Short answer
DoorDash (DASH) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $13.7B (+27.9% year over year) and net income of $935M.
- Top risk flagged: Regulatory risk of Dasher reclassification as employees under U.S. federal/state law, potentially causing material adverse effects on business and financial condition
FY2025 key financial metrics · XBRL
- Revenue
- $13.7B
- +27.9% YoY
- Net income
- $935M
- +660.2% YoY
- Operating margin
- 5.3%
- +5.6 pp YoY
- EPS (diluted)
- $2.13
- +634.5% YoY
- ROE
- 9.3%
- +7.7 pp YoY
- Operating cash flow
- $2.4B
- +14.0% YoY
Source: XBRL data from the DoorDash (DASH) FY2025 10-K on SEC EDGAR. USD.
DoorDash FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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