DoorDash (DASH) 51st Nasdaq London Investor Conference summary

Consumer and platform trends

• Consumer spending remains healthy, with strong order frequency and retention among both new and older user cohorts.

• New user cohorts are stable in size, with improved order frequency and retention compared to previous years.

• Growth is driven by product improvements, increased selection, and heightened brand awareness, especially outside major cities and among older demographics.

• Different marketing and promotional strategies are tailored for new, churned, and irregular users to boost engagement.

International and business segment performance

• International business, led by Wolt, has exceeded expectations, showing rapid growth and improved unit economics.

• Geographic and category expansion continues, with market share gains in most regions with reliable data.

• The next growth phase involves broadening services beyond restaurants and expanding merchant offerings over a 3–10 year horizon.

Growth drivers and operational focus

• Growth is analyzed at the cohort level, focusing on user retention, engagement in new categories, and monthly cohort data by segment.

• No single area is considered 'low hanging fruit'; growth requires incremental improvements across digital and real-world operations.

• Capital is reinvested in core restaurants, international expansion, new verticals, and commerce platforms, with a focus on long-term compounding.