Short answer
DoorDash (DASH) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $3.4B (up 27.3% year over year) with net income of $244M.
Q3 2025 key financials · XBRL
- Revenue
- $3.4B
- +27.3% YoY · +4.9% QoQ
- Net income
- $244M
- +50.6% YoY · −14.4% QoQ
- Operating margin
- 7.5%
- EPS (diluted)
- $0.56
- +40.0% YoY · −13.8% QoQ
Source: XBRL data from the DoorDash (DASH) Q3 2025 10-Q on SEC EDGAR. USD.
DoorDash Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $3.45B, up 27% YoY from $2.71B driven by 25% Marketplace GOV growth to $25.0B
- Net Revenue Margin 13.8% vs 13.5% YoY; Contribution Profit $1.27B up 36%, Contribution Margin 36.8% vs 34.4%
- Best segment: Marketplaces with 25% GOV growth to $25.0B; Worst: General & Administrative expenses up 27% YoY in Q3
- Operating cash flow $871M in Q3, Free Cash Flow $723M, both up significantly from $531M and $444M YoY respectively
- Management expects existing cash, credit facility, and proceeds from $2.75B 0% convertible notes to fund growth and $5B stock repurchase program authorized
Risk Factors
- New risk: Acquisition of Deliveroo expanded international risk profile, including compliance with EU Platform Work Directive transpositions (effective Dec 2024)
- Material update: Increased Dasher pay costs in California under Proposition 22 impacting EBITDA and commissions, raising future cost base and potential order volume reduction
- Regulatory risk: Worker classification challenges globally; Finland court ruled Wolt couriers employees (May 2025), Finland decision under appeal, highlighting evolving global standards
- Operational risk: Systems failures and cyberattacks risk platform outages, with prior incidents causing revenue loss and voluntary consumer credits, threatening brand and user retention
- Financial risk: Accumulated deficit $4.5B as of Sept 30, 2025, with $2.0B unrecognized stock-based compensation increasing future expenses and potential dilution from RSU sell-to-cover practice
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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