# DoorDash, Inc. (NASDAQ: DASH) — Narrative Sources: Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (accession 0001792789-26-000013, filed February 18, 2026); Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (accession 0001792789-26-000050, filed August 5, 2026); Current Reports on Form 8-K (accessions 0001792789-26-000048 and 0001140361-26-037109). --- ## 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.