DoorDash (DASH) Q3 2024 earnings summary

Executive summary

• Achieved first positive GAAP net income as a public company, with $162 million in Q3 2024, compared to a net loss of $73 million in Q3 2023.

• Revenue grew 25% year-over-year to $2.7 billion for Q3 2024, driven by increased order volume, improved monetization, and international expansion.

• Total orders grew 18% year-over-year to 643 million, and Marketplace GOV increased 19% to $20.0 billion.

• Adjusted EBITDA reached a record $533 million, up 55% year-over-year.

• Continued investment in new services, international markets, and non-restaurant categories, with DashPass membership surpassing 18 million.

Financial highlights

• Revenue: $2.7 billion for Q3 2024, up 25% year-over-year; gross profit: $1.3 billion, gross margin improved to 47.4% from 44.5%.

• Net income: $162 million for Q3 2024, compared to a net loss of $73 million in Q3 2023.

• Contribution profit: $930 million, up from $640 million in Q3 2023.

• Free cash flow for the quarter was $444 million, up from $324 million in Q3 2023.

• Adjusted EBITDA margin improved to 2.7% of Marketplace GOV.

Outlook and guidance

• Q4 2024 Marketplace GOV expected between $20.6 billion and $21.0 billion, with Adjusted EBITDA guidance of $525 million to $575 million.

• Management expects continued revenue growth driven by increased consumer engagement and advertising revenue.

• Ongoing investment anticipated in new categories, international expansion, and product development; guidance assumes stable FX rates.

• Sufficient liquidity and capital resources are anticipated to meet operational needs for at least the next 12 months.

• 2024 stock-based compensation expense projected at $1.13 billion; depreciation and amortization at $562 million.