change
+350 bps
Net Margin
Current Quarter
7.1%
Prior Year
6.0%
YoY Change
+113 bps

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

MANAGEMENT GUIDANCE

Q4 2025

Marketplace GOV
28,900,000,000—29,500,000,000
Mid-point: 29,200,000,000
Adjusted EBITDA
710,000,000—810,000,000
Mid-point: 760,000,000

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

MANAGEMENT COMMENTARY

DoorDash is still in its early stages and energized by the opportunity to continue learning, building, and investing on behalf of consumers, merchants, Dashers, and shareholders.

— DoorDash, Inc., Q3 FY2025 2025 Earnings Call

The company expects to generate well over $100 billion in 2026 in combined sales for merchants and earnings for Dashers.

— DoorDash, Inc., Q3 FY2025 2025 Earnings Call

Significant investment is planned for new initiatives and platform development in 2026, exceeding 2025 levels.

— DoorDash, Inc., Q3 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

Adjusted Ebitda As A Pct Of Marketplace Gov
3
Prior year: 2.7
Contribution Profit As A Pct Of Marketplace Gov
5.1
Prior year: 4.6
Marketplace Gov
25015.0M
+25.1% YoY
Prior year: 20002.0M
Net Revenue Margin
13.8
Prior year: 13.5
Total Orders
776.0M
+20.7% YoY
Prior year: 643.0M
Us Dashpass Paid Member Additions
N/A
members
Us Monthly Active Users
N/A
users

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

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