olivLaw · US equity research
DoorDash, Inc. DASH
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
DoorDash, Inc. is a local commerce platform connecting merchants, consumers and independent couriers through delivery marketplaces and a commerce platform in more than 40 countries. Its relevance now lies in accelerating order growth and expansion through the Deliveroo acquisition, with revenue of 13717 million USD in 2025 and 4454 million USD in the second quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, DoorDash, Inc. (DASH) stock was 198.59 USD (+8.33% on the day), with P/E 82.0 on diluted EPS of 2.42 USD over the last 12 months, beta 1.37, 52-week range 146.60–238.00 USD. Latest reported quarter (Q3 2026): revenue of 4.6 bn USD (+34.0% YoY), net income of 466.0 m USD (+91.0% YoY), diluted EPS 1.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.7
- strong (55–70)
- Bollinger (20, 2)
- 168.11 – 203.41
- in the upper half of the band · %B 0.86 · band width 19.0%
- SMA 50 / 200
- 195.56 / 182.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -2.33 / -4.15
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.6% | −1.1% | +4.7 pp | — |
| 3 months | −4.2% | −0.5% | −3.7 pp | — |
| 6 months | +18.2% | +4.4% | +13.8 pp | — |
| Year to date | −12.3% | +12.3% | −24.6 pp | — |
| 1 year | −17.2% | +13.5% | −30.8 pp | −4.0% |
| 3 years | +114.7% | +76.4% | +38.3 pp | −6.4% |
| 5 years | −0.0% | +63.7% | −63.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 3.0 bn | 3.3 bn | 3.4 bn | 4.0 bn | 4.0 bn | 4.5 bn | 4.6 bn |
| Cost of revenue | 1.5 bn | 1.5 bn | 1.6 bn | 1.7 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.2 bn |
| Research & development | 297.0 m | 306.0 m | 351.0 m | 355.0 m | 419.0 m | 398.0 m | 535.0 m | 499.0 m |
| Operating income | 117.0 m | 155.0 m | 163.0 m | 258.0 m | 147.0 m | 151.0 m | 156.0 m | 442.0 m |
| Depreciation & amortisation | 141.0 m | 152.0 m | 159.0 m | 169.0 m | 267.0 m | 269.0 m | 295.0 m | 312.0 m |
| Pre-tax income | 176.0 m | 198.0 m | 271.0 m | 248.0 m | 222.0 m | 191.0 m | 207.0 m | 484.0 m |
| Income tax | 37.0 m | 6.0 m | -13.0 m | 5.0 m | 9.0 m | 8.0 m | 8.0 m | 19.0 m |
| Net income | 141.0 m | 193.0 m | 285.0 m | 244.0 m | 213.0 m | 184.0 m | 200.0 m | 466.0 m |
| Diluted EPS | 0.29 ≈ | 0.44 | 0.65 | 0.55 | 0.48 ≈ | 0.42 | 0.46 | 1.06 |
| Operating cash flow | 518.0 m | 635.0 m | 504.0 m ≈ | 871.0 m ≈ | 421.0 m | 594.0 m | 944.0 m ≈ | 994.0 m ≈ |
| Capex | 32.0 m | 74.0 m | 66.0 m ≈ | 63.0 m ≈ | 54.0 m | 57.0 m | 61.0 m ≈ | 90.0 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 0 ≈ | 0 | 162.0 m | 887.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 8-quarter history (min 71.5, median 123.5, max 739.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 291.0 m | 885.0 m | 2.9 bn | 4.9 bn | 6.6 bn | 8.6 bn | 10.7 bn | 13.7 bn |
| Revenue YoY | unavailable | +204.1% | +226.1% | +69.4% | +34.7% | +31.2% | +24.2% | +27.9% |
| Net income | -204.0 m | -667.0 m | -461.0 m | -468.0 m | -1.4 bn | -558.0 m | 123.0 m | 935.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +660.2% |
| Diluted EPS | unavailable | -15.44 | -7.39 | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +634.5% |
| net % | -70.1% | -75.4% | -16.0% | -9.6% | -20.7% | -6.5% | 1.1% | 6.8% |
| Free cash flow | -172.0 m | -545.0 m | 146.0 m | 563.0 m | 191.0 m | 1.6 bn | 2.0 bn | 2.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.4 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 10.0 bn USD
- Total assets
- 19.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.41x
- ROE
- 10.5%
- ROA
- 5.8%
- FCF margin
- 15.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 4.9 bn | 6.6 bn | 8.6 bn | 10.7 bn | 13.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 1.4 bn | 2.3 bn | 3.6 bn | 4.6 bn | 5.5 bn | 6.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 1.5 bn ≈ | 2.6 bn ≈ | 3.0 bn ≈ | 4.0 bn ≈ | 5.2 bn ≈ | 7.0 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Research & development | 321.0 m | 430.0 m | 829.0 m | 1.0 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | -436.0 m | -452.0 m | -1.1 bn | -579.0 m | -38.0 m | 723.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 120.0 m | 156.0 m | 369.0 m | 509.0 m | 561.0 m | 747.0 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | -316.0 m ≈ | -296.0 m ≈ | -755.0 m ≈ | -70.0 m ≈ | 523.0 m ≈ | 1.5 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 32.0 m | 14.0 m | 2.0 m | — | — | — | SEC (XBRL)· 27 Feb 2023verified |
| Pre-tax income | -458.0 m | -463.0 m | -1.4 bn | -534.0 m | 156.0 m | 939.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 3.0 m | 5.0 m | -31.0 m | 31.0 m | 39.0 m | 7.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -461.0 m | -468.0 m | -1.4 bn | -558.0 m | 123.0 m | 935.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -7.39 | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 62.4 m | 336.8 m | 371.4 m | 392.9 m | 430.2 m | 439.7 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.3 bn | 2.5 bn | 2.0 bn | 2.7 bn | 4.0 bn | 4.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 291.0 m | 349.0 m | 400.0 m | 533.0 m | 732.0 m | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 5.5 bn | 4.6 bn | 4.7 bn | 5.6 bn | 7.4 bn | 8.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 316.0 m | 316.0 m | 2.4 bn | 2.4 bn | 2.3 bn | 5.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 74.0 m | 61.0 m | 765.0 m | 659.0 m | 510.0 m | 2.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 6.4 bn | 6.8 bn | 9.8 bn | 10.8 bn | 12.8 bn | 19.7 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 80.0 m | 161.0 m | 157.0 m | 216.0 m | 321.0 m | 397.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 1.4 bn | 1.8 bn | 2.5 bn | 3.4 bn | 4.4 bn | 6.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 1.7 bn | 2.1 bn | 3.0 bn | 4.0 bn | 5.0 bn | 9.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 4.7 bn † | 4.7 bn † | 6.8 bn † | 6.8 bn † | 7.8 bn † | 10.0 bn † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 252.0 m | 692.0 m | 367.0 m | 1.7 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 106.0 m | 129.0 m | 176.0 m | 123.0 m | 104.0 m | 257.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 146.0 m ≈ | 563.0 m ≈ | 191.0 m ≈ | 1.6 bn ≈ | 2.0 bn ≈ | 2.2 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -192.0 m | -2.0 bn | -300.0 m | -342.0 m | -444.0 m | -4.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 4.0 bn | -483.0 m | -375.0 m | -752.0 m | -204.0 m | 2.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 0 | 0 | 400.0 m | 750.0 m | 224.0 m | 0 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.05 – 87.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E30.05 – 87.18 (Mid 61.60)23 companies used · median multiple 25.4x · quartiles 12.4x – 36.0xACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FLYW, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.2% | 49 (vs peers) | 18% |
| FCF conversion · Quality | 253.2% | 100 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | 27.7% | 100 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 82.0x | 0 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial55/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DOORDASH, INC. (DASH). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 13.7 bn USD in 2025; YoY growth 27.9%; net margin 6.2%; ROE 10.5%.
The estimated value range is 30.05–87.18 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 61.60 USD, the price of 198.59 USD leaves a potential of -69.0% (value / price − 1) and a margin of safety of -222.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 253.2%
- Revenue CAGR 3Y: 27.7%
What contradicts it
- P/E (TTM): 82.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| NUTXNutex Health Inc. | 1.4 bn | 8.1 | 57.2% | 21.2% | +82.4% | +78% / +620% |
| CASSCass Information Systems, Inc. | 704.1 m | 18.9 | 16.3% | 18.9% | +5.3% | +31% / +33% |
| PRTHPriority Technology Holdings, Inc. | 652.9 m | 11.6 | — | 5.6% | +8.3% | +35% / +164% |
| IMXIInternational Money Express, Inc. | 251.1 m | 13.3 | 11.9% | 3.4% | −7.7% | −45% / −60% |
| ZHZhihu Inc. | 159.4 m | — | -5.0% | -7.1% | −20.3% | −27% / −38% |
1- and 3-year price returns: for DASH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
DoorDash, Inc. is a local commerce platform connecting merchants, consumers and independent couriers through delivery marketplaces and a commerce platform in more than 40 countries. Its relevance now lies in accelerating order growth and expansion through the Deliveroo acquisition, with revenue of 13717 million USD in 2025 and 4454 million USD in the second quarter of 2026.
SWOT
Strengths
- The company has a large base of consumers and merchants, and a membership program that, by its own account, strengthens customer loyalty. Revenue and free cash flow have grown in recent quarters.
- Operations across many countries and the recent integration of international platforms provide geographic diversification. Investment in technology and data-driven logistics is presented as a long-term advantage.
- Advertising and merchant services create revenue streams with possibly better margins than base commissions, strengthening the company's position in the local value chain.
Weaknesses
- The company has had net losses in the past and remains sensitive to marketing and technology costs. Gross margin per order remains relatively small, and subscriptions reduce margin per order.
- The model depends on independent contractor couriers, which creates legal and operational risk. Limited direct control over service quality in some categories may affect customer experience.
- The multi-class share structure concentrates voting power with the chief executive, which limits shareholders' influence over decisions, as the annual report shows.
Opportunities
- Growth in grocery and retail categories, and adoption of subscriptions in these segments, could open new order and advertising revenue sources.
- The new global technology platform, if completed, could accelerate product development and reduce redundancy across international operations.
- Robotics and air delivery, supported by the certification obtained, could lower the average delivery cost over the long term if tests scale into operations.
Threats
- Reclassifying couriers as employees could significantly raise costs and change the company's operating model in several jurisdictions.
- Competitors with larger financial resources, strategic partnerships among them and grocery chains with their own fleets could reduce the company's market share.
- An economic or consumer slowdown could reduce orders and subscription frequency, while payment costs and cybersecurity remain ongoing risks.
Risks
- Courier classificationhigh
If couriers are reclassified as employees in the United States or other countries, labor costs could rise significantly. The company acknowledges the effect could be material to the business.
- Intense competitionhigh
Competitors with greater resources and partnerships among them could reduce access to popular merchants and could pressure prices or marketing spending.
- Fluctuating resultsmedium
The company warns that quarterly results can vary widely due to seasonality, the macroeconomic environment and regulatory changes, which makes forecasting difficult.
- Cybersecuritymedium
The company has been the target of security incidents and expects future attacks. A major incident could affect operations and reputation and could lead to litigation.
- Acquisition integrationlow
Integrating Deliveroo and other international assets is complex and could delay expected benefits or create unforeseen costs.
Investment thesis
What would need to be true (bull case)
- If growth in order volume and subscriptions continues and advertising keeps rising, revenue could outpace costs and support better adjusted profitability.
- Expansion into grocery and retail, together with the new technology platform, could increase order frequency and lower operating costs per order over time.
- If free cash flow and the improving profitability trend hold, the company could have flexibility to invest in automation and new categories.
What would break the thesis
- Reclassifying couriers as employees could add major costs and limit the flexibility model the company relies on.
- Competition from larger players and grocery chains could pressure margins and slow order volume growth.
- Gross margin per order remains low, and investments in subscriptions, technology and robots could delay a steady move to consistent profitability.
What to watch
- Integration and full rollout of the new global technology platformfirst half of 2027
- Order volume growth excluding the Deliveroo effectQ3 2026
- Status of courier classification rules in the main marketsnext 10-K
- Growth pace of advertising and subscription membersQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
The company operates three main marketplaces, DoorDash, Wolt and Deliveroo, and a commerce platform through which merchants build their own sales channels. Revenue comes mainly from commissions charged to merchants and fees paid by consumers, plus DashPass, Wolt+ and Deliveroo Plus memberships and advertising services. The company describes its mission as 'growing and empowering local economies'.
According to the annual report, the marketplaces serve three groups of participants: merchants, consumers and couriers, called 'Dashers'. Dashers are mostly independent contractors who choose when, where and how long to work. The company pays Dashers based on active time or the number of tasks completed.
The commerce platform includes the white-label delivery service 'Drive', along with tools for online ordering, branded mobile apps, reservations and tableside ordering. Drive generates most of the commerce platform's revenue through per-order fees paid by merchants using their own channels.
Segments
Marketplaces
Marketplaces account for the vast majority of the company's revenue and include DoorDash, Wolt and Deliveroo. They generate revenue from merchant commissions, consumer fees, memberships and advertising. The Deliveroo acquisition contributed significantly to volume growth in 2026, and growth excluding its effect was lower, according to the quarterly report.
Commerce platform
The commerce platform gives merchants tools for their own channels, notably the Drive delivery service. The annual report indicates that Drive generates most of the revenue in this category, from per-order fees. The category is smaller than the marketplaces, but its expansion into software and merchant services is cited as a priority.
Market context
Local food delivery is the company's largest category and is described as fragmented and highly competitive. The company operates in more than 40 countries, and the market includes both global players and local operators. Broadening categories from restaurants to groceries and consumer goods opens additional markets, but also brings competitors with large resources.
The quarterly report shows a market in which advertising, subscriptions and automation have become important growth directions. Merchants and consumer packaged goods companies increasingly use marketplace advertising, which could support long-term margins if the trend continues.
Trends
- Growth of subscription programsmixed
DashPass, Wolt+ and Deliveroo Plus members have grown rapidly, and the company says subscriptions support order frequency and customer retention. The company acknowledges that subscriptions reduce gross margin per order, so the benefit depends on the durability of consumer engagement.
- Advertising and monetizationtailwind
Marketplace advertising is presented as an additional revenue source, and the annual report says it contributed to revenue growing faster than GOV. If this trend holds, it could support margins.
- Artificial intelligence and automationmixed
The company increased investment in AI tools and in delivery by robots and drones, launching the Ask assistant and receiving a Part 135 air carrier certification. The effects on costs remain uncertain, and the company says its autonomy efforts are at an early stage.
- Regulation of courier statusheadwind
Classifying couriers as employees or independent contractors remains a regulatory risk. A change in status could raise labor costs and could affect the flexibility model the company offers.
Competitive position
The company faces intense competition from other local delivery platforms, merchants with their own ordering platforms, grocery chains and offline ordering channels. The annual report considers that some competitors have greater financial resources and brand recognition, and partnerships among them could reduce access to popular merchants.
Competition plays out on three fronts: merchants, consumers and couriers, and advantages can vary by market. In grocery, competitors include established chains with their own delivery fleets. The company notes it could come into closer competition with large e-commerce or retail companies as it expands its categories.
- AmazonAMZN
Named in the annual report as a global competitor in local on-demand delivery.
- Uber EatsUBER
Named as a global competitor in food and goods delivery, operated within Uber Technologies.
- Prosus
European company named as a local delivery competitor, not listed in the United States.
- Delivery Hero
Delivery operator named as a global competitor, listed outside the United States.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Sept 2026Other events · Financial statements and exhibits
- Current report11 Aug 2026Shareholder vote
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote · Other events
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / DoorDash, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / DoorDash, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / DoorDash, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.