DoorDash (DASH) FY2025 results: revenue $13.7 billion, up 27.9% on the year

DoorDash runs local delivery marketplaces and sells the software behind them. Its main offerings are three marketplaces, DoorDash, Wolt and Deliveroo, which operate in over 40 countries and account for the vast majority of what the company earns today, and a Commerce Platform sold to merchants for their own channels. The marketplaces serve three constituents at once: the merchants selling, the consumers buying, and the Dashers doing the delivering, the last being the independent contractors who use the platform and who are known locally as riders or courier partners in some countries. In 2025 the marketplaces handled 3,172 million total orders, 23% more than in 2024, carrying marketplace gross order value of $102,018 million, up 27%. In December 2025 they served over 56 million monthly active users, and at the end of that month there were over 35 million DashPass, Wolt+ and Deliveroo Plus members. The company had over 31,400 employees worldwide.

What each side gets, and pays

For a merchant, the marketplaces are an online presence plus the work behind it: customer acquisition, demand generation, order fulfilment, merchandising, payment processing and customer support. DoorDash typically earns a fee from the merchant based on the size of each transaction. It also sells advertising through the marketplaces to merchants and to consumer packaged goods companies.

For a consumer, the marketplaces are apps and websites for discovering and buying from merchants nearby, and the company says it competes for them on selection, convenience, quality, affordability and service. Consumers are typically charged per transaction: a fixed delivery fee plus a service fee that varies with the size of the order. The membership programmes, DashPass, Wolt+ and Deliveroo Plus, reduce those delivery and service fees and add other benefits.

For a Dasher, the platform is a way to earn. In most geographies a Dasher chooses whether, when and where to work, which tasks to accept, and how long to stay on. Payment is typically based on the time they are active on the platform or on the number of tasks completed and the time, distance and desirability attached to each one.

The Commerce Platform

A set of services for merchants who want to run their own channel rather than sell through the marketplace. Drive is white-label delivery fulfilment, where DoorDash does the delivering under the merchant's own brand. Around it sit services to set up online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and handle customer support.

Who it competes with

Local food delivery logistics is the largest category of the business today, and the filing calls it fragmented and intensely competitive. The named competitors are other on-demand delivery companies including Amazon, Uber Eats, Prosus and Delivery Hero, plus local incumbents. Beyond those, it competes with merchants running their own online ordering platforms or their own delivery fleets, with grocers and grocery delivery services, with convenience stores and their delivery services, and with companies that supply merchant delivery. It also competes with the offline alternatives: take-out, the telephone, and the paper menus merchants hand to consumers.

From DoorDash's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.