DoorDash Releases First Quarter 2025 Financial Results
In Q1 2025, we generated new quarterly records for Total Orders, Marketplace GOV, revenue, and GAAP net income. We believe these results reflect our relentless focus on building great products for consumers, merchants, and Dashers in the communities we serve around the world. We are very pleased with our financial performance and ability to execute against key strategic priorities so far in 2025.
In addition to our Q1 2025 results, we are pleased to announce we have reached an agreement to acquire SevenRooms Inc., a
First Quarter 2025 Key Financial Metrics
-
Total Orders increased
18% year-over-year (Y/Y) to 732 million and Marketplace GOV increased20% Y/Y to$23.1 billion -
Revenue increased
21% Y/Y to$3.0 billion 13.1% . -
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders increased to
$193 million $(23) million -
Adjusted EBITDA increased to
$590 million $371 million
|
Three Months Ended |
|||||||||||||||||||
(in millions, except percentages) |
Mar. 31,
|
Jun. 30,
|
Sept. 30,
|
Dec. 31,
|
Mar. 31,
|
|||||||||||||||
Total Orders |
|
620 |
|
|
635 |
|
|
643 |
|
|
685 |
|
|
732 |
|
|||||
Total Orders Y/Y growth |
|
21 |
% |
|
19 |
% |
|
18 |
% |
|
19 |
% |
|
18 |
% |
|||||
Marketplace GOV |
$ |
19,239 |
|
$ |
19,711 |
|
$ |
20,002 |
|
$ |
21,279 |
|
$ |
23,076 |
|
|||||
Marketplace GOV Y/Y growth |
|
21 |
% |
|
20 |
% |
|
19 |
% |
|
21 |
% |
|
20 |
% |
|||||
Revenue |
$ |
2,513 |
|
$ |
2,630 |
|
$ |
2,706 |
|
$ |
2,873 |
|
$ |
3,032 |
|
|||||
Revenue Y/Y growth |
|
23 |
% |
|
23 |
% |
|
25 |
% |
|
25 |
% |
|
21 |
% |
|||||
Net Revenue Margin |
|
13.1 |
% |
|
13.3 |
% |
|
13.5 |
% |
|
13.5 |
% |
|
13.1 |
% |
|||||
GAAP gross profit |
$ |
1,129 |
|
$ |
1,195 |
|
$ |
1,283 |
|
$ |
1,372 |
|
$ |
1,478 |
|
|||||
GAAP gross profit as a % of Marketplace GOV |
|
5.9 |
% |
|
6.1 |
% |
|
6.4 |
% |
|
6.4 |
% |
|
6.4 |
% |
|||||
Contribution Profit |
$ |
751 |
|
$ |
825 |
|
$ |
930 |
|
$ |
968 |
|
$ |
1,020 |
|
|||||
Contribution Profit as a % of Marketplace GOV |
|
3.9 |
% |
|
4.2 |
% |
|
4.6 |
% |
|
4.5 |
% |
|
4.4 |
% |
|||||
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders |
$ |
(23 |
) |
$ |
(157 |
) |
$ |
162 |
|
$ |
141 |
|
$ |
193 |
|
|||||
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV |
|
(0.1 |
)% |
|
(0.8 |
)% |
|
0.8 |
% |
|
0.7 |
% |
|
0.8 |
% |
|||||
Adjusted EBITDA |
$ |
371 |
|
$ |
430 |
|
$ |
533 |
|
$ |
566 |
|
$ |
590 |
|
|||||
Adjusted EBITDA as a % of Marketplace GOV |
|
1.9 |
% |
|
2.2 |
% |
|
2.7 |
% |
|
2.7 |
% |
|
2.6 |
% |
|||||
Weighted-average diluted shares outstanding |
|
405 |
|
|
410 |
|
|
428 |
|
|
433 |
|
|
436 |
|
|||||
Operational Highlights
We made meaningful progress in several areas in Q1 2025, including improving our offerings in the
In our
In Q1 2025, Y/Y growth in Total Orders in our
Y/Y growth in DashPass and Wolt+ members exiting Q1 2025 accelerated slightly compared to Y/Y growth exiting Q4. Transactional savings remain the primary value proposition for DashPass and Wolt+, which means increasing the breadth and quality of our Marketplaces is still the most effective way to attract more members. However, our team has also worked hard to expand the value proposition and improve our marketing and processes. In Q1 2025, these efforts helped drive increased trial memberships and reduced churn among paid members, both of which contributed to the overall growth in overall members.
Outside the
We are conscious of the potential for changes in consumer demand and regularly monitor several metrics of engagement to assess the impact of various factors on our business. So far in 2025, consumer demand on our Marketplaces has remained strong, with engagement across different consumer cohorts and types that we believe is consistent with typical seasonal patterns. Our primary focus continues to be on expanding the quality and breadth of the products we offer and consistently improving our order-level execution, as we believe this is the best way to drive long-term value for consumers, merchants, Dashers, and our shareholders.
Offer To Acquire Deliveroo
We announced a formal offer to acquire Deliveroo for
Both boards have reviewed and approved the transaction. We expect the acquisition of Deliveroo to close during Q4 2025, subject to certain regulatory approvals, Deliveroo shareholder approval and other customary closing conditions. Until the transaction closes, each company will continue to operate independently.
For more information regarding this offer, please see the Rule 2.7 announcement available at https://ir.doordash.com and the Company’s filing with the Securities and Exchange Commission on Form 8-K regarding the Deliveroo acquisition to be filed on May 6, 2025.
Agreement to Acquire SevenRooms
We are pleased to announce we have reached an agreement to acquire SevenRooms for approximately
We expect SevenRooms to close in the second half of 2025, subject to customary closing conditions and regulatory approvals. Upon closing, we expect to invest in sales and product features to expand SevenRooms’s reach and build upon its leading suite of operational and marketing solutions. Until the transaction closes, each company will continue to operate independently. We are extremely excited about what we will build together.
Financial Performance
In Q1 2025, Total Orders increased
Revenue increased
GAAP cost of revenue, exclusive of depreciation and amortization, was
GAAP gross profit was
GAAP sales and marketing expense was
GAAP research and development expense was
GAAP general and administrative expense was
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was
Adjusted EBITDA reached an all-time high of
In Q1 2025, we generated net cash provided by operating activities of
In February 2025, our board of directors authorized the repurchase of up to
Financial Outlook
Period |
Marketplace GOV |
Adjusted EBITDA |
||
Q2 2025 |
|
|
We continue to expect Adjusted EBITDA as a percentage of Marketplace GOV to increase from Q2 to Q3.
Based on our current outlook and assuming a stock price consistent with recent trading levels, we expect:
-
2025 stock-based compensation expense of approximately
$1.1 billion $1.2 billion -
2025 depreciation and amortization expense of approximately
$600 million $640 million
Our outlook assumes that aggregate consumer demand and key foreign currency rates remain relatively stable at current levels. Our outlook also anticipates significant levels of ongoing investment in new categories and international markets. We caution investors that consumer spending in any of our geographies could deteriorate relative to our outlook, which could drive results below our expectations. Additionally, our increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks. Changes in the international operating environment could negatively impact results versus our current outlook.
We have not provided GAAP net income (loss) attributable to DoorDash, Inc. common stockholders outlook or a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a result of the uncertainty regarding, and the potential variability of, reconciling items such as legal, tax, and regulatory expenses and other items. Accordingly, a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP measures in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this release, please see "Non-GAAP Financial Measures" below.
Analyst and Investor Conference Call and Earnings Webcast
DoorDash will host a conference call and webcast to discuss our quarterly results today at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time). Those interested in listening to the call can register and attend by visiting our Investor Relations page at https://ir.doordash.com. An archived webcast will be available on our Investor Relations page shortly after the call.
Available Information
We announce material information to the public about us, our products and services, and other matters through a variety of means, including filings with the
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” "aim," “will,” “should,” “expect,” “plan,” "try," “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategies, plans, or intentions. Forward-looking statements in this release include, but are not limited to, our expectations regarding our financial position and operating performance, including our outlook and guidance for the second quarter of 2025 and our assumptions underlying such guidance; our expectations regarding our stock-based compensation expense and depreciation and amortization expense; our priorities and our plans and expectations regarding our overall business strategy and investment approach; our plans and expectations of our platform and services, including our membership products; our ability to drive future growth and execute on our goals and strategies; our expectations regarding the timing, completion and expected benefits of each of the proposed acquisitions of Deliveroo and SevenRooms (together, the "Transactions"); plans, objectives and expectations with respect to future operations, stakeholders and the geographies or business areas in which we will operate following the close of each Transaction; the expected impact of each proposed Transaction on the business of the parties; our expectations regarding trends in our business, demand for our platform and for local commerce platforms in general, the macroeconomic environment, including global consumer spending, foreign currency rates, and geopolitical risks; and our plans and expectations regarding share dilution, including in connection with equity award issuances and our share repurchase authorization. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: the Transactions, including the failure to obtain, or delays in obtaining, required regulatory approvals or shareholder approvals for each Transaction, the failure to obtain funding for any Transaction, the failure to satisfy any of the closing conditions to each Transaction on a timely basis or at all and costs and expenses associated with failure to close; costs, expenses or difficulties related to each Transaction, including the integration of the relevant business; failure to realize the expected benefits of each Transaction in the expected timeframes or at all; the potential impact of the announcement, pendency or consummation of each Transaction on relationships with employees, customers, suppliers and other business partners; inability to retain key personnel; changes in legislation or government regulations affecting us; economic, financial, social or political conditions that could adversely affect us, or each Transaction; competition; managing our growth and corporate culture; the macroeconomic environment and geopolitical uncertainty; financial performance; investments in new geographies, products, or offerings; our ability to attract merchants, consumers, and Dashers to our platform; legal proceedings and regulatory matters and developments; any future changes to our business or our financial or operating model; and our brand and reputation. The forward-looking statements contained in this release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and our quarterly reports on Form 10-Q. All forward-looking statements in this release are based on information available to DoorDash and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Use of Non-GAAP Financial Measures
To supplement our financial information presented in accordance with accounting principles generally accepted in
We define adjusted cost of revenue as cost of revenue, exclusive of depreciation and amortization, excluding stock-based compensation expense and certain payroll tax expense, allocated overhead, and inventory write-off related to restructuring. Allocated overhead is determined based on an allocation of shared costs, such as facilities (including rent and utilities) and information technology costs, among all departments based on employee headcount. We define adjusted sales and marketing expense as sales and marketing expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We define adjusted general and administrative expense as general and administrative expenses excluding stock-based compensation expense and certain payroll tax expense, certain legal, tax, and regulatory settlements, reserves, and expenses, transaction-related costs (primarily consists of acquisition, integration, and investment related costs), impairment expenses, and including allocated overhead from cost of revenue, sales and marketing, and research and development.
We define Adjusted Gross Profit as gross profit plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue, (iii) allocated overhead included in cost of revenue, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue. Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue for the same period.
We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. We define gross margin as gross profit as a percentage of revenue for the same period and we define Contribution Margin as Contribution Profit as a percentage of revenue for the same period. We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.
Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
We define Total Orders as all orders completed through our Marketplaces and Commerce Platform over the period of measurement.
We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips, and any applicable consumer fees, including membership fees related to DashPass and Wolt+. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants, for orders fulfilled through our Commerce Platform.
We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Adjusted Gross Profit, Adjusted Gross Margin, Contribution Profit, Contribution Margin, Adjusted EBITDA, and Free Cash Flow should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
DOORDASH, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(in millions) |
||||||||
(Unaudited) |
||||||||
|
December 31,
|
March 31,
|
||||||
|
|
|
||||||
Assets |
|
|
||||||
Current assets: |
|
|
||||||
Cash and cash equivalents |
$ |
4,019 |
|
$ |
4,500 |
|
||
Restricted cash |
|
190 |
|
|
202 |
|
||
Short-term marketable securities |
|
1,322 |
|
|
1,317 |
|
||
Funds held at payment processors |
|
436 |
|
|
322 |
|
||
Accounts receivable, net |
|
732 |
|
|
782 |
|
||
Prepaid expenses and other current assets |
|
687 |
|
|
730 |
|
||
Total current assets |
|
7,386 |
|
|
7,853 |
|
||
Long-term marketable securities |
|
835 |
|
|
842 |
|
||
Operating lease right-of-use assets |
|
389 |
|
|
384 |
|
||
Property and equipment, net |
|
778 |
|
|
846 |
|
||
Intangible assets, net |
|
510 |
|
|
504 |
|
||
Goodwill |
|
2,315 |
|
|
2,412 |
|
||
Other assets |
|
632 |
|
|
731 |
|
||
Total assets |
$ |
12,845 |
|
$ |
13,572 |
|
||
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity |
|
|
||||||
Current liabilities: |
|
|
||||||
Accounts payable |
$ |
321 |
|
$ |
329 |
|
||
Operating lease liabilities |
|
68 |
|
|
70 |
|
||
Accrued expenses and other current liabilities |
|
4,049 |
|
|
4,178 |
|
||
Total current liabilities |
|
4,438 |
|
|
4,577 |
|
||
Operating lease liabilities |
|
468 |
|
|
457 |
|
||
Other liabilities |
|
129 |
|
|
143 |
|
||
Total liabilities |
|
5,035 |
|
|
5,177 |
|
||
Redeemable non-controlling interests |
|
7 |
|
|
6 |
|
||
Stockholders’ equity: |
|
|
||||||
Common stock |
|
— |
|
|
— |
|
||
Additional paid-in capital |
|
13,165 |
|
|
13,444 |
|
||
Accumulated other comprehensive income (loss) |
|
(107 |
) |
|
7 |
|
||
Accumulated deficit |
|
(5,255 |
) |
|
(5,062 |
) |
||
Total stockholders’ equity |
|
7,803 |
|
|
8,389 |
|
||
Total liabilities, redeemable non-controlling interests and stockholders’ equity |
$ |
12,845 |
|
$ |
13,572 |
|
||
DOORDASH, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(in millions, except share amounts which are reflected in thousands, and per share data) |
||||||||
(Unaudited) |
||||||||
|
Three Months Ended March 31, |
|||||||
|
2024 |
2025 |
||||||
|
|
|
||||||
Revenue |
$ |
2,513 |
|
$ |
3,032 |
|
||
Costs and expenses: |
|
|
||||||
Cost of revenue, exclusive of depreciation and amortization shown separately below |
|
1,330 |
|
|
1,500 |
|
||
Sales and marketing |
|
504 |
|
|
586 |
|
||
Research and development |
|
279 |
|
|
306 |
|
||
General and administrative |
|
319 |
|
|
332 |
|
||
Depreciation and amortization |
|
142 |
|
|
152 |
|
||
Restructuring charges |
|
— |
|
|
1 |
|
||
Total costs and expenses |
|
2,574 |
|
|
2,877 |
|
||
Income (loss) from operations |
|
(61 |
) |
|
155 |
|
||
Interest income, net |
|
45 |
|
|
49 |
|
||
Other expense, net |
|
(2 |
) |
|
(6 |
) |
||
Income (loss) before income taxes |
|
(18 |
) |
|
198 |
|
||
Provision for income taxes |
|
7 |
|
|
6 |
|
||
Net income (loss) including redeemable non-controlling interests |
|
(25 |
) |
|
192 |
|
||
Less: net loss attributable to redeemable non-controlling interests |
|
(2 |
) |
|
(1 |
) |
||
Net income (loss) attributable to DoorDash, Inc. common stockholders |
$ |
(23 |
) |
$ |
193 |
|
||
Net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders |
|
|
||||||
Basic |
$ |
(0.06 |
) |
$ |
0.46 |
|
||
Diluted |
$ |
(0.06 |
) |
$ |
0.44 |
|
||
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders |
|
|
||||||
Basic |
|
405,482 |
|
|
421,422 |
|
||
Diluted |
|
405,482 |
|
|
435,563 |
|
||
DOORDASH, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in millions) |
||||||||
(Unaudited) |
||||||||
|
Three Months Ended March 31, |
|||||||
|
2024 |
2025 |
||||||
|
|
|
||||||
Cash flows from operating activities |
|
|
||||||
Net income (loss) including redeemable non-controlling interests |
$ |
(25 |
) |
$ |
192 |
|
||
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
||||||
Depreciation and amortization |
|
142 |
|
|
152 |
|
||
Stock-based compensation |
|
252 |
|
|
235 |
|
||
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities |
|
26 |
|
|
26 |
|
||
Office lease impairment expenses |
|
— |
|
|
7 |
|
||
Other |
|
14 |
|
|
18 |
|
||
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisition: |
|
|
||||||
Funds held at payment processors |
|
(41 |
) |
|
119 |
|
||
Accounts receivable, net |
|
(18 |
) |
|
(53 |
) |
||
Prepaid expenses and other current assets |
|
(22 |
) |
|
(35 |
) |
||
Other assets |
|
(49 |
) |
|
(115 |
) |
||
Accounts payable |
|
(12 |
) |
|
14 |
|
||
Accrued expenses and other current liabilities |
|
306 |
|
|
94 |
|
||
Payments for operating lease liabilities |
|
(27 |
) |
|
(28 |
) |
||
Other liabilities |
|
7 |
|
|
9 |
|
||
Net cash provided by operating activities |
|
553 |
|
|
635 |
|
||
Cash flows from investing activities |
|
|
||||||
Purchases of property and equipment |
|
(17 |
) |
|
(74 |
) |
||
Capitalized software and website development costs |
|
(49 |
) |
|
(67 |
) |
||
Purchases of marketable securities |
|
(529 |
) |
|
(425 |
) |
||
Maturities of marketable securities |
|
528 |
|
|
433 |
|
||
Sales of marketable securities |
|
4 |
|
|
— |
|
||
Acquisition, net of cash acquired |
|
— |
|
|
(27 |
) |
||
Other investing activities |
|
(9 |
) |
|
— |
|
||
Net cash used in investing activities |
|
(72 |
) |
|
(160 |
) |
||
Cash flows from financing activities |
|
|
||||||
Proceeds from exercise of stock options |
|
1 |
|
|
3 |
|
||
Other financing activities |
|
6 |
|
|
— |
|
||
Net cash provided by financing activities |
|
7 |
|
|
3 |
|
||
Foreign currency effect on cash, cash equivalents, and restricted cash |
|
(13 |
) |
|
15 |
|
||
Net increase in cash, cash equivalents, and restricted cash |
|
475 |
|
|
493 |
|
||
Cash, cash equivalents, and restricted cash |
|
|
||||||
Cash, cash equivalents, and restricted cash, beginning of period |
|
2,772 |
|
|
4,221 |
|
||
Cash, cash equivalents, and restricted cash, end of period |
$ |
3,247 |
|
$ |
4,714 |
|
||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets |
|
|
||||||
Cash and cash equivalents |
$ |
3,124 |
|
$ |
4,500 |
|
||
Restricted cash |
|
111 |
|
|
202 |
|
||
Long-term restricted cash included in other assets |
|
12 |
|
|
12 |
|
||
Total cash, cash equivalents, and restricted cash |
$ |
3,247 |
|
$ |
4,714 |
|
||
Non-cash investing and financing activities |
|
|
||||||
Purchases of property and equipment not yet settled |
$ |
16 |
|
$ |
51 |
|
||
Stock-based compensation included in capitalized software and website development costs |
$ |
37 |
|
$ |
41 |
|
||
DOORDASH, INC. |
||||||||||||||||||||
NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||||
(In millions) |
Mar. 31, 2024 |
Jun. 30, 2024 |
Sept. 30, 2024 |
Dec. 31, 2024 |
Mar. 31, 2025 |
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Cost of revenue, exclusive of depreciation and amortization |
$ |
1,330 |
|
$ |
1,385 |
|
$ |
1,374 |
|
$ |
1,453 |
|
$ |
1,500 |
|
|||||
Adjusted to exclude the following: |
|
|
|
|
|
|||||||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
(33 |
) |
|
(41 |
) |
|
(36 |
) |
|
(43 |
) |
|
(34 |
) |
|||||
Allocated overhead |
|
(8 |
) |
|
(9 |
) |
|
(9 |
) |
|
(9 |
) |
|
(8 |
) |
|||||
Adjusted cost of revenue |
$ |
1,289 |
|
$ |
1,335 |
|
$ |
1,329 |
|
$ |
1,401 |
|
$ |
1,458 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Sales and marketing |
$ |
504 |
|
$ |
509 |
|
$ |
483 |
|
$ |
541 |
|
$ |
586 |
|
|||||
Adjusted to exclude the following: |
|
|
|
|
|
|||||||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
(25 |
) |
|
(33 |
) |
|
(30 |
) |
|
(30 |
) |
|
(26 |
) |
|||||
Allocated overhead |
|
(6 |
) |
|
(6 |
) |
|
(6 |
) |
|
(7 |
) |
|
(6 |
) |
|||||
Adjusted sales and marketing |
$ |
473 |
|
$ |
470 |
|
$ |
447 |
|
$ |
504 |
|
$ |
554 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
Research and development |
$ |
279 |
|
$ |
303 |
|
$ |
289 |
|
$ |
297 |
|
$ |
306 |
|
|||||
Adjusted to exclude the following: |
|
|
|
|
|
|||||||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
(114 |
) |
|
(141 |
) |
|
(126 |
) |
|
(126 |
) |
|
(116 |
) |
|||||
Allocated overhead |
|
(5 |
) |
|
(6 |
) |
|
(7 |
) |
|
(5 |
) |
|
(6 |
) |
|||||
Adjusted research and development |
$ |
160 |
|
$ |
156 |
|
$ |
156 |
|
$ |
166 |
|
$ |
184 |
|
|||||
|
|
|
|
|
|
|||||||||||||||
General and administrative |
$ |
319 |
|
$ |
494 |
|
$ |
315 |
|
$ |
324 |
|
$ |
332 |
|
|||||
Adjusted to exclude the following: |
|
|
|
|
|
|||||||||||||||
Stock-based compensation expense and certain payroll tax expense |
|
(83 |
) |
|
(89 |
) |
|
(83 |
) |
|
(74 |
) |
|
(61 |
) |
|||||
Certain legal, tax, and regulatory settlements, reserves, and expenses(1) |
|
(35 |
) |
|
(102 |
) |
|
(13 |
) |
|
(30 |
) |
|
(29 |
) |
|||||
Transaction-related costs |
|
— |
|
|
(2 |
) |
|
— |
|
|
(5 |
) |
|
(9 |
) |
|||||
Office lease impairment expenses |
|
— |
|
|
(83 |
) |
|
— |
|
|
— |
|
|
(7 |
) |
|||||
Allocated overhead from cost of revenue, sales and marketing, and research and development |
|
19 |
|
|
21 |
|
|
22 |
|
|
21 |
|
|
20 |
|
|||||
Adjusted general and administrative |
$ |
220 |
|
$ |
239 |
|
$ |
241 |
|
$ |
236 |
|
$ |
246 |
|
|||||
(1) |
We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in |
|
|
Three Months Ended |
|||||||||||||||||||
(In millions, except percentages) |
Mar. 31, 2024 |
Jun. 30, 2024 |
Sept. 30, 2024 |
Dec. 31, 2024 |
Mar. 31, 2025 |
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Revenue |
$ |
2,513 |
|
$ |
2,630 |
|
$ |
2,706 |
|
$ |
2,873 |
|
$ |
3,032 |
|
|||||
Less: Cost of revenue, exclusive of depreciation and amortization |
|
(1,330 |
) |
|
(1,385 |
) |
|
(1,374 |
) |
|
(1,453 |
) |
|
(1,500 |
) |
|||||
Less: Depreciation and amortization related to cost of revenue |
|
(54 |
) |
|
(50 |
) |
|
(49 |
) |
|
(48 |
) |
|
(54 |
) |
|||||
Gross profit |
$ |
1,129 |
|
$ |
1,195 |
|
$ |
1,283 |
|
$ |
1,372 |
|
$ |
1,478 |
|
|||||
Gross Margin |
|
44.9 |
% |
|
45.4 |
% |
|
47.4 |
% |
|
47.8 |
% |
|
48.7 |
% |
|||||
Less: Sales and marketing |
|
(504 |
) |
|
(509 |
) |
|
(483 |
) |
|
(541 |
) |
|
(586 |
) |
|||||
Add: Depreciation and amortization related to cost of revenue |
|
54 |
|
|
50 |
|
|
49 |
|
|
48 |
|
|
54 |
|
|||||
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing |
|
58 |
|
|
74 |
|
|
66 |
|
|
73 |
|
|
60 |
|
|||||
Add: Allocated overhead included in cost of revenue and sales and marketing |
|
14 |
|
|
15 |
|
|
15 |
|
|
16 |
|
|
14 |
|
|||||
Contribution Profit |
$ |
751 |
|
$ |
825 |
|
$ |
930 |
|
$ |
968 |
|
$ |
1,020 |
|
|||||
Contribution Margin |
|
29.9 |
% |
|
31.4 |
% |
|
34.4 |
% |
|
33.7 |
% |
|
33.6 |
% |
|||||
|
Three Months Ended |
|||||||||||||||||||
(In millions, except percentages) |
Mar. 31, 2024 |
Jun. 30, 2024 |
Sept. 30, 2024 |
Dec. 31, 2024 |
Mar. 31, 2025 |
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Gross profit |
$ |
1,129 |
|
$ |
1,195 |
|
$ |
1,283 |
|
$ |
1,372 |
|
$ |
1,478 |
|
|||||
Add: Depreciation and amortization related to cost of revenue |
|
54 |
|
|
50 |
|
|
49 |
|
|
48 |
|
|
54 |
|
|||||
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue |
|
33 |
|
|
41 |
|
|
36 |
|
|
43 |
|
|
34 |
|
|||||
Add: Allocated overhead included in cost of revenue |
|
8 |
|
|
9 |
|
|
9 |
|
|
9 |
|
|
8 |
|
|||||
Adjusted Gross Profit |
$ |
1,224 |
|
$ |
1,295 |
|
$ |
1,377 |
|
$ |
1,472 |
|
$ |
1,574 |
|
|||||
Adjusted Gross Margin |
|
48.7 |
% |
|
49.2 |
% |
|
50.9 |
% |
|
51.2 |
% |
|
51.9 |
% |
|||||
|
Three Months Ended |
|||||||||||||||||||
(In millions) |
Mar. 31, 2024 |
Jun. 30, 2024 |
Sept. 30, 2024 |
Dec. 31, 2024 |
Mar. 31, 2025 |
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net income (loss) attributable to DoorDash, Inc. common stockholders |
$ |
(23 |
) |
$ |
(157 |
) |
$ |
162 |
|
$ |
141 |
|
$ |
193 |
|
|||||
Add: Net loss attributable to redeemable non-controlling interests |
|
(2 |
) |
|
(1 |
) |
|
(1 |
) |
|
(2 |
) |
|
(1 |
) |
|||||
Net income (loss) including redeemable non-controlling interests |
$ |
(25 |
) |
$ |
(158 |
) |
$ |
161 |
|
$ |
139 |
|
$ |
192 |
|
|||||
Certain legal, tax, and regulatory settlements, reserves, and expenses(1) |
|
35 |
|
|
102 |
|
|
13 |
|
|
30 |
|
|
29 |
|
|||||
Transaction-related costs |
|
— |
|
|
2 |
|
|
— |
|
|
5 |
|
|
9 |
|
|||||
Office lease impairment expenses |
|
— |
|
|
83 |
|
|
— |
|
|
— |
|
|
7 |
|
|||||
Restructuring charges |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|||||
Provision for (benefit from) income taxes |
|
7 |
|
|
1 |
|
|
(6 |
) |
|
37 |
|
|
6 |
|
|||||
Interest income, net |
|
(45 |
) |
|
(49 |
) |
|
(54 |
) |
|
(51 |
) |
|
(49 |
) |
|||||
Other (income) expense, net |
|
2 |
|
|
5 |
|
|
6 |
|
|
(8 |
) |
|
6 |
|
|||||
Stock-based compensation expense and certain payroll tax expense |
|
255 |
|
|
304 |
|
|
275 |
|
|
273 |
|
|
237 |
|
|||||
Depreciation and amortization expense |
|
142 |
|
|
140 |
|
|
138 |
|
|
141 |
|
|
152 |
|
|||||
Adjusted EBITDA |
$ |
371 |
|
$ |
430 |
|
$ |
533 |
|
$ |
566 |
|
$ |
590 |
|
|||||
(1) |
We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in |
|
Estimate of Certain Components of Stock-Based Compensation Expense |
||||||||||||
(in millions) |
2023 (Actuals) |
2024 (Actuals) |
2025 |
2026 |
||||||||
|
|
|
|
|
||||||||
CEO performance award(1) |
$ |
104 |
$ |
67 |
$ |
7 |
$ |
— |
||||
Wolt retention and revesting |
|
150 |
|
143 |
|
128 |
|
52 |
||||
Pre-IPO RSUs: amortization of stepped-up value(2) |
|
67 |
|
49 |
|
3 |
|
— |
||||
New hire, continuing employee, and other grants |
|
767 |
|
840 |
|
962-1062 |
NA |
|||||
Total stock-based compensation |
$ |
1,088 |
$ |
1,099 |
|
NA |
||||||
(1) |
In November 2020, our board of directors granted restricted stock units ("RSUs") to our Chief Executive Officer, Tony Xu, covering 10,379,000 shares of our Class A common stock, which we refer to here as the 2020 CEO Performance Award. The award is intended to be the exclusive equity award to Mr. Xu over a seven year performance period, which ends November 23, 2027. The award has nine tranches that are eligible to vest based on the achievement of stock price goals ranging from |
|
(2) |
Certain RSUs awarded prior to or around the time of our initial public offering have grant-date fair values that significantly exceed the fair value of the awards (“409A value”) prevailing at the time they were committed to employees. The amounts included here represent the stock-based compensation associated with the excess amount of the grant-date fair value over the 409A value. |
|
Reconciliation of net cash provided by operating activities to Free Cash Flow |
||||||||||||||||||||
|
Trailing Twelve Months Ended |
|||||||||||||||||||
(in millions) |
Mar. 31, 2024 |
Jun. 30, 2024 |
Sept. 30, 2024 |
Dec. 31, 2024 |
Mar. 31, 2025 |
|||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Net cash provided by operating activities |
$ |
1,829 |
|
$ |
1,966 |
|
$ |
2,099 |
|
$ |
2,132 |
|
$ |
2,214 |
|
|||||
Purchases of property and equipment |
|
(101 |
) |
|
(97 |
) |
|
(101 |
) |
|
(104 |
) |
|
(161 |
) |
|||||
Capitalized software and website development costs |
|
(208 |
) |
|
(209 |
) |
|
(218 |
) |
|
(226 |
) |
|
(244 |
) |
|||||
Free Cash Flow |
$ |
1,520 |
|
$ |
1,660 |
|
$ |
1,780 |
|
$ |
1,802 |
|
$ |
1,809 |
|
|||||
________________________________
1 Based on the number of individual consumer accounts that have completed an order on our Marketplaces in the month of measurement.
2 For any given measurement period, a new DoorDash consumer cohort consists of consumers who placed their first order on the DoorDash Marketplace during that period. Initial engagement is defined as the average order rate in the month immediately following the cohort's first order month.
3 Calculated as the total number of orders placed on our Marketplaces divided by the number of individual consumer accounts that have completed an order on our Marketplaces in the period of measurement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250506343270/en/
IR Contact:
ir@doordash.com
PR Contact:
press@doordash.com
Source: DoorDash
