NASDAQ: DASH · Specialized Consumer Services
DoorDash
DoorDash runs local delivery marketplaces: DoorDash in the U.S., Wolt, and Deliveroo, which it acquired in October 2025 for about $3.7 billion in cash. The marketplaces operate in more than 40 countries, connecting merchants, consumers and independent-contractor Dashers. DoorDash also offers a Commerce Platform for merchants, including SevenRooms. In 2025, Marketplace GOV reached $102.0 billion (+27%), Total Orders 3.2 billion, revenue $13.7 billion (+28%) and net income $935 million. DoorDash reincorporated from Delaware to Nevada in September 2026. In October 2026 it agreed to acquire Instacart for $65.00 per share (equity value about $17 billion), expected to close at the end of 2027 or in the first half of 2028.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-10-30
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 36.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 5.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -5.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- -1.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.60x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 81.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.33
Higher than 96% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 15% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 11% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 4% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 87% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$198.24close on 2026-11-04
Market cap$86.09B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 81.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 8.6x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 56.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 106.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 9.8x
Book value at FY2025 year-end
At FY2025 year-end: 65.8x
EBITDA for FY2025
At FY2025 year-end: 2.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$3.45B → $4.62B (vs. a year earlier)↑ +34.0%$3.45B → $4.62B (vs. a year earlier)
- Operating margin7.5% → 9.6% (vs. a year earlier)↑ +2.1 pts7.5% → 9.6% (vs. a year earlier)
- Net income$244M → $466M (vs. a year earlier)↑ +91.0%$244M → $466M (vs. a year earlier)
- Diluted EPS$0.55 → $1.06 (vs. a year earlier)↑ +92.7%$0.55 → $1.06 (vs. a year earlier)
- Cash$4.42B → $5.05B (vs. previous quarter-end)↑ +14.2%$4.42B → $5.05B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Key changes
Total Orders up 28% to 993M. Source sentence
Total Orders increased 28% year-over-year (Y/Y) to 993 million.
GAAP net income up 91% to $466M. Source sentence
GAAP net income attributable to DoorDash, Inc. common stockholders increased 91% Y/Y to $466 million.
Agreed to buy Instacart for $65.00 per share. Source sentence
Additionally, we announced a definitive agreement to acquire Maplebear Inc. ("Instacart") for $65.00 per share, payable in at least 75% cash and up to 25% DoorDash common stock, subject to election and proration mechanics.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- DoorDash, Inc.
- Headquarters
- SAN FRANCISCO, CA
- Incorporated in
- Nevada
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: DASH
- Industry
- Specialized Consumer Services
- CIK
- 1792789
- Website
- https://www.doordash.com/ ↗
- IR page
- https://ir.doordash.com/ ↗
Workforce (as of FY2025 year-end)
Employees
31,400
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 42–49 days after quarter end (Feb 18, 2026; Feb 11, 2025; Feb 15, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 29–49 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 30, 2026 10-Q (+30 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 6, 2025 (+37 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 7, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 11, 2025 (+42 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 15, 2024 (+46 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Marketplaces
DoorDash, Wolt, Deliveroo
Examples: Restaurant, grocery and retail delivery
Over 40 countries.
Memberships
DashPass, Wolt+, Deliveroo Plus
Commerce Platform
Merchant software and services
Examples: SevenRooms
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
2025–2026 developments.
Instacart acquisition agreed
On October 28, 2026 DoorDash agreed to buy Instacart (Maplebear) for $65.00 per share — at least 75% cash and up to 25% DoorDash stock (0.3372 shares per Instacart share), an equity value of about $17B. Closing is expected at the end of 2027 or the first half of 2028, subject to Instacart stockholder and antitrust approvals; Instacart would owe a $650M termination fee in specified cases.
Source: 8-K filed 2026-10-29 (Item 1.01); Q3 2026 press release
Deliveroo
DoorDash completed the Deliveroo acquisition on October 2, 2025, at 180 pence per share, about $3.7B in total cash consideration.
Source: 8-K filed 2025-10-02
Nevada reincorporation
DoorDash reincorporated from Delaware to Nevada effective September 18, 2026.
Source: 8-K filed 2026-09-18
Q3 2026
Orders rose 28% to 993M and Marketplace GOV 36% to $33.9B; revenue rose 34% to $4.6B, net income 91% to $466M and Adjusted EBITDA 41% to $1,060M — all quarterly records for GOV, revenue and net income.
Source: Q3 2026 press release
Capex ÷ D&A (FY2025)
0.34x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$257M ÷ $747M = 0.34x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
10.4%
formularesearch & development expense ÷ revenue × 100
e.g.$1,431M ÷ $13,717M × 100 = 10.4%
M&A spend (6-year total)
$4.11B
Latest year: $4.15B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $106M in FY2020 to $257M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$13.72B
As reported in the 10-K
Revenue CAGR (5 years)
+36.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($13,717M ÷ $2,886M) ^ (1÷5) − 1 = 36.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
5.3%▲favorable
+20.4pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$723M ÷ $13,717M × 100 = 5.3%
ROE (FY2025)
10.5%▲favorable
6-year average: -6.6%
As reported in the 10-K
P/B (FY2025 end)
9.80x
formulafiscal year-end closing price ÷ book value per share
e.g.$226.48 ÷ $23.10 = 9.80x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
65.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($98,348M + $2,724M − $4,378M) ÷ ($723M + $747M) = 65.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +36.6% a year over 5 years (strong growth)
From $2.89B in FY2020 to $13.72B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -15.1% → 5.3%
How much operating profit is left per $100 of revenue. It moved +20.4 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 51.0% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -6.6% over 6 years (latest: 10.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Ordering, fulfillment, payments, support
- Advertising
06 · what it draws on
Key resources
- Merchants (restaurants, grocery, retail)
- Dashers (independent contractors)
02 · why customers buy
Value propositions
- Local commerce marketplaces that connect consumers with merchants and couriers, plus white-label delivery (Drive) and online ordering tools for merchants.
04 · how it keeps them
Customer relationships
- Membership programs (DashPass, Wolt+, Deliveroo Plus) that reduce delivery fees; a dedicated support team reachable by app, chat, email and phone.
03 · how it reaches them
Channels
- Its own apps and websites (DoorDash, Wolt, Deliveroo).
01 · who it serves
Customer segments
- Consumers; merchants; consumer packaged goods advertisers
09 · where money goes
Cost structure
FY2025, share of revenue ($13.72B)
- Cost of revenue49.1%
- Research & development10.4%
- Selling, general & administrative11.7%
- Other operating costs23.5%
Operating profit left: 5.3% of revenue. Depreciation & amortization (inside the costs above): $747M. Capital spending: $257M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Merchant fees, consumer fees, memberships, ads
Value propositions, channels and customer relationships: Form 10-K (FY2025)
DoorDash earns fees from merchants on each transaction and from consumers (delivery fees and memberships such as DashPass, Wolt+ and Deliveroo Plus), plus advertising.
01 what it draws on
Inputs & resources
- Merchants (restaurants, grocery, retail)
- Dashers (independent contractors)
02 what it does
Activities
- Ordering, fulfillment, payments, support
- Advertising
03 who it serves
Customers
- Consumers; merchants; consumer packaged goods advertisers
04 how money comes in
How it earns
- Merchant fees, consumer fees, memberships, ads
How the business makes money
- Total Orders rose 23% to 3.2B in 2025.
- Q3 2026 revenue grew 34% to $4.6B on Marketplace GOV of $33.9B (+36%).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
DoorDash’s international expansion brings political and economic risk.
Trade & export rules
International political risk
International expansion brings economic and political risks.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
11,460 (84%)International
2,257 (16%)
Source: Form 10-K (FY2025) — revenue by geographic area DoorDash reports one segment; this is revenue by geography.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Consumers, merchants and advertisers.
Named by the company
No customer is significant.
What the filings disclose
Suppliers
Dashers (independent contractors) and cloud providers.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
DoorDash's 10-K says local food delivery is fragmented and intensely competitive. It competes with local on-demand delivery companies such as Amazon, Uber Eats, Prosus and Delivery Hero, and with merchants' own online ordering platforms.
Competitors named in the 10-K
Peer group the company chose
2026 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
eBay, Expedia, Instacart, Pinterest, Snap and Toast were removed; Coupang, Netflix and Intuit added.
- Airbnbsite ↗
- Spotifysite ↗
- Blocksite ↗
- PayPalsite ↗
- Stripesite ↗
- Booking Holdingssite ↗
- Coinbasesite ↗
- Robloxsite ↗
- Ubersite ↗
- Shopifysite ↗
- Coupangsite ↗
- Netflixsite ↗
- Intuitsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
DoorDash expands through acquisitions (Wolt, Deliveroo, SevenRooms) and agreed in October 2026 to acquire Instacart.
Cash spent on acquisitions, FY2020–FY2025: $4.11B
Pending (expected end of 2027 or first half of 2028)
Maplebear Inc. (Instacart)
$65.00 per share (at least 75% cash, up to 25% stock); equity value about $17B
Online grocery marketplace and shopper network.
- Stated purpose (company)
- DoorDash says the combined scale and complementary technologies will let it build tools that help local merchants, give consumers more choice and create more opportunity for Dashers and Shoppers.
Source: 8-K filed 2026-10-29 (Item 1.01) · Form 8-K (2026-10-29) — Q3 2026 earnings release
2025-10-02
Deliveroo plc
180p per share; about $3.7B (£2.8B) in cash
UK-based food delivery marketplace.
- Stated purpose (company)
- Not stated in the 8-K.
Source: 8-K filed 2025-10-02
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY2020In next year’s 10-K | FY2021In next year’s 10-K | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,886 | 4,888 | 6,583 | 8,635 | 10,722 | 13,717 |
| Operating income | -436 | -452 | -1,124 | -579 | -38 | 723 |
| Pretax income | -458 | -463 | -1,399 | -534 | 156 | 939 |
| Net income (attributable) | -461 | -468 | -1,365 | -558 | 123 | 935 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 69.4% | 34.7% | 31.2% | 24.2% | 27.9% |
| Operating margincalcoperating income ÷ revenue × 100 | -15.1% | -9.2% | -17.1% | -6.7% | -0.4% | 5.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -16.0% | -9.6% | -20.7% | -6.5% | 1.1% | 6.8% |
| Balance sheet ($M) | ||||||
| Total assets | 6,353 | 6,809 | 9,789 | 10,839 | 12,845 | 19,659 |
| Total equity | 4,700 | 4,667 | 6,754 | 6,806 | 7,803 | 10,033 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 364 | 0 | — | — | 0 | 2,724 |
| Equity ratio | 74.0% | 68.5% | 69.0% | 62.8% | 60.7% | 51.0% |
| ROE | -9.8% | -10.0% | -23.9% | -8.2% | 1.7% | 10.5% |
| Cash flow ($M) | ||||||
| Operating CF | 252 | 692 | 367 | 1,673 | 2,132 | 2,431 |
| Investing CF | -192 | -2,047 | -300 | -342 | -444 | -4,391 |
| Financing CF | 3,996 | -483 | -375 | -752 | -204 | 2,360 |
| Free cash flowcalccash flow from operations − capital expenditures | 146 | 563 | 191 | 1,550 | 2,028 | 2,174 |
| Cash and equivalents | 4,345 | 2,504 | 1,977 | 2,656 | 4,019 | 4,378 |
| Per share & other | ||||||
| EPS ($) | -7.39 | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 |
| BVPS ($) | 14.76 | 13.47 | 17.25 | 16.88 | 18.59 | 23.10 |
| P/E (x) | — | — | — | — | 578.5 | 106.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | — | — | 126.9 | 65.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 9.67 | 11.05 | 2.83 | 5.86 | 9.02 | 9.80 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.62B+34.0% | $442M+71.3% | $466M+91.0% | $1.06 |
| 2026-06-30 | $4.45B+35.6% | $156M-4.3% | $200M-29.8% | $0.46 |
| 2026-03-31 | $4.04B+33.1% | $151M-2.6% | $184M-4.7% | $0.42 |
| 2025-12-31 † | $3.96B+37.7% | $147M+25.6% | $213M+51.1% | — |
| 2025-09-30 | $3.45B | $258M | $244M | $0.55 |
| 2025-06-30 | $3.28B | $163M | $285M | $0.65 |
| 2025-03-31 | $3.03B | $155M | $193M | $0.44 |
| 2024-12-31 † | $2.87B | $117M | $141M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
6.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$723M × (1 − 4%) ÷ $10,280M × 100 = 6.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
12.06%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $98.35B ÷ ($98.35B + $2.72B) = 97.3%
e.g.Debt weight: $2.72B ÷ ($98.35B + $2.72B) = 2.7%
e.g.WACC: 12.3% × 97.3% + 5.0% × (1 − 4%) × 2.7% = 12.06%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 9.9%–14.6% and ROIC − WACC runs −7.9 to −3.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 12.06% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.33 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 12.27%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 4% (effective rate, FY2024–FY2025)
- Capital structure (equity : debt)
- 97% : 3%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 12.06%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.33 (price-derived adjusted beta. Raw β 1.50, R² 0.26, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.497 + 0.33 = 1.333
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.33 × 5.5% = 12.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
9.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 12.1% − 2.6%
Past FCF growth (FY2020–FY2025)
+71.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+36.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.17B (operating CF − capex); enterprise value $83.3B = market cap $86.09B (latest close, 2026-11-04) + debt $2.72B − cash and short-term investments $5.51B; r = WACC of 12.1% using this page’s default assumptions (β 1.33, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$83.62B
FCF $2.17B ÷ (12.1% − 9.5%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 10.1% | 11.1% | 12.1% | 13.1% | 14.1% |
|---|---|---|---|---|---|
| 0% | 0.26x | 0.24x | 0.22x | 0.20x | 0.19x |
| 2% | 0.32x | 0.29x | 0.26x | 0.24x | 0.22x |
| 4% | 0.43x | 0.37x | 0.32x | 0.29x | 0.26x |
| 6% | 0.64x | 0.51x | 0.43x | 0.37x | 0.32x |
| 8% | 1.24x | 0.84x | 0.64x | 0.51x | 0.43x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 9.97x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -9.2%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 77%
Most profit comes from core operations.
- ✓
Days sales outstanding: 37 → 24 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,431M ÷ $935M = 2.60x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$723M ÷ $939M × 100 = 77%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($732M + $1,108M) ÷ 2 ÷ $13,717M × 365 = 24 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class A shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 93.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 6.1%
- Directors & officers (voting power)
- 44.9%
- Institutional-ownership rank
- 138 of 416
- Beta (adjusted)
- 1.33
of Class A shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 33% of covered companies have more
above 1 = swings more than the market
- 384.0M shares reported by 1,045 13F filers ÷ 409.0M Class A shares outstanding on 2026-07-30. Option positions are excluded.
- Only the listed Class A shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-20 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-30)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale and growth
Marketplace GOV of $102.0B in 2025 (+27%).
Evidence: Form 10-K (FY2025)
2. Turned profitable
Net income went from −$1.37B (2022) to $935M (2025).
Evidence: SEC EDGAR XBRL
3. Cash generation
Operating cash flow was $2.4B in 2025.
Evidence: SEC EDGAR XBRL
Weaknesses
1. Thin margins
Operating margin was about 5% in 2025.
Evidence: SEC EDGAR XBRL
2. Profit dip in 2026
Q2 2026 net income fell 30% to $200M despite 36% revenue growth; Q3 2026 net income rose 91% to $466M, but net revenue margin slipped to 13.6% from 13.8% because of Deliveroo.
Evidence: Q2 and Q3 2026 press releases; Form 10-Q (quarter ended 2026-09-30)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
106.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.2%
(Operating CF − capex) ÷ market cap
1. Global local-commerce platform
Three marketplaces in 40+ countries.
- What has to hold
- Order growth continues.
- The other side
- GAAP margins remain thin.
Evidence: Form 10-K (FY2025)
2. Advertising and software
Advertising and the Commerce Platform add revenue streams.
- What has to hold
- Merchants adopt them.
- The other side
- Investment spending.
Evidence: Form 10-K (FY2025)
Share counts combine Class A and Class B. DoorDash pays no dividend. The 2025 tax benefit includes a partial valuation-allowance release.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$5.51B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
$4.4B of cash plus $1.1B of short-term investments at the end of 2025.
Source: SEC EDGAR XBRL
Diversified markets
Marketplaces in over 40 countries.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
DoorDash faces ongoing challenges to its classification of Dashers as independent contractors, including a California EDD payroll-tax assessment it has accrued for. It also faces consumer-protection, competition and IP suits.
2 open matters
Dasher classification claims and CA EDD assessment
PendingRegulatory proceedingCalifornia Employment Development Department; Dashers (class, PAGA and individual arbitration claims)
The EDD issued a January 2023 assessment on payroll taxes for Dashers it treats as employees, which DoorDash is appealing. Numerous suits and arbitrations challenge contractor status under U.S. and international law.
- Amounts
- An accrual for the EDD matter is recorded within accrued expenses.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Consumer protection and tips-related actions
PendingClass actionConsumers; government authorities
Class actions and government actions alleging consumer-protection, competition, data-protection and civil-rights violations, including claims over tip representations and the former Dasher pay model.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: DoorDash believes the outcome of ongoing matters will not have a material adverse effect.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Dasher classification
- Company disclosure (summarized from the 10-K)
- Laws on independent contractor classification, merchant commissions and consumer fees could raise costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Competition & technology shift
Intense competition
- Company disclosure (summarized from the 10-K)
- Competition for merchants, consumers and Dashers is intense, with shifting preferences and new offerings.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3M&A & integration
Deliveroo integration
- Company disclosure (summarized from the 10-K)
- Integrating Deliveroo across new markets.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Governance & quality
Founder control
- Company disclosure (summarized from the 10-K)
- Class B shares (20 votes each) held by the co-founders concentrate voting power with CEO Tony Xu.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
Our reliance on third-party vendors, contractors, and SaaS providers creates additional cybersecurity risks. Read more
Many of our critical business operations depend on external providers for hosting, cloud services, data analytics, customer support, and other key functions. If these third parties experience a cybersecurity incident, fail to implement adequate security measures, misconfigure their systems, or otherwise do not comply with our security, privacy, or contractual requirements, our systems and data could be exposed to unauthorized access, loss, or misuse, resulting in significant operational disruption, regulatory scrutiny, financial losses, or reputational harm.
We have exposure to changing tax legislation and administrative practices, and to tax authorities successfully imposing additional non-income tax obligations or liabilities on us.
Our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our obligations under our debt agreements.
We have a revolving credit facility that we may draw on to finance our working capital and other general corporate purposes, and have $2.75 billion in aggregate principal amount of indebtedness outstanding under our 2030 Notes. Read more
We may also incur additional indebtedness to meet future financing needs. Our indebtedness could have significant negative consequences for our security holders and our business, results of operations and financial condition by, among other things:
Our business may not generate sufficient funds, and we may otherwise be unable to maintain sufficient cash reserves, to pay amounts due under our indebtedness, and our cash needs may increase in the future. Read more
In addition, our existing indebtedness contains, and any future indebtedness that we may incur may contain, financial and other restrictive covenants that limit our ability to operate our business, raise capital or make payments under our other indebtedness. If we fail to comply with these covenants or to make payments under our indebtedness when due, then we would be in default under that indebtedness, which could, in turn, result in that and our other indebtedness becoming immediately payable in full.
We may be unable to raise the funds necessary to repurchase the 2030 Notes for cash following a fundamental change, or to pay any cash amounts due upon conversion, and our other indebtedness limits our ability to repurchase the 2030 Notes or pay cash upon their conversion.
Holders of our 2030 Notes may, subject to a limited exception set forth in the related Indenture, require us to repurchase their 2030 Notes following a fundamental change at a cash repurchase price generally equal to the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding the fundamental change repurchase date. Upon maturity of the 2030 Notes, we must pay their principal amount and accrued and unpaid special and additional interest, if any, in cash, unless they have been previously repurchased, redeemed or converted. In addition, all conversions of 2030 Notes will be settled partially or entirely in cash. We may not have enough available cash or be able to obtain financing at the time we are required to repurchase the 2030 Notes or pay the cash amounts due upon their maturity or conversion. In addition,…
The accounting method for the 2030 Notes could adversely affect our reported financial condition and results.
No longer in the text (4)
We have a limited operating history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.
If we fail to address the risks and difficulties that we face, including those associated with the challenges listed above as well as those described elsewhere in this “Risk Factors” section, our business, financial condition, and results of operations could be adversely affected. Further, because we have relatively limited historical financial data and operate in a rapidly evolving market, any predictions about our future results of operations may not be as accurate as they would be if we had a longer operating history or operated in a more predictable market. If our assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our results of operations could differ materially from our expectations and our business, financial condition, and results of operations could be…
In addition, the stock-based compensation expense related to our restricted stock units ("RSUs") and other outstanding equity awards will result in increased expenses in future periods. Read more
As of December 31, 2024, we had $1.6 billion of unrecognized stock-based compensation expense related to RSUs and other outstanding equity awards.
Our business has grown rapidly during various periods since our founding. Read more
Our past revenue growth rate, growth in demand for our offerings, and financial performance should not necessarily be considered indicative of our future performance. You should not rely on our revenue or key business metrics for any previous quarterly or annual period as any indication of our revenue, revenue growth, key business metrics, or key business metrics growth in future periods.
25 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
25
What to watch going forwardSite analysis
- International profitability after Deliveroo.
- Regulation of gig workers.
- Advertising and grocery growth.
- New global technology platform rollout.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent DoorDash’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.