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DoorDash (DASH) investor relations material
DoorDash Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record highs in Total Orders, Marketplace GOV, revenue, and GAAP net income for Q2 2025, with net income of $285 million reversing a prior year loss and revenue up 25% to $3.28 billion.
Marketplace orders and user engagement accelerated, driven by DashPass/Wolt+ growth, new verticals, and product improvements.
Advertising revenue surpassed a $1 billion annualized run rate, with disciplined scaling and focus on consumer experience.
Completed acquisitions of SevenRooms ($1.15 billion) and Symbiosis ($121 million) to enhance merchant tools and advertising capabilities.
Announced a recommended final cash offer to acquire Deliveroo plc for approximately £2.8 billion, with closing expected in Q4 2025.
Financial highlights
Total Orders grew 20% year-over-year to 761 million; Marketplace GOV rose 23% to $24.2 billion.
Revenue increased 25% year-over-year to $3.28 billion in Q2 2025; Net Revenue Margin improved to 13.5%.
GAAP net income reached $285 million, up from a loss of $157 million in Q2 2024; Adjusted EBITDA grew 52% to $655 million.
Gross profit margin improved to 49.0%; contribution margin rose to 34.9%.
Free Cash Flow for Q2 2025 was $355 million, impacted by working capital timing.
Outlook and guidance
Q3 2025 Marketplace GOV expected between $24.2 billion and $24.7 billion; Adjusted EBITDA guidance of $680–$780 million.
Take rate expected to rise in the second half, driven by lower Dasher costs, product improvements, and increased ad revenue mix.
Deliveroo acquisition expected to close in Q4 2025, subject to regulatory approvals.
Sufficient liquidity to meet capital needs for at least the next 12 months, with $5.7 billion in cash, equivalents, and marketable securities as of June 30, 2025.
Outlook assumes stable consumer demand and currency rates, with continued investment in new categories and international markets.
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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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