Financial Trends -- 8/10

Revenue re-accelerated to +28% at $13.7B scale -- extremely rare for a company this size. GOV re-accelerated to +27% after bottoming at ~20% in mid-2024, partially boosted by Deliveroo consolidation in Q4. GAAP profitability inflected for the first time: EPS swung from ($1.42) to $2.13, with all four 2025 quarters profitable. Adj EBITDA grew +46% to $2.8B. FCF was flat at $1.8B as heavy investment in CapEx and capitalized software absorbed the EBITDA gains. SBC remained elevated at $1.1B, driving ~2.2% annual share dilution. Weight: 25%

FY25 Revenue

$13.7B

+27.9% YoY | Re-accelerating from +24%

FY25 Adj EBITDA

$2,779M

+46% YoY | 20.3% margin, expanding

FY25 GAAP EPS

$2.13

From ($1.42) | First full profitable year

FY25 Free Cash Flow

$1,826M

+1% YoY | Flat despite strong EBITDA

Annual Financial Summary ($M, FY ends December)

Metric	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$2,886M	$4,888M	$6,583M	$8,635M	$10,722M	$13,717M
Rev YoY	—	+69.4%	+34.7%	+31.2%	+24.2%	+27.9%
Rev Accel (bps)	—	—	-3,470 bps	-350 bps	-700 bps	+370 bps
Marketplace GOV	$24,664M	$41,944M	$53,414M	$66,771M	$80,231M	$102,018M
GOV YoY	—	+70.1%	+27.3%	+25.0%	+20.2%	+27.1%
Total Orders (M)	816M	1,390M	1,736M	2,161M	2,583M	3,172M
Orders YoY	—	+70.3%	+24.9%	+24.5%	+19.5%	+22.8%
Take Rate (Rev/GOV)	11.7%	11.7%	12.3%	12.9%	13.4%	13.4%
Cost of Revenue	$1,368M	$2,338M	$3,588M	$4,589M	$5,542M	$6,738M
Gross Profit	$1,421M	$2,452M	$2,824M	$3,860M	$4,979M	$6,686M
Gross Margin	49.0%	50.0%	42.9%	44.7%	46.4%	48.7%
Contribution Profit	$663M	$1,071M	$1,567M	$2,482M	$3,474M	$4,840M
CP YoY	—	+61.5%	+46.3%	+58.4%	+40.0%	+39.3%
Adj EBITDA	$189M	$289M	$361M	$1,190M	$1,900M	$2,779M
EBITDA YoY	—	+52.9%	+24.9%	+229.6%	+59.7%	+46.3%
EBITDA Margin	7.0%	6.0%	5.5%	13.8%	17.7%	20.3%
GAAP Net Income	($461M)	—	($1,365M)	($558M)	$123M	$935M
Diluted EPS	-$7.39	-$1.39	-$3.68	-$1.42	$0.29	$2.13
EPS YoY	—	—	—	—	GAAP+	+634%
Free Cash Flow	$93M	$455M	$21M	$1,349M	$1,802M	$1,826M
FCF YoY	—	+389%	-95%	+6,324%	+34%	+1%
Total SBC	$322M	$486M	$889M	$1,088M	$1,099M	$1,051M
Diluted Shares (K)	62,390	336,847	371,413	392,948	430,242	439,686
Share Count YoY	—	—	+10.3%	+5.8%	+9.5%	+2.2%

Note: FY2020 diluted shares reflects pre-IPO share count (62M). Post-IPO Class A/B structure resulted in ~337M diluted shares in FY2021. Deliveroo acquisition closed August 2025, contributing to Q4 2025 step-up in reported growth.

Revenue re-acceleration to +28% at $13.7B scale is extremely rare. After 3 consecutive years of deceleration (from +69% to +24%), growth inflected +370 bps in 2025. GOV re-accelerated to +27% from +20%, contribution profit grew +39% to $4.8B, and gross margin expanded to 48.7%.

Revenue by Geography ($M, Annual)

Metric	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
U.S. Revenue	$2,875M	$4,877M	$6,251M	$7,781M	$9,403M	$11,460M
U.S. YoY	—	+69.6%	+28.2%	+24.5%	+20.8%	+21.9%
Intl Revenue	$11M	$11M	$332M	$854M	$1,319M	$2,257M
Intl YoY	—	0%	NM	+157%	+54.4%	+71.1%
Intl % of Total	0.4%	0.2%	5.0%	9.9%	12.3%	16.5%

International revenue nearly doubled to $2.3B (+71% YoY), now 16.5% of total revenue vs 12.3% in 2024. Wolt (acquired 2022) and Deliveroo (acquired Aug 2025) are driving the international expansion. Deliveroo is growing faster than expected at the same profit contribution as the deal thesis. International is outpacing U.S. growth and gaining share in its largest markets.

Quarterly Trends (Q1 2023 through Q4 2025)

Metric	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	$2,035M	$2,133M	$2,164M	$2,303M	$2,513M	$2,630M	$2,706M	$2,873M	$3,032M	$3,284M	$3,446M	$3,955M
Rev YoY	+39.7%	+32.6%	+27.2%	+26.7%	+23.5%	+23.3%	+25.0%	+24.8%	+20.7%	+24.9%	+27.3%	+37.7%
GOV	$15,913M	$16,468M	$16,751M	$17,639M	$19,239M	$19,711M	$20,002M	$21,279M	$23,076M	$24,244M	$25,015M	$29,683M
GOV YoY	+28.8%	+25.9%	+23.8%	+22.1%	+20.9%	+19.7%	+19.4%	+20.6%	+19.9%	+23.0%	+25.1%	+39.5%
Orders (M)	512M	532M	543M	574M	620M	635M	643M	685M	732M	761M	776M	903M
Orders YoY	+26.7%	+24.9%	+23.7%	+22.9%	+21.1%	+19.4%	+18.4%	+19.3%	+18.1%	+19.8%	+20.7%	+31.8%
Contrib Profit	$533M	$620M	$640M	$689M	$751M	$825M	$930M	$968M	$1,020M	$1,147M	$1,268M	$1,405M
CP YoY	+67.1%	+62.7%	+52.4%	+54.1%	+40.9%	+33.1%	+45.3%	+40.5%	+35.8%	+39.0%	+36.3%	+45.1%
Adj EBITDA	$204M	$279M	$344M	$363M	$371M	$430M	$533M	$566M	$590M	$655M	$754M	$780M
EBITDA YoY	+278%	+171%	+295%	+210%	+81.9%	+54.1%	+54.9%	+55.9%	+59.0%	+52.3%	+41.5%	+37.8%
Gross Margin	45.3%	44.6%	44.5%	44.6%	44.9%	45.4%	47.4%	47.8%	48.7%	49.0%	49.0%	48.3%
Diluted EPS	-$0.41	-$0.44	-$0.19	-$0.39	-$0.06	-$0.38	$0.38	$0.33	$0.44	$0.65	$0.55	$0.48
Intl Rev	$189M	$194M	$211M	$260M	$291M	$312M	$345M	$371M	$376M	$455M	$520M	$906M

4 consecutive quarters of revenue growth acceleration from Q2 2024 trough of +23.3% to Q4 2025 at +37.7%. GOV showed the same pattern: trough at +19.4% in Q3 2024, accelerating to +39.5% in Q4 2025. Q4 2025 was partially boosted by Deliveroo consolidation; organic GOV growth likely closer to ~20%. All 4 quarters of 2025 were GAAP profitable -- a first for DoorDash.

Adj EBITDA growth is decelerating: from +278% in Q1 2023 to +37.8% in Q4 2025. This is expected as DASH laps the massive 2023 profitability inflection. Quarterly EBITDA margins are stabilizing in the 19-22% range. Gross margin peaked at 49.0% in Q2-Q3 2025 before dipping to 48.3% in Q4 2025 due to Deliveroo mix impact.

Free Cash Flow Breakdown ($M, Annual)

Metric	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$252M	$692M	$367M	$1,673M	$2,132M	$2,431M
PP&E Purchases	($106M)	($129M)	($176M)	($123M)	($104M)	($257M)
Capitalized Software	($53M)	($108M)	($170M)	($201M)	($226M)	($348M)
Free Cash Flow	$93M	$455M	$21M	$1,349M	$1,802M	$1,826M
FCF YoY	—	+389%	-95%	+6,324%	+34%	+1%
Total SBC	$322M	$486M	$889M	$1,088M	$1,099M	$1,051M
FCF minus SBC	-$229M	-$31M	-$868M	+$261M	+$703M	+$775M

FCF was essentially flat at $1,826M (+1% YoY) despite Adj EBITDA growing +46%. The gap is explained by sharply higher investment: PP&E purchases rose to $257M (+147% YoY) and capitalized software rose to $348M (+54% YoY). SBC of $1,051M remained elevated but declined 4% YoY -- the first annual SBC decrease. FCF minus SBC of $775M is positive and growing but highlights the dilution cost of the SBC load.

GAAP Profitability Inflection

First GAAP profitable year in 2024: $123M net income, $0.29 diluted EPS
2025 massive acceleration: $935M net income, $2.13 diluted EPS -- a swing of $1.5B in 2 years
All 4 quarters of 2025 were GAAP profitable -- a first in company history
Gross margin expansion: 6 consecutive quarters of YoY improvement, reaching nearly 49%
Take rate plateauing: 13.4% in both 2024 and 2025 on an annual basis, after expanding from 11.7% in 2020-2021. Ads, DashPass, and mix drove the multi-year expansion

The transition from "growth at any cost" to "profitable growth" is now clearly demonstrated. GAAP EPS moved from ($1.42) in FY2023 to $2.13 in FY2025. Adj EBITDA margin expanded from ~6% in 2021 to 20.3% in 2025 while revenue growth re-accelerated -- a rare combination of improving profitability and re-accelerating topline.

Penalty / Modifier Assessment

Factor	Impact	Detail
Revenue re-acceleration at scale (+28% at $13.7B)	+0.5	Rare re-acceleration after 3 years of deceleration
GAAP profitability inflection (EPS -$1.42 to $2.13)	+0.5	From persistent losses to $935M net income in 2 years
FCF stagnation (+1% despite +46% EBITDA growth)	-0.5	Heavy CapEx and software investment absorbing EBITDA gains
Share dilution (~2.2% annual from SBC)	-0.25	$1.1B SBC load; shares grew from 393M to 440M over 2 years
Inorganic boost to headline 2025 growth	-0.25	Deliveroo consolidation flatters Q4 and FY2025 reported growth

Net modifier impact: 0 pts (+1.0 positives offset by -1.0 negatives). The revenue re-acceleration and GAAP profitability inflection are genuinely impressive. But FCF stagnation, SBC dilution, and the Deliveroo inorganic boost temper the signal. The key question for 2026: will the elevated investment cycle (tech replatforming, autonomy, merchant services) yield the next leg of compounding returns or pressure capital efficiency?

Transcript Context

Q4 2025 -- Tony Xu: "The U.S. had 2 of the fastest-growing quarters in 2025 in the last 4 years." International growth is outpacing the U.S. Deliveroo integration: "Growing much faster at the same profit contribution that we expected before the acquisition... gaining share in its largest markets." Grocery/retail: unit economics expected to turn positive in H2 2026; 30% of MAUs ordering outside restaurants.

Q4 2025 -- Ravi Inukonda: 2026 EBITDA margin expected "up slightly" vs 2025 (ex-Deliveroo), plus $200M EBITDA from Deliveroo. Investment areas: global tech stack consolidation (3 platforms into 1), autonomous delivery, merchant services. DashPass: record year and quarter; subscribers retain more, order more, produce more gross profit dollars. Q3 2025: ads business hit $1B annualized revenue -- the fastest in company history to that milestone.

Score Rationale

Score of 8/10 reflects a scaled growth compounder transitioning successfully from persistent losses to profitable growth.

Positives (supporting 8):

Revenue re-acceleration to +28% at $13.7B scale -- rare inflection after 3 years of decel
GOV re-acceleration to +27% with strong order growth of +23%
GAAP profitability inflection: EPS from ($1.42) to $2.13 in 2 years
Adj EBITDA +46% to $2.8B with expanding margins (7% to 20% over 4 years)
Gross margin expanding to 48.7%, contribution profit growing +39%
International nearly doubling to $2.3B (16.5% of revenue)

Factors preventing a higher score:

FCF flat at $1.8B despite +46% EBITDA growth -- investment absorbing gains
SBC of $1.1B driving ~2.2% annual share dilution
Q4 2025 GOV/revenue growth partially inorganic (Deliveroo consolidation)
Adj EBITDA growth decelerating from 60% to 46%
Elevated 2026 investment cycle introduces near-term margin uncertainty
Take rate appears plateauing at 13.4%

Data sourced from Daloopa (company_id: 25487) and DoorDash earnings releases (FY2020 through Q4 2025). All financials in USD. Fiscal year ends December.