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DASH

DoorDash, Inc.

DASH

DoorDash, Inc. • NASDAQ
$198.37 ▲ 1.22% (+2.39)
Market Cap $85.49 B
52w High $285.50
52w Low $155.40
Dividend Yield 0%
P/E 100.19
Volume 1.38M
Outstanding Shares 430.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.446B ▲ $1.501B ▼ $244M ▼ 7.081% ▼ $0.57 ▼ $417M ▲
Q2-2025 $3.284B ▲ $1.505B ▲ $285M ▲ 8.678% ▲ $0.67 ▲ $322M ▲
Q1-2025 $3.032B ▲ $1.377B ▲ $193M ▲ 6.365% ▲ $0.46 ▲ $308M ▲
Q4-2024 $2.873B ▲ $1.303B ▲ $141M ▼ 4.908% ▼ $0.34 ▼ $258M ▼
Q3-2024 $2.706B $1.225B $162M 5.987% $0.39 $293M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.243B ▼ $17.971B ▲ $8.463B ▲ $9.495B ▲
Q2-2025 $4.999B ▼ $16.95B ▲ $8.022B ▲ $8.923B ▲
Q1-2025 $5.817B ▲ $13.572B ▲ $5.177B ▲ $8.389B ▲
Q4-2024 $5.341B ▲ $12.845B ▲ $5.035B ▲ $7.803B ▲
Q3-2024 $4.964B $12.277B $4.699B $7.569B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $243M ▼ $871M ▲ $-173M ▲ $1M ▼ $699M ▼ $723M ▲
Q2-2025 $284M ▲ $504M ▼ $-941M ▼ $2.375B ▲ $1.986B ▲ $355M ▼
Q1-2025 $192M ▲ $635M ▲ $-160M ▲ $3M ▼ $493M ▲ $494M ▲
Q4-2024 $139M ▼ $518M ▼ $-163M ▼ $7M ▲ $323M ▲ $420M ▼
Q3-2024 $161M $531M $-62M $-213M $278M $444M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $3.03Bn ▲$3.28Bn ▲$3.45Bn ▲

Five-Year Company Overview

Income Statement

Income Statement DoorDash’s revenue has climbed steadily every year, showing strong demand and successful expansion into new categories. Profitability has also moved in the right direction: losses have narrowed over time, and the company has recently tipped into modest profitability on the bottom line. The core delivery business is benefiting from scale, with better use of fixed costs and improved efficiency. That said, margins are still relatively thin, and the business remains sensitive to changes in order volume, promotions, and driver incentives.

Balance Sheet

Balance Sheet The balance sheet looks fairly solid for a high-growth internet platform. Total assets and shareholder equity have been building over time, reflecting ongoing investment and retained value. Cash holdings are sizable relative to the company’s debt, which remains quite modest. This combination suggests financial flexibility to keep investing in growth and technology, while not being overly burdened by leverage. The main risk is less about solvency and more about how effectively that capital is deployed in a competitive market.

Cash Flow

Cash Flow Cash generation has improved markedly. Operating cash flow has strengthened every few years, moving from modest levels to clearly positive territory. After covering capital spending, free cash flow has turned consistently positive and grown, while investment needs have remained manageable. In simple terms, the business is now bringing in more cash than it spends on its operations and basic investments, which gives it a useful cushion to fund innovation, marketing, or occasional setbacks.

Competitive Edge

Competitive Edge DoorDash holds a leading position in U.S. food delivery, supported by strong brand recognition, a large user base, and extensive restaurant and driver networks. Its three-sided marketplace benefits from network effects: more merchants attract more customers, which attract more drivers, making the service faster and more reliable. The company also differentiates itself with a focus on suburban markets and by expanding into groceries, convenience, and other local commerce. However, competition from other delivery platforms remains intense, pricing power is not absolute, and regulatory and labor developments could challenge the model over time.

Innovation and R&D

Innovation and R&D Innovation is a central pillar for DoorDash. The company leans heavily on advanced logistics, artificial intelligence, and machine learning to route drivers, predict demand, and personalize the customer experience. It is extending these capabilities into merchant tools, advertising, and subscription products, as well as experimenting with robotics and automation through DoorDash Labs. This sustained R&D focus strengthens the moat by raising switching costs for merchants and improving unit economics, but it also requires ongoing investment and careful execution, especially in newer areas like autonomous delivery and international expansion.

Summary

DoorDash is evolving from a fast-growing, loss-making delivery platform into a more mature, scaled business with improving profitability and solid cash generation. Its strengths lie in a powerful network effect, strong brand, and a deep technology stack that supports logistics, personalization, and merchant solutions. The balance sheet and cash flows provide room to keep investing in innovation and expansion. On the other hand, the company operates in a highly competitive, low-margin, and heavily scrutinized sector, where regulatory shifts, labor costs, and pricing pressure can quickly affect results. Overall, the story is one of a leading player that has shown it can improve its economics over time, but whose future trajectory will depend on sustaining its edge in technology, managing competition, and successfully scaling beyond its core restaurant delivery base.

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November 5, 2025 · 4:05 PM UTC

DoorDash Releases Third Quarter 2025 Financial Results

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