DoorDash (DASH) 10-K risk factor changes: FY2024 vs FY2023

- We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to [removed: achieve, maintain,] [added: consistently maintain] or increase profitability in the future;

- We face intense competition and if we are unable to compete effectively, our business, financial condition, and results of operations [removed: would] [added: could] be adversely affected;

- We rely on merchants on our platform for many aspects of our business, and to the extent they fail to [added: adequately] maintain their service levels or [added: materially] increase the prices they charge consumers on our platform, our business [removed: would] [added: could] be adversely affected;

- If we are unable to make acquisitions and investments, or successfully integrate acquisitions into our business, [removed: including in the case of] our [removed: acquisition of Wolt, our] business, financial condition, and results of operations could be adversely affected;

- If Dashers that utilize our platform are reclassified as employees under U.S. federal or state law, or the laws of other jurisdictions in which we operate, [added: it could have an adverse effect that is material to] our business, financial condition, and results of [removed: operations would be adversely affected;][added: operations;]

We launched operations in 2013 and we have since frequently expanded our platform features and [removed: services and] [added: services, expanded into new categories,] changed our pricing [removed: methodologies.][added: methodologies, and entered new geographies.]

- successfully integrate acquired technologies and businesses into our [removed: own, including in the case of our acquisition of Wolt Enterprises Oy ("Wolt");][added: own;]

- anticipate and respond to macroeconomic changes and changes in the [removed: markets] [added: jurisdictions] in which we operate, including with respect to inflation and other fluctuations in prices such as gasoline and food costs;

- effectively manage rapid growth in our personnel and operations; [removed: and]

We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to [removed: achieve, maintain,] [added: consistently maintain] or increase profitability in the future.

We incurred a net loss of [removed: $1.4 billion and] $558 million [added: and achieved net income of $123 million] in [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] respectively, and as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] we had an accumulated deficit of [removed: $3.8] [added: $5.2] billion and [removed: $5.2] [added: $5.3] billion, respectively.

We expect our costs will increase over time and [removed: our losses to continue as] we expect to invest significant additional funds towards growing our business.

[removed: Any failure to increase our revenue] sufficiently to keep pace with our investments and other expenses could prevent us from [added: consistently] achieving, maintaining, or increasing profitability [removed: or positive cash flow] on a consistent [removed: basis.][added: basis, which could also negatively impact our cash flow.]

[added: If we are unable to] successfully address these risks and challenges as we encounter them, our business, financial condition, and results of operations could be adversely affected.

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: $2.0] [added: $1.6] billion of unrecognized stock-based compensation expense related to RSUs and other outstanding equity awards.

We may also experience a declining revenue growth rate as a result of slowing demand for our platform, insufficient growth in the number of merchants, consumers, and Dashers that utilize our platform, increasing competition, a decrease in the growth of our overall market, our failure to capitalize on growth opportunities, [removed: and] [added: or] increasing regulatory costs.

We face intense competition and if we are unable to compete effectively, our business, financial condition, and results of operations [removed: would] [added: could] be adversely affected.

[removed: Globally, we] [added: We also] compete with [removed: other local on-demand delivery companies, such as Uber Eats, Just Eat Takeaway (including Grubhub, which it acquired in 2021), and Delivery Hero,] merchants that have their own online ordering platforms, online ordering systems, merchants that own and operate their own delivery fleets, grocers and grocery delivery services, convenience stores and convenience store delivery services, and companies that provide [removed: point of sale solutions and] merchant delivery services.

In addition, we compete with traditional offline ordering channels, such as take-out offerings, telephone, and paper menus that merchants distribute to [removed: consumers as well as advertising that merchants place in local publications to attract] consumers.

Our current and future competitors may enjoy competitive advantages such as greater name recognition, longer operating histories, [removed: greater category share in certain markets,] market-specific knowledge, established relationships with local merchants and suppliers, larger existing user bases, more successful marketing capabilities, established geographic footprints and infrastructure, and substantially greater financial, technical, and other resources than we have.

Our competitors [added: have in the past, and] may [added: in the future,] also make acquisitions or establish cooperative or other strategic relationships among themselves or with others, including [removed: merchants.][added: by integrating their services or membership products with the offerings of another company that provides expanded distribution.]

Such efforts may lead us to lose [removed: category share] [added: consumers] or [added: access to new consumers or] require us to increase our marketing [added: or promotional] expenses [added: or otherwise increase investment] in [added: our service in] order to maintain our [removed: category share.][added: position with existing and new consumers.]

Many of our competitors are well capitalized and [added: may] offer discounted services, lower merchant commission rates and consumer fees, greater incentives for [added: merchants joining their platforms and] independent contractors who provide delivery [removed: services, consumer discounts and promotions, innovative platforms and offerings, and alternative pay models, any of which may be more attractive than those that we offer.]

Such competitive pressures [added: have led us, and] may lead us [added: in the future,] to change our commission rates and fees or change our incentives, discounts, and promotions to remain competitive.

Such efforts have negatively affected, and will [added: likely] continue to negatively affect, our financial performance, and there is no guarantee that such efforts will be successful.

Local on-demand delivery services for food and the other [removed: verticals] [added: areas] in which we compete are nascent, and we cannot guarantee that they will stabilize at a competitive equilibrium that will allow us to [removed: achieve, maintain,] [added: maintain] or increase profitability.

Further, merchants could determine that it is [removed: more cost-effective] [added: in their best interests] to develop their own platforms to offer online pickup and delivery rather than use our platform.

Consumers have a propensity to shift [removed: to the lowest-cost provider] [added: based on cost, quality,] and [added: selection and] could use more than one local commerce [removed: platform,] [added: platform;] independent contractors who provide delivery services could use multiple platforms concurrently as they attempt to maximize [removed: earnings,] [added: earnings;] and merchants could prefer to use the local commerce platform that offers the lowest commission rates and adopt more than one platform to maximize their volume of orders.

[removed: For all] [added: As a result] of [removed: these reasons,] [added: the reasons described above,] we may not be able to compete successfully.

If we lose existing merchants, consumers, or Dashers that utilize our platform, fail to attract new merchants, consumers, or Dashers, or are forced to reduce our commission rate or make pricing concessions as a result of increased competition, our business, financial condition, and results of operations [removed: would] [added: could] be adversely affected.

Partner merchants may generally terminate their agreements with us by providing us at least [removed: seven] [added: 7] or 30 days advance notice and such agreements do not generally provide for any exclusivity.

For example, the increased growth of our membership products, DashPass and Wolt+, and how compelling these offerings are to consumers, depends [added: in part] on our ability to sign up eligible merchants to our membership products.

[added: We strive to demonstrate the value of our platform and offerings to] such consumers, thereby encouraging them to access our platform regularly or become a paid user of our membership products, through prompts and notifications and time-limited trials of our membership product and other offerings.

Dashers have the ability to decline [removed: orders] [added: offers] or stop using our platform entirely at any time and we do not have any exclusivity provisions with Dashers.

Accordingly, if we do not continue to provide Dashers with [added: accessibility to and] flexibility on our platform and compelling opportunities to earn income, we may fail to attract new [removed: Dashers or] [added: Dashers,] retain existing [removed: Dashers] [added: Dashers,] or increase their use of our platform, or we may experience complaints, negative publicity, or work stoppages that could adversely affect our users and our business.

Relatedly, if merchants [removed: and] [added: and/or] consumers choose to use competing offerings, we may lack sufficient opportunities for Dashers to earn, which may reduce the perceived utility of our platform and impact our ability to attract and retain Dashers.

We also frequently test Dasher incentives with subsets of existing Dashers and potential Dashers, and these incentives could fail to attract and retain Dashers or fail to increase the use of our platform by existing Dashers or could have unintended adverse consequences, including negative press, adverse reactions from existing and potential Dashers, and harm to our brand and reputation in both the [removed: U.S.] [added: United States] and other [removed: markets.][added: geographies.]

Changes in certain laws and regulations, including immigration and labor and employment laws, or laws that require us to make changes to our platform that decrease the [added: accessibility, including removing access to our platform, or] flexibility provided to Dashers in certain [removed: markets,] [added: jurisdictions,] may result in a decrease in the pool of Dashers, which may result in increased competition for Dashers or higher costs of recruitment and engagement.

Other factors outside of our [removed: control, such as increases in the price of gasoline, vehicles, or insurance,] [added: control] may also reduce the number of Dashers that utilize our platform or the use of our platform by Dashers.

If we fail to attract Dashers, retain existing Dashers on favorable terms, or maintain or increase the use of our platform by existing Dashers, we may not be able to meet the [removed: demand] [added: demands] of merchants and consumers and our business, financial condition, and results of operations could be adversely affected.

- effectively adapt to and manage the regulatory environment and new laws related to our business; and

While we achieved net income in the year ended December 31, 2024, we incurred net losses in each preceding year since our founding.

To the extent that we are unable to earn sufficient revenue to offset such costs, we may incur losses in certain future periods.

Any failure to increase our revenue

Globally, we compete with other local on-demand delivery companies, such as Uber Eats, Just Eat Takeaway, Delivery Hero, and other local incumbents.

As we continue to expand to additional verticals, we may compete or come in closer competition with additional businesses with substantial resources, users, and brand power, including large e-commerce companies, large retailers, large grocery store chains and other large delivery service providers.

services, consumer discounts and promotions, innovative platforms and offerings, and alternative pay models, any of which may be more attractive than those that we offer.

To attract and retain Dashers, we regularly invest in removing friction from the dashing process, offer monetary incentives and perquisites, including access to programs that provide cashback rewards on certain purchases, and provide opportunities to quickly access Dasher earnings.

operations grow and the usage of our platform increases.

There is no assurance that we will not be forced, through competition, regulation, or otherwise, to

We have undertaken steps to enhance our cybersecurity and

If merchants and consumers do not embrace the transition to on-demand local commerce platforms as we expect, including

We are committed to the long-term success of our business, including by expanding our platform and enhancing the consumer experience, which we believe will ultimately drive long-term shareholder value.

In addition, any new products or services that we develop may not be introduced in a timely or cost-effective manner, may contain errors or defects, or may not achieve the broad market acceptance necessary to generate sufficient revenue.

Merchants, consumers, and Dashers may delay adoption and use of new products and services to permit them to make a more thorough evaluation of those products and services and to compare them against potentially competitive products in the market.

Further, we may make changes to our platform and platform strategy that merchants, consumers, or Dashers do not find useful and we may discontinue certain products, services, or features that our merchants, consumers, or Dashers have otherwise enjoyed.

To the extent that discontinued products, services, or features remain subject to a current contract with the applicable third party, we may incur costs with respect to our determination to discontinue those products, services, or features.

Failure to effectively manage our platform and platform strategy could lead to merchant, consumer, or Dasher dissatisfaction and contractual liabilities, which could adversely affect our business and operating results.

personnel, including management and key employees, and upfront capital investments that may not generate return on investment.

Additionally, as we continue to grow our

If our platform is unavailable when merchants, consumers, and Dashers attempt to access it or it

Some holders may instead elect to pay cash directly to us to cover such withholding obligations, but in a significant majority of cases, shares are sold on behalf of each holder upon the vesting and settlement of the RSUs.

In addition, while we track these metrics during the quarter, system limitations and the auditing process may result in the metrics that we publicly disclose differing materially from the estimated amounts that were tracked during that same period.

For example, in July 2024, the Supreme Court of California ruled unanimously to uphold the core of Proposition 22, which preserves flexibility for California Dashers.

Jurisdictions that have passed or may pass laws protecting Dashers’ independent contractor status may impose new obligations that increase our costs.

Although we appealed the decision and, in February 2024, the Administrative Court of Hämeenlinna issued a decision concluding that Wolt courier partners are not in an employment relationship with Wolt, this decision is subject to further appeal and we may be subject to similar actions in other jurisdictions.

We also face potential liability and expense for claims, including class actions, by or relating to consumers regarding,

A successful assertion by one or more tax authorities requiring us to collect taxes in jurisdictions in which we do not currently do so, to

In addition, regulatory and other guidance, including case law, with respect to existing tax laws are constantly evolving.

Our results of operations and cash flows could be adversely affected by additional taxes imposed on us prospectively or retroactively, or

uncertain.

as we increase sales and operations in non-U.S. jurisdictions.

existing legislation, or changes in enforcement, and such changes may be inconsistent from one jurisdiction to another.

For example, many U.S. states have enacted comprehensive privacy legislation similar to the California Consumer Privacy Act and a growing number of U.S. states have enacted legislation addressing other privacy matters, such as cybersecurity and consumer health data and biometrics.

With our operations in the EU, we are subject to the General Data Protection Regulation, as well as national data protection and privacy schemes in other countries in which we operate.

We may also choose to self-insure for certain types of claims or for certain claims below or above certain dollar amounts.

If any of our

In addition, if we were to experience an unusually large amount of operations-related claims that we self-insure, our financial condition and results of operations could be adversely affected.

Even if operations-related claims do not result in liability, we may incur significant costs in investigating and defending against them.

We also provide Dashers in the U.S. with access to certain banking services that facilitate, among other things, immediate access to their earnings.

We have incurred net losses in each year since our founding, we anticipate increasing expenses in the future, and we may not be able to achieve, maintain, or increase profitability in the future.

If we are unable to

We may expend substantial funds in connection with the tax withholding and remittance obligations that arise upon the initial settlement of certain of our RSUs.

As we continue to expand to verticals beyond food, we may compete with additional businesses with substantial resources, users, and market and brand power.

Further, as we continue to expand our presence internationally, we also face competition from local incumbents in these markets.

For example, in July 2022, Grubhub announced a partnership with Amazon that allows Amazon Prime members in the United States to receive a free trial of Grubhub's membership program.

We strive to demonstrate the value of our platform and offerings to

To attract and retain Dashers, we have, among other things, invested in making the use of our Dasher applications, and dashing, as frictionless as possible, created new ways for Dashers to earn and get paid, offered monetary incentives and perquisites, including credits to be used for orders on our platform, provided assistance using the Dasher applications, and offered access to programs that provide cashback rewards on certain purchases, including gasoline.

losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks, computer viruses, ransomware, malware, or other events.

For example, on May 31, 2022, we completed the acquisition of Wolt.

In particular, the integration of Wolt into our business poses heightened risks, including write-offs or restructuring charges, unanticipated costs, regulatory and compliance risks associated with operating in a number of new jurisdictions, operational difficulties, and the loss of key employees.

The acquisition of Wolt also subjects us to liabilities that may exist at Wolt or may arise in connection with the acquisition, some of which may be unknown.

Although we and our advisers conducted due diligence on the operations of Wolt, there can be no guarantee that we are aware of all liabilities of Wolt.

These liabilities, and any additional risks and uncertainties related to the acquisition not currently known to us or that we may currently deem immaterial or unlikely to occur, could adversely affect our business, financial condition, and results of operations, including our profitability.

For example, we have invested a total of $412 million in preferred shares of a private grocery delivery platform company based in Europe.

Our risks related to price controls are described in more detail under the section titled “—*Our business is subject to a variety of laws and regulations globally, including those related to worker classification, Dasher pay and conditions of work, merchant pricing and commissions, and consumer fees and taxes, many of which are unsettled and still developing, and any of which could subject us to legal claims, increased costs, operational burdens, or otherwise adversely affect our business, financial condition, or results of operations*.”

We could face similar claims related to our former DoorDash Dasher pay model from other government authorities in the future.

decrease the flexibility provided to Dashers in certain markets, which may also impact our ability to cost-effectively attract or retain Dashers.

Superior Court (“Dynamex”), including an action brought by the San Francisco District Attorney in June 2020.

We have experienced rapid employee headcount growth at our San Francisco headquarters, in a number of our offices across the United States, internationally, and with employees working remotely globally.

We have also expanded our presence, both in employee headcount and operationally, in Europe and Asia through our acquisition of Wolt.

Our failure to implement and maintain effective internal control over financial reporting as a result of our rapid growth, including at Wolt and other companies we may acquire, could result in errors in our financial statements that could result in a restatement of our financial statements, and could cause us to fail to meet our reporting obligations, any of which could diminish investor confidence in us and could negatively impact our stock price.

successfully secure, maintain, and defend our rights to use the “DoorDash” and "Wolt" marks, our logos, and other trademarks important to our brand, as well as a number of other factors, many of which are outside our control.

We believe that our paid marketing initiatives have been critical in promoting awareness of our platform, which in turn drives new user growth and engagement, but future marketing efforts may not be successful or cost-effective.

We are the subject of media coverage.

Unfavorable publicity regarding our business model, Dasher pay models, user support, technology, platform policies, platform changes, platform or other quality issues, delivery issues, privacy or security practices, management team, compliance with laws and regulations, or the health and safety of Dashers, employee couriers, merchants, and consumers using our platform could adversely affect our reputation.

Any negative publicity that we may receive could diminish confidence in, and the use of, our platform, which could adversely affect our business.

In addition, in December 2021, we investigated and patched Log4j vulnerabilities that, if exploited, could have allowed for unauthorized remote code execution in our systems.

Our IT and infrastructure may

In addition, our ability to adopt measures to anticipate, identify, and address illegal, improper, or otherwise inappropriate activity may be particularly limited with our Self-Delivery service, which enables merchants on our Marketplaces to fulfill orders with their own delivery fleets.

These delivery providers are retained directly by merchants, and as a result, we do not conduct background checks on such providers or engage in any of the other activities that are a part of the typical onboarding process for Dashers on our platform.

in categories other than restaurants.

Some of these factors include

We may face difficulties as we expand our operations into new geographic markets and categories in which we have limited or no prior operating experience.

Our capacity for continued growth depends in part on our ability to expand our operations into, and compete effectively in, new geographic markets and categories.

It may be difficult for us to understand and accurately predict consumer preferences and purchasing habits in these new geographic markets and categories.

In addition, each market and category has unique regulatory dynamics.

These include laws and regulations that can directly or indirectly affect our ability to operate, the pool of Dashers that are available, and other operational costs.

In addition, each market and category is subject to distinct competitive and operational dynamics.

These include our ability to offer more attractive services than alternative options and our ability to efficiently attract and retain merchants, consumers, and Dashers, all of which affect our sales, results of operations, and key business metrics.

*In addition, this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section generally discusses [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

[removed: *can] [added: Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 are not included in this Annual Report on Form 10-K and can] be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2022,] [added: 2023,] filed with the SEC on February [removed: 27, 2023.*][added: 20, 2024.*]

Our primary offerings [removed: are] [added: include] the DoorDash Marketplace and the Wolt [removed: Marketplace, which together operate in over 25 countries across the globe.][added: Marketplace (our "Marketplaces"), and our Commerce Platform.]

| *(in millions, except percentages)* | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | |

| Total Orders | | | | | | [removed: 1,390] [added: 1,736] | | | | | | [removed: 1,736] [added: 2,161] | | | | | | [removed: 2,161] [added: 2,583] | | |

| *Total Orders Y/Y growth* | | | | | | [removed: 70] [added: 25] | | % | | | | [removed: 25] [added: 24] | | % | | | | [removed: 24] [added: 20] | | % |

| Marketplace GOV | | | | | | $ | [removed: 41,944] [added: 53,414] | | | | | $ | [removed: 53,414] [added: 66,771] | | | | | $ | [removed: 66,771] [added: 80,231] | |

| *Marketplace GOV Y/Y growth* | | | | | | [removed: 70] [added: 27] | | % | | | | [removed: 27] [added: 25] | | % | | | | [removed: 25] [added: 20] | | % |

| Revenue | | | | | | $ | [removed: 4,888] [added: 6,583] | | | | | $ | [removed: 6,583] [added: 8,635] | | | | | $ | [removed: 8,635] [added: 10,722] | |

| *Revenue Y/Y growth* | | | | | | [removed: 69] [added: 35] | | % | | | | [removed: 35] [added: 31] | | % | | | | [removed: 31] [added: 24] | | % |

| Net Revenue Margin | | | | | | [removed: 11.7] [added: 12.3] | | % | | | | [removed: 12.3] [added: 12.9] | | % | | | | [removed: 12.9] [added: 13.4] | | % |

| GAAP gross profit | | | | | | $ | [removed: 2,452] [added: 2,824] | | | | | $ | [removed: 2,824] [added: 3,860] | | | | | $ | [removed: 3,860] [added: 4,979] | |

| GAAP gross profit as a % of Marketplace GOV | | | | | | [removed: 5.8] [added: 5.3] | | % | | | | [removed: 5.3] [added: 5.8] | | % | | | | [removed: 5.8] [added: 6.2] | | % |

| Contribution Profit(1) | | | | | | $ | [removed: 1,071] [added: 1,567] | | | | | $ | [removed: 1,567] [added: 2,482] | | | | | $ | [removed: 2,482] [added: 3,474] | |

| Contribution Profit as a % of Marketplace GOV | | | | | | [removed: 2.6] [added: 2.9] | | % | | | | [removed: 2.9] [added: 3.7] | | % | | | | [removed: 3.7] [added: 4.3] | | % |

| [removed: GAAP net loss] [added: Net income (loss)] including redeemable non-controlling interests | | | | | | [removed: $] [added: (1,368)] | [removed: (468)] | | | | | [removed: $] [added: (565)] | [removed: (1,368)] | | | | | [removed: $] [added: 117] | [removed: (565)] | |

| [removed: GAAP net loss] [added: Net income (loss)] including redeemable non-controlling interests [removed: as a % of Marketplace GOV] | | | | | | [removed: (1.1)] [added: (21)] | | % | | | | [removed: (2.6)] [added: (6)] | | % | | | | [removed: (0.8)] [added: 1] | | % |

| Adjusted EBITDA(1) | | | | | | $ | [removed: 289] [added: 361] | | | | | $ | [removed: 361] [added: 1,190] | | | | | $ | [removed: 1,190] [added: 1,900] | |

| *Adjusted EBITDA as a % of Marketplace GOV* | | | | | | 0.7 | | % | | | | [removed: 0.7] [added: 1.8] | | % | | | | [removed: 1.8] [added: 2.4] | | % |

Total Orders. We define Total Orders as all orders completed through our Marketplaces and [added: Commerce] Platform [removed: Services businesses] over the period of measurement.

Total Orders grew to [removed: 2.2] [added: 2.6] billion in [removed: 2023,] [added: 2024,] a [removed: 24%] [added: 20%] increase compared to [removed: 2022.][added: 2023.]

The increase in Total Orders was driven primarily by growth in consumers and [removed: increased consumer engagement as well as the inclusion of Wolt, which we acquired] [added: growth] in [removed: the second quarter of 2022, for a full fiscal year.][added: average consumer engagement.]

Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to [removed: merchants,] [added: merchants] for orders fulfilled through [removed: Drive, Storefront, or Bbot.][added: our Commerce Platform.]

Net Revenue Margin increased to [removed: 12.9%] [added: 13.4%] in [removed: 2023] [added: 2024] from [removed: 12.3%] [added: 12.9%] in [removed: 2022,] [added: 2023,] primarily due to [removed: improved logistics efficiency and quality, as well as increasing] [added: an increased] contribution from advertising revenue.

Contribution Profit increased to [removed: $2.5] [added: $3.5] billion in [removed: 2023] [added: 2024] from [removed: $1.6] [added: $2.5] billion in [removed: 2022,] [added: 2023,] driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing [removed: expenses, as well as the inclusion of Wolt for a full fiscal year.][added: expenses.]

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) [removed: including] [added: attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to] redeemable non-controlling interests, [removed: adjusted to] [added: and] exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest [removed: (income) expense,] [added: income,] net, (ix) other expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Free Cash Flow increased to [removed: $1.3] [added: $1.8] billion in [removed: 2023] [added: 2024] from [removed: $21 million] [added: $1.3 billion] in [removed: 2022,] [added: 2023,] driven primarily by an increase in net cash provided by operating activities.

| *(in millions)* | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | |

| Cost of revenue, exclusive of depreciation and amortization shown separately below | | | | | | [removed: 2,338] [added: 3,588] | | | | | | [removed: 3,588] [added: 4,589] | | | | | | [removed: 4,589] [added: 5,542] | | |

| Sales and marketing | | | | | | [removed: 1,619] [added: 1,682] | | | | | | [removed: 1,682] [added: 1,876] | | | | | | [removed: 1,876] [added: 2,037] | | |

| Research and development | | | | | | [removed: 430] [added: 829] | | | | | | [removed: 829] [added: 1,003] | | | | | | [removed: 1,003] [added: 1,168] | | |

| General and administrative | | | | | | [removed: 797] [added: 1,147] | | | | | | [removed: 1,147] [added: 1,235] | | | | | | [removed: 1,235] [added: 1,452] | | |

| Depreciation and amortization(2) | | | | | | [removed: 156] [added: 369] | | | | | | [removed: 369] [added: 509] | | | | | | [removed: 509] [added: 561] | | |

| Restructuring charges | | | | | | [removed: —] [added: 92] | | | | | | [removed: 92] [added: 2] | | | | | | [removed: 2] [added: —] | | |

| Total costs and expenses | | | | | | [removed: 5,340] [added: 7,707] | | | | | | [removed: 7,707] [added: 9,214] | | | | | | [removed: 9,214] [added: 10,760] | | |

| Loss from operations | | | | | | [removed: (452)] [added: (1,124)] | | | | | | [removed: (1,124)] [added: (579)] | | | | | | [removed: (579)] [added: (38)] | | |

| Interest [removed: income (expense),] [added: income,] net | | | | | | [removed: (11)] [added: 30] | | | | | | [removed: 30] [added: 152] | | | | | | [removed: 152] [added: 199] | | |

| Other expense, net | | | | | | [removed: —] [added: (305)] | | | | | | [removed: (305)] [added: (107)] | | | | | | [removed: (107)] [added: (5)] | | |

| [removed: Loss] [added: Income (loss)] before income taxes | | | | | | [removed: (463)] [added: (1,399)] | | | | | | [removed: (1,399)] [added: (534)] | | | | | | [removed: (534)] [added: 156] | | |

| Provision for (benefit from) income taxes | | | | | | [removed: 5] [added: (31)] | | | | | | [removed: (31)] [added: 31] | | | | | | [removed: 31] [added: 39] | | |

Our mission is to grow and empower local economies.

We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.

Our Marketplaces operate in over 30 countries across the globe and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.

We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.

Our Marketplaces compete for consumers based primarily on the selection, convenience, quality, affordability, and service we provide.

Our Marketplaces also offer our consumer membership programs, DashPass and Wolt+, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits.

In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help merchants grow, run, and operate their businesses on their own channels.

DoorDash Drive On-Demand and Wolt Drive (together, "Drive") are white-label delivery fulfillment services that generate the majority of revenue within our Commerce Platform.

In addition to Drive, we also provide services that help merchants establish online ordering, build branded mobile apps, enable tableside order and pay, and improve customer support.

| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders | | | | | | $ | (1,365) | | | | | $ | (558) | | | | | $ | 123 | |

| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV | | | | | | (2.6) | | % | | | | (0.8) | | % | | | | 0.2 | | % |

| Weighted-average diluted shares outstanding | | | | | | 371 | | | | | | 393 | | | | | | 430 | | |

Marketplace GOV grew to $80.2 billion in 2024, a 20% increase compared to 2023, driven primarily by growth in Total Orders.

Adjusted EBITDA increased to $1.9 billion in 2024 from $1.2 billion in 2023, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.

| *(in millions)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | |

| *(in millions)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | |

Drive generates the majority of revenue within our Commerce Platform.

| Revenue | | | | | | $ | 6,583 | | | | | $ | 8,635 | | | | | $ | 10,722 | | | | | | | | | | | | | | | | | $ | 2,087 | | | | | 24 | | % |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

The increase was primarily driven by an increase of $83 million in office lease impairment expenses, an increase of $58 million in legal, tax,

and regulatory expenses, and an increase in personnel-related compensation expenses and allocated overhead, exclusive of stock-based compensation expense related to the CEO performance award, of $41 million, primarily driven by increased headcount.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

Percentage not meaningful*

Restructuring charges were not material in 2024 and 2023.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | 2023 to 2024 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2022 | | | | | | 2023 | | | | | | 2024 | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

In 2024, the income tax expense increased by $8 million compared to 2023.

Given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that sufficient positive evidence may become available in a future period to reach a conclusion that the U.S. valuation allowance will no longer be needed.

Discussions of 2021 items and year-to-year comparisons between 2022 and 2021 are not included in this Annual Report on Form 10-K and*

We provide a local commerce platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy.

We operate a local commerce platform that connects merchants, consumers, and Dashers.

Our Marketplaces provide a suite of services that enable merchants to establish an online presence, generate demand, seamlessly transact with consumers, and fulfill orders.

As part of our Marketplaces, we also offer Pickup, which allows consumers to place advance orders, skip lines, and pick up their orders conveniently with no consumer fees, as well as DoorDash for Business, which provides merchants on our platform with large group orders and catering orders for businesses and events.

The DoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+.

DashPass and Wolt+ are our membership products, which provide members with unlimited access to eligible merchants with zero delivery fees and reduced service fees on eligible orders.

In addition to our Marketplaces, we offer Platform Services, which primarily includes DoorDash Drive and Wolt Drive, which are white-label delivery fulfillment services that enable merchants that have generated consumer demand through their own channels to fulfill this demand using our platform.

Platform Services also includes DoorDash Storefront, which enables merchants to create their own branded online ordering experience, providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-house engineering or fulfillment capabilities, and Bbot, which offers merchants solutions for their in-store and online channels, including in-store digital ordering and payments.

| Basic shares, options and RSUs outstanding as of period end | | | | | | 393 | | | | | | 452 | | | | | | 450 | | |

Marketplace orders include orders completed through Pickup and DoorDash for Business.

Marketplace GOV grew to $66.8 billion in 2023, a 25% increase compared to 2022, driven primarily by organic growth in Total Orders as well as the inclusion of Wolt for a full fiscal year.

Adjusted EBITDA increased to $1.2 billion in 2023 from $361 million in 2022, driven primarily by growth in Contribution Profit, partially offset by the inclusion of Wolt operating expenses for a full fiscal year.

Order management costs also increased due to an increase in insurance reserves, and costs associated with our first-party distribution business.

fraudulent credit card transactions, (iv) professional services fees, (v) transaction-related costs, (vi) bad debt expense, and (vii) allocated overhead.

The increase was primarily driven by an increase of $81 million in legal, tax, and regulatory expenses, and an increase of $67 million in personnel-related compensation expenses and allocated overhead primarily driven by the inclusion of Wolt for a full fiscal year, partially offset by a decrease in transaction-related costs of $66 million.

The increase was primarily driven by an increase of $99 million in amortization expenses related to capitalized software and website development costs and an increase of $28 million in amortization expenses for acquired intangible assets.

Restructuring charges decreased by $90 million, or 98%, in 2023, compared to 2022.

The charge in 2022 was primarily the result of a reduction in workforce announced in November 2022 consisting of $82 million of separation-related payments and other termination benefit costs.

Additionally, certain of our foreign earnings may also be taxable in the United States.

In 2022, a partial income tax benefit of $31 million was recognized for foreign losses and the remaining income tax benefit was offset by a valuation allowance.

As a result of the valuation allowance, such income tax benefit is not expected to recur in the future.

financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods with other companies in our industry.

(2)Consists of acquisition, integration, and investment related costs, primarily related to our acquisition of Wolt.

(3)Consists of impairment expense related to an operating lease right-of-use asset associated with our former headquarters.

impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest (income) expense, net, (ix) other expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

| Net loss including redeemable non-controlling interests | | | | | | $ | (468) | | | | | $ | (1,368) | | | | | $ | (565) | |

Credit Facilities

Loans under the credit facility bear interest, at our option, at (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank

borrowing rate plus 0.50%, or (C) an adjusted SOFR rate for a one-month interest period plus 1.00%, or (ii) an adjusted SOFR rate (based on an interest period of one, three, or six months) plus a margin equal to 1.00%.

We are also obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee.

In February 2023, our board of directors authorized the repurchase of up to $750 million of our Class A common stock.

We completed the repurchase program in October 2023.

This program is in addition to the prior repurchase program for the repurchase of $750 million shares of our Class A common stock, which was completed in the fourth quarter of 2023.

The increase in cash provided by operating activities for 2023 compared to 2022 was mainly due to the decrease in net loss for 2023.

consumers.

*Gift Cards*

We sell gift cards to consumers that can be redeemed through our Marketplaces.

The majority of gift cards sold have no expiration date and administrative fees are not charged on unused gift cards.

In prior periods, with limited history as to consumers' redemption patterns, proceeds from the sale of gift cards were fully deferred and recorded as contract liabilities until consumers use the card to place orders on its platform.

These securities are classified as available-for-sale and, consequently, are recorded on the consolidated balance sheets at fair value with unrealized gains or losses, net of tax reported as a separate [added: component of stockholders’ deficit within accumulated other comprehensive income (loss).]

Based on our investment portfolio balance as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] a hypothetical 100 basis point increase in interest rates would not have materially affected our consolidated financial statements.

The aggregate carrying value of our non-marketable equity investments was [removed: $124] [added: $46] million and [removed: $46] [added: $42] million as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] respectively.

Foreign currency gains and losses were immaterial for the years ended December 31, [removed: 2021,] 2022, [added: 2023,] and [removed: 2023.][added: 2024.]

Based on our foreign currency exposures from monetary assets and liabilities as of December 31, [removed: 2023,] [added: 2024,] we estimated that a 10% change in exchange rates against the U.S. dollar would not have resulted in a material gain or loss.

We are also exposed to foreign exchange rate fluctuations as we translate the financial statements of our [removed: foreign] [added: non-U.S.] subsidiaries into U.S. dollars in consolidation.

If there is a change in foreign currency exchange rates, the translation adjustments resulting from the conversion of the financial statements of our [removed: foreign] [added: non-U.S.] subsidiaries into U.S. dollars would result in a gain or loss recorded as a component of accumulated other comprehensive loss which is part of stockholders’ equity.

As such, we could lose our entire investment in these companies, and we believe that determining the impact of market sensitivities on these investments is not practicable.

component of stockholders’ deficit within accumulated other comprehensive income (loss).

As such, we could lose our entire investment in these companies.

However, we believe that market sensitivities are not practicable.

Our primary offerings include the DoorDash Marketplace and the Wolt Marketplace (our "Marketplaces"), [removed: which operate in over 25 countries including the United States,] and [removed: Platform Services.][added: our Commerce Platform.]

[removed: We built our] [added: Our] Marketplaces [removed: to] serve [removed: the needs of] three [removed: key] [added: primary] constituents: merchants, consumers, and the independent contractors who use our platform to generate earnings, or "Dashers1." [removed: Our Marketplaces enable merchants to establish an online presence and expand their reach by connecting them with millions of consumers.]

[removed: As part of our Marketplaces, we offer merchants a broad array] [added: Our Marketplaces provide an integrated suite] of services that [removed: enable them to] [added: help merchants establish an online presence, connect with consumers in their communities, and] solve mission-critical [removed: challenges] [added: challenges,] such as customer [removed: acquisition and] [added: acquisition,] demand generation, order fulfillment, merchandising, payment processing, and customer support.

[removed: Our] [added: Consumers access our] Marketplaces [removed: provide a platform for over 37 million monthly active users2] [added: through our apps and websites] to discover, engage with, and purchase goods from merchants in their [removed: community.][added: communities.]

Our Marketplaces also offer our [added: consumer] membership programs, DashPass and Wolt+, which aim to [removed: improve affordability and] lower transactional friction by reducing the delivery and service fees we [removed: charge consumers.][added: charge, while providing additional membership benefits.]

[removed: As] [added: In December 2024, our Marketplaces served over 42 million monthly active users2 and, as] of December 31, [removed: 2023,] [added: 2024,] we had over [removed: 18] [added: 22] million DashPass and Wolt+ members.

For Dashers, our Marketplaces and [removed: Platform Services] [added: Drive] provide [removed: highly accessible and flexible] opportunities [removed: for people] to generate income that helps them achieve their goals.

Dashers choose if, when, and where to dash, [added: which tasks to accept,] as well as how frequently and for how long to dash each time they choose to do so.

We believe our business [added: achieves its greatest] benefits [removed: only] when we provide attractive services for each of our [removed: three] key [removed: constituents: merchants, consumers, and Dashers.][added: constituents.]

Consequently, [removed: in order] to grow our business, we intend to provide merchants with [removed: a growing] [added: an expanding] suite of services that help them build and grow [removed: their] [added: successful omnichannel] businesses; consumers with a broad selection of merchants and products to choose from, consistent and high-quality experiences, and affordability that drives increased adoption; and Dashers with [removed: an attractive combination of accessibility, flexibility, choice, and earning opportunity] [added: unique opportunities] that [removed: competes] [added: compete] effectively for their [removed: time.][added: time and effort with every task.]

2 Based on the number of individual consumer accounts that have completed an order on our Marketplaces in the past month, measured as of December 31, [removed: 2023.][added: 2024.]

[removed: Local] [added: In particular, local] food delivery logistics, the largest category of our business today, is fragmented and intensely competitive.

[removed: Globally, we] [added: We also] compete with [removed: other local food delivery logistics platforms including Uber Eats, Just Eat Takeaway (including Grubhub, which it acquired in 2021), and Delivery Hero,] merchants that have their own online ordering platforms, online ordering systems, [removed: other] merchants that own and operate their own delivery fleets, grocers and grocery delivery services, convenience [added: stores] and convenience store delivery services, and companies that provide [removed: point-of-sale solutions and] merchant delivery services.

[removed: We also] [added: In addition, we] compete with traditional offline ordering channels, such as take-out offerings, telephone, and paper menus that merchants distribute to [removed: consumers as well as advertising that merchants place in local publications to attract] consumers.

[removed: With Drive, and as] [added: As] we continue to expand into [removed: other industry verticals beyond food,] [added: additional verticals,] we [removed: expect to] [added: may] compete [added: or come in closer competition] with additional businesses with substantial resources, users, and [removed: market and] brand power.

For additional information about the risks to our business related to competition, see the section titled “*Risk Factors—Risks Related to Our Business and Operations—We face intense competition and if we are unable to compete effectively, our business, financial condition, and results of operations [removed: would] [added: could] be adversely affected.*”

As of December 31, [removed: 2023,] [added: 2024,] we had over [removed: 19,300] [added: 23,700] employees worldwide.

In [removed: 2023, well over 7] [added: 2024, 8] million people dashed3, earning a total of over [removed: $15] [added: $18] billion.

Our goal with dashing is to provide as many people as we can with an opportunity to earn [removed: incremental income] [added: incrementally] in a way that fits their lives.

Since Dashers are independent contractors, we must compete for their time and effort with every [removed: order.][added: task.]

We compete against other [removed: earning] [added: earnings] opportunities, other sources of capital like loans or credit cards, as well as alternative uses of time like doing errands or leisure.

We know of no other [removed: earning] [added: earnings] opportunity that provides superior accessibility to dashing.

This allows Dashers to scale their effort to their [removed: earning] [added: earnings] needs.

3 Based on the number of Dasher accounts that have delivered an order through our platform in [removed: the past year, measured as of December 31, 2023.][added: 2024.]

- Earnings: [added: We must provide] Dashers [removed: dash in order] [added: with opportunities] to earn [removed: income, so we must provide earnings] that are competitive with alternative opportunities and commensurate with Dashers' expectations.

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: 224] [added: 244] issued U.S. patents, [removed: 9] [added: 25] patents issued in [removed: foreign] [added: non-U.S.] jurisdictions, [removed: 50] [added: 54] U.S. patent applications pending, and [removed: 23] [added: 21] patent applications pending in [removed: foreign] [added: non-U.S.] jurisdictions.

As of December 31, [removed: 2023,] [added: 2024,] we held [removed: 53] [added: 56] registered trademarks in the United States and [removed: 163] [added: 194] registered trademarks in [removed: foreign] [added: non-U.S.] jurisdictions.

We also have common law rights in some trademarks and numerous pending trademark applications in the United States and [removed: foreign] [added: non-U.S.] jurisdictions.

For additional information, see the sections titled “*Risk Factors—Risks Related to Our Intellectual Property—Intellectual property infringement assertions by third parties could result in significant [removed: costs*][added: costs and adversely affect our business, financial condition, results of operations, and reputation*” and “*Risk Factors—Risks Related to Our Intellectual Property—Failure to adequately protect our intellectual property could adversely affect our business, financial condition, and results of operation*s.”]

These laws, regulations, and standards govern issues such as worker classification, labor and employment, commissions and fees, anti-discrimination, payments, gift cards, whistleblowing and worker confidentiality obligations, product liability, environmental protection, personal injury, text messaging, membership services, intellectual property, consumer protection and warnings, marketing, advertising, taxation, privacy, data protection, [removed: data security,] [added: cybersecurity,] competition, unionizing and collective action, arbitration agreements and class action waiver provisions, terms of service, mobile application and website accessibility, money transmittal, and background checks.

These regulations are often complex and subject to varying interpretations, in many cases due to their lack of [removed: specificity, and] [added: specificity and,] as a result, their application in practice may change or develop over time through judicial decisions or as new guidance or [removed: interpretations are provided by regulatory and governing bodies, such as federal, national, state, and local administrative agencies.]

See the sections titled “*Risk Factors*,” including the sections titled “*—If Dashers that utilize our platform are reclassified as employees under U.S. federal or state law, or the laws of other jurisdictions in which we operate, [added: it could have an adverse effect that is material to] our business, financial condition, and results of [removed: operations would be adversely affected*”] [added: operations*”] and “*—Our business is subject to a variety of laws and regulations globally, including those related to worker classification, Dasher pay and conditions of work, merchant pricing and commissions, and consumer fees and taxes, many of which are unsettled and still developing, and any of which could subject us to legal claims, increased costs, operational burdens, or otherwise adversely affect our business, financial condition, or results of operations*” for additional information about the laws and regulations we are subject to and the risks to our business associated with such laws and regulations.

We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.

Our Marketplaces operate in over 30 countries, including the United States, and account for the vast majority of our revenue today.

We typically earn a fee from merchants for the services we provide based on the size of each transaction.

We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.

We seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide.

We typically charge consumers fees for each transaction, inclusive of a fixed delivery fee and a service fee that varies based on the size of the transaction.

In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help merchants grow, run, and operate their businesses on their own channels.

DoorDash Drive On-Demand and Wolt Drive (together, "Drive") are white-label delivery fulfillment services that generate the majority of revenue within our Commerce Platform.

In addition to Drive, we also provide services within our Commerce Platform that help merchants establish online ordering, build branded mobile apps, enable tableside order and pay, and improve customer support.

We typically pay Dashers based on the amount of time they are active on our platform or the number of tasks they complete and the time, distance, and desirability associated with each task.

We seek to attract Dashers primarily based on the accessibility, flexibility, and earnings opportunities we provide.

Globally, we compete with other local on-demand delivery companies, including Uber Eats, Just Eat Takeaway, Delivery Hero, and other local incumbents.

Certain international employees are subject to statutory collective bargaining agreements.

interpretations are provided by regulatory and governing bodies, such as federal, national, state, and local administrative agencies.

We aim to achieve this by providing logistics, technology, and other services that reduce friction in local commerce and enable local businesses to address consumers’ expectations of ease, immediacy, quality, and affordability.

We also enable merchants to advertise and promote on our platform in order to acquire new consumers and drive incremental sales.

Merchants can fulfill the demand generated on our Marketplaces through delivery, generally facilitated by our local commerce platform, or in-person pickup by consumers.

Our aim is to consistently improve our consumer value proposition by increasing the quantity and variety of merchants that are available on our Marketplaces, while also improving the level of convenience, quality, service, and affordability we provide.

In addition to our Marketplaces, which account for the vast majority of our revenue today, we offer services that help merchants build their own digital channels ("Platform Services"), primarily consisting of DoorDash Drive and Wolt Drive ("Drive"), which are white-label delivery fulfillment services that enable merchants that have generated consumer demand through their own channels to fulfill this demand using our platform.

Platform Services also includes DoorDash Storefront ("Storefront"), which enables merchants to create their own branded online ordering experience, providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-house engineering or logistics capabilities, and Bbot ("Bbot"), which offers merchants digital ordering and payment solutions for their in-store and online channels.

As we continue to expand our presence internationally, we will also face competition from local incumbents in these markets.

None of our employees are represented by a labor union.

Some of our diversity and inclusion programs at DoorDash include:

*Employee Resource Groups*

We support employee-led employee resource groups ("ERGs"), which foster a diverse and inclusive workplace.

We currently have nine ERGs: AAPI@DoorDash, Able@DoorDash, Black@DoorDash, Indigenous@DoorDash, Parents@DoorDash, Pride@DoorDash, Unidos@DoorDash, Veterans@DoorDash, and Women@DoorDash, all of which are open to people of all backgrounds.

*Mitigating Bias Mandatory Training*

During our talent review cycles, we provide custom-designed training to all people managers, focused on educating leaders on unconscious bias, upskilling leaders on mitigation tactics, and creating accountability through a scaled Bias Busters Program to ensure every room has a voice dedicating to mitigating bias.

A self-guided online training is mandatory for people managers of all levels, and a live, instructor-led training course with practical application exercises is mandatory for more senior leaders.

*and adversely affect our business, financial condition, results of operations, and reputation*” and “*Risk Factors—Risks Related to Our Intellectual Property—Failure to adequately protect our intellectual property could adversely affect our business, financial condition, and results of operation*s.”

We have been proactively working with state and local governments and regulatory bodies to ensure that our platform can continue to operate in the United States and [removed: foreign] [added: non-U.S.] jurisdictions.

AB 5 codified the standard in Dynamex regarding contractor classification, expanded [added: its application, and created numerous carve-outs.]

We have in the past been, are currently, and may in the future be the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning our business practices, the classification and compensation of Dashers, DoorDash Dasher pay models, compliance with consumer protection laws, privacy, [removed: data security,] [added: cybersecurity,] tax issues, unemployment insurance, workers’ compensation insurance, and other matters.

However, the ultimate resolution of the audit is uncertain and, accordingly, we have recorded an accrual for this matter within accrued expenses and other current liabilities on the consolidated balance sheets as of December 31, [removed: 2023.][added: 2024.]

In July 2024, the Supreme Court of California upheld the Court of Appeal's March 2023 ruling, leaving nearly all of Proposition 22 in place as state law.

its application, and created numerous carve-outs.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

The aggregate market value of the [added: voting and non-voting] common [removed: stock] [added: equity] held by non-affiliates of the registrant on June [removed: 30, 2023,] [added: 28, 2024,] the last business day of [removed: its] [added: the registrant's] most recently completed second fiscal quarter, was [removed: $24.9] [added: approximately $38.2] billion based on the closing price of the [removed: registrant’s] [added: registrant's] Class A common stock as reported by the [removed: New York Stock Exchange] [added: Nasdaq Global Select Market] on that date.

The registrant had outstanding [removed: 376,763,050] [added: 394,485,016] shares of Class A common stock, [removed: 27,241,161] [added: 25,611,068] shares of Class B common stock, and no shares of Class C common stock as of February [removed: 9, 2024.][added: 7, 2025.]

Portions of the registrant’s Definitive Proxy Statement relating to the [removed: 2024] [added: 2025] 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, [removed: 2023.][added: 2024.]

| [Table of [removed: Contents](#i6a22c27a760c44ce91ac7542d3c0f8da_7)] [added: Contents](#ic0821e224129473e8a16c76d783c20ce_7)] | | | [removed: [3](#i6a22c27a760c44ce91ac7542d3c0f8da_7)] [added: [3](#ic0821e224129473e8a16c76d783c20ce_7)] | | |

| [Item 1. [removed: Business](#i6a22c27a760c44ce91ac7542d3c0f8da_16)] [added: Business](#ic0821e224129473e8a16c76d783c20ce_16)] | | | [removed: [6](#i6a22c27a760c44ce91ac7542d3c0f8da_16)] [added: [6](#ic0821e224129473e8a16c76d783c20ce_16)] | | |

| [Item 1A. Risk [removed: Factors](#i6a22c27a760c44ce91ac7542d3c0f8da_19)] [added: Factors](#ic0821e224129473e8a16c76d783c20ce_19)] | | | [removed: [10](#i6a22c27a760c44ce91ac7542d3c0f8da_19)] [added: [10](#ic0821e224129473e8a16c76d783c20ce_19)] | | |

| [Item 1B. Unresolved Staff [removed: Comments](#i6a22c27a760c44ce91ac7542d3c0f8da_22)] [added: Comments](#ic0821e224129473e8a16c76d783c20ce_22)] | | | [removed: [51](#i6a22c27a760c44ce91ac7542d3c0f8da_22)] [added: [49](#ic0821e224129473e8a16c76d783c20ce_22)] | | |

| [Item 1C. [removed: Cybersecurity](#i6a22c27a760c44ce91ac7542d3c0f8da_1007)] [added: Cybersecurity](#ic0821e224129473e8a16c76d783c20ce_25)] | | | [removed: [51](#i6a22c27a760c44ce91ac7542d3c0f8da_1007)] [added: [49](#ic0821e224129473e8a16c76d783c20ce_25)] | | |

| [Item 2. [removed: Properties](#i6a22c27a760c44ce91ac7542d3c0f8da_25)] [added: Properties](#ic0821e224129473e8a16c76d783c20ce_28)] | | | [removed: [53](#i6a22c27a760c44ce91ac7542d3c0f8da_25)] [added: [50](#ic0821e224129473e8a16c76d783c20ce_28)] | | |

| [Item 3. Legal [removed: Proceedings](#i6a22c27a760c44ce91ac7542d3c0f8da_28)] [added: Proceedings](#ic0821e224129473e8a16c76d783c20ce_31)] | | | [removed: [53](#i6a22c27a760c44ce91ac7542d3c0f8da_28)] [added: [51](#ic0821e224129473e8a16c76d783c20ce_31)] | | |

| [Item 4. Mine Safety [removed: Disclosures](#i6a22c27a760c44ce91ac7542d3c0f8da_31)] [added: Disclosures](#ic0821e224129473e8a16c76d783c20ce_34)] | | | [removed: [55](#i6a22c27a760c44ce91ac7542d3c0f8da_31)] [added: [52](#ic0821e224129473e8a16c76d783c20ce_34)] | | |

| [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i6a22c27a760c44ce91ac7542d3c0f8da_37)] [added: Securities](#ic0821e224129473e8a16c76d783c20ce_40)] | | | [removed: [56](#i6a22c27a760c44ce91ac7542d3c0f8da_37)] [added: [53](#ic0821e224129473e8a16c76d783c20ce_40)] | | |

| [Item 6. [removed: \[Reserved\]](#i6a22c27a760c44ce91ac7542d3c0f8da_40)] [added: \[Reserved\]](#ic0821e224129473e8a16c76d783c20ce_43)] | | | [removed: [57](#i6a22c27a760c44ce91ac7542d3c0f8da_40)] [added: [54](#ic0821e224129473e8a16c76d783c20ce_43)] | | |

| [Item 7. Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i6a22c27a760c44ce91ac7542d3c0f8da_43)] [added: Operations](#ic0821e224129473e8a16c76d783c20ce_46)] | | | [removed: [57](#i6a22c27a760c44ce91ac7542d3c0f8da_43)] [added: [54](#ic0821e224129473e8a16c76d783c20ce_46)] | | |

| [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#i6a22c27a760c44ce91ac7542d3c0f8da_46)] [added: Risk](#ic0821e224129473e8a16c76d783c20ce_49)] | | | [removed: [72](#i6a22c27a760c44ce91ac7542d3c0f8da_46)] [added: [69](#ic0821e224129473e8a16c76d783c20ce_49)] | | |

| [Item 8. Financial Statements and Supplementary [removed: Data](#i6a22c27a760c44ce91ac7542d3c0f8da_49)] [added: Data](#ic0821e224129473e8a16c76d783c20ce_52)] | | | [removed: [74](#i6a22c27a760c44ce91ac7542d3c0f8da_49)] [added: [71](#ic0821e224129473e8a16c76d783c20ce_52)] | | |

| [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i6a22c27a760c44ce91ac7542d3c0f8da_145)] [added: Disclosure](#ic0821e224129473e8a16c76d783c20ce_151)] | | | [removed: [110](#i6a22c27a760c44ce91ac7542d3c0f8da_145)] [added: [109](#ic0821e224129473e8a16c76d783c20ce_151)] | | |

| [Item 9A. Controls and [removed: Procedures](#i6a22c27a760c44ce91ac7542d3c0f8da_148)] [added: Procedures](#ic0821e224129473e8a16c76d783c20ce_154)] | | | [removed: [110](#i6a22c27a760c44ce91ac7542d3c0f8da_148)] [added: [109](#ic0821e224129473e8a16c76d783c20ce_154)] | | |

| [Item 9B. Other [removed: Information](#i6a22c27a760c44ce91ac7542d3c0f8da_151)] [added: Information](#ic0821e224129473e8a16c76d783c20ce_157)] | | | [removed: [111](#i6a22c27a760c44ce91ac7542d3c0f8da_151)] [added: [110](#ic0821e224129473e8a16c76d783c20ce_157)] | | |

| [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i6a22c27a760c44ce91ac7542d3c0f8da_154)] [added: Inspections](#ic0821e224129473e8a16c76d783c20ce_163)] | | | [removed: [111](#i6a22c27a760c44ce91ac7542d3c0f8da_154)] [added: [110](#ic0821e224129473e8a16c76d783c20ce_163)] | | |

| [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#i6a22c27a760c44ce91ac7542d3c0f8da_160)] [added: Governance](#ic0821e224129473e8a16c76d783c20ce_169)] | | | [removed: [112](#i6a22c27a760c44ce91ac7542d3c0f8da_160)] [added: [111](#ic0821e224129473e8a16c76d783c20ce_169)] | | |

| [Item 11. Executive [removed: Compensation](#i6a22c27a760c44ce91ac7542d3c0f8da_163)] [added: Compensation](#ic0821e224129473e8a16c76d783c20ce_172)] | | | [removed: [112](#i6a22c27a760c44ce91ac7542d3c0f8da_163)] [added: [111](#ic0821e224129473e8a16c76d783c20ce_172)] | | |

| [Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder [removed: Matters](#i6a22c27a760c44ce91ac7542d3c0f8da_166)] [added: Matters](#ic0821e224129473e8a16c76d783c20ce_175)] | | | [removed: [112](#i6a22c27a760c44ce91ac7542d3c0f8da_166)] [added: [111](#ic0821e224129473e8a16c76d783c20ce_175)] | | |

| [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#i6a22c27a760c44ce91ac7542d3c0f8da_169)] [added: Independence](#ic0821e224129473e8a16c76d783c20ce_178)] | | | [removed: [112](#i6a22c27a760c44ce91ac7542d3c0f8da_169)] [added: [111](#ic0821e224129473e8a16c76d783c20ce_178)] | | |

| [Item 14. Principal Accountant Fees and [removed: Services](#i6a22c27a760c44ce91ac7542d3c0f8da_172)] [added: Services](#ic0821e224129473e8a16c76d783c20ce_181)] | | | [removed: [112](#i6a22c27a760c44ce91ac7542d3c0f8da_172)] [added: [111](#ic0821e224129473e8a16c76d783c20ce_181)] | | |

| [Item 15. Exhibits and Financial Statement [removed: Schedules](#i6a22c27a760c44ce91ac7542d3c0f8da_178)] [added: Schedules](#ic0821e224129473e8a16c76d783c20ce_187)] | | | [removed: [113](#i6a22c27a760c44ce91ac7542d3c0f8da_178)] [added: [112](#ic0821e224129473e8a16c76d783c20ce_187)] | | |

| [Item 16. Form 10-K [removed: Summary](#i6a22c27a760c44ce91ac7542d3c0f8da_181)] [added: Summary](#ic0821e224129473e8a16c76d783c20ce_190)] | | | [removed: [114](#i6a22c27a760c44ce91ac7542d3c0f8da_181)] [added: [114](#ic0821e224129473e8a16c76d783c20ce_190)] | | |

- our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, financial and operational metrics, our ability to determine reserves, and our ability to [removed: achieve, maintain,] [added: maintain] or increase long-term [removed: future] profitability;

- our expectations regarding outstanding litigation and [removed: legal] [added: legal, tax,] and regulatory matters;

- our ability to successfully integrate and realize the benefits of acquisitions, strategic partnerships, joint ventures, and [removed: investments][added: investments.]

| [Cover](#ic0821e224129473e8a16c76d783c20ce_1) | | | [1](#ic0821e224129473e8a16c76d783c20ce_1) | | |

| [Part I](#ic0821e224129473e8a16c76d783c20ce_13) | | | [6](#ic0821e224129473e8a16c76d783c20ce_13) | | |

| [Part II](#ic0821e224129473e8a16c76d783c20ce_37) | | | [53](#ic0821e224129473e8a16c76d783c20ce_37) | | |

| [Part III](#ic0821e224129473e8a16c76d783c20ce_166) | | | [111](#ic0821e224129473e8a16c76d783c20ce_166) | | |

| [Part IV](#ic0821e224129473e8a16c76d783c20ce_184) | | | [112](#ic0821e224129473e8a16c76d783c20ce_184) | | |

| [Signatures](#ic0821e224129473e8a16c76d783c20ce_193) | | | [115](#ic0821e224129473e8a16c76d783c20ce_193) | | |

| [Cover](#i6a22c27a760c44ce91ac7542d3c0f8da_1) | | | [1](#i6a22c27a760c44ce91ac7542d3c0f8da_1) | | |

| [Part I](#i6a22c27a760c44ce91ac7542d3c0f8da_13) | | | [6](#i6a22c27a760c44ce91ac7542d3c0f8da_13) | | |

| [Part II](#i6a22c27a760c44ce91ac7542d3c0f8da_34) | | | [56](#i6a22c27a760c44ce91ac7542d3c0f8da_34) | | |

| [Part III](#i6a22c27a760c44ce91ac7542d3c0f8da_157) | | | [112](#i6a22c27a760c44ce91ac7542d3c0f8da_157) | | |

| [Part IV](#i6a22c27a760c44ce91ac7542d3c0f8da_175) | | | [113](#i6a22c27a760c44ce91ac7542d3c0f8da_175) | | |

| [Signatures](#i6a22c27a760c44ce91ac7542d3c0f8da_184) | | | [115](#i6a22c27a760c44ce91ac7542d3c0f8da_184) | | |

Cybersecurity risk management is an important part of [removed: DoorDash’s] [added: our] enterprise risk management efforts.

We have an enterprise-wide [removed: information security] [added: 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.

In addition, we have [removed: implemented a] mandatory cybersecurity training [removed: and awareness program] designed to educate and train employees on how to identify and report cybersecurity threats.

We undergo periodic third-party assessments against recognized industry standards and practices, including an annual [added: payment card industry data security standard review of our security controls protecting payment card information.]

With respect to third-party service providers, our [removed: information security] [added: cybersecurity] program includes conducting due diligence and vendor risk assessment of relevant service providers’ [removed: information security] [added: cybersecurity] programs prior to onboarding, as well as ongoing monitoring through [removed: DoorDash’s] [added: our] third-party risk management [removed: policy] [added: policies] and [removed: program.][added: programs.]

[removed: We work with these third-party service providers to help ensure] their [removed: cybersecurity protocols are appropriate to the risk presented by their] access to or use of our systems and/or data, including notification and coordination concerning incidents occurring on third-party systems that may affect us.

Our service providers are contractually required to notify us promptly of [removed: information] security incidents that may affect our systems or data, including personal information.

Any actual or perceived cybersecurity incident or security or privacy breach could interrupt our operations, [removed: harm our brand,] subject us to claims, litigation, regulatory investigations and liability, and adversely affect our reputation, brand, business, financial condition, and results of operations*.”

Our board of directors [removed: has] [added: is responsible for overseeing] risk [removed: oversight responsibility] [added: management] for [removed: DoorDash] [added: the Company] and administers this responsibility both directly and with assistance from its committees.

As such, our audit committee receives regular updates on our cybersecurity program and is actively involved in reviewing our [removed: information security] [added: cybersecurity] and technology risks and opportunities, risk mitigation strategies, incident and industry trends, areas of emerging risks, and other areas of importance, including with respect to cybersecurity.

[removed: DoorDash’s cybersecurity program is led by its Chief Information] [added: The Interim] Security [removed: Officer (“CISO”), who] [added: Lead] is responsible for assessing and managing information security and technology risks [added: for DoorDash Operations] and reports to the General Counsel.

[removed: He] [added: She] has worked in security and technology for over [removed: 20] [added: 17] years, with the last 10 years spent in security leadership.

Wolt’s [removed: cybersecurity program is led by a Vice President of Security, who] [added: Chief Security Officer] is responsible for assessing and managing information security, technology, and physical security and safety [removed: risks,] [added: risks for Wolt Operations,] and reports to the Chief Executive Officer of Wolt.

[removed: Their] [added: Each of their respective] teams are composed of experienced personnel with a broad range of experience across the technology industry.

Management is responsible for assessing, identifying, and managing material cybersecurity risks, and both [removed: DoorDash’s CISO] [added: the Interim Security Lead] and Wolt’s [removed: Vice President of] [added: Chief] Security [added: Officer] and their [added: respective] teams meet regularly with each other and with members of management to review and evaluate our cybersecurity risks and risk management program.

As part of its oversight of cybersecurity risks, our audit committee receives regular updates on the risks and status of both the DoorDash and Wolt security [removed: programs, including from the DoorDash CISO and Wolt’s Vice President of Security and their teams.][added: programs.]

Our cybersecurity risk management framework is based on applicable laws and regulations, as well as industry recognized standards and practices, including a system and organization controls 2 (SOC 2 type II) examination for certain DoorDash Operations (as defined below), an ISO 27001 certification for certain Wolt Operations (as defined below), and an annual payment card industry data security standard review of our security controls protecting payment card information.

We work with these third-party service providers to help ensure their cybersecurity protocols are appropriate to the risk presented by

The Company's cybersecurity risk management is jointly led by (i) for all operations other than our Wolt Operations (“DoorDash Operations”), DoorDash, Inc.’s Director of Security Governance, Risk, and Compliance, who is currently serving as interim security lead (the “Interim Security Lead”) while the Company onboards a new Chief Information Security Officer, and (ii) for our international operations conducted under Wolt and its subsidiaries (“Wolt Operations”), Wolt’s Chief Security Officer.

She holds a bachelor's degree in finance and management information systems from the University of Maryland.

Our cybersecurity risk management framework is based on applicable laws and regulations, as well as industry recognized standards and practices.

payment card industry data security standard review of our security controls protecting payment card information.

He holds a B.S. in Computer Science from University of Illinois Springfield.

Including DoorDash, he has held a CISO role at four companies within the technology and e-commerce spaces.

Prior [added: to] December 9, 2020, there was no public trading market for our Class A common stock.

As of December 31, [removed: 2023,] [added: 2024,] there were [removed: 199] [added: 17] holders of record of our Class [removed: A] [added: B] common stock.

As of December 31, [removed: 2023,] [added: 2024,] there were [removed: 17] [added: 149] holders of record of our Class [removed: B] [added: A] common stock.

All shares of our Class B common stock are beneficially owned by Tony Xu, Andy Fang, or Stanley Tang or their [added: respective] affiliates.

As of December 31, [removed: 2023,] [added: 2024,] there were no holders of our Class C common stock.

The following table summarizes the share repurchase activity for the three months ended December 31, [removed: 2023:][added: 2024:]

| November 1 - 30 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | [removed: —] [added: 876] | |

| December 1 - 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | [removed: —] [added: 876] | |

| Total | | | | | | [removed: 689] [added: —] | | | | | | | | | | | | [removed: 689] [added: —] | | | | | | | | |

(1)In February [removed: 2023,] [added: 2024,] our board of directors authorized the repurchase of up to [removed: $750 million] [added: $1.1 billion] of our Class A common stock.

In connection with this authorization, we [added: have] entered into Rule 10b5-1 plans, which as of December 31, [removed: 2023] [added: 2024 has] resulted in [added: the] repurchase of [removed: all $750] [added: approximately $224] million [removed: under the February authorization.][added: of our Class A common stock in open market transactions.]

An investment of $100 is assumed to have been made in our Class A common stock and in each index on December 9, 2020, the date our Class A common stock began trading on a national stock exchange, and its relative performance [removed: is] [added: has been] tracked through December [removed: 29, 2023,] [added: 31, 2024,] the last trading day in [removed: 2023.][added: 2024.]

[removed: ][added: ]

| October 1 - 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 876 | |

The February 2024 authorization does not have an expiration date.

| October 1 - 31 | | | | | | 689 | | | | | | $ | 74.33 | | | | | 689 | | | | | | $ | — | |

No amounts remain available for repurchase under the February authorization as of December 31, 2023.

Use of Proceeds

Our initial public offering of our Class A common stock was effected pursuant to a registration statement on Form S-1 (File No. 333-250056), which was declared effective by the SEC on December 9, 2020.

There has been no material change in the planned use of proceeds from our initial public offering as described in our final prospectus filed with the SEC on December 8, 2020, pursuant to Rule 424(b) of the Securities Act.

| [Report of Independent Registered Public Accounting [removed: Firm](#i6a22c27a760c44ce91ac7542d3c0f8da_55)] [added: Firm](#ic0821e224129473e8a16c76d783c20ce_58)] | | | | | | [removed: [75](#i6a22c27a760c44ce91ac7542d3c0f8da_55)] [added: [72](#ic0821e224129473e8a16c76d783c20ce_58)] | | |

| [Consolidated Balance [removed: Sheets](#i6a22c27a760c44ce91ac7542d3c0f8da_58)] [added: Sheets](#ic0821e224129473e8a16c76d783c20ce_61)] | | | | | | [removed: [77](#i6a22c27a760c44ce91ac7542d3c0f8da_58)] [added: [74](#ic0821e224129473e8a16c76d783c20ce_61)] | | |

| [Consolidated Statements of [removed: Operations](#i6a22c27a760c44ce91ac7542d3c0f8da_64)] [added: Operations](#ic0821e224129473e8a16c76d783c20ce_67)] | | | | | | [removed: [78](#i6a22c27a760c44ce91ac7542d3c0f8da_64)] [added: [75](#ic0821e224129473e8a16c76d783c20ce_67)] | | |

[removed: | [Consolidated Statements of Comprehensive Loss](#i6a22c27a760c44ce91ac7542d3c0f8da_67) | | | | | | [79](#i6a22c27a760c44ce91ac7542d3c0f8da_67) | | |][added: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)]

| [Consolidated Statements of Redeemable Non-Controlling [removed: Interests](#i6a22c27a760c44ce91ac7542d3c0f8da_70)] [added: Interests](#ic0821e224129473e8a16c76d783c20ce_73)] [and Stockholders’ [removed: Equity](#i6a22c27a760c44ce91ac7542d3c0f8da_70)] [added: Equity](#ic0821e224129473e8a16c76d783c20ce_73)] | | | | | | [removed: [80](#i6a22c27a760c44ce91ac7542d3c0f8da_70)] [added: [77](#ic0821e224129473e8a16c76d783c20ce_73)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i6a22c27a760c44ce91ac7542d3c0f8da_73)] [added: Flows](#ic0821e224129473e8a16c76d783c20ce_76)] | | | | | | [removed: [82](#i6a22c27a760c44ce91ac7542d3c0f8da_73)] [added: [79](#ic0821e224129473e8a16c76d783c20ce_76)] | | |

| [Notes [removed: to](#i6a22c27a760c44ce91ac7542d3c0f8da_76)] [added: to](#ic0821e224129473e8a16c76d783c20ce_79)] [Consolidated Financial [removed: Statements](#i6a22c27a760c44ce91ac7542d3c0f8da_76)] [added: Statements](#ic0821e224129473e8a16c76d783c20ce_79)] | | | | | | [removed: [83](#i6a22c27a760c44ce91ac7542d3c0f8da_76)] [added: [80](#ic0821e224129473e8a16c76d783c20ce_79)] | | |

We have audited the accompanying consolidated balance sheets of DoorDash, Inc. and subsidiaries (the Company) as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive [removed: loss,] [added: income (loss),] redeemable non-controlling interests and stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The retained insurance deductibles reserves reflect the estimated cost for claims incurred but not [added: yet] paid and claims that have been incurred but not yet [removed: reported.][added: reported and any loss adjustment expense.]

The estimate of the Company’s retained insurance deductibles reserves as of December 31, [removed: 2023] [added: 2024] was [removed: $758 million.][added: $1.0 billion.]

| | | | December 31, [removed: 2022] [added: 2023] | | | | | | December 31, [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | 1,977 | | | | | $ | 2,656 | | [added: | | | $ | 4,019 | |]

| Short-term marketable securities | | | [removed: 1,544] [added: 1,422] | | | | | | [removed: 1,422] [added: 1,322] | | |

| Funds held at payment processors | | | [removed: 441] [added: 356] | | | | | | [removed: 356] [added: 436] | | |

| Accounts receivable, net | | | [removed: 400] [added: 533] | | | | | | [removed: 533] [added: 732] | | |

[removed: | Prepaid expenses] [added: Prepaid Expenses] and [removed: other current assets | | | 358 | | | | | | 630 | | |][added: Other Current Assets]

| Total current assets | | | [removed: 4,720] [added: 5,597] | | | | | | [removed: 5,597] [added: 7,386] | | |

| Long-term restricted cash [added: included in other assets] | | | 211 | | | | | | 11 | | | [added: | | | 12 | | |]

| Long-term marketable securities | | | [removed: 397] [added: 583] | | | | | | [removed: 583] [added: 835] | | |

| Operating lease right-of-use assets | | | 436 | | | | | | [removed: 436] [added: 389] | | |

| Property and equipment, net | | | [removed: 637] [added: 712] | | | | | | [removed: 712] [added: 778] | | |

| Intangible assets, net | | | [removed: 765] [added: 659] | | | | | | [removed: 659] [added: 510] | | |

| Goodwill | | | [removed: 2,370] [added: 2,432] | | | | | | [removed: 2,432] [added: 2,315] | | |

| [removed: Non-marketable] [added: Purchases of non-marketable] equity securities | | | [removed: 124] [added: (15)] | | | | | | [removed: 46] [added: (17)] | | | [added: | | | — | | |]

| Other assets | | | [removed: 129] [added: (90)] | | | | | | [removed: 363] [added: (96)] | | | [added: | | | (279) | | |]

| Total assets | | | $ | [removed: 9,789] [added: 10,839] | | | | | $ | [removed: 10,839] [added: 12,845] | |

| Accounts payable | | | $ | [removed: 157] [added: 216] | | | | | $ | [removed: 216] [added: 321] | |

| Operating lease liabilities | | | [removed: 55] [added: 68] | | | | | | 68 | | |

| Accrued expenses and other current liabilities | | | [removed: 2,332] [added: 3,126] | | | | | | [removed: 3,126] [added: 4,049] | | |

| Total current liabilities | | | [removed: 2,544] [added: 3,410] | | | | | | [removed: 3,410] [added: 4,438] | | |

| Operating lease liabilities | | | [removed: 456] [added: 454] | | | | | | [removed: 454] [added: 468] | | |

| Other liabilities | | | [removed: 21] [added: 162] | | | | | | [removed: 162] [added: 129] | | |

| Total liabilities | | | [removed: 3,021] [added: 4,026] | | | | | | [removed: 4,026] [added: 5,035] | | |

| Redeemable non-controlling interests | | | [removed: 14] [added: 7] | | | | | | 7 | | |

| Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, [removed: 2022 and 2023, 363,299] [added: 2023] and [added: 2024,] 375,987 [added: and 393,816] Class A shares issued and outstanding as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] respectively; 200,000 Class B shares authorized as of December 31, [removed: 2022 and 2023, 28,172] [added: 2023] and [added: 2024,] 27,241 [added: and 25,861] Class B shares issued and outstanding as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] respectively; 2,000,000 Class C shares authorized as of December 31, [removed: 2022] [added: 2023] and [removed: 2023,] [added: 2024,] zero Class C shares issued and outstanding as of December 31, [removed: 2022 and] 2023 [added: and 2024] | | | — | | | | | | — | | |

| Additional paid-in capital | | | [removed: 10,633] [added: 11,887] | | | | | | [removed: 11,887] [added: 13,165] | | |

| Accumulated other comprehensive income (loss) | | | [removed: (33)] [added: 73] | | | | | | [removed: 73] [added: (107)] | | |

| Restricted cash | | | 105 | | | | | | 190 | | |

| Net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders | | | | | | | | | | | | | | | | | |

| Basic | | | $ | (3.68) | | | | | $ | (1.42) | | | | | $ | 0.30 | |

| Diluted | | | $ | (3.68) | | | | | $ | (1.42) | | | | | $ | 0.29 | |

| Basic | | | 371,413 | | | | | | 392,948 | | | | | | 411,551 | | |

| Diluted | | | 371,413 | | | | | | 392,948 | | | | | | 430,242 | | |

| Balances as of December 31, 2023 | | | | | | $ | 7 | | | | | | | | 403,228 | | | | | | $ | — | | | | | $ | 11,887 | | | | | $ | (5,154) | | | | | $ | 73 | | | | | $ | 6,806 | |

| Recognition of redeemable non-controlling interest upon additional capital investment | | | | | | 6 | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Repurchase and retirement of common stock | | | | | | — | | | | | | | | | (2,128) | | | | | | — | | | | | | — | | | | | | (224) | | | | | | — | | | | | | (224) | | |

| Net income (loss) | | | | | | (6) | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 123 | | | | | | — | | | | | | 123 | | |

| Balances as of December 31, 2024 | | | | | | $ | 7 | | | | | | | | 419,677 | | | | | | $ | — | | | | | $ | 13,165 | | | | | $ | (5,255) | | | | | $ | (107) | | | | | $ | 7,803 | |

| Net income (loss) including redeemable non-controlling interests | | | $ | (1,368) | | | | | $ | (565) | | | | | $ | 117 | |

| Depreciation and amortization | | | 369 | | | | | | 509 | | | | | | 561 | | |

| Office lease impairment expenses | | | 2 | | | | | | — | | | | | | 83 | | |

| Restricted cash | | | — | | | | | | 105 | | | | | | 190 | | |

The Company's mission is to grow and empower local economies.

The Company aims to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.

The Company's Marketplaces operate in over 30 countries across the globe and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.

The Company also offers advertising as a value-added service through its Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.

The Company's Marketplaces compete for consumers based primarily on the selection, convenience, quality, affordability, and service provided.

The Company's Marketplaces also include consumer membership programs, DashPass and Wolt+, which aim to lower transactional friction by reducing the delivery and service fees charged, while providing additional membership benefits.

In addition to its Marketplaces, the Company offers its Commerce Platform, which is a suite of services that help merchants grow, run, and operate their businesses on their own channels.

In addition to Drive, the Company also provides services that help merchants establish online ordering, build branded mobile apps, enable tableside order and pay, and improve customer support.

See Note 3 – "Revenue" of these notes to the Company's consolidated financial statements for revenue by geography and Note 15 – "Segment Reporting" for significant expenses regularly provided to the Company's CODM.

Estimates include, but are not limited to, revenue recognition, allowances for credit losses, gift card breakage, estimated useful lives of property and equipment, capitalized software and website development costs, intangible assets, valuation of stock-based compensation, valuation of investments and other financial instruments

Restricted cash is classified as either current or non-current assets based on the estimated term of the remaining restriction.

Funds held at payment

Refer

Recent Accounting Pronouncements Adopted

The Company adopted ASU 2023-07 on January 1, 2024 and applied the amendment retrospectively to all prior periods presented on the Company's consolidated financial statements.

See Note 15 – "Segment Reporting" of these notes to the Company's consolidated financial statements for additional information.

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires disclosure, on an annual and interim basis, of specified information about certain costs and expenses in the notes to financial statements.

ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

Early adoption is permitted.

| | | | 2022 | | | | | | 2023 | | | | | | 2024 | | |

(1) No individual country outside the United States represented 10% or more of total consolidated revenue for the periods presented.

The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the consolidated balance

| | | | Year Ended December 31, 2024 | | |

| | | | 2022 | | | | | | 2023 | | | | | | 2024 | | |

| | | | 2022 | | | | | | 2023 | | | | | | 2024 | | |

February 20, 2024

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balances as of December 31, 2020 | | | | | | $ | — | | | | | | | | 318,503 | | | | | | $ | — | | | | | $ | 6,313 | | | | | $ | (1,613) | | | | | $ | — | | | | | $ | 4,700 | |

| Shares withheld related to net share settlement | | | | | | — | | | | | | | | | (851) | | | | | | — | | | | | | (172) | | | | | | — | | | | | | — | | | | | | (172) | | |

| Purchases of non-marketable equity securities | | | (409) | | | | | | (15) | | | | | | (17) | | |

| Repayment of convertible notes | | | (333) | | | | | | — | | | | | | — | | |

| Taxes paid related to net share settlement of equity awards | | | (172) | | | | | | — | | | | | | — | | |

| Long-term restricted cash | | | 2 | | | | | | 211 | | | | | | 11 | | |

| Supplemental disclosure of cash flow information | | | | | | | | | | | | | | | | | |

| Cash paid for interest | | | $ | 42 | | | | | $ | — | | | | | $ | — | |

The Company operates a local commerce platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy.

The Company operates a local commerce platform that connects merchants, consumers, and Dashers.

The Marketplaces provide a suite of services that enable merchants to establish an online presence, generate demand, seamlessly transact with consumers, and fulfill orders primarily through independent contractors who use the Company’s platform to deliver orders (“Dashers”).

As part of the Marketplaces, the Company also offers Pickup, which allows consumers to place advance orders, skip lines, and pick up their orders conveniently with no consumer fees, as well as DoorDash for Business, which provides merchants on the Company’s platform with large group orders and catering orders for businesses and events.

The DoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+.

DashPass and Wolt+ are the Company’s membership products, which provide members with unlimited access to eligible merchants with zero delivery fees and reduced service fees on eligible orders.

Platform Services also includes DoorDash Storefront ("Storefront"), which enables merchants to create their own branded online ordering experience, providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-house engineering or fulfillment capabilities, and Bbot, which offers merchants solutions for their in-store and online channels, including in-store digital ordering and payments.

Reclassifications

Certain amounts from prior periods have been reclassified to conform to the current period presentation.

See Note 3 – "Revenue" for revenue by geography.

Estimates include, but are not limited to, revenue recognition, allowances for credit losses, gift card

Costs

The order facilitation service and the

Revenue generated from such services is not material in all periods presented.

In prior periods, with limited history as to consumers' redemption patterns, proceeds from the sale of gift cards were fully deferred and recorded as contract liabilities until consumers used the card to place orders on its platform.

The Company considers its previously outstanding redeemable convertible preferred stock to be participating securities.

assumptions as of the acquisition date for options (1.7 million DoorDash options) and using the closing market price of the Company's Class A common stock on the acquisition date for RSUs (1.4 million DoorDash RSUs).

actual results of operations of the combined company would have been if the acquisition had occurred on January 1, 2021, nor are they indicative of future results of operations.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | 2021 | | | | | | 2022 | | |

| Net loss | | | | | | | | | | | | | | | $ | (1,039) | | | | | $ | (1,549) | |

| Balance as of December 31, 2021 | | | $ | 316 | |

| Acquisitions | | | 2,054 | | |

| Existing technology | | | 5.3 | | | | | | $ | 236 | | | | | $ | (88) | | | | | $ | 148 | |

| Merchant relationships | | | 10.0 | | | | | | 294 | | | | | | (26) | | | | | | 268 | | |

| Courier relationships | | | 0.4 | | | | | | 12 | | | | | | (7) | | | | | | 5 | | |

| Customer relationships | | | 2.4 | | | | | | 119 | | | | | | (30) | | | | | | 89 | | |

Based on such evaluation, our certifying officers have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of December 31, [removed: 2023.][added: 2024.]

Our management, under the oversight of our board of directors, evaluated the effectiveness of our internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] based on the framework in Internal Control-Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

There were no changes in our internal control over financial reporting identified in management's evaluation pursuant to Rules 13a-15(f) and 15d-15(f) under the Exchange Act during the quarter ended December 31, [removed: 2023] [added: 2024] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

On [removed: December 8, 2023,] [added: November 26, 2024, Stanley Tang, our co-founder and a member of our board of directors, and] the ST Trust under agreement dated October 2, [removed: 2019,] [added: 2019 (the "ST Trust"),] a stockholder whose shares may be deemed to be beneficially owned by Stanley Tang, [removed: our co-founder and a member of our board of directors,] adopted a [added: joint] Rule 10b5-1 trading arrangement providing for the sale from time to time of [added: (i) with respect to the ST Trust,] an aggregate of up to [removed: 600,000] [added: 654,919] shares of our Class A common [added: stock, and (ii) with respect to Stanley Tang, an aggregate of up to 108,081 shares of our Class A common] stock.

The duration of the trading arrangement is until February [removed: 28, 2025,] [added: 27, 2026,] or earlier if all transactions under the trading arrangement are completed.

On November 25, 2024, Ashley Still, a member of our board of directors, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 3,424 shares of our Class A common stock.

The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).

The duration of the trading arrangement is until February 27, 2026, or earlier if all transactions under the trading arrangement are completed.

The information required by this item, including information about our Directors, Executive Officers and Audit [removed: Committee and] [added: Committee,] Code of [removed: Conduct,] [added: Conduct and insider trading arrangements and policies,] is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the [removed: SEC,] [added: SEC] no later than 120 days after December 31, [removed: 2023.][added: 2024.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023.][added: 2024.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023.][added: 2024.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023.][added: 2024.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2023.][added: 2024.]

| 2.2 | | | | | | [Amendment to the Share Purchase Agreement, dated as of April 9, 2022, by and among DoorDash, Inc., Wolt Enterprises Oy and Mikko Kuusi, as the Securityholder [removed: Representative.](http://www.sec.gov/Archives/edgar/data/1792789/000119312522105587/d514690dex21.htm)] [added: Representative.](https://www.sec.gov/Archives/edgar/data/1792789/000119312522105587/d514690dex21.htm)] | | | | | | 8-K | | | | | | 001-39759 | | | | | | 2.1 | | | | | | April 14, 2022 | | |

| 3.2 | | | | | | [Certificate of Change of Registered [removed: Agent.](http://www.sec.gov/Archives/edgar/data/1792789/000162828023005131/dash-ex32fy2210xk.htm)] [added: Agent.](https://www.sec.gov/Archives/edgar/data/1792789/000162828023005131/dash-ex32fy2210xk.htm)] | | | | | | 10-K | | | | | | 001-39759 | | | | | | 3.2 | | | | | | February 27, 2023 | | |

| 3.3 | | | | | | [Amended and Restated Bylaws of the [removed: registrant.](http://www.sec.gov/Archives/edgar/data/1792789/000162828023005131/dash-exx33fy2210xk.htm)] [added: registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000162828023005131/dash-exx33fy2210xk.htm)] | | | | | | 10-K | | | | | | 001-39759 | | | | | | 3.3 | | | | | | February 27, 2023 | | |

| 4.1 | | | | | | [Form of Class A common stock certificate of the [removed: registrant.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex41.htm)] [added: registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex41.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 4.1 | | | | | | November 13, 2020 | | |

| 4.2 | | | | | | [Seventh Amended and Restated Investors’ Rights Agreement among the registrant and certain holders of its capital stock, dated as of June 17, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex42.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex42.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 4.2 | | | | | | November 13, 2020 | | |

| 4.3 | | | | | | [Description of Capital [removed: Stock.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-exx43fy2310xk.htm)] [added: Stock.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx43fy2410xkdescript.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.1+ | | | | | | [Form of Indemnification Agreement between the registrant and each of its directors and executive [removed: officers.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex101.htm)] [added: officers.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex101.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 10.1 | | | | | | November 13, 2020 | | |

| 10.2+ | | | | | | [DoorDash, Inc. 2020 Equity Incentive Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-ex102fy2310xk.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-39759] | | | | | | [added: 10.2] | | | | | | [added: February 20, 2024] | | |

| 10.3+ | | | | | | [DoorDash, Inc. 2020 Employee Stock Purchase Plan and related form [removed: agreements.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex103.htm)] [added: agreements.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex103.htm)] | | | | | | S-1/A | | | | | | 333-250056 | | | | | | 10.3 | | | | | | November 30, 2020 | | |

| 10.4+ | | | | | | [DoorDash, Inc. 2022 Inducement Equity Incentive Plan and related form agreements.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-ex104fy2310xk.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-39759] | | | | | | [added: 10.4] | | | | | | [added: February 20, 2024] | | |

| 10.5+ | | | | | | [DoorDash, Inc. 2014 Stock Plan, as amended, and related form [removed: agreements.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex104.htm)] [added: agreements.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex104.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 10.4 | | | | | | November 13, 2020 | | |

| 10.6+ | | | | | | [Executive Change in Control and Severance [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1792789/000162828024002922/dash-ex101form8xk20240201.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024002922/dash-ex101form8xk20240201.htm)] | | | | | | 8-K | | | | | | 001-39759 | | | | | | 10.1 | | | | | | February 1, 2024 | | |

| 10.7+ | | | | | | [Executive Incentive Compensation [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex106.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex106.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 10.6 | | | | | | November 13, 2020 | | |

| 10.8+ | | | | | | [Outside Director Compensation and Equity Ownership [removed: Policy.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex107.htm)] [added: Policy.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex107.htm)] | | | | | | [removed: S-1/A] [added: 10-Q] | | | | | | [removed: 333-250056] [added: 001-39759] | | | | | | [removed: 10.7] [added: 10.1] | | | | | | [removed: November 30, 2020] [added: May 1, 2024] | | |

| 10.9+ | | | | | | [Confirmatory Employment Letter between the registrant and Tony Xu, dated as of October 23, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex108.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex108.htm)] | | | | | | S-1/A | | | | | | 333-250056 | | | | | | 10.8 | | | | | | November 30, 2020 | | |

| 10.10+ | | | | | | [Confirmatory Employment Letter between the registrant and Prabir Adarkar, dated as of October 23, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex1010.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex1010.htm)] | | | | | | S-1/A | | | | | | 333-250056 | | | | | | 10.10 | | | | | | November 30, 2020 | | |

| 10.11+ | | | | | | [Confirmatory Employment Letter between the registrant and Keith Yandell, dated as of October 23, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex1011.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex1011.htm)] | | | | | | S-1/A | | | | | | 333-250056 | | | | | | 10.11 | | | | | | November 30, 2020 | | |

| 10.12+ | | | | | | [Employment Letter between the registrant and Tia Sherringham, dated as of May 3, [removed: 2022.](http://www.sec.gov/Archives/edgar/data/1792789/000162828022013038/dash-exx101q1fy2210xq.htm)] [added: 2022.](https://www.sec.gov/Archives/edgar/data/1792789/000162828022013038/dash-exx101q1fy2210xq.htm)] | | | | | | 10-Q | | | | | | 001-39759 | | | | | | 10.1 | | | | | | May 6, 2022 | | |

| 10.13+ | | | | | | [Confirmatory Employment Letter between the registrant and Ravi Inukonda, dated as of April 27, [removed: 2023.](http://www.sec.gov/Archives/edgar/data/1792789/000162828023016140/dash-exx101q1fy2310xqexxdo.htm)] [added: 2023.](https://www.sec.gov/Archives/edgar/data/1792789/000162828023016140/dash-exx101q1fy2310xqexxdo.htm)] | | | | | | 10-Q | | | | | | 001-39759 | | | | | | 10.1 | | | | | | May 5, 2023 | | |

| 10.14+ | | | | | | [DoorDash, Inc. 2014 Stock Plan Restricted Unit Agreement between the registrant and Tony Xu, dated as of November 24, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex1014.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex1014.htm)] | | | | | | S-1/A | | | | | | 333-250056 | | | | | | 10.14 | | | | | | November 30, 2020 | | |

| 10.15 | | | | | | [Form of Exchange Agreement among the registrant, each of Tony Xu, Andy Fang, and Stanley Tang, and certain related [removed: entities.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1015.htm)] [added: entities.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1015.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 10.15 | | | | | | November 13, 2020 | | |

| 10.16 | | | | | | [Form of Equity Exchange Right Agreement between the registrant and each of Tony Xu, Andy Fang, and Stanley [removed: Tang.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1016.htm)] [added: Tang.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1016.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 10.16 | | | | | | November 13, 2020 | | |

| 10.17 | | | | | | [Amended and Restated Revolving Credit and Guaranty Agreement among the registrant, the guarantors party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A. as administrative agent, dated as of August 7, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1017.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1017.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 10.17 | | | | | | November 13, 2020 | | |

| 10.18 | | | | | | [Amendment Agreement, dated as of October 31, 2022, relating to the Amended and Restated Revolving Credit and Guaranty Agreement among the registrant, the guarantors party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, dated as of August 7, 2022.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-ex1018fy2310xk.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-39759] | | | | | | [added: 10.18] | | | | | | [added: February 20, 2024] | | |

| [removed: 10.19] [added: 10.20] | | | | | | [Office Lease between the registrant and Kilroy Realty 303, LLC, dated as of October 18, 2018, as amended on July 30, [removed: 2019.](http://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1019.htm)] [added: 2019.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520292381/d752207dex1019.htm)] | | | | | | S-1 | | | | | | 333-250056 | | | | | | 10.19 | | | | | | November 13, 2020 | | |

| 21.1 | | | | | | [List of subsidiaries of the [removed: registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-exx211fy2310xk.htm)] [added: registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-fy2410xkxexx211.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 23.1 | | | | | | [Consent of KPMG LLP, independent registered public accounting [removed: firm](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-exx231fy2310xk.htm).] [added: firm](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx231fy2410xk.htm).] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 24.1 | | | | | | [Power of Attorney (included in signature pages [removed: hereto).](#i6a22c27a760c44ce91ac7542d3c0f8da_184)] [added: hereto).](#ic0821e224129473e8a16c76d783c20ce_193)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 31.1 | | | | | | [Certification of the Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-exx311fy2310xk.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx311fy2410xk.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 31.2 | | | | | | [Certification of the Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-exx312fy2310xk.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx312fy2410xk.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 32.1* | | | | | | [Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-exx321fy2310xk.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx321fy2410xk.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 97.1 | | | | | | [Compensation Recovery Policy.](https://www.sec.gov/Archives/edgar/data/1792789/000162828024005600/dash-exx971fy2310xk.htm) | | | | | | [added: 10-K] | | | | | | [added: 001-39759] | | | | | | [added: 97.1] | | | | | | [added: February 20, 2024] | | |

| 104 | | | | | | The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2023] [added: 2024] has been formatted in Inline XBRL. | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.19 | | | | | | [Amendment Agreement, dated as of April 26, 2024, by and among](https://www.sec.gov/Archives/edgar/data/0001792789/000119312524127459/d819370dex101.htm) [the regis](https://www.sec.gov/Archives/edgar/data/0001792789/000119312524127459/d819370dex101.htm)[trant](https://www.sec.gov/Archives/edgar/data/0001792789/000119312524127459/d819370dex101.htm)[, the guarantors party thereto, the lenders party thereto, the issuing banks party thereto, and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/Archives/edgar/data/0001792789/000119312524127459/d819370dex101.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 10.1 | | | | | | May 1, 2024 | | |

| 19.1 | | | | | | [I](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx191insidertradingp.htm)[nsider Trading](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx191insidertradingp.htm) [Policy.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx191insidertradingp.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | |

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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, in San Francisco, California, on the [removed: 20th] [added: 14th] day of February, [removed: 2024.][added: 2025.]

| /s/ Tony Xu | | | | | | Chief Executive Officer and Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Ravi Inukonda | | | | | | Chief Financial Officer | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Gordon Lee | | | | | | Chief Accounting Officer | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Shona L. Brown | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ L. John Doerr | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Andy Fang | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Alfred Lin | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Elinor Mertz | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Diego Piacentini | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Ashley Still | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Stanley Tang | | | | | | Director | | | | | | February [removed: 20, 2024] [added: 14, 2025] | | |

| /s/ Jeffrey Blackburn | | | | | | Director | | | | | | February 14, 2025 | | |

| Jeffrey Blackburn | | | | | | | | | | | | | | |

| /s/ Greg Peters | | | | | | Director | | | | | | February 20, 2024 | | |

| Greg Peters | | | | | | | | | | | | | | |