DoorDash DASH · USD

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180.96

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Close of 9 Nov 2026, in USD

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DoorDash annual report

Filed with the US Securities and Exchange Commission

10-K

The latest annual report covers the year to 31 Dec 2025, filed on 18 Feb 2026.

Read the 10-K on SEC.gov ↗

Five-year highlights

In USD.

	FY2025	FY2024	FY2023	FY2022	FY2021
Revenue	$13.72bn	$10.72bn	$8.63bn	$6.58bn	$4.89bn
Operating income	$723.0m	−$38.0m	−$579.0m	−$1.12bn	−$452.0m
Net income	$935.0m	$123.0m	−$558.0m	−$1.36bn	−$468.0m
Free cash flow	$2.17bn	$1.80bn	$1.35bn	$21.0m	$455.0m
Total assets	$19.66bn	$12.85bn	$10.84bn	$9.79bn	$6.81bn
Shareholders' equity	$10.03bn	$7.80bn	$6.81bn	$6.75bn	$4.67bn

Revenue by business

Year to 31 Dec 2025

Reportable Segment $13.72bn · 100.0%

Revenue by region

Year to 31 Dec 2025

United States $11.46bn · 83.5%
International $2.26bn · 16.5%

From the 2025 annual report

As filed, for the year to Dec. 31, 2025. A later report may be linked above: this is the newest our data supplier has processed.

As filed

Auditor: KPMG LLP
Auditor location: San Francisco, California

Income statement USD ($) shares in Thousands, $ in Millions

	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue	13,717	10,722	8,635
Cost of revenue, exclusive of depreciation and amortization shown separately below	6,738	5,542	4,589
Sales and marketing	2,476	2,037	1,876
Research and development	1,431	1,168	1,003
General and administrative	1,600	1,452	1,235
Depreciation and amortization	747	561	509
Restructuring charges	2	0	2
Total costs and expenses	12,994	10,760	9,214
Income (loss) from operations	723	-38	-579
Interest income, net	211	199	152
Other income (expense), net	5	-5	-107
Income (loss) before income taxes	939	156	-534
Provision for income taxes	7	39	31
Net income (loss) including redeemable non-controlling interests	932	117	-565
Less: net loss attributable to redeemable non-controlling interests	-3	-6	-7
Net income (loss) attributable to DoorDash, Inc. common stockholders	935	123	-558
Basic (in $ per share)	2.19	0.3	-1.42
Diluted (in $ per share)	2.13	0.29	-1.42
Basic (in shares)	427,043	411,551	392,948
Diluted (in shares)	439,686	430,242	392,948

Balance sheet

	Dec. 31, 2025
Balance Sheet Components	Balance Sheet ComponentsCash Equivalents and InvestmentsThe following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and investments (in millions): December 31, 2024 Cost orAmortizedCostUnrealizedEstimatedFairValue GainsLossesCash equivalentsMoney market funds$2,272 $— $— $2,272 Commercial paper5 — — 5 U.S. Treasury securities15 — — 15 Short-term investmentsCertificates of deposit39 — — 39 Commercial paper76 — — 76 Corporate bonds508 1 — 509 U.S. government agency securities33 — — 33 U.S. Treasury securities611 1 — 612 Mutual funds53 — — 53 Long-term investmentsCommercial paper2 — — 2 Corporate bonds420 1 (1)420 U.S. government agency securities74 — — 74 U.S. Treasury securities340 — (1)339 Total$4,448 $3 $(2)$4,449 December 31, 2025 Cost orAmortizedCostUnrealizedEstimatedFairValue GainsLossesCash equivalentsMoney market funds$1,905 $— $— $1,905 U.S. Treasury securities1 — — 1 Time deposits26 — — 26 Short-term investmentsCertificates of deposit25 — — 25 Commercial paper32 — — 32 Corporate bonds469 1 — 470 U.S. government agency securities30 — — 30 U.S. Treasury securities360 1 — 361 Mutual funds57 2 — 59 Time deposits151 — — 151 Long-term investmentsCorporate bonds463 1 — 464 U.S. government agency securities91 — — 91 U.S. Treasury securities281 1 — 282 Total$3,891 $6 $— $3,897 For investments with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2024 and 2025.Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following (in millions):December 31, 2024December 31,2025Prepaid expenses $237 $414 Deferred contract costs64 79 Other receivables133 279 Other current assets253 397 Total$687 $1,169 Property and Equipment, netProperty and equipment, net consisted of the following (in millions):December 31, 2024December 31, 2025Equipment for merchants$190 $235 Computer equipment and software96 $126 Capitalized software and website development costs1,339 $1,895 Leasehold improvements211 $268 Office equipment77 $149 Construction in progress61 $48 Total1,974 2,721 Less: Accumulated depreciation and amortization(1,196)$(1,654)Property and equipment, net$778 $1,067 Depreciation expenses were $126 million, $118 million, and $165 million for the years ended December 31, 2023, 2024, and 2025, respectively. The Company capitalized $362 million, $386 million, and $556 million in capitalized software and website development costs during the years ended December 31, 2023, 2024, and 2025, respectively. Capitalized software and website development costs are included in property and equipment, net on the consolidated balance sheets. Amortization of capitalized software and website development costs was $256 million, $318 million, and $370 million for the years ended December 31, 2023, 2024, and 2025, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following (in millions):December 31, 2024December 31, 2025Litigation reserves$160 $263 Sales tax payable and accrued sales and indirect taxes337 589 Accrued operations related expenses446 502 Accrued advertising142 170 Dasher and merchant payable1,136 1,703 Insurance reserves1,049 1,114 Contract liabilities396 547 Other383 757 Total$4,049 $5,645	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	December 31, 2024	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Cost orAmortizedCost	—	—	—	—	—	Unrealized	—	—	—	—	—	—	—	—	—	—	—	EstimatedFairValue	—	—	—	—	—	Gains	—	—	—	—	—	Losses	—	—	—	—	—	Cash equivalents	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Money market funds	—	—	$	2,272	—	—	—	—	$	—	—	—	—	—	$	—	—	—	—	—	$	2,272	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Commercial paper	—	—	5	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5	—	—	U.S. Treasury securities	—	—	15	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	15	—	—	Short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Certificates of deposit	—	—	39	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	39	—	—	Commercial paper	—	—	76	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	76	—	—	Corporate bonds	—	—	508	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	509	—	—	U.S. government agency securities	—	—	33	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	33	—	—	U.S. Treasury securities	—	—	611	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	612	—	—	Mutual funds	—	—	53	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	53	—	—	Long-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Commercial paper	—	—	2	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2	—	—	Corporate bonds	—	—	420	—	—	—	—	—	1	—	—	—	—	—	(1)	—	—	—	—	—	420	—	—	U.S. government agency securities	—	—	74	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	74	—	—	U.S. Treasury securities	—	—	340	—	—	—	—	—	—	—	—	—	—	—	(1)	—	—	—	—	—	339	—	—	Total	—	—	$	4,448	—	—	—	—	$	3	—	—	—	—	$	(2)	—	—	—	—	$	4,449	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	December 31, 2025	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Cost orAmortizedCost	—	—	—	—	—	Unrealized	—	—	—	—	—	—	—	—	—	—	—	EstimatedFairValue	—	—	—	—	—	Gains	—	—	—	—	—	Losses	—	—	—	—	—	Cash equivalents	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Money market funds	—	—	$	1,905	—	—	—	—	$	—	—	—	—	—	$	—	—	—	—	—	$	1,905	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	U.S. Treasury securities	—	—	1	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Time deposits	—	—	26	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	26	—	—	Short-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Certificates of deposit	—	—	25	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	25	—	—	Commercial paper	—	—	32	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	32	—	—	Corporate bonds	—	—	469	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	470	—	—	U.S. government agency securities	—	—	30	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	30	—	—	U.S. Treasury securities	—	—	360	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	361	—	—	Mutual funds	—	—	57	—	—	—	—	—	2	—	—	—	—	—	—	—	—	—	—	—	59	—	—	Time deposits	—	—	151	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	151	—	—	Long-term investments	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Corporate bonds	—	—	463	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	464	—	—	U.S. government agency securities	—	—	91	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	91	—	—	U.S. Treasury securities	—	—	281	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	282	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Total	—	—	$	3,891	—	—	—	—	$	6	—	—	—	—	$	—	—	—	—	—	$	3,897	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	December 31, 2024	—	—	—	—	—	December 31,2025	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Prepaid expenses	—	—	—	—	—	$	237	—	—	—	—	$	414	—	Deferred contract costs	—	—	—	—	—	64	—	—	—	—	—	79	—	—	Other receivables	—	—	—	—	—	133	—	—	—	—	—	279	—	—	Other current assets	—	—	—	—	—	253	—	—	—	—	—	397	—	—	Total	—	—	—	—	—	$	687	—	—	—	—	$	1,169	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	December 31, 2024	—	—	—	—	—	December 31, 2025	—	—	Equipment for merchants	—	—	—	—	—	$	190	—	—	—	—	$	235	—	Computer equipment and software	—	—	—	—	—	96	—	—	—	—	—	$	126	—	Capitalized software and website development costs	—	—	—	—	—	1,339	—	—	—	—	—	$	1,895	—	Leasehold improvements	—	—	—	—	—	211	—	—	—	—	—	$	268	—	Office equipment	—	—	—	—	—	77	—	—	—	—	—	$	149	—	Construction in progress	—	—	—	—	—	61	—	—	—	—	—	$	48	—	Total	—	—	—	—	—	1,974	—	—	—	—	—	2,721	—	—	Less: Accumulated depreciation and amortization	—	—	—	—	—	(1,196)	—	—	—	—	—	$	(1,654)	—	Property and equipment, net	—	—	—	—	—	$	778	—	—	—	—	$	1,067	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	December 31, 2024	—	—	—	—	—	December 31, 2025	—	—	Litigation reserves	—	—	—	—	—	$	160	—	—	—	—	$	263	—	Sales tax payable and accrued sales and indirect taxes	—	—	—	—	—	337	—	—	—	—	—	589	—	—	Accrued operations related expenses	—	—	—	—	—	446	—	—	—	—	—	502	—	—	Accrued advertising	—	—	—	—	—	142	—	—	—	—	—	170	—	—	Dasher and merchant payable	—	—	—	—	—	1,136	—	—	—	—	—	1,703	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	Insurance reserves	—	—	—	—	—	1,049	—	—	—	—	—	1,114	—	—	Contract liabilities	—	—	—	—	—	396	—	—	—	—	—	547	—	—	Other	—	—	—	—	—	383	—	—	—	—	—	757	—	—	Total	—	—	—	—	—	$	4,049	—	—	—	—	$	5,645	—
items	—	—	December 31, 2024
items	—	—	Cost orAmortizedCost	—	—	—	—	—	Unrealized	—	—	—	—	—	—	—	—	—	—	—	EstimatedFairValue
items	—	—	—	—	—	—	—	—	Gains	—	—	—	—	—	Losses	—	—	—
Money market funds	—	—	$	2,272	—	—	—	—	$	—	—	—	—	—	$	—	—	—	—	—	$	2,272	—
Commercial paper	—	—	5	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5	—	—
U.S. Treasury securities	—	—	15	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	15	—	—
Certificates of deposit	—	—	39	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	39	—	—
Commercial paper	—	—	76	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	76	—	—
Corporate bonds	—	—	508	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	509	—	—
U.S. government agency securities	—	—	33	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	33	—	—
U.S. Treasury securities	—	—	611	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	612	—	—
Mutual funds	—	—	53	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	53	—	—
Commercial paper	—	—	2	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2	—	—
Corporate bonds	—	—	420	—	—	—	—	—	1	—	—	—	—	—	(1)	—	—	—	—	—	420	—	—
U.S. government agency securities	—	—	74	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	74	—	—
U.S. Treasury securities	—	—	340	—	—	—	—	—	—	—	—	—	—	—	(1)	—	—	—	—	—	339	—	—
Total	—	—	$	4,448	—	—	—	—	$	3	—	—	—	—	$	(2)	—	—	—	—	$	4,449	—
items	—	—	December 31, 2025
items	—	—	Cost orAmortizedCost	—	—	—	—	—	Unrealized	—	—	—	—	—	—	—	—	—	—	—	EstimatedFairValue
items	—	—	—	—	—	—	—	—	Gains	—	—	—	—	—	Losses	—	—	—
Money market funds	—	—	$	1,905	—	—	—	—	$	—	—	—	—	—	$	—	—	—	—	—	$	1,905	—
U.S. Treasury securities	—	—	1	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1	—	—
Time deposits	—	—	26	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	26	—	—
Certificates of deposit	—	—	25	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	25	—	—
Commercial paper	—	—	32	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	32	—	—
Corporate bonds	—	—	469	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	470	—	—
U.S. government agency securities	—	—	30	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	30	—	—
U.S. Treasury securities	—	—	360	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	361	—	—
Mutual funds	—	—	57	—	—	—	—	—	2	—	—	—	—	—	—	—	—	—	—	—	59	—	—
Time deposits	—	—	151	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	151	—	—
Corporate bonds	—	—	463	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	464	—	—
U.S. government agency securities	—	—	91	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	91	—	—
U.S. Treasury securities	—	—	281	—	—	—	—	—	1	—	—	—	—	—	—	—	—	—	—	—	282	—	—
Total	—	—	$	3,891	—	—	—	—	$	6	—	—	—	—	$	—	—	—	—	—	$	3,897	—
items	—	—	—	—	—	December 31, 2024	—	—	—	—	—	December 31,2025
Prepaid expenses	—	—	—	—	—	$	237	—	—	—	—	$	414	—
Deferred contract costs	—	—	—	—	—	64	—	—	—	—	—	79	—	—
Other receivables	—	—	—	—	—	133	—	—	—	—	—	279	—	—
Other current assets	—	—	—	—	—	253	—	—	—	—	—	397	—	—
Total	—	—	—	—	—	$	687	—	—	—	—	$	1,169	—
items	—	—	—	—	—	December 31, 2024	—	—	—	—	—	December 31, 2025
Equipment for merchants	—	—	—	—	—	$	190	—	—	—	—	$	235	—
Computer equipment and software	—	—	—	—	—	96	—	—	—	—	—	$	126	—
Capitalized software and website development costs	—	—	—	—	—	1,339	—	—	—	—	—	$	1,895	—
Leasehold improvements	—	—	—	—	—	211	—	—	—	—	—	$	268	—
Office equipment	—	—	—	—	—	77	—	—	—	—	—	$	149	—
Construction in progress	—	—	—	—	—	61	—	—	—	—	—	$	48	—
Total	—	—	—	—	—	1,974	—	—	—	—	—	2,721	—	—
Less: Accumulated depreciation and amortization	—	—	—	—	—	(1,196)	—	—	—	—	—	$	(1,654)	—
Property and equipment, net	—	—	—	—	—	$	778	—	—	—	—	$	1,067	—
items	—	—	—	—	—	December 31, 2024	—	—	—	—	—	December 31, 2025
Litigation reserves	—	—	—	—	—	$	160	—	—	—	—	$	263	—
Sales tax payable and accrued sales and indirect taxes	—	—	—	—	—	337	—	—	—	—	—	589	—	—
Accrued operations related expenses	—	—	—	—	—	446	—	—	—	—	—	502	—	—
Accrued advertising	—	—	—	—	—	142	—	—	—	—	—	170	—	—
Dasher and merchant payable	—	—	—	—	—	1,136	—	—	—	—	—	1,703	—	—
Insurance reserves	—	—	—	—	—	1,049	—	—	—	—	—	1,114	—	—
Contract liabilities	—	—	—	—	—	396	—	—	—	—	—	547	—	—
Other	—	—	—	—	—	383	—	—	—	—	—	757	—	—
Total	—	—	—	—	—	$	4,049	—	—	—	—	$	5,645	—

Cash flow statement USD ($) $ in Millions

	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income (loss) including redeemable non-controlling interests	932	117	-565
Depreciation and amortization	747	561	509
Stock-based compensation	1,051	1,099	1,088
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities	118	103	108
Amortization of deferred contract costs	77	60	45
Office lease impairment expenses	11	83	0
Adjustments to non-marketable equity securities, including impairment, net	-17	4	101
Other	37	-31	-30
Funds held at payment processors	-113	-87	86
Accounts receivable, net	-359	-222	-141
Prepaid expenses and other current assets	-247	-146	-105
Other assets	-240	-279	-96
Accounts payable	54	82	70
Accrued expenses and other current liabilities	577	943	702
Payments for operating lease liabilities	-125	-116	-113
Other liabilities	-72	-39	14
Net cash provided by operating activities	2,431	2,132	1,673
Purchases of property and equipment	-257	-104	-123
Capitalized software and website development costs	-348	-226	-201
Purchases of investments	-1,376	-1,951	-1,946
Maturities of investments	1,379	1,774	1,940
Sales of investments	433	70	7
Purchases of non-marketable investments	-47	0	-17
Acquisitions, net of cash acquired	-4,151	0	0
Settlement of deal-contingent forward contract	-24	0	0
Other investing activities	0	-7	-2
Net cash used in investing activities	-4,391	-444	-342
Proceeds from issuance of convertible notes, net of issuance costs	2,720	0	0
Proceeds from issuance of warrants	341	0	0
Purchase of convertible note hedges	-680	0	0
Proceeds from exercise of stock options	9	14	6
Repurchase of common stock	0	-224	-750
Payments of acquisition-related deferred cash consideration	-20	0	0
Other financing activities	-10	6	-8
Net cash provided by (used in) financing activities	2,360	-204	-752
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents	60	-35	5
Net increase in cash and cash equivalents, and restricted cash and cash equivalents	460	1,449	584
Beginning of period	4,221	2,772	2,188
End of period	4,681	4,221	2,772

Note: Segment Reporting

Segment ReportingThe Company’s Chief Executive Officer is the Company’s CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance by comparing forecasted to actual monthly financial performance. As such, the Company has determined that it operates in one reportable segment. The significant segment expenses regularly provided to the CODM was as follows (in millions):Year Ended December 31,202320242025Revenue$8,635 $10,722 $13,717 Less:Depreciation and amortization509 561 747 Stock-based compensation1,088 1,099 1,051 Cost of revenue*4,450 5,391 6,584 Sales and marketing*1,757 1,920 2,369 Research and development*537 663 904 General and administrative*871 1,126 1,337 Restructuring charges*2 — 2 Total costs and expenses9,214 10,760 12,994 Income (loss) from operations(579)(38)723 Interest income, net152 199 211 Other income (expense), net(107)(5)5 Income (loss) before income taxes(534)156 939 Provision for income taxes31 39 7 Net income (loss) including redeemable non-controlling interests(565)117 932 Net loss attributable to redeemable non-controlling interests(7)(6)(3)Net income (loss) attributable to DoorDash, Inc. common stockholders$(558)$123 $935 *Exclusive of stock-based compensation and depreciation and amortization shown separately.

Note: Revenue

RevenueDisaggregated Revenue InformationAll revenue recognized during the periods presented was related to the Company's core business, which is primarily composed of the Company's Marketplaces and Commerce Platform.Revenue by geographic area is determined based on the address of the merchant, or in the case of the Company's membership products, the address of the consumer. Revenue by geographic area was as follows (in millions): Year Ended December 31, 202320242025United States$7,781 $9,403 $11,460 International(1)854 1,319 2,257 Total revenue$8,635 $10,722 $13,717 (1)No individual country outside the United States represented 10% or more of total consolidated revenue for the periods presented.Contract LiabilitiesThe timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the consolidated balance sheets, is primarily composed of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. A summary of activities related to contract liabilities for the year ended December 31, 2025 was as follows (in millions):Year Ended December 31, 2025Beginning balance$396 Addition to contract liabilities3,835 Reduction of contract liabilities(1)(2)(3,684)Ending balance$547 (1)Gift cards and certain consumer credits can be redeemed through the Marketplaces. When they are redeemed, revenue is recognized on a net basis as the difference between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so.(2)Included in the beginning balance of contract liabilities was $228 million associated with unearned prepayments received by the Company, all of which was recognized as revenue during the year ended December 31, 2025. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less.

Note: Commitments and Contingencies

Commitments and ContingenciesLegal ProceedingsFrom time to time, the Company is a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of ongoing matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable, requiring recognition of a loss accrual, or whether the potential loss is reasonably possible, requiring potential disclosure. Legal fees are expensed as incurred.The Company is currently the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning the Company’s business practices, the classification and compensation of Dashers, the DoorDash Dasher pay models, compliance with consumer protection laws, privacy, cybersecurity, tax issues, unemployment insurance, workers' compensation insurance, and other matters. For example, the Company is currently under audit by the Employment Development Department, State of California (the “CA EDD”) for payroll tax liabilities. In January 2023, the CA EDD issued an assessment for certain amounts that it found to be owed by the Company on behalf of Dashers due to their being classified as independent contractors. The Company believes that Dashers are, and have been, properly classified as independent contractors. Accordingly, the Company believes that it has meritorious defenses and intends to vigorously appeal such adverse assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, the Company has recorded an accrual for this matter within accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, 2025. The results of investigations, audits, demands, and inquiries and related governmental action are inherently unpredictable and, as such, there is always the risk of an investigation, audit, demand, or inquiry having a material impact on the Company's business, financial condition, and results of operations.

Note: Income Taxes

Income TaxesThe components of income (loss) before income taxes were as follows (in millions): Year Ended December 31, 202320242025United States$259 $925 $1,637 Foreign(793)(769)(698)Income (loss) before income taxes$(534)$156 $939 The components of provision for income taxes were as follows (in millions):Year Ended December 31,202320242025CurrentFederal$6 $5 $(1)State9 6 9 Foreign17 27 36 Total $32 $38 $44 DeferredFederal1 1 (12)State— — (11)Foreign(2)— (14)Total (1)1 (37)Total provision for income taxes$31 $39 $7 Below is a tabular rate reconciliation pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025.The items accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes were as follows (in millions, except percentages):Year Ended December 31,2025Amount PercentProvision for income taxes at U.S. federal statutory rate$197 21 %State and local income taxes, net of federal income tax effect(1)(15)(2)%Foreign tax effectsFinland Stock-based compensation(30)(3)%Changes in valuation allowance166 18 %Other(3)— %Other countries22 2 %Effect of cross-border tax lawsU.S. taxation of foreign branches(183)(20)%Tax creditsResearch and development tax credits(135)(14)%Changes in valuation allowance100 11 %Nontaxable or nondeductible itemsStock-based compensation(207)(22)%Transaction costs16 2 %Other8 1 %Changes in unrecognized tax benefits69 7 %Other adjustments2 — %Provision for income taxes$7 1 %(1)State tax benefits in California made up the majority (greater than 50%) of the tax effect in this category.

Note: Leases

LeasesThe Company leases its facilities under non-cancelable lease agreements which expire between 2026 and 2037. Certain of these arrangements have free rent, escalating rent payment provisions, lease renewal options, and tenant allowances. Under such arrangements, the Company recognizes a ROU asset and lease liability on the consolidated balance sheets. Lease costs are recognized on a straight-line basis over the non-cancelable lease term.During the years ended December 31, 2024 and 2025, the Company ceased use of and made available for sublease certain corporate office spaces. As a result, the Company determined that the asset groups, which primarily consist of the related operating lease right-of-use assets and leasehold improvements, were impaired, and recognized an impairment charge of $83 million and $11 million recorded as general and administrative expenses during the years ended December 31, 2024 and 2025, respectively. The fair value of the asset groups was estimated using an income-approach based on estimated future cash flows expected to be derived from the office spaces based on current sublease market rent. As of December 31, 2025, the Company was continuing its efforts to sublease some of the spaces.The components of lease costs related to the Company’s operating leases included in the consolidated statements of operations for the periods presented were as follows (in millions):Year Ended December 31,202320242025Operating lease costs$108 $103 $118 Short-term lease costs12 16 16 Sublease income(3)(2)(5)Total lease costs$117 $117 $129 Lease terms and discount rates for operating leases were as follows:December 31, 2024December 31, 2025Weighted-average remaining lease term (in years)7.456.32Weighted-average discount rate6.79%6.

Note: Acquisitions

AcquisitionsDeliveroo AcquisitionOn October 2, 2025, the Company completed the acquisition of substantially all of the outstanding equity interests of Deliveroo plc (“Deliveroo”), which was accounted for under the acquisition method of accounting. The acquisition will strengthen the Company’s position as a leading global platform in local commerce by enhancing its capabilities to better serve consumers, merchants, and Dashers. The Company’s acquisition-related costs for the year ended December 31, 2025 were $58 million. All costs were recorded as general and administrative expenses on the Company’s consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for Deliveroo was $3,724 million, which consisted of the following (in millions):Fair ValueConsideration payable$3,722 Stock-based compensation awards attributable to pre-combination services2 Total purchase consideration$3,724 As of December 31, 2025, the Company had settled the consideration payable. In connection with the acquisition, substantially all of the outstanding and unvested equity awards of Deliveroo were replaced with DoorDash RSUs. The acquisition date fair value of the replacement equity awards was $80 million, of which $2 million is included in the purchase consideration.The total purchase consideration of the Deliveroo acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $1,950 million of goodwill which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce and anticipated synergies from the potential future growth of the Company’s and Deliveroo’s platforms and the expected strategic advantages from combining the Company’s and Deliveroo’s geographical footprint and operations. The goodwill recorded in connection with the acquisition of Deliveroo is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimates, judgments and assumptions, and are considered preliminary and subject to change within the measurement period, as additional information is received.

Note: Cybersecurity Risk Management a

Risk Management and StrategyCybersecurity risk management is an important part of our enterprise risk management program, and cybersecurity and data protection are identified as key enterprise risks in our risk assessments and periodic reporting to management and our board of directors. We have an enterprise-wide cybersecurity program that is designed to identify, protect, detect, and respond to reasonably foreseeable cybersecurity risk and threats, and continuously work to enhance and improve our cybersecurity and risk management efforts. We routinely assess material risks from cybersecurity threats and maintain incident response plans designed to protect, identify, evaluate, respond to, and recover from a cybersecurity incident. The plans are designed to be flexible so that they may be adapted to an array of potential scenarios, and provide for the creation of cross-functional cybersecurity incident response teams in the event of a cybersecurity incident. We regularly conduct exercises to help ensure our overall preparedness for a cybersecurity incident.We also have invested in tools and technologies to protect our data and information technology, and we monitor our systems on an ongoing basis to identify and assess risk. In addition, we have mandatory cybersecurity training designed to educate and train employees on how to identify and report cybersecurity threats. We also provide specialized training for employees in more sensitive roles. We take measures to assess and, where warranted, update and improve our cybersecurity program, including by regularly conducting internal risk assessments, internal control validations, independent program assessments, threat assessments, penetration testing, and scanning of our systems for vulnerabilities. Our cybersecurity risk management framework is based on applicable laws and regulations, as well as industry recognized standards and practices. Key portions of our operations undergo periodic third-party assessments against recognized industry standards and practices, such as system and organization controls 2 (SOC 2 type II), the ISO 27001 framework, and the payment card industry data security standard.

Note: Cover

Portions of the registrant’s Definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025.

Long notes are shortened. The full text is in the filing.

Filings

Newest first, from SEC EDGAR

Quarterly report (10-Q) ↗ Filed 30 Oct 2026
Current report (8-K) ↗ Filed 29 Oct 2026
Current report (8-K) ↗ Filed 29 Oct 2026
Current report (8-K) ↗ Filed 18 Sept 2026
Current report (8-K) ↗ Filed 11 Aug 2026
Quarterly report (10-Q) ↗ Filed 5 Aug 2026
Current report (8-K) ↗ Filed 5 Aug 2026
Current report (8-K) ↗ Filed 12 Jun 2026
Quarterly report (10-Q) ↗ Filed 6 May 2026
Proxy statement (DEF 14A) ↗ Filed 20 Apr 2026
Quarterly report (10-Q) ↗ Filed 6 Nov 2025
Proxy statement (DEF 14A) ↗ Filed 29 Apr 2025
Annual report (10-K) ↗ Filed 14 Feb 2025
Annual report (10-K) ↗ Filed 20 Feb 2024
Annual report (10-K) ↗ Filed 27 Feb 2023

Sources and methodology

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