DoorDash, Inc.
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Item 1. Business
OUR BUSINESS
Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities. Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (our "Marketplaces"), and our Commerce Platform.
Our Marketplaces operate in over 40 countries, including the United States, and account for the vast majority of our revenue today. Our Marketplaces serve three primary constituents: merchants, consumers, and Dashers1.
Our Marketplaces provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We typically earn a fee from merchants for the services we provide based on the size of each transaction. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.
Consumers access our Marketplaces through our apps and websites to discover, engage with, and purchase goods from merchants in their communities. We seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. We typically charge consumers fees for each transaction, inclusive of a fixed delivery fee and a service fee that varies based on the size of the transaction. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits. In December 2025, our Marketplaces served over 56 million monthly active users2 and, as of December 31, 2025, we had over 35 million DashPass, Wolt+ and Deliveroo Plus members3.
In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer white-label delivery fulfillment services ("Drive") as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support.
For Dashers, our Marketplaces and Drive provide opportunities to generate income that helps them achieve their goals. In most geographies, Dashers typically choose if, when, and where to dash, which tasks to accept, as well as how frequently and for how long to dash each time they choose to do so. We typically pay Dashers based on the amount of time they are active on our platform or the number of tasks they complete and the time, distance, and desirability associated with each task. We seek to attract Dashers primarily based on the accessibility, flexibility, and earnings opportunities we provide.
We believe we are most successful when we provide attractive services for each of our key constituents. Consequently, to grow our business, we intend to provide merchants with an expanding suite of services that help them build and grow successful omnichannel businesses, consumers with a broad selection of merchants and products to choose from, and Dashers with unique opportunities that compete effectively for their time and effort.
1 In this report, “Dashers” generally refers to the independent contractors that use our Marketplaces. In certain geographies, Dashers may be known locally as riders, courier partners, or similar. Dashers may also refer to employees or independent contractors of third-party service providers or employees of the local DoorDash entity, and those engaged as employees may not be subject to the full range of risks described in this Annual Report on Form 10-K that may be applicable in the context of independent contractors.
2 Based on the number of individual consumer accounts that have completed an order on our Marketplaces in the past month, measured as of December 31, 2025.
3 Based on the number of paid, trial, and partnership member accounts for the relevant membership programs, measured as of December 31, 2025.
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COMPETITION
The markets in which we operate are intensely competitive and characterized by shifting user preferences, fragmentation, and frequent introductions of new services and offerings. We compete for our constituencies on the following criteria:
•Merchants. We compete for merchants based on our ability to generate consumer demand and the quality of our business enablement and demand fulfillment services.
•Consumers. We compete for consumers based on a number of factors, including the selection of merchants and products available, the quality of the ordering, fulfillment and service experience, and affordability.
•Dashers. We compete to attract and retain Dashers based on a number of factors, including accessibility of our platform, flexibility in when, where, how much and how frequently to work, overall quality of the dashing experience, and earnings potential.
In particular, local food delivery logistics, the largest category of our business today, is fragmented and intensely competitive. Globally, we compete with other local on-demand delivery companies, including Amazon, Uber Eats, Prosus, Delivery Hero, and other local incumbents. We also compete with merchants that have their own online ordering platforms, online ordering systems, merchants that own and operate their own delivery fleets, grocers and grocery delivery services, convenience stores and convenience store delivery services, and companies that provide merchant delivery services. In addition, we compete with traditional offline ordering channels, such as take-out offerings, telephone, and paper menus that merchants distribute to consumers. As we continue to expand into additional verticals, we may compete or come in closer competition with additional businesses with substantial resources, users, and brand power.
For additional information about the risks to our business related to competition, see the section titled “Risk Factors—Risks Related to Our Business and Operations—We face intense competition and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected.”
HUMAN CAPITAL
Employees
As of December 31, 2025, we had over 31,400 employees worldwide. We also engage contractors and consultants. Certain international employees are subject to statutory collective bargaining agreements. We have not experienced any work stoppages, and we believe that our employee relations are strong.
We believe that people are at the core of every business. This drives our focus on improving the experiences of merchants, consumers, and Dashers, and it also drives how we think about our employees and the culture and values that we cultivate. Our employees are critical to our success.
At DoorDash, we grow and empower local economies. We give our team the freedom and opportunity to build the future—for our company, our constituencies, and our communities. Together, with grit, courage, and rapid innovation, we create the dynamic energy that drives our business forward.
Dashers
We are committed to make dashing an earnings opportunity that is accessible, flexible, and supportive of social progress. In 2025, over 9 million people dashed4, earning a total of over $20 billion.
We believe access and choice are empowering. Our goal with dashing is to provide as many people as we can with an opportunity to earn incrementally in a way that fits their lives. Since the vast majority of Dashers are independent contractors, we must compete for their time and effort with every task. We compete against other earnings opportunities, other sources of capital like loans or credit cards, as well as alternative uses of time like doing errands or leisure. Because of this competition, we must make dashing attractive, worthwhile, and incremental to other choices available. Specifically, we strive to make dashing positive based on:
•Accessibility: We believe the barriers to entry in dashing are very low. Where permitted by applicable law, prospective Dashers must pass a background check and, in most geographies, have access to a bike, scooter, or car. People who qualify to become Dashers are often eligible to begin generating income within a day of signing up.
4 Based on the number of Dasher accounts that have delivered an order through our platform in 2025.
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•Flexibility: Once Dashers qualify, they generally choose whether to dash, where to dash, when to dash, how long to dash for, and how frequently to dash. This allows Dashers to scale their effort to their earnings needs. It also allows Dashers to generate earnings around other commitments in their lives, which often include full or part-time jobs, school, parenting, or commitments to care for family or friends.
•Earnings: We must provide Dashers with opportunities to earn that are competitive with alternative opportunities and commensurate with Dashers' expectations. In addition to the absolute level of earnings, we provide tools that improve immediacy and accessibility of earnings, as this is often valued by Dashers.
•Service: We aim to provide Dashers with high levels of service. This includes a dedicated service team that is accessible through our app, website, email, chat, and phone. We also provide visibility into our policies and practices for determining ratings and deactivations.
Our Commitment to Diversity and Inclusion
At DoorDash, we are committed to growing and empowering inclusive communities in our company, our industry, and the geographies we serve. We believe that a diverse and inclusive workforce is critical to helping us attract and retain the talent necessary to grow our business. We also believe we will be a more successful company if we amplify the voices of those who have not always been heard, and when everyone has “room at the table” and the tools, resources, and opportunities to succeed.
INTELLECTUAL PROPERTY
We believe that our intellectual property rights are valuable and important to our business. We rely on trademarks, patents, copyrights, trade secrets, license agreements, intellectual property assignment agreements, confidentiality procedures, non-disclosure agreements, and employee non-disclosure and invention assignment agreements to establish and protect our proprietary rights. Though we rely in part upon these legal and contractual protections, we believe that factors such as the skills and ingenuity of our employees and the functionality and frequent enhancements to our platform are larger contributors to our success in the marketplace.
We have invested in a patent program to identify and protect a substantial portion of our strategic intellectual property in logistics, selection optimization, and other technologies relevant to our business. As of December 31, 2025, we had 254 issued U.S. patents, 28 patents issued in non-U.S. jurisdictions, 79 U.S. patent applications pending, and 20 patent applications pending in non-U.S. jurisdictions. We continually review our development efforts to assess the existence and patentability of new intellectual property.
We have an ongoing trademark and service mark registration program pursuant to which we register our brand names and product names, taglines, and logos in the United States and other countries to the extent we determine appropriate and cost-effective. As of December 31, 2025, we held 63 registered trademarks in the United States and 452 registered trademarks in non-U.S. jurisdictions. We also have common law rights in some trademarks and numerous pending trademark applications in the United States and non-U.S. jurisdictions. In addition, we have registered domain names for websites that we use in our business, such as www.doordash.com and other variations.
We intend to pursue additional intellectual property protection to the extent we believe it would be beneficial and cost-effective. Despite our efforts to protect our intellectual property rights, they may not be respected in the future or may be invalidated, circumvented, or challenged. For additional information, see the sections titled “Risk Factors—Risks Related to Our Intellectual Property—Intellectual property infringement assertions by third parties could result in significant costs and adversely affect our business, financial condition, results of operations, and reputation” and “Risk Factors—Risks Related to Our Intellectual Property—Failure to adequately protect our intellectual property could adversely affect our business, financial condition, and results of operations.”
GOVERNMENT REGULATION
We are subject to a wide variety of laws and regulations in the United States, Europe, and other jurisdictions. These laws, regulations, and standards govern issues such as worker classification, labor and employment, commissions and fees, anti-discrimination, payments, gift cards, whistleblowing and worker confidentiality obligations, product liability, environmental protection, personal injury, text messaging, membership services, intellectual property, consumer protection and warnings, marketing, advertising, taxation, privacy, data protection, cybersecurity, competition, unionizing and collective action, arbitration agreements and class action waiver provisions, terms of service, mobile application and website accessibility, money transmittal, and background checks. The sale and delivery of goods through our platform is also subject to laws, regulations, and standards that govern food safety, alcohol, pharmaceuticals, controlled substances,
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hazardous substances, other age-restricted products, and the interstate and intrastate transport of goods. These regulations are often complex and subject to varying interpretations, in many cases due to their lack of specificity and, as a result, their application in practice may change or develop over time through judicial decisions or as new guidance or interpretations are provided by regulatory and governing bodies, such as federal, national, state, and local administrative agencies.
See the sections titled “Risk Factors,” including the sections titled “—If Dashers that utilize our platform as independent contractors are reclassified as employees under U.S. federal or state law, or the laws of other jurisdictions in which we operate, it could have an adverse effect that is material to our business, financial condition, and results of operations” and “
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and related notes thereto included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences include those identified below and those discussed in the section titled “Risk Factors” and other sections of this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
In addition, this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section generally discusses 2025 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 are not included in this Annual Report on Form 10-K and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 14, 2025.
Overview
DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.
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Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, our "Marketplaces"), and our Commerce Platform. Our Marketplaces operate in over 40 countries and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.
Our Marketplaces seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits.
In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer white-label delivery fulfillment services ("Drive") as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support.
Financial and Operational Highlights
We use the below financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors. These factors include, but are not limited to, those highlighted in this Annual Report on Form 10-K, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued investment in our non-U.S. operations, in our global technology platform, and to increase system capacity for Dashers and in support of longer distance and higher effort deliveries. Certain of these and other factors may not be within our control.
| Year Ended December 31, | |||||||||||||||||||
| (in millions, except percentages) | 2023 | 2024 | 2025 | ||||||||||||||||
| Total Orders | 2,161 | 2,583 | 3,172 | ||||||||||||||||
| Total Orders Y/Y growth | 24 | % | 20 | % | 23 | % | |||||||||||||
| Marketplace GOV | $ | 66,771 | $ | 80,231 | $ | 102,018 | |||||||||||||
| Marketplace GOV Y/Y growth | 25 | % | 20 | % | 27 | % | |||||||||||||
| Revenue | $ | 8,635 | $ | 10,722 | $ | 13,717 | |||||||||||||
| Revenue Y/Y growth | 31 | % | 24 | % | 28 | % | |||||||||||||
| Net Revenue Margin | 12.9 | % | 13.4 | % | 13.4 | % | |||||||||||||
| GAAP gross profit | $ | 3,860 | $ | 4,979 | $ | 6,686 | |||||||||||||
| GAAP gross profit as a % of Marketplace GOV | 5.8 | % | 6.2 | % | 6.6 | % | |||||||||||||
Contribution Profit(1) | $ | 2,482 | $ | 3,474 | $ | 4,840 | |||||||||||||
| Contribution Profit as a % of Marketplace GOV | 3.7 | % | 4.3 | % | 4.7 | % | |||||||||||||
| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders | $ | (558) | $ | 123 | $ | 935 | |||||||||||||
| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV | (0.8) | % | 0.2 | % | 0.9 | % | |||||||||||||
Adjusted EBITDA(1) | $ | 1,190 | $ | 1,900 | $ | 2,779 | |||||||||||||
| Adjusted EBITDA as a % of Marketplace GOV | 1.8 | % | 2.4 | % | 2.7 | % | |||||||||||||
| Weighted-average diluted shares outstanding | 393 | 430 | 440 | ||||||||||||||||
(1)Contribution Profit and Adjusted EBITDA are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “Non-GAAP Financial Measures."
Total Orders. We define Total Orders as all orders completed through our Marketplaces and Commerce Platform over the period of measurement.
Total Orders grew to 3.2 billion in 2025, a 23% increase compared to 2024. The increase in Total Orders was driven primarily by growth in the number of consumers, including partially as a result of our acquisition of Deliveroo, and growth in average consumer engagement.
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Marketplace GOV. We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips5, and any applicable consumer fees, including membership fees related to DashPass, Wolt+, and Deliveroo Plus. 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.
Marketplace GOV grew to $102.0 billion in 2025, a 27% increase compared to 2024, driven primarily by growth in Total Orders.
Net Revenue Margin. We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.
Net Revenue Margin was 13.4% in 2025, consistent with 2024.
Contribution Profit. 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. 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.
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.
Contribution Profit increased to $4.8 billion in 2025 from $3.5 billion in 2024, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.
Adjusted EBITDA. 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 (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business.
Adjusted EBITDA increased to $2.8 billion in 2025 from $1.9 billion in 2024, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.
Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
Free Cash Flow was $1.8 billion in 2025, consistent with 2024. Free Cash Flow remained flat as the increase in net cash provided by operating activities was largely offset by a comparable increase in purchases of property and equipment, as well as capitalized software and website development costs.
5 Dashers receive 100% of tips.
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Results of Operations
The following table summarizes our historical consolidated statements of operations data:
| Year Ended December 31, | |||||||||||||||||||
| (in millions) | 2023 | 2024 | 2025 | ||||||||||||||||
| Revenue | $ | 8,635 | $ | 10,722 | $ | 13,717 | |||||||||||||
Costs and expenses:(1) | |||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization shown separately below | 4,589 | 5,542 | 6,738 | ||||||||||||||||
| Sales and marketing | 1,876 | 2,037 | 2,476 | ||||||||||||||||
| Research and development | 1,003 | 1,168 | 1,431 | ||||||||||||||||
| General and administrative | 1,235 | 1,452 | 1,600 | ||||||||||||||||
Depreciation and amortization(2) | 509 | 561 | 747 | ||||||||||||||||
| Restructuring charges | 2 | — | 2 | ||||||||||||||||
| Total costs and expenses | 9,214 | 10,760 | 12,994 | ||||||||||||||||
| Income (loss) from operations | (579) | (38) | 723 | ||||||||||||||||
| Interest income, net | 152 | 199 | 211 | ||||||||||||||||
| Other income (expense), net | (107) | (5) | 5 | ||||||||||||||||
| Income (loss) before income taxes | (534) | 156 | 939 | ||||||||||||||||
| Provision for income taxes | 31 | 39 | 7 | ||||||||||||||||
| Net income (loss) including redeemable non-controlling interests | (565) | 117 | 932 | ||||||||||||||||
| Less: net loss attributable to redeemable non-controlling interests | (7) | (6) | (3) | ||||||||||||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | $ | (558) | $ | 123 | $ | 935 | |||||||||||||
(1)Costs and expenses include stock-based compensation expense as follows:
| Year Ended December 31, | |||||||||||||||||||
| (in millions) | 2023 | 2024 | 2025 | ||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | $ | 139 | $ | 151 | $ | 154 | |||||||||||||
| Sales and marketing | 119 | 117 | 107 | ||||||||||||||||
| Research and development | 466 | 505 | 527 | ||||||||||||||||
| General and administrative | 364 | 326 | 263 | ||||||||||||||||
| Total stock-based compensation expense | $ | 1,088 | $ | 1,099 | $ | 1,051 | |||||||||||||
(2)Depreciation and amortization related to the following:
| Year Ended December 31, | |||||||||||||||||||
| (in millions) | 2023 | 2024 | 2025 | ||||||||||||||||
| Cost of revenue | $ | 186 | $ | 201 | $ | 293 | |||||||||||||
| Sales and marketing | 125 | 119 | 161 | ||||||||||||||||
| Research and development | 185 | 222 | 270 | ||||||||||||||||
| General and administrative | 13 | 19 | 23 | ||||||||||||||||
| Total depreciation and amortization | $ | 509 | $ | 561 | $ | 747 | |||||||||||||
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The following table sets forth the components of our consolidated statements of operations data as a percentage of revenue:
| Year Ended December 31, | |||||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||||
| Revenue | 100 | % | 100 | % | 100 | % | |||||||||||||
| Costs and expenses: | |||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization shown separately below | 53 | % | 52 | % | 49 | % | |||||||||||||
| Sales and marketing | 22 | % | 19 | % | 18 | % | |||||||||||||
| Research and development | 12 | % | 11 | % | 10 | % | |||||||||||||
| General and administrative | 14 | % | 14 | % | 12 | % | |||||||||||||
| Depreciation and amortization | 6 | % | 5 | % | 6 | % | |||||||||||||
| Restructuring charges | — | % | — | % | — | % | |||||||||||||
| Total costs and expenses | 107 | % | 101 | % | 95 | % | |||||||||||||
| Income (loss) from operations | (7) | % | (1) | % | 5 | % | |||||||||||||
| Interest income, net | 2 | % | 2 | % | 2 | % | |||||||||||||
| Other income (expense), net | (1) | % | — | % | — | % | |||||||||||||
| Income (loss) before income taxes | (6) | % | 1 | % | 7 | % | |||||||||||||
| Provision for income taxes | — | % | — | % | — | % | |||||||||||||
| Net income (loss) including redeemable non-controlling interests | (6) | % | 1 | % | 7 | % | |||||||||||||
| Less: net loss attributable to redeemable non-controlling interests | — | % | — | % | — | % | |||||||||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | (6) | % | 1 | % | 7 | % | |||||||||||||
Comparison of the Years Ended 2025 and 2024
Revenue
We generate a substantial majority of our revenue from orders completed through our Marketplaces and the related commissions charged to partner merchants and fees charged to consumers. Commissions from partner merchants are based on an agreed-upon rate applied to the total dollar value of goods ordered in exchange for using our Marketplaces to sell the partner merchants’ products. Fees from consumers are for the use of our Marketplaces and to arrange for delivery services. Our revenue reflects commissions charged to partner merchants and fees charged to consumers less (i) Dasher payout and (ii) refunds, credits, and promotions, which includes certain discounts and incentives provided to consumers.
We also generate revenue from membership fees paid by consumers for DashPass, Wolt+, and Deliveroo Plus, and our advertising products, which are recognized as part of our Marketplaces revenue.
In addition, we generate revenue from other sources, including our Commerce Platform. Drive generates the majority of revenue within our Commerce Platform. We generate revenue from Drive by collecting per-order fees from merchants to arrange for delivery services that fulfill demand generated through their own channels.
| Year Ended December 31, | 2024 to 2025 | ||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | 2023 | 2024 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
| Revenue | $ | 8,635 | $ | 10,722 | $ | 13,717 | $ | 2,995 | 28 | % | |||||||||||||||||||||||||||||
Revenue increased by $3.0 billion, or 28%, in 2025, compared to 2024. The increase was primarily driven by a 27% increase in Marketplace GOV. In 2025, revenue grew at a faster rate than Marketplace GOV primarily due to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV.
Cost of Revenue, Exclusive of Depreciation and Amortization
Cost of revenue primarily consists of (i) order management costs, which include payment processing charges, net of rebates issued from payment processors, costs associated with cancelled orders, insurance expenses, costs related to placing orders with non-partner merchants, and costs related to first party product sales, for which we take control of inventory, (ii) platform costs, which include costs for onboarding merchants and Dashers, costs for providing support for consumers, merchants, and Dashers, and technology platform infrastructure costs, and (iii) personnel costs, which include
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personnel-related compensation expenses related to our local operations, support, and other teams, and allocated overhead. Personnel-related compensation expenses primarily include salary, bonus, benefits, and stock-based compensation expense. Allocated overhead is determined based on an allocation of certain shared costs, such as facilities (including rent and utilities) and information technology costs, among all departments based on employee headcount.
| Year Ended December 31, | 2024 to 2025 | ||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | 2023 | 2024 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | $ | 4,589 | $ | 5,542 | $ | 6,738 | $ | 1,196 | 22 | % | |||||||||||||||||||||||||||||
Cost of revenue, exclusive of depreciation and amortization, increased by $1.2 billion, or 22%, in 2025, compared to 2024. The increase was primarily attributable to an increase of $815 million in order management costs and an increase of $356 million in platform costs, driven primarily by growth in Total Orders.
Sales and Marketing
Sales and marketing expenses primarily consist of advertising and other ancillary expenses related to merchant, consumer, and Dasher acquisition, including certain consumer referral credits and Dasher referral fees paid to the referrers to the extent they represent fair value of acquiring a new consumer or a new Dasher, brand marketing expenses, personnel-related compensation expenses for sales and marketing employees, and commissions expense including amortization of deferred contract costs, as well as allocated overhead.
| Year Ended December 31, | 2024 to 2025 | ||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | 2023 | 2024 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
| Sales and marketing | $ | 1,876 | $ | 2,037 | $ | 2,476 | $ | 439 | 22 | % | |||||||||||||||||||||||||||||
Sales and marketing expenses increased by $439 million, or 22%, in 2025, compared to 2024. The increase was primarily driven by an increase of $278 million in advertising expenses and an increase of $144 million in personnel-related compensation expenses.
Research and Development
Research and development expenses primarily consist of personnel-related compensation expenses related to data analytics and the design of, product development of, and improvements to our platform, as well as expenses associated with the licensing of third-party software and allocated overhead.
| Year Ended December 31, | 2024 to 2025 | ||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | 2023 | 2024 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
| Research and development | $ | 1,003 | $ | 1,168 | $ | 1,431 | $ | 263 | 23 | % | |||||||||||||||||||||||||||||
Research and development expenses increased by $263 million, or 23%, in 2025, compared to 2024. The increase was primarily driven by an increase of $314 million in personnel-related compensation expenses, partially offset by an increase in capitalized software and website development costs of $137 million.
General and Administrative
General and administrative expenses primarily consist of legal, tax, and regulatory expenses, which include litigation settlement expenses and sales and indirect taxes; personnel-related compensation expenses related to administrative employees, which include finance and accounting, human resources and legal; chargebacks associated with fraudulent credit card transactions; professional services fees; transaction-related costs; impairment expenses; bad debt expense; and allocated overhead.
| Year Ended December 31, | 2024 to 2025 | ||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | 2023 | 2024 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
| General and administrative | $ | 1,235 | $ | 1,452 | $ | 1,600 | $ | 148 | 10 | % | |||||||||||||||||||||||||||||
58
General and administrative expenses increased by $148 million or 10% in 2025, compared to 2024.The increase was primarily driven by an increase of $98 million in transaction-related costs mainly associated with the acquisitions in 2025 and an increase of $96 million in personnel-related compensation expenses, exclusive of stock-based compensation expense related to the CEO performance award, partially offset by a $72 million decrease in office lease impairment expenses.
Depreciation and Amortization
Depreciation and amortization expenses primarily consist of depreciation and amortization expenses associated with our property and equipment and intangible assets. Depreciation primarily includes expenses associated with equipment for merchants, computer equipment and software, office equipment, and leasehold improvements. Amortization includes expenses associated with our capitalized software and website development costs, as well as acquired intangible assets.
| Year Ended December 31, | 2024 to 2025 | ||||||||||||||||||||||||||||||||||||||
| (in millions, except percentages) | 2023 | 2024 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 509 | $ | 561 | $ | 747 | $ | 186 | 33 | % | |||||||||||||||||||||||||||||
Depreciation and amortization expenses increased by $186 million, or 33%, in 2025, compared to 2024. The increase was primarily driven by an increase of $86 million in amortization expense for acquired intangible assets and an increase of $53 million in amortization expense related to capitalized software and website development costs.
Restructuring Charges
Restructuring charges primarily consist of separation-related payments and other termination benefit costs associated with restructuring activities.
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-06-10 | Still Ashley indirect | Director | Sell | -1,164 | $153.58 | -$178,767 |
| 2026-06-02 | Tang Stanley indirect | Director | Sell | -23,125 ×6 | $157.67 | -$3,646,189 |
| 2026-05-26 | Adarkar Prabir | PRESIDENT AND COO | Sell | -21,739 ×6 | $155.25 | -$3,375,042 |
| 2026-05-26 | Yandell Keith | CHIEF BUSINESS OFFICER | Sell | -2,643 ×5 | $155.34 | -$410,576 |
| 2026-05-22 | Lee Gordon S | CHIEF ACCOUNTING OFFICER | Sell | -2,204 | $160.79 | -$354,381 |
| 2026-05-22 | Sherringham Tia | GENERAL COUNSEL AND SECRETARY | Sell | -2,743 | $160.79 | -$441,047 |
| 2026-05-20 | Fang Andy | Director | Sell | -1,164 | $155.59 | -$181,104 |
| 2026-05-20 | Lee Gordon S | CHIEF ACCOUNTING OFFICER | Sell | -2,910 | $155.59 | -$452,761 |
| 2026-05-20 | Yandell Keith | CHIEF BUSINESS OFFICER | Sell | -4,227 | $155.59 | -$657,670 |
| 2026-05-20 | Adarkar Prabir | PRESIDENT AND COO | Sell | -17,126 | $155.59 | -$2,664,600 |
| 2026-05-20 | Inukonda Ravi | CHIEF FINANCIAL OFFICER | Sell | -19,505 | $155.59 | -$3,034,744 |
| 2026-05-20 | Sherringham Tia | GENERAL COUNSEL AND SECRETARY | Sell | -7,690 | $155.59 | -$1,196,472 |
| 2026-05-20 | Tang Stanley | Director | Sell | -1,592 | $155.59 | -$247,696 |
| 2026-05-04 | Tang Stanley indirect | Director | Sell | -23,125 ×5 | $173.97 | -$4,023,024 |
| 2026-04-20 | Adarkar Prabir | PRESIDENT AND COO | Sell | -10,000 ×8 | $188.34 | -$1,883,368 |
| 2026-04-15 | Brown Shona L | Director | Sell | -1,250 | $175.00 | -$218,750 |
| 2026-04-02 | Tang Stanley indirect | Director | Sell | -21,433 | $150.00 | -$3,214,950 |
| 2026-04-02 | Tang Stanley | Director | Sell | -1,692 | $150.00 | -$253,800 |
| 2026-03-23 | Adarkar Prabir | PRESIDENT AND COO | Sell | -10,000 ×2 | $158.97 | -$1,589,744 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-08-05 10-Q expected by 2026-08-10 (in 51 days)
- ~2026-11-05 10-Q expected by 2026-11-10 (in 143 days)
- ~2027-02-14 10-K expected by 2027-02-20 (in 244 days)
- ~2027-05-05 10-Q expected by 2027-05-10 (in 324 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-06-12 8-K Shareholder Vote Results; Other Events
- 2026-05-06 10-Q Quarterly Report
- 2026-05-06 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-05-06 10-K/A Annual Report (Amended)
- 2026-04-20 DEF 14A Proxy Statement
- 2026-02-18 10-K Annual Report
- 2026-02-18 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-01-20 8-K Officer/Director Change
- 2025-11-06 10-Q Quarterly Report
- 2025-11-05 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-02 8-K Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
- 2025-08-06 10-Q Quarterly Report
- 2025-08-06 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-06-02 8-K Material Agreement Entered; Material Financial Obligation; Unregistered Equity Sale; Other Events; Financial Statements and Exhibits
- 2025-05-28 8-K Other Events; Financial Statements and Exhibits