At a glance
DoorDash, Inc. is worth $82.87B, about 89 times its fiscal 2025 earnings. Revenue grew 27.9% to $13.72B in fiscal 2025, with 6.8% kept as profit; over 5 years it has grown 36.6% a year. It pays no dividend; it spent $1.37B buying back its shares over FY2021–FY2025. The stock returned −25.3% over the past year with dividends reinvested and −0.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 69.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months after the low.
The business in plain English
DoorDash runs three delivery marketplaces: DoorDash, Wolt and Deliveroo. They connect local merchants with nearby consumers and with couriers called Dashers, who are mostly independent contractors rather than employees. The marketplaces operate in over 40 countries and bring in the vast majority of revenue, with local food delivery the largest category. In December 2025, over 56 million consumer accounts completed an order.
DoorDash earns fees from both merchants and consumers. Merchants usually pay a fee based on the size of each transaction, and merchants and consumer brands can also pay for advertising on its marketplaces. Consumers usually pay a fixed delivery fee plus a service fee that varies with order size. Membership programs (DashPass, Wolt+ and Deliveroo Plus) reduce those fees and had over 35 million members as of December 31, 2025. Dashers are paid by time active or tasks completed; in 2025, over 9 million people delivered as Dashers, earning over $20 billion in total.
The smaller Commerce Platform helps merchants run their own online channels. It includes Drive, a white-label delivery service, meaning DoorDash handles delivery for orders placed through a merchant's own website or app. It also offers tools for online ordering, branded apps, reservations and tableside ordering and payment. Revenue in 2025 totaled $13.7 billion: 83.5% from the United States and 16.5% from international markets.
Price history
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DASH -25.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| United States | $11.46B | 83.5% |
| International | $2.26B | 16.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.62B, up 34% from a year earlier, and net income was $466.0M (+91.0%).
- For fiscal 2025, revenue was $13.72B (+27.9% year over year; +36.6% a year from FY2020 to FY2025) with a 6.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +36.6% good |
|---|---|
| Operating margin | 5.3% watch |
| Free cash flow margin | 15.8% good |
| Return on equity (FY2025) | 9.3% watch |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $4.06B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.89B | $-461.0M | $146.0M |
| FY2021 | $4.89B | $-468.0M | $563.0M |
| FY2022 | $6.58B | $-1.36B | $191.0M |
| FY2023 | $8.63B | $-558.0M | $1.55B |
| FY2024 | $10.72B | $123.0M | $2.03B |
| FY2025 | $13.72B | $935.0M | $2.17B |
Valuation snapshot
| Market value | $82.87B |
|---|---|
| P/E ratio | 89.2 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DASH price data to Nov 2, 2026 | -16.1% | -25.3% | +29.4% | -0.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.1% |
| 2025 | +35.0% |
| 2024 | +69.6% |
| 2023 | +102.6% |
| 2022 | -67.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 67.9% over that stretch · deepest drop along the way 69.1%, back to its old high 24 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 70 sales ($81.4M), 64 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Stanley Tang Director | sell (plan) | $16.3M |
| Aug 24, 2026 | Tony Xu CHIEF EXECUTIVE OFFICER, Director, 10% owner | sell (plan) | $6.8M |
| Aug 25, 2026 | Prabir Adarkar PRESIDENT AND COO | sell (plan) | $4.8M |
| Aug 20, 2026 | Ravi Inukonda CHIEF FINANCIAL OFFICER | sell | $4.3M |
| Sep 1, 2026 | Tony Xu CHIEF EXECUTIVE OFFICER, Director, 10% owner | sell (plan) | $3.8M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 6.62% | Mar 31, 2026 |
| Tony Xu | 6.6% | Dec 31, 2024 |
| BlackRock, Inc. | 6.1% | Mar 31, 2025 |
| Morgan Stanley | 4.8% | Dec 31, 2024 |
ETFs with the most weight in DASH
| BUYZ Franklin Disruptive Commerce ETF | 7.59% |
| QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF | 5.84% |
| FPX First Trust US Equity Opportunities ETF | 5.57% |
| PEJ Invesco Leisure and Entertainment ETF | 5.52% |
| OND ProShares On-Demand ETF | 4.85% |
| PBJ Invesco Food & Beverage ETF | 4.7% |
| TOGA Tremblant Global ETF | 4.18% |
| JXX Janus Henderson Transformational Growth ETF | 3.65% |
What could go wrong
- Dashers could be reclassified as employees. Most Dashers work as independent contractors. If laws or courts in the US or abroad treat them as employees, DoorDash could face higher pay, benefit and tax costs that it warns could significantly hurt results.
- Fierce competition in food delivery. Local food delivery, DoorDash's largest category, is fragmented and intensely competitive. Rivals include Amazon, Uber Eats, Prosus and Delivery Hero, plus merchants and grocers that run their own ordering and delivery.
- Keeping merchants, consumers and Dashers on board. DoorDash needs all three groups to keep using its platform. Paying more to attract or keep any of them, or merchants raising prices for DoorDash customers, could slow growth and shrink margins.
- Thin profits after years of losses. DoorDash lost money every year from 2020 through 2023 and expects expenses to keep rising. In 2025 it kept 5.3 cents of operating profit per dollar of revenue, leaving little cushion if consumer spending weakens.
- International growth and acquisitions add risk. International markets supplied 16.5% of 2025 revenue. Operating in over 40 countries brings currency swings, differing laws and extra costs, and DoorDash says acquisitions may not integrate smoothly.
- Founder control limits shareholder influence. A multi-class share structure, where some shares carry more votes, plus a co-founder voting agreement, concentrates voting power with CEO and board chair Tony Xu. Other shareholders have limited say.
Recent events
- Major agreement signed; Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
DoorDash does not pay a dividend and paid none in any year from fiscal 2020 through 2025, so it offers no regular income. An income investor would get returns only from share-price changes and would need to trim the holding to raise cash. The company has returned cash through share repurchases instead, totaling $1.374 billion from fiscal 2021 through 2025, with none in fiscal 2025. Shares issued to employees as pay also dilute existing holders.
The shares have swung sharply. In the 2022 bear market (a prolonged, broad market decline), they dropped 69.1% from January 3 to October 11, 2022, then took 24 months to recover. Their deepest peak-to-trough drop was 82.5%, and as of October 28, 2026, they were down 35.2% over one year. The stock's price history doesn't reach back to the 2008 financial crisis or the 2020 COVID crash. A single stock like DoorDash carries more risk than a diversified fund.
Questions investors ask
Does DoorDash pay a dividend?
No. DoorDash did not pay a dividend in any year from fiscal 2020 through fiscal 2025. Instead, it has returned some cash through share repurchases, which can reduce the share count. It spent $1.374 billion on repurchases from fiscal 2021 through fiscal 2025, including $750 million in 2023, but none in 2025. Investors who need regular income from their portfolio would get none from this stock and would rely on price changes alone.
How does DoorDash make money?
DoorDash makes most of its money from fees on orders through its DoorDash, Wolt and Deliveroo marketplaces, which operate in over 40 countries. Merchants usually pay a fee tied to each order's size, and consumers pay a delivery fee plus a service fee. It also earns money from advertising and from its Commerce Platform, which includes Drive, a delivery service for orders placed on merchants' own websites and apps. Revenue was $13.7 billion in fiscal 2025, with 83.5% from the United States.
Is DoorDash profitable?
Yes, since fiscal 2024. After net losses every year from 2020 through 2023, DoorDash earned $123 million in 2024 and $935 million in fiscal 2025, or $2.13 per diluted share (which counts stock that could be issued). In fiscal 2025, operating profit was a thin 5.3% of revenue, while free cash flow, the cash left after running and investing in the business, was $2.174 billion. In the quarter ended June 30, 2026, net income fell 29.8% from a year earlier to $200 million, even as revenue rose 35.6%.
What is DoorDash's P/E ratio?
About 79.6 as of October 28, 2026, based on fiscal 2025 earnings. The P/E ratio compares the share price with a year's profit per share, and a figure this high usually reflects expectations of fast growth. Market value was about $73.4 billion. Free cash flow of $2.174 billion was well above net income of $935 million in fiscal 2025, so the valuation looks less stretched on a cash basis. Stocks priced this richly can fall sharply if growth disappoints.
Who controls DoorDash?
Co-founder Tony Xu, DoorDash's CEO and board chair, holds concentrated voting power. That comes from a multi-class share structure, in which some shares carry extra votes, and a voting agreement with co-founders Andy Fang and Stanley Tang. Among large holders, Vanguard Capital Management reported 6.62% as of March 31, 2026, Xu 6.6% as of December 31, 2024, and BlackRock 6.1% as of March 31, 2025. Insider filings from late October 2025 to October 2026 showed share sales by insiders including Xu and Tang, most under prearranged trading plans.