DoorDash (DASH) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw strong growth across core and new business areas, with double-digit increases in restaurant and new verticals, and international markets outpacing peers.

• Achieved first full year of positive GAAP net income in 2024, with revenue up 24% year-over-year and nearly $60 billion in sales generated for merchants across 30+ countries.

• User engagement and order frequency reached all-time highs, with over 42 million monthly active users and continued expansion of DashPass and Wolt+ subscriber bases.

• The company remains focused on product improvements, expanding selection, and enhancing quality and affordability across all categories, especially in grocery and retail.

• Drove operational efficiency and scale, reinvesting in product expansion and quality, resulting in record monthly active users and membership growth.

Financial highlights

• Q4 2024 revenue rose 25% year-over-year to $2.9 billion; net revenue margin increased to 13.5% from 13.1% in Q4 2023.

• Q4 GAAP net income was $141 million, compared to a loss of $154 million in Q4 2023; Adjusted EBITDA reached $566 million, up from $363 million.

• International portfolio is gross profit positive, with 2024 showing improvement over 2023.

• Operating cash flow for 2024 was $2.1 billion; free cash flow was $1.8 billion.

• Q4 gross profit was $1.4 billion, up 34% year-over-year; gross margin reached 47.8%.

Outlook and guidance

• Confident in full-year 2025 outlook, with continued growth expected in both core and new business lines.

• Q1 2025 Marketplace GOV expected between $22.6 billion and $23.0 billion; Adjusted EBITDA guidance of $550–$600 million.

• Q1 2025 guidance reflects headwinds from leap year, FX, and other seasonal factors, but underlying business trends remain strong.

• Anticipates Adjusted EBITDA as a percentage of Marketplace GOV to increase sequentially through Q3 2025.

• Ongoing investment planned in new categories and international markets; outlook assumes stable foreign currency rates.