DoorDash, Inc. (DASH)

Business

(from the FY2025 Form 10-K, accession 0001792789-26-000013)

DoorDash runs local-commerce marketplaces that connect consumers with restaurants, grocers, convenience stores and other local merchants, and arranges the delivery of those orders through a network of independent contractors it calls Dashers. Its stated mission is "to grow and empower local economies." The company's primary offerings are three consumer marketplaces, the DoorDash Marketplace, the Wolt Marketplace and the Deliveroo Marketplace (collectively, the "Marketplaces"), plus a merchant-facing Commerce Platform. The Marketplaces operate in over 40 countries including the United States and account for the vast majority of revenue.

Revenue comes from both sides of each transaction. DoorDash charges partner merchants a commission based on an agreed rate applied to the value of goods ordered, and charges consumers a fixed delivery fee plus a service fee that scales with order size. Because the company has determined it is an agent rather than a principal in the vast majority of both order facilitation and delivery facilitation, it reports revenue net, amounts collected from consumers less amounts remitted to merchants and Dashers. That is why reported revenue is roughly an eighth of the gross order value flowing across the platform. Two additional Marketplace revenue lines have become material: advertising sold to merchants and consumer packaged goods companies, and membership fees from DashPass, Wolt+ and Deliveroo Plus, the subscription programs that reduce delivery and service fees for members. Membership revenue is recognized ratably over contract periods that generally run one month to one year.

The Commerce Platform is the merchant's-own-channel business. Its largest component is Drive, a white-label fulfillment service for which DoorDash collects per-order fees from merchants to deliver demand the merchants generated themselves. The rest of the Commerce Platform helps merchants build online ordering, branded mobile apps, reservations and in-store dining management (SevenRooms), consumer relationship management, tableside order and pay, and customer support.

Scale as of the FY2025 10-K: the Marketplaces served over 56 million monthly active users in December 2025 and over 35 million DashPass, Wolt+ and Deliveroo Plus members as of December 31, 2025. Over 9 million people dashed during 2025, earning a total of over $20 billion; Dashers receive 100% of tips. Full-year 2025 Total Orders reached 3.2 billion and Marketplace GOV reached $102.0 billion. The company had over 31,400 employees worldwide at year-end 2025 and operates as one reportable segment, with the Chief Executive Officer as chief operating decision maker reviewing financial information on a consolidated basis.

DoorDash competes on three fronts at once, for merchants on its ability to generate demand, for consumers on merchant selection, order quality and affordability, and for Dashers on accessibility, flexibility and earnings. It names Amazon, Uber Eats, Prosus and Delivery Hero among global competitors, alongside local incumbents, merchants' own ordering platforms and delivery fleets, grocers and grocery delivery services, convenience-store delivery, and traditional offline channels including telephone and paper menus.

Intellectual property is defended through a patent and trademark program: 254 issued U.S. patents, 28 non-U.S. patents, 79 U.S. and 20 non-U.S. applications pending, plus 63 U.S. and 452 non-U.S. registered trademarks as of December 31, 2025. The company is subject to a wide regulatory surface spanning worker classification, labor and employment, commissions and fees, payments and money transmittal, privacy, data protection, cybersecurity, competition, consumer protection, taxation, and the food-safety, alcohol, pharmaceutical, controlled-substance and age-restricted-product rules attached to what it delivers.

The company was incorporated in 2013 as Palo Alto Delivery Inc., a Delaware corporation, renamed DoorDash, Inc. in 2015, and went public in December 2020. It reincorporated in Nevada effective September 18, 2026 (see Subsequent events). Principal executive offices are in San Francisco; Class A common stock trades on Nasdaq under "DASH."

Risk factors

(condensed from Item 1A of the FY2025 Form 10-K, accession 0001792789-26-000013, as restated in full in the Q2 2026 Form 10-Q, accession 0001792789-26-000050)

Dasher classification is the defining legal risk. DoorDash's cost structure and operating model assume Dashers are independent contractors. Reclassification as employees under U.S. federal or state law, or under the law of any other jurisdiction in which it operates, is disclosed as a risk that "could have an adverse effect that is material", exposing the company to withholding and payroll tax liability, unpaid wages and overtime, benefits, workers' compensation and unemployment claims, discrimination and collective-bargaining claims, and injunctions against existing practices. The company is currently defending putative class actions, California PAGA representative actions and a large volume of individual arbitrations on this question, and is under audit by the California Employment Development Department for payroll tax liabilities, where the EDD issued a negative assessment in January 2023 that DoorDash is appealing while carrying an accrual for the matter. Classification law varies by jurisdiction and is actively changing; the company flags that responses such as raising prices to absorb higher costs could reduce order volumes over time.

Intense, low-switching-cost competition. The markets are described as intensely competitive and fragmented, with frequent new entrants and service launches. Consumers shift readily on price and promotion; many competitors are well capitalized and can offer discounted services, lower merchant commission rates and larger consumer incentives; some enjoy greater name recognition and resources. Exclusive merchant arrangements with rivals are a named threat.

Growth durability and the profit record. DoorDash incurred net losses in every year since founding prior to the year ended December 31, 2024. It expects expenses to keep rising and states it may not consistently maintain or increase profitability. It also warns that past growth rates should not be treated as indicative.

Acquisition and integration execution. Having just absorbed Deliveroo, SevenRooms and Symbiosys, the company lists a long integration risk set: realizing anticipated synergies, integrating technologies, compensation structures, brand identities, internal controls and accounting processes, retaining acquired employees, merchants, consumers and Dashers, antitrust or other regulatory challenges, dilution from assumed equity awards, and the difficulty of running a geographically dispersed organization. Management disclosed that it is still in the process of integrating SevenRooms and Deliveroo into its internal control over financial reporting.

International exposure. Operations across more than 40 countries carry currency, geopolitical and compliance risk; competition from local incumbents that better understand local culture; difficulty achieving profitability, operating leverage and scale as expansion continues; divergent regulatory standards; and adverse tax consequences including foreign value-added and digital services taxes.

Regulatory breadth beyond classification. The business model is described as relatively nascent and rapidly evolving against existing law. Named pressure points include price controls and fee caps, antitrust and competition litigation and regulatory scrutiny of large technology and gig companies, privacy and data-protection regimes, payment-processing and money-transmission regulation, the FCPA and other anti-bribery laws, non-income taxes (sales, use, VAT, goods and services, gross receipts), and limits on the use of net operating loss carryforwards.

Cybersecurity and data. DoorDash states it has been subject to cybersecurity incidents in the past and anticipates being the target of future attacks. It processes a large volume of personal data on merchants, consumers and Dashers, and extends the exposure through third-party vendors, contractors and SaaS providers.

Concentrated third-party dependencies. Payments run primarily through a single third-party processor, Stripe. The platform is hosted primarily on AWS. Insurance, including auto liability for bodily injury and physical damage, is procured from a limited number of providers, with retained deductibles and quota shares, and premiums and deductibles have been rising. Background checks and identity verification are outsourced. Consumer access depends on Apple's and Google's mobile operating systems and app marketplaces, and new-user acquisition depends in part on Internet search rankings. In certain markets the company relies on fleet companies to fulfill deliveries.

Demand sensitivity and seasonality. Results depend on consumer discretionary spending and Dasher behavior, both of which show significant seasonal fluctuation, including weather effects and academic calendars on college campuses, and are exposed to inflation, interest rates and adverse global economic and geopolitical conditions. Merchants on the platform face their own supply chain, labor and cost pressures.

Insurance reserves and personal injury. Reserves for claims incurred but not paid and incurred but not reported are actuarial estimates; ultimate losses may exceed them. The company is named as a defendant in a number of matters arising from accidents and incidents involving Dashers and states that, while no single such matter is likely to be material, in the aggregate they could be.

Leverage, the 2030 Notes and the credit facility. Holders of the $2.75 billion 0% Convertible Senior Notes due 2030 may require repurchase for cash on a fundamental change, and conversions must be settled at least to the principal amount in cash. The convertible note hedge transactions are unsecured and expose the company to counterparty default. The restated revolving credit facility carries covenants limiting debt, liens and fundamental changes and requires compliance with a maximum senior net leverage ratio of 3.50 to 1.00, measured quarterly; a default could accelerate the facility and cross-default the 2030 Notes.

Governance concentration. Class A common stock carries one vote per share, Class B carries 20, and Class C carries none. As of June 30, 2026, co-founders Tony Xu (CEO and board Chair), Andy Fang and Stanley Tang collectively held 54% of voting power, 63% had all their outstanding equity awards, including the CEO Performance Award, been exercised, vested and exchanged for Class B shares. Under the Voting Agreement, Mr. Xu holds an irrevocable proxy to vote the Class B shares of Messrs. Fang and Tang at his discretion, letting him determine or significantly influence any stockholder vote, including any merger or sale. DoorDash qualifies as a "controlled company" under Nasdaq listing standards, though it states it does not currently expect to rely on the associated governance exemptions.

Other disclosed risks include the use of artificial intelligence across its platform and internal operations; reliance on operational metrics tracked with internal systems and not independently verified; inventory and operating risk in self-operated convenience, grocery and other retail businesses; defects and vulnerabilities in complex, frequently updated software; illegal or inappropriate activity by platform participants and fraud losses; deliveries from non-partner merchants that have not consented to inclusion; reputational and brand damage; and the volatility of the Class A share price. No dividends are paid or anticipated.

Management's discussion and analysis, fiscal 2025

(from the FY2025 Form 10-K, accession 0001792789-26-000013)

Operating metrics. Total Orders grew to 3.2 billion, up 23% versus 2024, driven by growth in the number of consumers, partly from the Deliveroo acquisition, and by higher average consumer engagement. Marketplace GOV grew 27% to $102.0 billion. Net Revenue Margin (revenue as a percentage of Marketplace GOV) was 13.4%, consistent with 2024.

Income statement. Revenue rose $3.0 billion, or 28%, to $13,717 million. Revenue outgrew Marketplace GOV because of improved logistics efficiency, a rising contribution from advertising, and a reduction in credits and refunds as a percentage of GOV. Costs and expenses totalled $12,994 million:

• Cost of revenue, exclusive of depreciation and amortization, rose 22% to $6,738 million (+$1.2 billion), on $815 million more order management costs and $356 million more platform costs, both tracking order growth.
• Sales and marketing rose 22% to $2,476 million (+$439 million), from $278 million more advertising and $144 million more personnel compensation.
• Research and development rose 23% to $1,431 million (+$263 million), from $314 million more personnel compensation, partly offset by a $137 million increase in capitalized software and website development costs.
• General and administrative rose 10% to $1,600 million (+$148 million), from $98 million of transaction-related costs tied to the year's acquisitions and $96 million more personnel compensation (excluding stock-based compensation on the CEO performance award), partly offset by a $72 million decline in office lease impairment expenses.
• Depreciation and amortization rose 33% to $747 million (+$186 million), from $86 million more amortization of acquired intangibles and $53 million more amortization of capitalized software.
• Restructuring charges were $2 million and not material.

Income from operations turned positive at $723 million, against a $38 million loss in 2024. Interest income, net rose 6% to $211 million, helped by interest on cash held in escrow under the Escrow Agreement and held back by lower average interest rates. Other income (expense), net was not material. The provision for income taxes fell $32 million to $7 million, primarily from a one-time benefit on release of part of the U.S. valuation allowance in connection with the SevenRooms and Symbiosys acquisitions and from the July 4, 2025 enactment of the One Big Beautiful Bill Act, which permits immediate expensing of domestic U.S. research and development and of certain capital expenditures. Net income attributable to common stockholders was $935 million ($2.13 diluted) versus $123 million ($0.29) in 2024. Valuation allowances remain on net deferred tax assets in the U.S., the U.K. and Finland.

Non-GAAP measures. Contribution Profit, gross profit less sales and marketing, adding back cost-of-revenue depreciation and amortization, stock-based compensation and certain payroll tax, allocated overhead, and restructuring-related inventory write-offs, rose to $4.8 billion from $3.5 billion. Adjusted EBITDA rose to $2.8 billion from $1.9 billion, driven by Contribution Profit growth and held back by higher adjusted research and development and adjusted general and administrative expense. Free Cash Flow was $1.8 billion, flat with 2024: higher operating cash flow was largely offset by a comparable rise in property and equipment purchases and capitalized software and website development costs.

The 2025 acquisition year. DoorDash closed four acquisitions during 2025.

• Deliveroo plc, completed October 2, 2025, substantially all outstanding equity interests, at an acquisition-date consideration fair value of $3,724 million ($3,722 million consideration payable plus $2 million of stock-based compensation attributable to pre-combination services; the payable was settled by December 31, 2025). Substantially all of Deliveroo's outstanding and unvested equity awards were replaced with DoorDash RSUs at an acquisition-date fair value of $80 million. The purchase price allocation recorded $1,950 million of goodwill (not tax-deductible) and $1,498 million of intangibles, restaurant merchant relationships $486 million (11-year life), customer relationships $445 million (4 years), trade name $297 million (10 years), developed technology $216 million (2 years), new vertical merchant relationships $40 million (4 years), rider relationships $14 million (2 years), plus $102 million of acquired contingent liabilities for outstanding legal provisions. From closing through year-end, Deliveroo contributed $347 million of revenue and a $49 million net loss. Acquisition-related costs were $58 million, recorded in G&A. On an unaudited pro forma basis as if the deal had closed January 1, 2024, combined 2025 revenue would have been $14,743 million and net income $925 million (2024: $11,984 million and a $103 million loss). The allocation is preliminary and subject to measurement-period change.
• SevenRooms Inc., completed June 13, 2025, 100% of outstanding equity, at an acquisition-date consideration fair value of $1,152 million ($902 million cash plus other consideration), recording $886 million of goodwill and $365 million of intangibles (strategic customer relationships $165 million, existing technology $139 million, other customer relationships $55 million, trade name $6 million). Acquisition-related costs were $13 million. Revenue and net loss contributed were not material. SevenRooms adds reservation and table management, customer relationship management and marketing tools for merchants.
• Symbiosys Corp., a retail media platform acquired May 28, 2025 to expand offsite advertising, at $121 million total consideration ($89 million cash, $29 million deferred cash consideration, $3 million fair value of a previously held equity interest), recording $102 million of goodwill and $19 million of intangibles. Of the deferred consideration, $11 million had been settled by December 31, 2025 with $18 million remaining; a further $53 million represents compensation for post-combination services recognized over the relevant service periods.
• An unnamed other acquisition closed in the three months ended March 31, 2025 for approximately $28 million, recording $21 million of goodwill.

Cash flows and liquidity (FY2025). Operating activities provided $2.4 billion, built on net income including redeemable non-controlling interests of $932 million, plus non-cash stock-based compensation of $1.1 billion, depreciation and amortization of $747 million, operating lease right-of-use reduction and accretion of $118 million, deferred contract cost amortization of $77 million, office lease impairments of $11 million and $20 million of other non-cash expense, less $525 million of net outflows from working capital. Investing used $4.4 billion, chiefly $4.2 billion of cash paid for acquisitions net of cash acquired, $1.4 billion of investment purchases, $348 million of capitalized software and website development, $257 million of property and equipment, $47 million of non-marketable investments and $24 million net paid on settlement of the deal-contingent forward, offset by $1.8 billion of investment sales and maturities. Financing provided $2.4 billion, chiefly $2.7 billion of 2030 Notes proceeds and $341 million of warrant proceeds, less $680 million for convertible note hedges.

At December 31, 2025 cash, cash equivalents and investments were $6.3 billion ($4.4 billion cash and equivalents, $1.1 billion short-term investments, $837 million long-term investments), plus $587 million of funds held at payment processors. Accumulated deficit was $4.3 billion. No revolving loans were outstanding and $61 million of letters of credit were issued under the revolving credit facility, and the company was in compliance with its covenants. The February 2025 share repurchase authorization of up to $5.0 billion, inclusive of $876 million remaining under the February 2024 program, stood entirely unused at $5.0 billion available at year-end.

Critical accounting estimates are revenue recognition (including the principal-versus-agent determination that drives net presentation), business combinations and purchase price allocation, insurance reserves, loss contingencies, and income taxes.

Current quarter, Q2 2026 (quarter ended June 30, 2026)

(from the Form 10-Q, accession 0001792789-26-000050, and the shareholder letter furnished as Exhibit 99.1 to the Form 8-K, accession 0001792789-26-000048)

Headline. Revenue of $4,454 million was up 36% from $3,284 million. Total Orders of 970 million were up 27% from 761 million. Marketplace GOV of $33,078 million was up 36% from $24,244 million, on order growth plus a higher average order value. Net Revenue Margin held at 13.5%, unchanged year over year. Contribution Profit rose to $1,641 million from $1,147 million, and to 5.0% of Marketplace GOV from 4.7%. Adjusted EBITDA rose to $914 million from $655 million, or 2.8% of GOV versus 2.7%.

Deliveroo is most of the acceleration. In the shareholder letter management disclosed that excluding Deliveroo, Q2 order growth was 17% (not 27%), GOV growth 23% (not 36%) and revenue growth 24% (not 36%). Management described Adjusted EBITDA as "well above our expectation," said U.S. restaurant GOV growth accelerated slightly on strong DashPass membership, reported strong U.S. grocery and retail GOV growth with significantly improved unit economics, and said international GOV growth was consistent with Q1 2026 with further unit-economics improvement, with Deliveroo's own GOV growth accelerating.

GAAP earnings fell even as the top line accelerated. Net income attributable to common stockholders was $200 million, down from $285 million, and 0.6% of Marketplace GOV versus 1.2%. Income before income taxes was $207 million versus $271 million; the tax line swung from a $13 million benefit to an $8 million provision. Costs and expenses absorbed essentially all of the revenue gain, total costs and expenses rose $1,177 million against $1,170 million more revenue, leaving income from operations at $156 million, slightly below the $163 million of a year earlier, and operating margin at 3.5% of revenue versus 5.0%. Only $7 million of the $85 million fall in earnings is therefore operating: interest income, net and other income, net fell $57 million between them, and the tax swing accounts for roughly $21 million more. Within operating costs, research and development, general and administrative and depreciation and amortization grew faster than the 36% revenue line, while cost of revenue and sales and marketing grew more slowly:

• Cost of revenue, exclusive of depreciation and amortization, +$491 million or 30% to $2,107 million.
• Sales and marketing +$214 million or 35% to $821 million.
• Research and development +$184 million or 52%.
• General and administrative +$150 million or 39%.
• Depreciation and amortization +$136 million or 86%, the steepest increase, consistent with a full quarter of amortization on the intangibles recognized in the 2025 acquisitions.
• Restructuring charges were not material in either quarter.

Below the operating line, interest income, net fell $14 million, or 29%, and other income, net fell $43 million, or 73%, to $16 million from $59 million.

First half 2026. Revenue of $8,490 million was up 34% from $6,316 million (+$2.2 billion). Cost of revenue rose 32% to $4,099 million (+$983 million) and sales and marketing rose 31% to $1,567 million (+$374 million); research and development rose 42% (+$276 million), general and administrative 35% (+$250 million), and depreciation and amortization 81% (+$253 million). Restructuring charges rose $49 million to $50 million, from restructuring activities initiated in the first quarter of 2026 that included the announced exit of operations in certain countries and were substantially completed as of March 31, 2026: $32 million of employee termination costs and $18 million of other related costs, with most related cash payments and expenses expected to be substantially completed by the end of 2026. Interest income, net fell $29 million or 30%; other income, net fell $31 million or 58%. Income before income taxes was $398 million versus $469 million, and net income attributable to common stockholders was $384 million versus $478 million.

Cash and capital. Q2 operating cash flow was $944 million and Free Cash Flow $742 million, against $504 million and $355 million a year earlier. For the first half, operating activities provided $1,538 million (up from $1,139 million), investing used $286 million (against $1,101 million, which had included $1.2 billion of acquisition payments), and financing used $1,069 million, chiefly $1.0 billion of Class A share repurchases plus $20 million of acquisition-related deferred cash consideration, against $2,378 million provided in the prior-year half by the 2030 Notes issuance. At June 30, 2026 cash, cash equivalents and investments were $6.2 billion ($4.4 billion cash and equivalents, $923 million short-term investments, $869 million long-term investments), with $513 million of funds held at payment processors. Accumulated deficit was $5.0 billion. Of the $5.0 billion February 2025 repurchase authorization, $4.0 billion remained available. Non-marketable equity investments carried $124 million.

What management says it is building. The shareholder letter frames three international execution efforts: a single global technology platform (expected to be fully rolled out in the first half of 2027), reorganizing certain international operating groups around functional areas rather than brands, and revised capital allocation processes weighted to long-term consumer engagement. On membership, management said U.S. paid DashPass members grew more in the twelve months through Q2 2026 than in the previous twenty-four months combined, that DashPass orders carry a lower gross margin percentage than non-DashPass orders, a trade it says it will make while lifetime value rises, and that DashPass members placed roughly 75% of Total Orders in U.S. grocery and retail. On merchant services, new signed venues at SevenRooms grew over 100% year over year, revenue from the digital ordering service used by over 150,000 merchants grew over 40%, and reservations booked through the marketplaces rose over 150% quarter over quarter. On autonomy, DoorDash expects its land-based robot Dot to deliver a high single-digit percentage of orders in its largest test market by the end of 2026, and DoorDash Air recently earned FAA Part 135 air carrier certification; management states it expects Dashers to remain the backbone of the logistics network "for a very long time." It also launched Ask, an AI assistant for consumers.

Guidance (Q3 and full-year 2026). For Q3 2026, Marketplace GOV of $33.0 billion to $34.0 billion and Adjusted EBITDA of $950 million to $1,100 million. For the second half, management expects Adjusted EBITDA as a percentage of Marketplace GOV to rise quarter over quarter in Q3 and then decline in Q4, the Q4 decline driven by seasonally higher Dasher costs, an annual increase in insurance expense, and increased investment in the global technology platform and autonomy. For full-year 2026 it expects stock-based compensation of approximately $1.2–1.3 billion and depreciation and amortization of approximately $1.1–1.2 billion (including roughly $450 million of acquired-intangible amortization), and it expects 2026 year-end merchant payment timing relative to the end of 2025 to reduce reported 2026 Free Cash Flow by $700–800 million. Guidance includes Deliveroo unless stated otherwise. No GAAP net income outlook is provided.

Legal and controls. No material change in the posture described in the 10-K: independent-contractor classification class, PAGA and individual arbitration matters continue; the California EDD payroll tax audit remains under appeal with an accrual carried at June 30, 2026; consumer protection, competition, data protection and civil rights actions, intellectual property matters, and personal injury claims arising from Dasher incidents are ongoing. Disclosure controls were concluded effective as of June 30, 2026, and SevenRooms and Deliveroo remain in the process of being integrated into internal control over financial reporting.

Subsequent events

(from Note 15 to the condensed consolidated financial statements and Part II, Item 5 of the Form 10-Q, accession 0001792789-26-000050; and the Form 8-K, accession 0001140361-26-037109)

Credit facility amended and restated, August 5, 2026. The sole item disclosed in the 10-Q's subsequent events note. DoorDash amended and restated its existing credit agreement in its entirety, increasing the unsecured revolving facility from up to $800 million to up to $2.0 billion, raising the letter of credit sublimit from $600 million to $800 million, extending maturity to August 5, 2031, modifying rates and fees, releasing the prior guarantors, and modifying and removing certain restrictive covenants. Loans bear interest at the company's option at a base rate or at Term SOFR plus an initial 1.00% margin, subject to ratings-based step-downs to 0.875% or 0.750%. Obligations remain unsecured and unguaranteed by subsidiaries, and the facility carries a maximum senior net leverage ratio of 3.50 to 1.00, measured quarterly, the covenant referenced in the risk disclosures above. As of August 5, 2026 there were no revolving loans outstanding and $84 million in aggregate face amount of letters of credit issued.

Reincorporation from Delaware to Nevada, effective September 18, 2026. Approved on August 6, 2026 by written consent of stockholders holding approximately 54.2% of voting power and effected by conversion on September 18, 2026 at 12:02 a.m. Pacific Time. Each outstanding share, warrant, option, RSU and equity award of the Delaware corporation became the equivalent security of the Nevada corporation on the same terms, and Class A common stock continues to trade on Nasdaq under "DASH." The company states the conversion did not change its business, management, properties, employee count, obligations, assets, liabilities or net worth other than the costs of the conversion, and did not materially affect its material contracts. Certain stockholder rights did change, and those changes are described in the definitive Information Statement on Schedule 14C filed August 27, 2026. Note that both the FY2025 10-K and the Q2 2026 10-Q describe DoorDash as a Delaware corporation and frame their anti-takeover and exclusive-forum disclosures around Delaware law; that framing predates the conversion.

No other subsequent events were disclosed in the Q2 2026 Form 10-Q. In particular, no post-period acquisitions, divestitures, equity or debt financings, or litigation resolutions were reported in that note.

Filings that contain financial statements

Each of DoorDash's quarterly earnings 8-Ks furnishes its results press release as Exhibit 99.1, and each of those exhibits carries a condensed consolidated balance sheet, statement of operations, and statement of cash flows, plus the GAAP-to-non-GAAP reconciliations. These are useful when tracing a quarterly figure to a source filing:

• Accession 0001792789-26-000048 (8-K filed August 5, 2026), Q2 2026. Balance sheet at June 30, 2026 with December 31, 2025 comparative; statements of operations for the three and six months ended June 30, 2026 and 2025; statement of cash flows for the six months ended June 30, 2026 and 2025. Note that the cash flow statement is presented on a six-month basis only; the three-month figures for Q2 2026 (net cash provided by operating activities of $944 million, Free Cash Flow of $742 million) appear in the release's quarterly metrics table rather than in the statement itself.
• Accession 0001792789-26-000036 (8-K filed May 6, 2026), Q1 2026 (quarter ended March 31, 2026): condensed balance sheet, statement of operations, and statement of cash flows.
• Accession 0001792789-26-000012 (8-K filed February 18, 2026), Q4 and full year 2025 (year ended December 31, 2025): consolidated balance sheet, statement of operations, and statement of cash flows. A separate Letter to Shareholders is furnished as Exhibit 99.2.
• Accession 0001792789-25-000018 (8-K filed November 5, 2025), Q3 2025.
• Accession 0001792789-25-000011 (8-K filed August 6, 2025), Q2 2025.
• Accession 0001628280-25-022396 (8-K filed May 6, 2025), Q1 2025.

Because these are furnished under Item 2.02 rather than filed, they are not incorporated by reference into the periodic reports; the audited and reviewed statements remain those in the Form 10-K and Form 10-Q.

Results and guidance

August 5, 2026, Q2 2026 results and Q3 2026 guidance (accession 0001792789-26-000048). Revenue rose 36% year over year to $4.45 billion and Marketplace GOV rose 36% to $33.1 billion, with Total Orders up 27% to 970 million. Excluding Deliveroo, revenue grew 24% and Marketplace GOV grew 23%. Adjusted EBITDA rose 40% to $914 million, which the company described as "well above our expectation," while GAAP net income attributable to common stockholders fell 30% year over year to $200 million. Guidance for Q3 2026 was set at Marketplace GOV of $33.0-$34.0 billion and Adjusted EBITDA of $950 million-$1,100 million. The company also revised several full-year 2026 items: stock-based compensation expense of approximately $1.2-$1.3 billion (down from the $1.3-$1.4 billion range given in February and May), depreciation and amortization of approximately $1.1-$1.2 billion including roughly $450 million of acquired-intangible amortization, and a new disclosure that 2026 year-end timing of merchant payments is expected to reduce reported 2026 Free Cash Flow by between $700 million and $800 million. Management said it expects Adjusted EBITDA as a percentage of Marketplace GOV to rise sequentially in Q3 2026 and then decline in Q4 2026 on seasonal Dasher costs, an annual insurance increase, and higher investment in the global technology platform and autonomy.

Operationally, the same release disclosed that new signed venues at SevenRooms grew over 100% year over year, that revenue from the digital ordering service (used by more than 150,000 merchants) grew over 40% year over year, that reservations booked through the marketplaces rose over 150% quarter over quarter, and that DoorDash Air had earned Part 135 air carrier certification from the Federal Aviation Administration. Management said it expects Dot, its land-based delivery robot, to handle a high single-digit percentage of orders in its largest test market by year end, and that the new global technology platform is expected to be fully rolled out in the first half of 2027.

May 6, 2026, Q1 2026 results and Q2 2026 guidance (accession 0001792789-26-000036). Revenue rose 33% year over year to $4.04 billion; Adjusted EBITDA rose 28% to $754 million; GAAP net income attributable to common stockholders fell 5% to $184 million. Guidance for Q2 2026 was Marketplace GOV of $32.4-$33.4 billion and Adjusted EBITDA of $770-$870 million. The company flagged an expected gross cost of over $50 million for a Dasher gas relief program in Q2 2026, and reiterated that Deliveroo was expected to contribute approximately $200 million to 2026 Adjusted EBITDA.

February 18, 2026, Q4 and full year 2025 results, first 2026 guidance (accession 0001792789-26-000012). Q4 2025 revenue rose 38% year over year to $3.96 billion, Marketplace GOV rose 39% to $29.7 billion, GAAP net income attributable to common stockholders rose 51% to $213 million, and Adjusted EBITDA rose 38% to $780 million. For 2025 as a whole, Marketplace GOV grew 27% (23% excluding Deliveroo). Initial Q1 2026 guidance was Marketplace GOV of $31.0-$31.8 billion and Adjusted EBITDA of $675-$775 million, with management noting three specific Q1 2026 headwinds: incremental investment reducing Deliveroo's Adjusted EBITDA contribution to under $25 million (from over $45 million in Q4 2025), an estimated $20 million direct impact from severe storms Gianna and Fern in the U.S., and a sequential increase in Dasher costs per order. Free Cash Flow of $254 million in Q4 2025 was described as negatively affected in part by transaction costs and a legal settlement associated with the Deliveroo acquisition.

November 5, 2025, Q3 2025 results (accession 0001792789-25-000018). Revenue rose 27% year over year to $3.45 billion and Adjusted EBITDA rose 41% to $754 million. Management said Marketplace GOV, up 25% year over year to $25.0 billion, and Adjusted EBITDA "both exceeded our expectations entering the period."

Deliveroo acquisition

May 6, 2025, agreement to acquire Deliveroo plc signed (accession 0001140361-25-017438). DoorDash issued a Rule 2.7 Announcement under the UK City Code disclosing that the two boards had agreed terms of a recommended final cash offer of 180 pence per Deliveroo share, to be implemented by a court-sanctioned scheme of arrangement. Alongside it DoorDash entered a Co-operation Agreement with Deliveroo, an Escrow Agreement, and a Bridge Term Loan Credit and Guaranty Agreement with JPMorgan Chase Bank, N.A. providing borrowings of up to $2.85 billion to partially finance the cash consideration. Irrevocable undertakings to vote in favour were received from Greenoaks Capital Opportunities Fund, L.P. and DST Managers V Limited (approximately 8.967% of Deliveroo shares) and from Deliveroo directors holding shares (approximately 6.462%). Completion was then expected in the fourth calendar quarter of 2025.

October 2, 2025, Deliveroo acquisition completed (accession 0001140361-25-037039). DoorDash reported that it had "completed its previously announced acquisition" of Deliveroo, the scheme having become effective following court sanction. Aggregate cash consideration due at closing was approximately $3.7 billion, being approximately £2.8 billion, converted at an exchange rate of 1.34892 GBP to 1.00 USD under a deal-contingent foreign exchange forward entered into at the time of the Rule 2.7 Announcement; the escrowed funds were released to pay it. Deliveroo shares were suspended from the London Stock Exchange the same morning. Deliveroo has been consolidated from October 2, 2025, and DoorDash reports revenue excluding Deliveroo as a supplemental measure to preserve period-over-period comparability.

Capital structure and capital returns

May 27-30, 2025, $2.75 billion 0% convertible senior notes due 2030. DoorDash announced a proposed $2.0 billion Rule 144A offering on May 27, 2025 (accession 0001140361-25-020407), priced an upsized $2.5 billion the same day (accession 0001140361-25-020546), and on June 2, 2025 reported the closing of $2.75 billion aggregate principal amount on May 30, 2025 after the initial purchasers exercised their $250.0 million option in full (accession 0001140361-25-021020). The notes bear no regular cash interest, mature May 15, 2030, and have an initial conversion price of approximately $291.97 per share of Class A common stock, a 42.50% premium to the May 27, 2025 closing price. Net proceeds were approximately $2,720 million, of which approximately $338.5 million funded convertible note hedge transactions (net of warrant sale proceeds); the warrants carry a strike price of $512.225. The remainder was designated for general corporate purposes including potential acquisitions and share repurchases.

Share repurchases. The board authorized up to $5.0 billion of Class A common stock repurchases in February 2025. The February 18, 2026 release disclosed that no shares had been repurchased under that authorization as of February 17, 2026. Activity began in 2026: the May 6, 2026 release reported 1.4 million shares repurchased for $205 million year to date through May 5, and the August 5, 2026 release reported 6.8 million shares for $1,049 million year to date through August 5, leaving approximately $3,951 million of authorization remaining.

August 5, 2026, revolving credit facility amended and restated, disclosed in the Form 10-Q rather than an 8-K. This item was reported under Item 5 of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (accession 0001792789-26-000050), expressly as a "Disclosure in lieu of reporting on a Current Report on Form 8-K," so no separate 8-K covers it. DoorDash entered an Amendment Agreement with its lenders and JPMorgan Chase Bank, N.A. as administrative agent that amends and restates the existing credit agreement to increase the unsecured revolving facility from up to $800 million to up to $2.0 billion, raise the letter of credit sublimit from $600 million to $800 million, extend maturity to August 5, 2031, modify interest rates and fees, release the existing guarantors, and modify or remove certain restrictive covenants. Borrowings price at Term SOFR plus an initial margin of 1.00%, subject to step-downs to 0.875% or 0.750% on ratings, and the facility requires a maximum senior net leverage ratio of 3.50 to 1.00 measured quarterly. As of August 5, 2026 there were no revolving loans outstanding and $84 million face amount of letters of credit issued.

DoorDash has never declared or paid a cash dividend and does not anticipate doing so.

Reincorporation in Nevada

August 6, 2026, stockholder approval by written consent (accession 0001140361-26-032235). Holders of approximately 54.2% of the voting power of DoorDash's outstanding capital stock, co-founders Tony Xu, Andy Fang and Stanley Tang together with associated trusts and entities, holding 25,884 Class A shares and 24,215,044 Class B shares, adopted resolutions by written consent approving the reincorporation of the company from Delaware to Nevada by conversion. The company stated it would file an information statement on Schedule 14C and effect the conversion no earlier than 20 calendar days after mailing began.

September 18, 2026, reincorporation effective (accession 0001140361-26-037109). DoorDash filed a certificate of conversion in Delaware and articles of conversion in Nevada on September 17, 2026, and the conversion became effective at 12:02 a.m. Pacific Time on September 18, 2026. Each outstanding Delaware Class A and Class B share converted automatically into one share of the equivalent Nevada class, with no certificate exchange required, and outstanding equity awards and warrants carried over on the same terms. The stock continues to trade on the Nasdaq Global Select Market under the symbol DASH. The company stated the conversion did not change the business, management, employees, properties, obligations, assets, liabilities, or net worth of the company other than the costs of the conversion, and did not materially affect its material third-party contracts. Certain stockholder rights did change; the detailed description is in the definitive Information Statement on Schedule 14C filed August 27, 2026, and the Plan of Conversion, Nevada articles of incorporation, and Nevada bylaws are filed as Exhibits 2.1, 3.1 and 3.2 to the 8-K. New indemnification agreements with executive officers and directors were entered into in connection with the conversion.

Board and governance

January 16, 2026, Milan Kovac appointed to the board (accession 0001792789-26-000003). The board increased its size to eleven members and elected Milan Kovac, 41, as a Class III director and a member of the Nominating and Corporate Governance Committee. Mr. Kovac served at Tesla, Inc. as Vice President, Optimus from September 2024 to June 2025 and previously led Optimus and Autopilot engineering there, and has served on the board of Boston Dynamics, Inc. since January 2026. The 8-K also disclosed that DoorDash's Outside Director Compensation and Equity Ownership Policy was amended effective October 28, 2025 to raise the New Hire, Pro-rated Annual, and Annual award values to $300,000 each from $250,000.

June 10, 2026, 2026 annual meeting results (accession 0001792789-26-000040). Stockholders elected Shona L. Brown, Milan Kovac, Alfred Lin and Stanley Tang as Class III directors to terms expiring in 2029, ratified KPMG LLP as independent registered public accounting firm for fiscal 2026, and approved named executive officer compensation on an advisory basis. All three proposals passed.

June 24, 2025, 2025 annual meeting results (accession 0001628280-25-033048). Stockholders elected Jeffrey Blackburn, John Doerr, Andy Fang and Diego Piacentini as Class II directors, ratified KPMG LLP for fiscal 2025, approved executive compensation on an advisory basis, and approved an amendment to the certificate of incorporation adopting Delaware officer exculpation provisions.

Restructuring, disclosed in periodic reports, not in an 8-K

No Current Report covers DoorDash's 2026 restructuring. It is disclosed in the Form 10-Q for the quarter ended June 30, 2026 (accession 0001792789-26-000050): in the first quarter of 2026 the company initiated restructuring activities including the announced exit of operations in certain countries, substantially completed as of March 31, 2026. Restructuring charges were $50 million for the six months ended June 30, 2026 ($32 million of employee termination costs and $18 million of other related costs) and $2 million for the second quarter alone, against $1 million for the first six months of 2025. Most related cash payments and expenses are expected to be substantially completed by the end of 2026.

Other acquisitions

Deliveroo was not DoorDash's only 2025 acquisition, but the others are described in the earnings releases rather than in their own Current Reports. The February 18, 2026 release (accession 0001792789-26-000012) states that the company "completed a number of acquisitions in 2025 that expand our capabilities and reach," and in the same passage reports that new venues signed at SevenRooms rose over 100% year over year in December and that the number of advertising partners through Symbiosys nearly doubled from June to December (that release spells the name "Symbiosis"; the audited financial statements use Symbiosys Corp.). The Form 10-K for the year ended December 31, 2025 (accession 0001792789-26-000013) identifies Symbiosys Corp., a retail media platform, as acquired on May 28, 2025 for $121 million of total consideration, $89 million cash, $29 million deferred cash, and $3 million for the fair value of a previously held equity interest, with $102 million recorded as goodwill and $19 million as intangible assets. Later releases continue to report SevenRooms operating metrics. Readers tracing the accounting for these transactions should go to that Form 10-K and the subsequent Form 10-Q rather than to the event filings.

About this file

DASH annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

DASH quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

DASH year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

DASH trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

Adjustments

Prior year to date

Taken from the SEC filings and normalized to actual dollars.

Notes

• Coverage. This record holds exactly the periods the two filings behind it put on their face: the FY2025 10-K (accession 0001792789-26-000013) presents three fiscal years of income statement and cash flow (2023, 2024, 2025) but only two balance sheet dates (December 31, 2024 and 2025), and the Q2 2026 10-Q (accession 0001792789-26-000050) presents the three and six months ended June 30, 2026 and 2025 plus balance sheets at December 31, 2025 and June 30, 2026.
• FY2023 carries no balance sheet. The FY2025 10-K's balance sheet columns stop at December 31, 2024, so DoorDash's financial position at the end of 2023 is not printed in the filings this record is drawn from.
• Gross profit is not a line on DoorDash's income statement. The company defines it in the 10-K as revenue less both cost of revenue, exclusive of depreciation and amortization, and the depreciation and amortization related to cost of revenue. Both deductions are carried here for each period where the company prints them, so the subtotal can be checked: in FY2025, $13,717 million less $6,738 million less $293 million is $6,686 million. The depreciation and amortization related to cost of revenue is a component of the single depreciation and amortization line on the income statement, not a cost in addition to it: in Q2 2026 the $124 million sits inside the $295 million total, so adding it to the other expense lines would double-count it. Total costs and expenses is the sum of cost of revenue exclusive of depreciation and amortization, sales and marketing, research and development, general and administrative, depreciation and amortization and restructuring charges, $2,107 million plus $821 million plus $535 million plus $538 million plus $295 million plus $2 million, or $4,298 million, for Q2 2026.
• Quarterly cash flow comes from the earnings release, not the 10-Q. The 10-Q's cash flow statement is presented on a six-month basis only, so the discrete three-month operating cash flow and free cash flow figures for Q2 2026 and Q2 2025 are taken from Exhibit 99.1 to the 8-K furnished August 5, 2026 (accession 0001792789-26-000048), which is recorded as each quarter's cash_flow_source_accession. The quarterly capex figure is the residual of that exhibit's own reconciliation, operating cash flow less free cash flow, because the release reconciles the two without printing the underlying purchases of property and equipment and capitalized software separately by quarter. The income statement and balance sheet for those quarters come from the 10-Q.
• Six-month free cash flow is derived. The 10-Q prints operating cash flow, purchases of property and equipment and capitalized software costs for the six months but does not publish free cash flow, which DoorDash defines as the first less the other two: $1,538 million less $118 million less $258 million, or $1,162 million, for the six months ended June 30, 2026, and $849 million for the same period of 2025.
• The trailing-twelve-months income statement is derived by adding the six months ended June 30, 2026 to fiscal 2025 and subtracting the six months ended June 30, 2025. Its cash flow figures are not derived: the Q2 2026 earnings release prints a trailing-twelve-months reconciliation directly, showing $2,830 million of operating cash flow and $2,139 million of free cash flow for the twelve months ended June 30, 2026. No per-share figure is stated for this window, because weighted-average share counts cannot be added across periods.
• Total debt is DoorDash's convertible notes, net, $2,727 million at June 30, 2026 and $2,724 million at December 31, 2025, against none at December 31, 2024. The company issued the notes in the second quarter of 2025. Its $800 million revolving credit facility was undrawn at December 31, 2024 and 2025, with $112 million and $61 million of letters of credit issued against it. Operating lease liabilities are shown separately and are not counted as debt.
• Redeemable non-controlling interests sit between liabilities and equity on DoorDash's balance sheet and are carried here as their own line, so total assets equal total liabilities plus redeemable non-controlling interests plus total stockholders' equity, $19,561 million at June 30, 2026.
• DoorDash operates in one reportable segment. Its Chief Executive Officer, as chief operating decision maker, reviews financial information on a consolidated basis, so there is no segment breakdown to report.
• The operating metrics in key_metrics, Total Orders, Marketplace GOV and Net Revenue Margin, and the non-GAAP measures Contribution Profit, Adjusted Gross Profit and Adjusted EBITDA are the figures DoorDash publishes alongside its statements to describe the marketplace. Annual values are from the 10-K's financial and operational highlights table and its non-GAAP reconciliations; quarterly values are from the Q2 2026 earnings release. Adjusted EBITDA excludes stock-based compensation, depreciation and amortization, taxes, interest, restructuring, transaction-related costs and certain legal, tax and regulatory expenses, and is materially larger than operating income.
• Deliveroo shapes the year-over-year comparisons. DoorDash closed its acquisition of Deliveroo on October 2, 2025, which is why fiscal 2025 shows $4,151 million of acquisitions net of cash acquired, goodwill rising from $2,315 million to $5,519 million, and intangible assets rising from $510 million to $2,260 million. The Q2 2026 earnings release states that $383 million of the quarter's $4,454 million of revenue was attributable to Deliveroo, and that revenue grew 24% year over year excluding it against 36% including it.
• Net income fell in Q2 2026 even as revenue grew 36%. The year-ago quarter carried a $13 million income tax benefit and $59 million of other income, against an $8 million tax provision and $16 million of other income this year; depreciation and amortization also rose from $159 million to $295 million following the Deliveroo acquisition.
• Figures throughout are stated in actual dollars. The filings print them in millions, and share counts in thousands; both scales have been applied here.

Uncertainties

• Quarterly capex for Q2 2026 ($202 million) and Q2 2025 ($149 million) is not printed anywhere in these filings. It is the difference between the operating cash flow and free cash flow the Q2 2026 earnings release reports for each quarter, and follows from DoorDash's own definition of free cash flow, but it is an inference rather than a reported line.
• Free cash flow for the six months ended June 30, 2026 and 2025 is likewise computed from the 10-Q's cash flow statement using DoorDash's published definition; the 10-Q itself publishes no free cash flow figure.
• The trailing-twelve-months income statement is an arithmetic combination of three reported periods, not a period DoorDash reports. Its individual lines carry the rounding of the three columns they were built from.
• Q2 2025 has no balance sheet here. The Q2 2026 10-Q's balance sheet columns are December 31, 2025 and June 30, 2026, so DoorDash's financial position at June 30, 2025 is not printed in the filings behind this record.

Company details

Fiscal period

Source filings