stockrowWhat it does
DoorDash operates online marketplaces that connect local merchants with consumers and delivery workers, known as Dashers. Consumers use its apps and websites to discover and buy goods from merchants in their communities. The company’s principal marketplaces are DoorDash, Wolt and Deliveroo, and they operate in over 40 countries. Local food delivery is currently its largest business category.
For merchants, the marketplaces provide an online storefront and services such as customer acquisition, order fulfillment, payment processing and customer support. Merchants and consumer packaged goods companies can also buy advertising on the marketplaces. Dashers deliver orders and, in most geographies, typically choose when and where to work and which tasks to accept.
DoorDash also sells services to merchants that want to reach customers through their own channels rather than through a DoorDash marketplace. Its Commerce Platform includes Drive, which arranges delivery for orders placed through those channels, as well as tools for online ordering, branded apps, reservations, customer relationships and in-store dining.
The company was founded in 2012 and is headquartered in San Francisco. Tony Xu is its chief executive officer. DoorDash also has a pending acquisition of Instacart, an online grocery platform; the businesses have not yet combined.
How it makes money
DoorDash reports one segment. Revenue was $13.7 billion in FY2025, compared with $10.7 billion in FY2024.
The marketplaces account for the vast majority of revenue. For an order placed through a marketplace, DoorDash generally charges the merchant a commission based on an agreed rate applied to the value of the goods ordered. It also charges the consumer a fixed delivery fee and a service fee that varies with the size of the transaction. Revenue reflects merchant commissions and consumer fees after Dasher payouts and certain refunds, credits and promotions.
The company also earns membership fees from DashPass, Wolt+ and Deliveroo Plus. These programs reduce delivery and service fees and offer other benefits to members. Marketplace advertising provides another revenue source: merchants and consumer packaged goods companies pay to reach consumers.
The Commerce Platform generates revenue from services used on merchants’ own channels. Drive contributes most of that platform’s revenue, collecting a per-order fee from merchants to arrange delivery. The broader platform also offers ordering, app, reservation and customer-management services.
Total orders across the marketplaces and Commerce Platform grew to 3.2 billion in 2025, a 23% increase compared with 2024. Marketplace gross order value, which includes the value of marketplace orders, applicable consumer fees, taxes and tips, reached $102.0 billion in 2025. It excludes orders fulfilled through the Commerce Platform. DoorDash’s net revenue margin was 13.4% in 2025, consistent with 2024.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Reportable Segment | $13.7 billion | 100.0% | 27.9% |
Customers and how it sells
DoorDash serves merchants, consumers and Dashers through its marketplaces. Merchants use them to reach customers and fulfill orders, while consumers access them through apps and websites. Dashers use the marketplaces and Drive to find delivery work. The Commerce Platform also serves merchants seeking ordering and fulfillment services on their own channels.
In December 2025, the marketplaces served over 56 million monthly active users. As of December 31, 2025, DoorDash had over 35 million DashPass, Wolt+ and Deliveroo Plus member accounts, including paid, trial and partnership accounts. In 2025, over 9 million people dashed.
The marketplaces operate in over 40 countries, including the United States. United States revenue was $11.5 billion in FY2025, or 83.5% of revenue. International revenue was $2.3 billion, or 16.5%. The company also operates the Wolt and Deliveroo marketplaces outside the United States.
DoorDash has added Costco to its platform. It also manages inventory for retail partners including Giant Eagle and Albertsons.
| Region | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| United States | $11.5 billion | 83.5% | 21.9% |
| International | $2.3 billion | 16.5% | 71.1% |
Suppliers and costs
DoorDash relies on Dashers to fulfill deliveries. The vast majority are independent contractors, although arrangements vary by geography. DoorDash typically pays Dashers based on active time or the number of tasks completed and the time, distance and desirability associated with each task. Dasher payouts are deducted in determining marketplace revenue.
Cost of revenue includes payment processing, cancelled orders, insurance and costs associated with first-party product sales where DoorDash takes control of inventory. It also includes merchant and Dasher onboarding, customer support, technology infrastructure and personnel costs. DoorDash manages inventory for some retail partners and holds inventory for its own operations.
Sales and marketing spending includes advertising, acquisition costs and compensation. Research and development spending includes personnel working on data analytics, product development and platform improvements, as well as third-party software. General and administrative expenses include legal and regulatory costs, professional services, transaction costs and administrative compensation.
- Revenue$13.7B
- Cost of revenue−$6.7B
- Research and development−$1.4B
- Selling, general and administrative−$4.1B
- Other operating costs−$749.0M
- Operating income$723.0M
Competitive position
DoorDash competes for merchants, consumers and Dashers. For merchants, it competes on its ability to generate demand and fulfill orders. For consumers, selection, service quality and affordability matter; for Dashers, competition includes flexibility, accessibility and earnings potential.
Local food delivery logistics is fragmented and intensely competitive. DoorDash names Amazon, Uber Eats, Prosus and Delivery Hero among its global competitors in local on-demand delivery. It also competes with merchants’ own ordering systems and delivery fleets, grocery and convenience delivery services, and offline options such as takeout and telephone orders.
Our reading: The marketplace’s breadth provides a potential network advantage, but its strength is constrained by the need to keep attracting and retaining all three participant groups in competitive markets. Over 56 million monthly active users used the marketplaces in December 2025, while over 9 million people dashed during 2025.
Our reading: Merchant tools, delivery capabilities and intellectual property provide additional differentiation, though merchants also have their own channels and competing service options. DoorDash protects technology and brands through patents, trademarks and other rights, while also investing in platform functionality and improvements.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| Amazon | Local on-demand delivery | Medium |
| Uber Eats | Local on-demand delivery | Medium |
| Prosus | Local on-demand delivery | Medium |
| Delivery Hero | Local on-demand delivery | Medium |
Growth opportunities
DoorDash plans to grow by expanding services for merchants, offering consumers a broader selection and attracting Dashers. Its Commerce Platform extends beyond marketplace orders into merchants’ own ordering and delivery channels. The company has also invested in its non-U.S. operations, global technology platform and delivery capacity.
Total orders grew to 3.2 billion in 2025, up 23% from 2024. The increase was driven primarily by more consumers, including some added through the Deliveroo acquisition, and greater average consumer engagement. Revenue grew by $3.0 billion in 2025, compared with 2024, primarily because marketplace gross order value increased.
DoorDash said its restaurant business, Wolt and Deliveroo accelerated from Q2 to Q3 2026. It has also deployed parts of a shared technology stack; the company said it has seen benefits including faster merchant onboarding and improved search conversion.
DoorDash has a pending acquisition of Instacart. It was reported on 30 October 2026 that the planned transaction was valued at $17 billion. DoorDash sees opportunities to list its restaurants on Instacart and cross-sell Instacart software to grocers on its own platform. Those plans depend on completing the transaction.
- $4.9BFY2021
- $6.6BFY2022
- $8.6BFY2023
- $10.7BFY2024
- $13.7BFY2025
Structural risks
- Competition and retention: DoorDash faces intense competition for merchants, consumers and Dashers. Failure to attract and retain them cost-effectively could reduce revenue, growth or margins. Merchant service levels and prices can also affect the business.
- Worker classification and regulation: Reclassifying Dashers who operate as independent contractors as employees could materially affect DoorDash. Laws covering worker pay, merchant commissions and consumer terms can also impose costs and operational burdens.
- Profitability and spending: DoorDash has a history of net losses, anticipates increasing expenses and may not consistently maintain or increase profitability. It may incur operating losses and generate negative operating cash flows while pursuing its initiatives.
- Technology and security: The company has experienced cybersecurity incidents and anticipates future attacks. Systems failures or interruptions to its apps, websites or infrastructure could also affect operations.
- Acquisitions and international operations: Acquisitions can bring difficulties integrating technology, operations, personnel and business models. International expansion entails additional costs and risks, and its plans may not succeed.
- Pending transaction: It was reported on 30 October 2026 that the Instacart transaction requires regulatory approval and may not close until the first half of 2028.
Bottom line
Our reading
Our reading: DoorDash is a marketplace and merchant-services business whose economics depend on generating orders while coordinating merchants, consumers and delivery workers. Its membership programs and merchant tools broaden the model, but competition and the cost of attracting participants remain central constraints. The proposed Instacart acquisition offers a route further into grocery, with integration and regulatory risks if the deal proceeds.