DoorDash (DASH) DASH Q3 Financial Results Summary

2025-11-06 · Stocks · QuoteReporter

DoorDash, Inc. (DASH) Q3 2025 Financial Results Summary

Release Date: November 5, 2025

DoorDash, Inc. (NASDAQ: DASH) announced its financial results for the third quarter of 2025, highlighting significant year-over-year growth across various metrics. Below is a summary of the key financial and operational highlights:

Key Financial Metrics

Total Orders:
Increased by 21% Y/Y to 776 million.
Marketplace Gross Order Value (GOV):
Increased by 25% Y/Y to $25.0 billion.
Revenue:
Increased by 27% Y/Y to $3.4 billion.
GAAP Net Income:
Increased by 51% Y/Y to $244 million.
Adjusted EBITDA:
Increased by 41% Y/Y to $754 million.

Operational Highlights

Monthly Active Users (MAUs):
Strong growth in U.S. MAUs contributed to the increased Marketplace GOV, significantly influencing Total Orders.
Order Frequency & Value:
Growth in average order frequency and average order values bolstered the strong performance in Marketplace GOV.
Expansion in U.S. New Verticals:
Notable growth in new categories such as grocery and retail, supported by the launch of DashMart Fulfillment Services.
International Marketplaces:
Continued improvements in unit economics led to new highs in Q3 2025, maintaining strong Y/Y growth, despite a slight deceleration in Total Orders.

Financial Performance Analysis

Net Revenue Margin:
Increased to 13.8% from 13.5% in Q3 2024 and Q2 2025, driven by increased advertising revenue, reduced credits and refunds relative to Marketplace GOV, and lower Dasher costs.
GAAP Expenses:
Cost of Revenue: $1.7 billion (up 23% Y/Y).
Sales and Marketing: $576 million (up 19% Y/Y, down 5% Q/Q).
Research and Development: $355 million (up 23% Y/Y).
General and Administrative: $400 million (up 27% Y/Y).
GAAP Gross Profit:
Rose to $1.7 billion, a 32% increase Y/Y.
Free Cash Flow:
Increased by 63% Y/Y to $723 million.

Share Repurchase Authorization

In February 2025, DoorDash’s board authorized a repurchase of up to $5.0 billion of Class A common stock. As of November 4, 2025, the company had not yet repurchased shares under this authorization.

Financial Outlook for Q4 2025

DoorDash anticipates a Marketplace GOV between $28.9 billion – $29.5 billion and adjusted EBITDA between $710 million – $810 million.
Expected stock-based compensation expense for 2025 is approximately $1.1 billion and depreciation and amortization is estimated at $700 million.

Summary of Year-over-Year Growth Metrics

Total Orders Y/Y Growth: Increased from 18% in Q3 2024 to 21% in Q3 2025.
Marketplace GOV Y/Y Growth: Increased from 19% in Q3 2024 to 25% in Q3 2025.
Revenue Y/Y Growth: Increased from 25% in Q3 2024 to 27% in Q3 2025.
Adjusted EBITDA Y/Y Growth: Increased from 41% compared to the previous year window.

Conclusion

DoorDash continues to demonstrate strong financial performance, showcasing substantial growth in key metrics against the same quarter last year. The company remains focused on operational efficiencies, expanding service offerings, and continually investing in product development, which is expected to sustain its momentum moving forward.

Three Months Ended September 30	2024	2025	Nine Months Ended September 30	2024	2025
Revenue	2,706	3,446	Revenue	7,849	9,762
Costs and expenses:			Costs and expenses:
Cost of revenue, exclusive of			Cost of revenue, exclusive of
depreciation and amortization	1,374	1,687	depreciation and amortization	4,089	4,803
shown separately below			shown separately below
Sales and marketing	483	576	Sales and marketing	1,496	1,769
Research and development	289	355	Research and development	871	1,012
General and administrative	315	400	General and administrative	1,128	1,120
Depreciation and amortization	138	169	Depreciation and amortization	420	480
Restructuring charges	—	1	Restructuring charges	—	2
Total costs and expenses	2,599	3,188	Total costs and expenses	8,004	9,186
Income (loss) from operations	107	258	Income (loss) from operations	-155	576
Interest income, net	54	71	Interest income, net	148	169
Other expense, net	-6	-81	Other expense, net	-13	-28
Income (loss) before income taxes	155	248	Income (loss) before income taxes	-20	717
Provision for (benefit from) income	-6	5	Provision for (benefit from) income	2	-2
taxes			taxes
Net income (loss) including	161	243	Net income (loss) including	-22	719
redeemable non-controlling interests			redeemable non-controlling interests
Less: net loss attributable to	-1	-1	Less: net loss attributable to	-4	-3
redeemable non-controlling interests			redeemable non-controlling interests
Net income (loss) attributable to	162	244	Net income (loss) attributable to	-18	722
DoorDash, Inc. common stockholders			DoorDash, Inc. common stockholders
Net income (loss) per share			Net income (loss) per share
attributable to DoorDash, Inc.			attributable to DoorDash, Inc.
Class A and Class B common stockholders			Class A and Class B common stockholders
Basic	0.39	0.57	Basic	-0.04	1.70
Diluted	0.38	0.55	Diluted	-0.04	1.65
Weighted-average number of shares			Weighted-average number of shares
outstanding used to compute net			outstanding used to compute net
income (loss) per share			income (loss) per share
attributable to DoorDash, Inc.			attributable to DoorDash, Inc.
Class A and Class B common stockholders			Class A and Class B common stockholders
Basic	413,106	428,911	Basic	409,703	425,176
Diluted	427,962	441,812	Diluted	409,703	438,611

	December 31, 2024	September 30, 2025
Assets
Current assets:
Cash and cash equivalents	4,019	3,279
Restricted cash	190	4,080
Short-term marketable securities	1,322	964
Funds held at payment processors	436	377
Accounts receivable, net	732	894
Prepaid expenses and other current	687	899
assets
Total current assets	7,386	10,493
Long-term marketable securities	835	849
Operating lease right-of-use assets	389	396
Property and equipment, net	778	976
Intangible assets, net	510	878
Goodwill	2,315	3,570
Other assets	632	809
Total assets	12,845	17,971
Liabilities, Redeemable Non-controlling
Interests and Stockholders’ Equity
Current liabilities:
Accounts payable	321	257
Operating lease liabilities	68	81
Accrued expenses and other current	4,049	4,794
liabilities
Total current liabilities	4,438	5,132
Operating lease liabilities	468	454
Convertible notes, net	—	2,722
Other liabilities	129	155
Total liabilities	5,035	8,463
Redeemable non-controlling interests	7	13
Stockholders’ equity:
Common stock	—	—
Additional paid-in capital	13,165	13,760
Accumulated other comprehensive income	-107	268
(loss)
Accumulated deficit	-5,255	-4,533
Total stockholders’ equity	7,803	9,495
Total liabilities, redeemable	12,845	17,971
non-controlling interests and
stockholders’ equity