DoorDash

DASH · Nasdaq · Consumer Discretionary · Financials, fiscal 2018 to 2025

DASH · Last close · October 26, 2026

$168.44

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%.

DOORDASH, INC. Latest fiscal year ended December 31, 2025 10-K filed February 18, 2026 · 0001792789-26-000013 Updated October 9, 2026

Revenue

$13.7B

27.9%

Operating margin

5.3%

5.6 pts

Net income

$935M

660.2%

Free cash flow

$2.2B

7.2%

Return on capital

14.8%

15.9 pts

Market cap

$74.0B

Oct 26 close

P/E

88.2x

On $1.91 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Failing to keep merchants, customers and Dashers, or to win new ones at a reasonable cost.
Intense competition from other delivery apps and from merchants' own ordering and delivery.
Dashers being reclassified as employees rather than independent contractors under US or foreign law.
Acquisitions such as Deliveroo may prove hard to fold in, and its expansion abroad brings added costs and risks.
It has a history of losses and may not stay profitable as its spending grows.

From DoorDash's annual report on Form 10-K, filed February 18, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2024 to 2025, earnings per share grew 634.5% a year and net income 660.2% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value DoorDash yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from DoorDash's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from DoorDash's fiscal 2025 free cash flow of $2.2B, net cash of $2.8B at December 31, 2025 and 440 million diluted shares, from its filings. The scenarios are fitted to DoorDash: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 27.7% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Specialized Consumer Services), plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to DoorDash's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $168.44
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from DoorDash's earnings per share of $1.91 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21.6×, the middle of DoorDash's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Service Corp Intl, H&R Block, Bright Horizons Family Solutions.

Earnings growth in the years ahead (% a year) Starts at DoorDash's revenue growth over the last 3 years, 27.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $168.44
Value at this multiple, against the last close: —
DoorDash's P/E at the last close: 88.2×

Company	Last close	Earnings per share	P/E today
DoorDashDASH	$168.44	$1.91	88.2×
Bright Horizons Family SolutionsBFAM	$73.65	$3.17	23.2×
Service Corp IntlSCI	$82.36	$3.82	21.6×
H&R BlockHRB	$50.06	$5.66	8.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3,757	3,521	4,078	5,341	5,506
Debt incl. finance leases	0	0	0	0	2,724
Net debt (negative means net cash)	−3,757	−3,521	−4,078	−5,341	−2,782
Net debt to EBITDA	—	—	—	−10.2x	−1.9x
Debt to 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

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $100.3 million of DoorDash shares on the open market, and 10 insiders sold $324.2 million, $227.8 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 12, 2026	Ravi InukondaChief Financial Officer	Sold plan	1,017	$195.00	$198,315	Form 4
Oct 2, 2026	Stanley TangDirector	Sold plan	23,125	$186.19	$4.3 million	Form 4
Oct 1, 2026	Andy FangDirector	Sold plan	5,000	$183.69	$918,450	Form 4
Oct 1, 2026	Keith YandellInternational COO	Sold plan	2,183	$183.69	$400,995	Form 4
Sep 28, 2026	Prabir AdarkarPresident and COO	Sold plan	8,738	$180.85	$1.6 million	Form 4
Sep 17, 2026	Keith YandellChief Business Officer	Sold plan	2,184	$200.76	$438,460	Form 4
Sep 4, 2026	Gordon S LeeChief Accounting Officer	Sold plan	413	$221.50	$91,480	Form 4
Sep 2, 2026	Stanley TangDirector	Sold plan	30,835	$225.98	$7.0 million	Form 4
Sep 1, 2026	Tony XuChief Executive Officer, Director, 10% owner	Sold plan	16,667	$230.00	$3.8 million	Form 4
Sep 1, 2026	Ravi InukondaChief Financial Officer	Sold plan	16,044	$228.54	$3.7 million	Form 4
Sep 1, 2026	Andy FangDirector	Sold plan	15,000	$228.31	$3.4 million	Form 4
Aug 25, 2026	Prabir AdarkarPresident and COO	Sold plan	55,289	$231.76	$12.8 million	Form 4

The latest 12 of 110 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	3 of 8	6 of 8	5 of 8
Accruals ratio	−21.6%	−17.0%	−9.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put DoorDash side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
DoorDash	FY25	27.9%	5.3%	15.8%	14.8%	−1.9x	5
ADT	FY25	4.7%	25.5%	33.3%	8.2%	2.9x	—	Compare
Service Corp Intl	FY25	2.9%	22.7%	12.9%	11.3%	4.0x	7	Compare
H&R Block	FY26	4.9%	—	19.2%	129.0%	0.5x	8	Compare
Bright Horizons Family Solutions	FY25	9.2%	10.7%	8.8%	11.2%	1.4x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

8 years of figures

Fiscal year	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	291	885	2,886	4,888	6,583	8,635	10,722	13,717
Revenue growth	—	204.1%	226.1%	69.4%	34.7%	31.2%	24.2%	27.9%
Gross profit	—	—	—	—	—	—	—	—
Research and development	51	107	321	430	829	1,003	1,168	1,431
Operating income	−210	−616	−436	−452	−1,124	−579	−38	723
Net income	−204	−667	−461	−468	−1,365	−558	123	935
Diluted EPS (US$)	−4.67	−15.44	−7.39	−1.39	−3.68	−1.42	0.29	2.13
Diluted shares (millions)	44	43	62	337	371	393	430	440
Cash flow
Cash from operations	−159	−467	252	692	367	1,673	2,132	2,431
Capital expenditure	13	78	106	129	176	123	104	257
Free cash flow	−172	−545	146	563	191	1,550	2,028	2,174
Dividends paid	0	0	0	0	0	0	0	0
Share buybacks	60	0	0	0	400	750	224	0
Acquisitions	0	315	28	0	71	0	0	4,151
Stock-based compensation	24	18	322	486	889	1,088	1,099	1,051
Balance sheet at fiscal year end
Cash and short-term investments	215	765	4,859	3,757	3,521	4,078	5,341	5,506
Debt incl. finance leases	0	0	0	0	0	0	0	2,724
Total assets	—	1,732	6,353	6,809	9,789	10,839	12,845	19,659
Total liabilities	—	550	1,653	2,142	3,021	4,026	5,035	9,613
Shareholders' equity	−436	−1,082	4,700	4,667	6,754	6,806	7,803	10,033
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—
Operating margin	−72.2%	−69.6%	−15.1%	−9.2%	−17.1%	−6.7%	−0.3%	5.3%
Net margin	−70.1%	−75.4%	−16.0%	−9.6%	−20.7%	−6.5%	1.1%	6.8%
Free cash flow margin	−59.1%	−61.6%	5.1%	11.5%	2.9%	17.9%	18.9%	15.8%
Return on capital	—	—	—	—	−42.9%	−15.3%	−1.1%	14.8%
Return on equity	—	—	−25.5%	−10.0%	−23.9%	−8.2%	1.7%	10.5%
Return on assets	—	—	−11.4%	−7.1%	−16.4%	−5.4%	1.0%	5.8%
Net debt to EBITDA	—	—	—	—	—	—	−10.2x	−1.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: DoorDash's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with DoorDash.