DoorDash (DASH) Q4 2025 earnings summary

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.