DoorDash
DASH Nasdaq Specialized Consumer Services Financials FY2018–FY2025
DoorDash's revenue rose 27.9% to $13.7 billion in fiscal 2025. Its operating margin was 5.3%, up from −0.3% a year earlier. Free cash flow was $2.2 billion, up 7.2%. The diluted share count rose 2.2%.
About these figures. DoorDash had no borrowings before it issued convertible notes in 2025, so its debt for earlier years is counted as zero.
What DoorDash does
DoorDash runs apps and websites where people order food, groceries and other goods from local restaurants and stores for delivery. Its three marketplaces, DoorDash, Wolt and Deliveroo, operate in more than 40 countries, including the United States. Deliveries are made mostly by "Dashers", independent contractors who choose when and where to work. It also sells merchants tools for their own channels, such as delivery for orders placed on their own sites, online ordering and branded apps.
The marketplaces bring in the vast majority of its revenue. DoorDash charges merchants a fee based on the size of each order and charges shoppers delivery and service fees, which its DashPass, Wolt+ and Deliveroo Plus memberships lower. It also sells advertising to merchants and brands. Orders on its marketplaces were worth $102.0 billion in 2025, including taxes, tips and fees, and revenue grew by $3.0 billion. It competes with Amazon, Uber Eats, Prosus, Delivery Hero and local rivals, as well as with stores and restaurants that run their own ordering and delivery.
In December 2025 its marketplaces had over 56 million monthly active users. In 2025 more than 9 million people made deliveries through it. DoorDash bought the British delivery company Deliveroo in October 2025 for $3,724 million. It had over 31,400 employees at the end of 2025.
- Legal name
- DOORDASH, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001792789-26-000013
0001792789
Revenue and margins
DoorDash had $13.7B of revenue in fiscal 2025, up 27.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.2B in fiscal 2025, 15.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
DoorDash returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 2.2%.
Value DoorDash yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $2.8B and divides by 439.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 93.9x · peers 21.8x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably DoorDash can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.8B | $3.5B | $4.1B | $5.3B | $5.5B |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $2.7B |
| Net debt / EBITDA | — | — | — | −10.2x | −1.9x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.3x |
| Interest coverage | −32.3x | −562.0x | — | — | — |
| Current ratio | 2.6x | 1.9x | 1.6x | 1.7x | 1.4x |
| Quick ratio | 2.6x | 1.9x | 1.6x | 1.7x | 1.4x |
| Total assets | $6.8B | $9.8B | $10.8B | $12.8B | $19.7B |
| Total liabilities | $2.1B | $3.0B | $4.0B | $5.0B | $9.6B |
| Shareholders' equity | $4.7B | $6.8B | $6.8B | $7.8B | $10.0B |
| Net debt (− = net cash) | −$3.8B | −$3.5B | −$4.1B | −$5.3B | −$2.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$38.6M
7 insiders
Of sales under plans
100%
$38.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 12, 2026 | Ravi InukondaChief Financial Officer | Sold plan | 1,017 | $195.00 | $0.2M | Form 4 |
| Oct 2, 2026 | Stanley TangDirector | Sold plan | 23,125 | $186.19 | $4.3M | Form 4 |
| Oct 1, 2026 | Andy FangDirector | Sold plan | 5,000 | $183.69 | $0.9M | Form 4 |
| Oct 1, 2026 | Keith YandellInternational COO | Sold plan | 2,183 | $183.69 | $0.4M | Form 4 |
| Sep 28, 2026 | Prabir AdarkarPresident and COO | Sold plan | 8,738 | $180.85 | $1.6M | Form 4 |
| Sep 17, 2026 | Keith YandellChief Business Officer | Sold plan | 2,184 | $200.76 | $0.4M | Form 4 |
| Sep 4, 2026 | Gordon S LeeChief Accounting Officer | Sold plan | 413 | $221.50 | $0.1M | Form 4 |
| Sep 2, 2026 | Stanley TangDirector | Sold plan | 30,835 | $225.98 | $7.0M | Form 4 |
| Sep 1, 2026 | Andy FangDirector | Sold plan | 15,000 | $228.31 | $3.4M | Form 4 |
| Sep 1, 2026 | Ravi InukondaChief Financial Officer | Sold plan | 16,044 | $228.54 | $3.7M | Form 4 |
| Sep 1, 2026 | Tony XuChief Executive Officer, Director, 10% owner | Sold plan | 16,667 | $230.00 | $3.8M | Form 4 |
| Aug 25, 2026 | Prabir AdarkarPresident and COO | Sold plan | 55,289 | $231.76 | $12.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 3 / 8 | 6 / 8 | 5 / 8 |
| Accruals ratio | −21.6% | −17.0% | −9.2% |
| Altman Z'' | 1.19 | 1.78 | 1.46 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| DoorDash DASH | $78.8B | 27.9% | 5.3% | 15.9% | 14.8% | 93.9x | 5 | |
| ADT ADT | — | 4.7% | 25.5% | 33.3% | 8.2% | — | — | Compare → |
| Service Corp Intl SCI | $11.5B | 2.9% | 22.7% | 12.9% | 11.3% | 21.8x | 7 | Compare → |
| H&R Block HRB | $6.4B | 4.9% | — | 19.2% | 129.0% | 8.8x | 8 | Compare → |
| Bright Horizons Family Solutions BFAM | $3.7B | 9.2% | 10.7% | 8.8% | 11.2% | 22.5x | 8 | Compare → |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $291M | $885M | $2.9B | $4.9B | $6.6B | $8.6B | $10.7B | $13.7B |
| Research and development | $51.0M | $107M | $321M | $430M | $829M | $1.0B | $1.2B | $1.4B |
| Operating income | −$210M | −$616M | −$436M | −$452M | −$1.1B | −$579M | −$38.0M | $723M |
| Interest expense | $1.0M | $0.0M | $32.0M | $14.0M | $2.0M | $0.0M | — | — |
| Pretax income | −$204M | −$666M | −$458M | −$463M | −$1.4B | −$534M | $156M | $939M |
| Income tax | $0.0M | $1.0M | $3.0M | $5.0M | −$31.0M | $31.0M | $39.0M | $7.0M |
| Net income | −$204M | −$667M | −$461M | −$468M | −$1.4B | −$558M | $123M | $935M |
| Diluted EPS | −$4.67 | −$15.44 | −$7.39 | −$1.39 | −$3.68 | −$1.42 | $0.29 | $2.13 |
| Diluted shares | 0.04B | 0.04B | 0.06B | 0.34B | 0.37B | 0.39B | 0.43B | 0.44B |
| Cash flow | ||||||||
| Cash from operations | −$159M | −$467M | $252M | $692M | $367M | $1.7B | $2.1B | $2.4B |
| Capital expenditure | $13.0M | $78.0M | $106M | $129M | $176M | $123M | $104M | $257M |
| Free cash flow | −$172M | −$545M | $146M | $563M | $191M | $1.6B | $2.0B | $2.2B |
| Depreciation and amortization | $9.0M | $32.0M | $120M | $156M | $369M | $509M | $561M | $747M |
| Stock-based compensation | $24.0M | $18.0M | $322M | $486M | $889M | $1.1B | $1.1B | $1.1B |
| Acquisitions | $0.0M | $315M | $28.0M | $0.0M | $71.0M | $0.0M | $0.0M | $4.2B |
| Share buybacks | $60.0M | $0.0M | $0.0M | $0.0M | $400M | $750M | $224M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $60.0M | $0.0M | $0.0M | $0.0M | $400M | $750M | $224M | $0.0M |
| Balance sheet | ||||||||
| Cash and short-term investments | $215M | $765M | $4.9B | $3.8B | $3.5B | $4.1B | $5.3B | $5.5B |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $998M | $5.5B | $4.6B | $4.7B | $5.6B | $7.4B | $8.6B |
| Current liabilities | — | $382M | $1.4B | $1.8B | $2.5B | $3.4B | $4.4B | $6.1B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $101M | $210M | $402M | $637M | $712M | $778M | $1.1B |
| Total assets | — | $1.7B | $6.4B | $6.8B | $9.8B | $10.8B | $12.8B | $19.7B |
| Total liabilities | — | $550M | $1.7B | $2.1B | $3.0B | $4.0B | $5.0B | $9.6B |
| Shareholders' equity | −$436M | −$1.1B | $4.7B | $4.7B | $6.8B | $6.8B | $7.8B | $10.0B |
| Margins | ||||||||
| Operating margin | −72.2% | −69.6% | −15.1% | −9.3% | −17.1% | −6.7% | −0.4% | 5.3% |
| EBITDA margin | −69.1% | −66.0% | −11.0% | −6.1% | −11.5% | −0.8% | 4.9% | 10.7% |
| Net margin | −70.1% | −75.4% | −16.0% | −9.6% | −20.7% | −6.5% | 1.2% | 6.8% |
| FCF margin | −59.1% | −61.6% | 5.1% | 11.5% | 2.9% | 18.0% | 18.9% | 15.9% |
| Returns | ||||||||
| Return on capital | — | — | — | — | −42.9% | −15.4% | −1.1% | 14.8% |
| Return on capital employed | — | — | −13.8% | −9.0% | −18.3% | −7.9% | −0.5% | 6.6% |
| Return on equity | — | — | −25.5% | −10.0% | −23.9% | −8.2% | 1.7% | 10.5% |
| Return on assets | — | — | −11.4% | −7.1% | −16.5% | −5.4% | 1.0% | 5.8% |
| Growth | ||||||||
| Revenue growth | — | 204.1% | 226.1% | 69.4% | 34.7% | 31.2% | 24.2% | 27.9% |
| Net income growth | — | — | — | — | — | — | — | 660.2% |
| EPS growth | — | — | — | — | — | — | — | 634.5% |
| FCF growth | — | — | — | 285.6% | −66.1% | 711.5% | 30.8% | 7.2% |
| Share count change | — | −2.4% | 44.3% | 439.9% | 10.3% | 5.8% | 9.5% | 2.2% |
| Financial health | ||||||||
| Net debt / EBITDA | — | — | — | — | — | — | −10.2x | −1.9x |
| Debt / equity | — | — | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.3x |
| Interest coverage | −210.0x | — | −13.6x | −32.3x | −562.0x | — | — | — |
| Current ratio | — | 2.6x | 3.9x | 2.6x | 1.9x | 1.6x | 1.7x | 1.4x |
| Quick ratio | — | 2.6x | 3.9x | 2.6x | 1.9x | 1.6x | 1.7x | 1.4x |
| Capital allocation | ||||||||
| Capex / revenue | 4.5% | 8.8% | 3.7% | 2.6% | 2.7% | 1.4% | 1.0% | 1.9% |
| Stock comp / revenue | 8.3% | 2.0% | 11.2% | 9.9% | 13.5% | 12.6% | 10.3% | 7.7% |
| Payouts / FCF | — | — | 0.0% | 0.0% | 209.4% | 48.4% | 11.1% | 0.0% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | — | 3.0 | 3.0 | 3.0 | 6.0 | 5.0 |
| Altman Z'' | — | −4.3 | 6.0 | 3.6 | 1.8 | 1.2 | 1.8 | 1.5 |
| Accruals ratio | — | — | −17.6% | −17.6% | −20.9% | −21.6% | −17.0% | −9.2% |
Source: SEC EDGAR XBRL filings (CIK 0001792789). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.