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DoorDash
DoorDash (DASH) investor relations material
DoorDash Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved strong growth in U.S. and international markets, with Europe and Deliveroo acquisition outperforming expectations and record DashPass signups driving improved retention and order frequency.
Expanded into new verticals such as grocery and retail, now representing 30% of U.S. orders and attracting more new consumers than any previous quarter.
Completed several acquisitions, including Deliveroo, enhancing capabilities and reach; global tech stack integration underway to drive efficiency and feature velocity.
DashPass subscription program and advertising business both had record years, driving engagement and profitability.
Financial highlights
Q4 2025 revenue rose 38% year-over-year to $3.96 billion; full-year revenue reached $13.72 billion, up from $10.72 billion in 2024.
Q4 GAAP net income attributable to common stockholders increased 51% year-over-year to $213 million; full-year net income was $935 million.
Adjusted EBITDA for Q4 was $780 million, up 38% year-over-year; full-year Adjusted EBITDA was $2.78 billion.
2026 EBITDA margin expected to be slightly up compared to 2025, excluding Deliveroo; Deliveroo to contribute about $200 million in EBITDA.
Free Cash Flow for Q4 was $254 million, down from $420 million in Q4 2024, impacted by increased funds at payment processors, higher accounts receivable, and transaction costs.
Outlook and guidance
Q1 2026 Marketplace GOV expected between $31.0–$31.8 billion; Adjusted EBITDA guidance of $675–$775 million.
Full-year 2026 margin guidance unchanged; second half EBITDA expected to be higher than first half due to seasonality and investment phasing.
Majority of tech stack integration work to be completed in 2026, with benefits already being realized.
Continued investment in autonomy, merchant services, and global tech stack, with some redundant costs tapering off in 2027.
2026 stock-based compensation expense projected at $1.3–$1.4 billion; depreciation and amortization at $1.1–$1.2 billion.
Why the significant Q/Q drop in Deliveroo EBITDA?
Path to positive unit economics for grocery/retail
Quantify global tech platform efficiency gains
When will global tech stack benefits materialize?
AV strategy for suburbs and rural regions
Grocery/retail long-term profitability vs. restaurants?
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Next DoorDash earnings date
Q1 20265 May, 2026
DoorDash
Next DoorDash earnings date
Q1 20265 May, 2026
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Frequently asked questions
Hot dishes straight to your door
DoorDash is a on-demand food delivery platform founded in 2013 that connects customers with local restaurants and eateries. DoorDash enables users to order meals and have them delivered directly to their doorsteps. The company operates through a mobile app and website, providing a seamless ordering experience. By making it easy and convenient to order, DoorDash has become a mainstay in many consumers' day-to-day life.
Home sweet home
Even if home delivery options for takeout food have been around for quite some time, the demand for the service has experienced significant growth in recent years. Consumers now have more options than ever to enjoy restaurant-quality meals in the comfort of their own homes. Services like DoorDash and Deliveroo have emerged as winners when demand has surged, offering a convenient solution for customers to access a wide variety of options from local restaurants. This shift in consumer behavior has prompted restaurants to partner with delivery platforms in order to capitalize on the increased demand.
Something for all tastes
DoorDash's ordering platform enables customers to effortlessly browse a variety of local restaurants, view menus, and select their desired dishes. With a user-friendly interface, customers can customize their orders, provide specific instructions for the restaurant, and pay for their food. Once the order is confirmed, a delivery driver is assigned to pick up the food from the restaurant and deliver it directly to the customer's location. Throughout the process, customers can track their order's status in real-time in a similar way to how UPS and other shipping companies provide tracking information for packages.
Home delivery heroes
In a similar fashion to how Uber finds their drivers, DoorDash connects with independent contractors, known as Dashers, to handle the delivery of food orders. These Dashers work on their own schedules and use their own mode of transportation to pick up orders from restaurants and deliver them to customers. Dashers rely on the DoorDash app to receive delivery requests, track the order status, and navigate to the designated locations efficiently.Through this network of contractors, DoorDash ensures timely and convenient food delivery services for its customers.
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