DoorDash (DASH) FY2025 10-K Annual Report
DoorDash (DASH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
DoorDash FY2025 10-K Analysis
Business Overview
- • Core business model: Operates Marketplaces (DoorDash, Wolt, Deliveroo) primarily for local commerce connecting merchants, consumers, and Dashers globally
- • New emphasis on Commerce Platform services including white-label delivery ("Drive") and tools for merchants' direct online operations
- • Strategic focus on expanding member programs with 35 million DashPass, Wolt+, and Deliveroo Plus subscribers as of December 2025
- • Quantitative highlight: Over 56 million monthly active users served by Marketplaces in 2025; 9 million Dashers earned $20 billion in 2025
- • Noteworthy fact: Extensive intellectual property portfolio with 254 U.S. patents, 28 non-U.S. patents, and significant pending applications as of end 2025
Management Discussion & Analysis
- • Revenue $13.7B, up 28% YoY ($2.995B increase), faster growth than Marketplace GOV $102.0B, up 27% YoY
- • Operating margin 5.3% (income from operations $723M on $13.7B revenue) vs -0.4% in prior year
- • Best segment: Marketplace GOV $102.0B, grew 27% driven by total orders of 3.2B (up 23%)
- • Worst expense growth: Depreciation & amortization up 33% ($186M increase), general & administrative up 10% ($148M increase)
- • Free Cash Flow $1.8B flat YoY; capex and capitalized software increased; management invested in non-US ops & platform capacity
- • Forward outlook: Benefits expected from US tax reform; maintain valuation allowances pending future taxable income realization; risks include operational cost growth and regulatory tax changes
Risk Factors
- • Regulatory risk of Dasher reclassification as employees under U.S. federal/state law, potentially causing material adverse effects on business and financial condition
- • Macroeconomic risk from adverse economic conditions reducing consumer spending and merchant operations affecting revenue
- • System failures and cybersecurity attacks causing platform outages, revenue loss, and potential reputational damage
- • Competitive risk from Amazon, Uber Eats, Prosus, Delivery Hero, and grocery chains with stronger bargaining power and resources
- • Key-person risk from concentrated voting power with CEO Tony Xu limiting shareholder influence and governance flexibility
DoorDash FY2025 Key Financial MetricsXBRL
Revenue
$13.7B
▲ +27.9% YoY
Net Income
$935M
▲ +660.2% YoY
Operating Margin
5.3%
▲ +563bp YoY
Net Margin
6.8%
▲ +567bp YoY
ROE
9.3%
▲ +774bp YoY
Total Assets
$19.7B
▲ +53.0% YoY
EPS (Diluted)
$2.13
▲ +634.5% YoY
Operating Cash Flow
$2.4B
▲ +14.0% YoY
Source: XBRL data from DoorDash FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on DoorDash
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.