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:
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Increased by 21% Y/Y to 776 million.
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Marketplace Gross Order Value (GOV):
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Increased by 25% Y/Y to $25.0 billion.
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Revenue:
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Increased by 27% Y/Y to $3.4 billion.
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GAAP Net Income:
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Increased by 51% Y/Y to $244 million.
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Adjusted EBITDA:
- Increased by 41% Y/Y to $754 million.
Operational Highlights
- Monthly Active Users (MAUs):
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Strong growth in U.S. MAUs contributed to the increased Marketplace GOV, significantly influencing Total Orders.
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Order Frequency & Value:
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Growth in average order frequency and average order values bolstered the strong performance in Marketplace GOV.
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Expansion in U.S. New Verticals:
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Notable growth in new categories such as grocery and retail, supported by the launch of DashMart Fulfillment Services.
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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:
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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.
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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).
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General and Administrative: $400 million (up 27% Y/Y).
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GAAP Gross Profit:
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Rose to $1.7 billion, a 32% increase Y/Y.
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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
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DoorDash anticipates a Marketplace GOV between $28.9 billion – $29.5 billion and adjusted EBITDA between $710 million – $810 million.
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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 |
