Financial Trends -- 6/10
Headline revenue growth of +33-37% is largely Deliveroo consolidation (closed Q4 2025). Organic
growth is running ~21-24% and flattish. Revenue is accelerating on a reported basis but the quality
of acceleration is low (inorganic). FCF positive every year (FY25
$1,826M)
but growth stalling -- FY25 +1.3% after FY24 +33.6%, and TTM turned negative (-3.2% YoY).
Adj EBITDA margins expanding. Share count roughly stable. Revenue growing but operating income
trajectory is mixed.
Weight: 25%
Revenue Growth
+33-37%
Mostly Deliveroo consolidation | Organic ~21-24%
FY25 Free Cash Flow
$1,826M
+1.3% YoY | Growth stalling
Adj EBITDA
Expanding
Margins improving | 20.3%
Organic Growth
~21-24%
Flattish | Not accelerating
Annual Financial Summary ($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 |
| Free Cash Flow | $93M | $455M | $21M | $1,349M | $1,802M | $1,826M |
| FCF YoY | — | +389% | -95% | +6,324% | +33.6% | +1.3% |
| 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% |
* FY2025 reported revenue acceleration includes Deliveroo consolidation (closed Q4 2025).
Organic growth running ~21-24%, roughly flat with prior year. FY2020 diluted shares reflects
pre-IPO share count (62M). Post-IPO Class A/B structure resulted in ~337M diluted shares in FY2021.
Revenue accelerating on reported basis but quality of acceleration is low.
Headline +28% at $13.7B is largely Deliveroo consolidation.
Organic growth ~21-24% is flattish. FCF positive at
$1,826M but growth stalling (+33.6% FY24 to
+1.3% FY25, TTM now -3.2% YoY). Adj EBITDA margins expanding (20.3%) is the bright spot.
8/8 quarterly EBITDA beat streak intact.
Revenue Quality Decomposition
| Component | Growth | Signal | Assessment |
|---|---|---|---|
| Reported Revenue YoY | +27.9% | Inflated | Includes Deliveroo consolidation |
| Organic Revenue YoY | ~21-24% | Flattish | Not accelerating ex-M&A |
| U.S. Revenue YoY | +21.9% | Stable | Core market growing mid-20s |
| Intl Revenue YoY | +71.1% | Mostly inorganic | Wolt + Deliveroo driving |
| Take Rate | 13.4% | Flat | Peaked at 13.4% in FY24, no expansion |
FCF Trajectory -- Growth Stalling
FCF growth decelerated sharply from +33.6% in FY24 to +1.3% in FY25 despite strong EBITDA gains.
Heavy CapEx and capitalized software investment absorbed the margin expansion. TTM FCF growth has
turned negative at -3.2% YoY.
Free Cash Flow Breakdown ($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% | +33.6% | +1.3% |
| 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 (+1.3% 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. FCF minus SBC of $775M is positive but the trajectory is concerning.
Adj EBITDA Margin Expansion (Bright Spot)
EBITDA margin expanded every year since FY2023. 8/8 quarterly EBITDA beat streak intact.
This is the strongest signal in the financial profile -- operating leverage is real.
Revenue by Geography ($M, Annual)
* International +71.1% YoY includes Deliveroo consolidation (closed Q4 2025). Wolt (acquired 2022)
continues to scale. International now 16.5% of total revenue, up from 12.3%.
Score Rationale
Financial Trends: 6/10
Positives: Revenue at scale ($13.7B), Adj EBITDA margins expanding (5.5% to 20.3% over 3 years), 8/8 EBITDA beat streak, share count stabilizing (+2.2% vs +9.5% prior year), GAAP profitability inflected ($2.13 EPS vs -$1.42).
Concerns: Headline revenue acceleration is inorganic (Deliveroo). Organic growth ~21-24% and flattish, not accelerating. FCF growth stalled (+33.6% to +1.3%), TTM turned negative (-3.2%). Take rate peaked at 13.4%. Heavy CapEx/capitalized software absorbing EBITDA gains. SBC still elevated at $1.1B.
Revenue growing but operating income trajectory is mixed. The quality of the reported acceleration does not warrant a higher score.
Positives: Revenue at scale ($13.7B), Adj EBITDA margins expanding (5.5% to 20.3% over 3 years), 8/8 EBITDA beat streak, share count stabilizing (+2.2% vs +9.5% prior year), GAAP profitability inflected ($2.13 EPS vs -$1.42).
Concerns: Headline revenue acceleration is inorganic (Deliveroo). Organic growth ~21-24% and flattish, not accelerating. FCF growth stalled (+33.6% to +1.3%), TTM turned negative (-3.2%). Take rate peaked at 13.4%. Heavy CapEx/capitalized software absorbing EBITDA gains. SBC still elevated at $1.1B.
Revenue growing but operating income trajectory is mixed. The quality of the reported acceleration does not warrant a higher score.
Data sourced from Daloopa (company_id: 25487). FYE: December 31.