DoorDash (DASH) 10-K risk factor changes: FY2025 vs FY2024

- We expect [removed: a number of factors to cause] our results of operations to fluctuate on a quarterly and annual [removed: basis,] [added: basis due to a number of factors,] which may make it difficult to predict our future performance;

- Systems failures and resulting interruptions in the availability of our websites, mobile applications, [added: technology infrastructure,] or platform could adversely affect our business, financial condition, and results of operations;

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

- Our business is subject to a variety of laws and regulations globally, [removed: 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;

- The multi-class structure of our common stock and the voting agreement and irrevocable proxy (the "Voting Agreement"), between Tony Xu, Andy Fang, and Stanley Tang (our "Co-Founders"), has the effect of concentrating voting power with Tony Xu, our co-founder, Chief Executive Officer, and Chair of our board of [added: directors, which will limit your ability to influence the outcome of matters submitted to our stockholders for approval; and]

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

[removed: -] [added: An] increase [removed: the number of and retain existing merchants, consumers, and Dashers using] [added: in merchants attracts more consumers to] our [removed: platform;][added: platform and an increase in consumers attracts more merchants.]

- [added: our ability to] successfully compete with current and future competitors;

- [added: our ability to] successfully expand [added: and manage] our business in existing markets and categories and [added: successfully] enter new markets and categories;

- [added: the impact of acquired technologies and businesses and our ability to] successfully integrate acquired technologies and businesses into our own;

- [added: our ability to] maintain and enhance the value of our reputation and brand;

- [added: our ability to keep pace with technology changes in our industry and to] adapt to rapidly evolving trends in the ways merchants and consumers interact with technology;

- [added: our ability to] develop and maintain a scalable, high-performance technology infrastructure that can efficiently and reliably handle increased usage, as well as the deployment and integration of new features, services, and technologies;

- [added: our ability to] hire, integrate, motivate, and retain talented technology, sales, customer service, and other personnel;

If [removed: our assumptions regarding these risks and uncertainties, which] we [removed: use to plan and operate our business,] are [removed: incorrect or change, or if we do not address] [added: unable to manage] these risks [removed: successfully,] [added: effectively,] our [removed: results of] [added: international] operations [removed: could differ materially from our expectations] [added: may not be successful,] and our business, financial condition, and results of operations could be adversely affected.

[removed: While we achieved net income in] [added: Prior to] the year ended December 31, 2024, we incurred net losses in each [removed: preceding] year since our founding.

We expect [added: that] our costs will increase over time and we expect to invest significant additional funds [removed: towards growing] [added: to grow] our business.

[removed: We] [added: For example, we] have expended and expect to continue to expend substantial financial and other resources on developing our [removed: platform,] [added: business,] including expanding our platform offerings, developing or acquiring new platform features and services, acquiring and integrating technologies and businesses, [added: attracting and retaining merchants, consumers, and Dashers,] expanding into new markets and categories, and increasing our sales and marketing efforts.

These efforts may be more costly than we [removed: expect and] [added: expect,] may not result in sufficient increased revenue or growth in our business to offset such [removed: costs.][added: costs, and may come at the expense of, or in lieu of, pursuing other strategic initiatives with higher potential returns on investment.]

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

Our past revenue growth rate, growth in demand for our offerings, and financial performance [added: may not be, and] should not [removed: necessarily] be [removed: considered] [added: relied upon as,] indicative of our future performance.

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: or] increasing regulatory [removed: costs.][added: costs, or other reasons that may be identified in this "Risk Factors" section.]

If our [removed: revenue] growth rate declines, [removed: investors’ perceptions] [added: public perception] of our business and the trading price of our Class A common stock could be adversely affected.

Globally, we compete with other local on-demand delivery companies, such as [added: Amazon,] Uber Eats, [removed: Just Eat Takeaway,] [added: Prosus,] Delivery Hero, and other local incumbents.

In addition, we compete with traditional offline ordering channels, such as [added: in-store dining,] take-out offerings, telephone, and paper menus that merchants distribute to consumers.

[removed: If certain merchants choose to partner with our] competitors in a specific geographic market, [removed: or] if merchants choose to engage exclusively with our competitors, [added: or if merchants decide to not partner with us at all,] we may lack a sufficient variety and supply of merchant options or lack access to the most popular merchants, such that our offering would become less appealing to consumers.

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

Our competitors [removed: could also] [added: have introduced in the past, and may] introduce [added: in the future,] new offerings with competitive price and performance characteristics or undertake more aggressive marketing campaigns than ours.

Many of our competitors are well capitalized and may offer discounted services, lower merchant commission rates and consumer fees, greater incentives for merchants joining their platforms and independent contractors who provide delivery [added: 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.]

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 [added: or other] concessions as a result of increased competition, our business, financial condition, and results of operations could be adversely affected.

We believe that growth of our business and revenue is dependent on our ability to cost-effectively grow our platform by retaining our existing merchants and consumers and adding new merchants and [removed: consumers, including in new markets.][added: consumers.]

[removed: In expanding our operations into new markets] [added: We expect] to [added: continue to incur substantial expenses to] acquire additional merchants and [removed: consumers, we may be placed into unfamiliar competitive environments, and we may invest significant resources] [added: consumers] with the possibility that the return on such investments will not be achieved [removed: for several years] [added: in the expected timeframe] or at all.

[removed: In addition, if] [added: If] merchants on our platform [removed: were to] cease operations, temporarily or permanently, or face financial distress or other business disruption, [removed: or if our relationships with merchants on our platform deteriorate,] we may not be able to provide consumers with sufficient merchant [removed: selection.][added: selection, which may cause us to lose consumers or cause consumers to use our services less frequently.]

Our agreements with partner merchants generally remain in effect until terminated by [added: us or] partner [added: merchants, and partner] merchants [added: may generally terminate such agreements by providing us at least 7] or [removed: us.][added: 30 days' advance notice.]

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

Additionally, many of our consumers initially access our platform to take advantage of certain promotions, such as [removed: discounts and other reduced fees.]

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

However, these consumers may never convert to a paid [removed: membership] [added: version] of our membership products or access our platform after they take advantage of our promotions.

If we are not able to expand our consumer base, convert our consumers to regular paying consumers, or increase the spending of our current consumer base on our platform, demand for our full-price or paid [removed: services, including DashPass and Wolt+,] [added: services] and our revenue may grow slower than expected or decline.

Our continued growth depends in part on our ability to cost-effectively attract and retain Dashers who satisfy our screening criteria and [removed: procedures] [added: procedures,] and to increase the use of our platform by existing Dashers.

- We have been subject to cybersecurity incidents in the past and anticipate being the target of future attacks.

Any actual or perceived cybersecurity incident or security or privacy breach, particularly those involving our key systems, data, or critical third-party providers, could interrupt our operations, subject us to claims, litigation, regulatory investigations and liability, and adversely affect our reputation, brand, business, financial condition, and results of operations;

- The impact of adverse economic conditions and other trends, including the resulting effects on consumer spending and merchant operations, may adversely affect our business, financial condition, and results of operations;

As a result of these expansions and changes, as well as a variety of factors that may be out of our control, such as the macroeconomic and regulatory environment, our results of operations have, and we expect that they will continue to, vary from quarter to quarter and year to year.

As a result of the changes to, and expansion of, our business, as well as risks and challenges that are outside of our control, we may not be able to accurately forecast our revenue and plan our operating expenses, which may harm our ability to achieve or sustain profitability or meet our forecasted cash flows.

If certain merchants choose to partner with our

discounts and other reduced fees.

In addition, we may modify our logistics models from time to time and Dashers may or may not find such modifications useful or favorable.

Our business interruption

- difficulties integrating and realizing the anticipated benefits of new business models, lines of business, and adjacent technologies from acquisitions into our operations;

- adverse market reaction to an acquisition.

- increased difficulty achieving profitability, operating leverage and scale as a result of continued expansion across jurisdictions rather than concentrated growth in fewer jurisdictions;

- difficulty complying with varying laws, regulatory standards or other requirements from applicable authorities across jurisdictions and obtaining any required government approvals, licenses, or other authorizations;

- public health concerns or emergencies.

consumers, or Dashers and which may result in lower commissions or fees, which could adversely affect our business, financial condition, and results of operations.

For example, we are in the process of developing a new global technology platform for product development and operations, which will require both direct and opportunity costs, but is expected to increase our pace of global product development, enhance developer productivity through AI-native tooling, and improve operational consistency globally.

In addition, our continued expansion into new verticals and geographies may also require us to adapt to different labor arrangements, including, but not limited to, engagement with works councils and potential negotiated agreements with labor unions, and may require us to adapt our employment and operational practices with respect to those new verticals and geographies.

Continued

- a failure to provide sustainable delivery and packaging options or incorporate sustainability practices more broadly into our business;

For example, in October 2025, we identified and disclosed a cybersecurity incident in which an employee was the target of a social engineering scheme that enabled an unauthorized third party to gain access to certain internal systems and obtain limited contact information relating to a mix of users, including merchants, consumers, and Dashers that use our platform.

Although we determined that this incident did not have a material impact on our business, results of operations, or financial condition, it required us to devote significant time and resources to investigation, remediation, and notification, and underscores the ongoing risks posed by these and other schemes.

Our reliance on third-party vendors, contractors, and SaaS providers creates additional cybersecurity risks.

Many of our critical business operations depend on external providers for hosting, cloud services, data analytics, customer support, and other key functions.

If these third parties experience a cybersecurity incident, fail to implement adequate security measures, misconfigure their systems, or otherwise do not comply with our security, privacy, or contractual requirements, our systems and data could be exposed to unauthorized access, loss, or misuse, resulting in significant operational disruption, regulatory scrutiny, financial losses, or reputational harm.

These risks are heightened by the potential for misconfigurations, excessive or improperly managed access permissions, and other human errors in administering our systems and data.

Even as we enhance training, access management, and monitoring, insider threats, including social-engineering attacks on personnel with elevated privileges or access to sensitive systems, remain a significant risk.

For example, in 2025, we announced a multi-year initiative to develop a new global technology platform for product development and operations, which has and will continue to entail both direct and opportunity costs in the near term but, as work progresses, we expect will increase

our pace of global product development, enhance developer productivity through AI-native tooling, and improve operational consistency across all of our geographies.

While we have

For example, companies operating in different industries are developing and have begun implementing autonomous technologies, and we believe that they may use these technologies to compete with us in the delivery or logistics industries.

Our implementation of autonomous technologies may take longer than initially anticipated and may require more upfront capital investment that may not generate return on investment.

In addition, laws and regulations governing autonomous and drone technology are relatively nascent and rapidly evolving, and the scope and interpretation of these and related or similar laws, and whether they are applicable to us, are often uncertain.

New or existing regulation in this area may impair our ability to deploy technology that we believe may allow our platform to operate more efficiently and effectively.

personnel, and rolling out relevant technologies and processes.

In some cases, we are also leveraging our self-operated retail locations to enable fulfillment services on behalf of third-party merchants, which has required, and is expected to continue requiring, additional investment and operational enhancements.

In addition, other seasonal trends may develop and the

As we continue to expand globally, our foreign currency exposure is expected to increase.

of our business, we may not achieve our strategic goals.

at companies we acquire, which involves significant time and resources, and any failure to do so could impact our ability to meet our financial reporting obligations.

The procurement of third-party AI tools and the development of our own have required and are expected to continue requiring significant investment, and if, for the reasons described below and other reasons, we are unable to realize the benefits of this investment, our business, financial condition, and results of operations could be adversely affected.

- We have a limited operating history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful;

directors, which will limit your ability to influence the outcome of matters submitted to our stockholders for approval; and

We have a limited operating history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

This limited operating history and our evolving business make it difficult to evaluate our future prospects and the risks and challenges we may encounter.

These risks and challenges include our ability to:

- accurately forecast our revenue and plan our operating expenses;

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

- avoid interruptions or disruptions in our service;

- effectively manage rapid growth in our personnel and operations;

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

- effectively manage our costs related to Dashers.

If we fail to address the risks and difficulties that we face, including those associated with the challenges listed above as well as those described elsewhere in this “Risk Factors” section, our business, financial condition, and results of operations could be adversely affected.

Further, because we have relatively limited historical financial data and operate in a rapidly evolving market, any predictions about our future results of operations may not be as accurate as they would be if we had a longer operating history or operated in a more predictable market.

We incurred a net loss of $558 million and achieved net income of $123 million in 2023 and 2024, respectively, and as of December 31, 2023 and 2024, we had an accumulated deficit of $5.2 billion and $5.3 billion, respectively.

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

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.

In addition, the stock-based compensation expense related to our restricted stock units ("RSUs") and other outstanding equity awards will result in increased expenses in future periods.

As of December 31, 2024, we had $1.6 billion of unrecognized stock-based compensation expense related to RSUs and other outstanding equity awards.

Our business has grown rapidly during various periods since our founding.

You should not rely on our revenue or key business metrics for any previous quarterly or annual period as any indication of our revenue, revenue growth, key business metrics, or key business metrics growth in future periods.

We also expect to continue to make investments in the development and expansion of our business, which may not result in sufficient revenue or growth to offset the cost of such investments.

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.

Further, the markets in which we compete have attracted significant investments from a wide range of funding sources, and we anticipate that many of our competitors will continue to be highly capitalized.

These investments, along with the other competitive advantages discussed above, may allow our competitors to continue to lower their prices and fees, or increase the incentives, discounts, and promotions they offer, and compete more effectively against us.

As a result of the reasons described above, we may not be able to compete successfully.

The increase in merchants attracts more consumers to our platform and the increase in consumers attracts more merchants.

We expect to continue to incur substantial expenses to acquire additional merchants and consumers.

We cannot assure you that the revenue from the merchants and consumers we acquire will ultimately exceed the cost of acquisition.

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

In the event that our partner merchants terminate their agreements with us, the merchant selection available on our local commerce platform could be adversely affected.

Our results of operations have historically varied from period to period, and we expect that our results of operations will continue to vary significantly from quarter to quarter and year to year because of a variety of factors, many of which are outside of our control.

- our ability to accurately forecast revenue and appropriately plan expenses;

- the effects of increased competition on our business;

- our ability to successfully expand in existing markets and successfully enter new markets;

- our ability to successfully integrate acquired technologies and businesses;

- changes in consumer behavior with respect to on-demand delivery;

- increases in marketing, sales, and other operating expenses that we may incur to grow and acquire new merchants, consumers, and Dashers;

- our ability to maintain an adequate rate of growth and effectively manage that growth;

- our ability to maintain and increase traffic to our platform;

*In addition, this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section generally discusses [removed: 2024 and 2023] [added: 2025] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2024] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] 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: 2023,] [added: 2024,] filed with the SEC on February [removed: 20, 2024.*][added: 14, 2025.*]

Our primary offerings include the DoorDash [removed: Marketplace and] [added: Marketplace,] the Wolt [added: Marketplace, and the Deliveroo] Marketplace [removed: (our] [added: (together, our] "Marketplaces"), and our Commerce Platform.

Our Marketplaces operate in over [removed: 30] [added: 40] countries [removed: 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.

Our Marketplaces [removed: compete for] [added: seek to attract and retain] consumers based primarily on the selection, convenience, quality, affordability, and service we provide.

Our Marketplaces also offer our consumer membership programs, [removed: DashPass and] [added: DashPass,] Wolt+, [added: and Deliveroo Plus,] 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 [added: empower] merchants [removed: grow, run,] [added: to build, operate,] and [removed: operate] [added: grow] their businesses on their own channels.

[removed: In addition to Drive,] [added: Within our Commerce Platform,] we [removed: also provide] [added: offer white-label delivery fulfillment] services [added: ("Drive") as well as services] that help merchants establish online ordering, build branded mobile apps, [added: manage reservations and in-store dining, manage consumer relationships,] enable tableside order and pay, and improve customer support.

We use the [removed: following] [added: below] financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic [removed: decisions:][added: decisions.]

| *(in millions, except percentages)* | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

| Total Orders | | | | | | [removed: 1,736] [added: 2,161] | | | | | | [removed: 2,161] [added: 2,583] | | | | | | [removed: 2,583] [added: 3,172] | | |

| *Total Orders Y/Y growth* | | | | | | [removed: 25] [added: 24] | | % | | | | [removed: 24] [added: 20] | | % | | | | [removed: 20] [added: 23] | | % |

| Marketplace GOV | | | | | | $ | [removed: 53,414] [added: 66,771] | | | | | $ | [removed: 66,771] [added: 80,231] | | | | | $ | [removed: 80,231] [added: 102,018] | |

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

| Revenue | | | | | | $ | [removed: 6,583] [added: 8,635] | | | | | $ | [removed: 8,635] [added: 10,722] | | | | | $ | [removed: 10,722] [added: 13,717] | |

| *Revenue Y/Y growth* | | | | | | [removed: 35] [added: 31] | | % | | | | [removed: 31] [added: 24] | | % | | | | [removed: 24] [added: 28] | | % |

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

| GAAP gross profit | | | | | | $ | [removed: 2,824] [added: 3,860] | | | | | $ | [removed: 3,860] [added: 4,979] | | | | | $ | [removed: 4,979] [added: 6,686] | |

| GAAP gross profit as a % of Marketplace GOV | | | | | | [removed: 5.3] [added: 5.8] | | % | | | | [removed: 5.8] [added: 6.2] | | % | | | | [removed: 6.2] [added: 6.6] | | % |

| Contribution Profit(1) | | | | | | $ | [removed: 1,567] [added: 2,482] | | | | | $ | [removed: 2,482] [added: 3,474] | | | | | $ | [removed: 3,474] [added: 4,840] | |

| Contribution Profit as a % of Marketplace GOV | | | | | | [removed: 2.9] [added: 3.7] | | % | | | | [removed: 3.7] [added: 4.3] | | % | | | | [removed: 4.3] [added: 4.7] | | % |

| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders | | | | | | $ | [removed: (1,365)] [added: (558)] | | | | | $ | [removed: (558)] [added: 123] | | | | | $ | [removed: 123] [added: 935] | |

| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV | | | | | | [removed: (2.6)] [added: (0.8)] | | % | | | | [removed: (0.8)] [added: 0.2] | | % | | | | [removed: 0.2] [added: 0.9] | | % |

| Adjusted EBITDA(1) | | | | | | $ | [removed: 361] [added: 1,190] | | | | | $ | [removed: 1,190] [added: 1,900] | | | | | $ | [removed: 1,900] [added: 2,779] | |

| *Adjusted EBITDA as a % of Marketplace GOV* | | | | | | [removed: 0.7] [added: 1.8] | | % | | | | [removed: 1.8] [added: 2.4] | | % | | | | [removed: 2.4] [added: 2.7] | | % |

| Weighted-average diluted shares outstanding | | | | | | [removed: 371] [added: 393] | | | | | | [removed: 393] [added: 430] | | | | | | [removed: 430] [added: 440] | | |

[removed: *(1)*Contribution] [added: (1)Contribution] Profit and Adjusted EBITDA are non-GAAP financial measures.

Total Orders grew to [removed: 2.6] [added: 3.2] billion in [removed: 2024,] [added: 2025,] a [removed: 20%] [added: 23%] increase compared to [removed: 2023.][added: 2024.]

The increase in Total Orders was driven primarily by growth in [removed: consumers] [added: the number of consumers, including partially as a result of our acquisition of Deliveroo,] and growth in average consumer engagement.

We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, [removed: tips4,] [added: tips5,] and any applicable consumer fees, including membership fees related to [removed: DashPass] [added: DashPass, Wolt+,] and [removed: Wolt+.][added: Deliveroo Plus.]

Marketplace GOV grew to [removed: $80.2] [added: $102.0] billion in [removed: 2024,] [added: 2025,] a [removed: 20%] [added: 27%] increase compared to [removed: 2023,] [added: 2024,] driven primarily by growth in Total Orders.

Contribution Profit increased to [removed: $3.5] [added: $4.8] billion in [removed: 2024] [added: 2025] from [removed: $2.5] [added: $3.5] billion in [removed: 2023,] [added: 2024,] driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.

Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, 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 income, net, (ix) other [added: (income)] expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Adjusted EBITDA increased to [removed: $1.9] [added: $2.8] billion in [removed: 2024] [added: 2025] from [removed: $1.2] [added: $1.9] billion in [removed: 2023,] [added: 2024,] driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.

[removed: 4] [added: 5] Dashers receive 100% of tips.

| *(in millions)* | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

| Cost of revenue, exclusive of depreciation and amortization shown separately below | | | | | | [removed: 3,588] [added: 4,589] | | | | | | [removed: 4,589] [added: 5,542] | | | | | | [removed: 5,542] [added: 6,738] | | |

| Sales and marketing | | | | | | [removed: 1,682] [added: 1,876] | | | | | | [removed: 1,876] [added: 2,037] | | | | | | [removed: 2,037] [added: 2,476] | | |

| Research and development | | | | | | [removed: 829] [added: 1,003] | | | | | | [removed: 1,003] [added: 1,168] | | | | | | [removed: 1,168] [added: 1,431] | | |

| General and administrative | | | | | | [removed: 1,147] [added: 1,235] | | | | | | [removed: 1,235] [added: 1,452] | | | | | | [removed: 1,452] [added: 1,600] | | |

As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors.

These factors include, but are not limited to, those highlighted in this Annual Report on Form 10-K, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued investment in our non-U.S. operations, in our global technology platform, and to increase system capacity for Dashers and in support of longer distance and higher effort deliveries.

Certain of these and other factors may not be within our control.

Net Revenue Margin was 13.4% in 2025, consistent with 2024.

Free Cash Flow was $1.8 billion in 2025, consistent with 2024.

Free Cash Flow remained flat as the increase in net cash provided by operating activities was largely offset by a comparable increase in purchases of property and equipment, as well as capitalized software and website development costs.

| *(in millions)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | |

| *(in millions)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | |

| Revenue | | | | | | $ | 8,635 | | | | | $ | 10,722 | | | | | $ | 13,717 | | | | | | | | | | | | | | | | | $ | 2,995 | | | | | 28 | | % |

Revenue increased by $3.0 billion, or 28%, in 2025, compared to 2024.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

General and administrative expenses increased by $148 million or 10% in 2025, compared to 2024.The increase was primarily driven by an increase of $98 million in transaction-related costs mainly associated with the acquisitions in 2025 and an increase of $96 million in personnel-related compensation expenses, exclusive of stock-based compensation expense related to the CEO performance award, partially offset by a $72 million decrease in office lease impairment expenses.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

Interest income, net primarily consists of interest earned on our cash, cash equivalents, and investments, net of interest costs, as well as interest earned on cash held in escrow under the Escrow Agreement as defined in Note 10 - "Commitments and Contingencies" included in Part II, Item 8, "Notes to Consolidated Financial Statements" of this Annual Report on Form 10-K.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

The increase was primarily driven by interest earned on cash held in escrow under the Escrow Agreement, partially offset by a decrease in average interest rates.

For further information on the Deal-Contingent

Forward, see Note 16 - "Derivative", included in Part II, Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

Other income (expense), net was not material in 2025 and 2024.

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | 2024 to 2025 | | | | | | | | | | | | | | |

| *(in millions, except percentages)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | | | | | | | | | | | | | | $ Change | | | | | | % Change | | |

On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act.

Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations.

The decrease in income tax expense was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the SevenRooms Inc. and Symbiosys Corp. acquisitions, as well as the enactment of the One Big Beautiful Bill Act that occurred during the year.

We are presenting these non-GAAP financial measures to assist investors in seeing our

| *(in millions)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | |

| *(in millions)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | |

| *(in millions)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | |

| *(in millions)* | | | | | | 2023 | | | | | | 2024 | | | | | | 2025 | | |

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.

Net Revenue Margin increased to 13.4% in 2024 from 12.9% in 2023, primarily due to an increased contribution from advertising revenue.

Free Cash Flow increased to $1.8 billion in 2024 from $1.3 billion in 2023, driven primarily by an increase in net cash provided by operating activities.

Revenue increased by $2.1 billion, or 24%, in 2024, compared to 2023.

General and administrative expenses increased by $217 million, or 18%, in 2024, compared to 2023.

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.

Interest income, net primarily consists of interest earned on our cash, cash equivalents, and marketable securities, net of interest costs.

The increase was primarily driven by an increase in average interest rates and a larger investment portfolio.

Other expense, net, decreased by $102 million, or 95%, in 2024, compared to 2023.

The decrease was primarily driven by a decrease of $95 million in impairment for investments in non-marketable equity securities.

For example, the impact of any particular item is greater when the amount of our pre-tax income or loss is smaller.

The increase in income tax expense was primarily driven by U.S. pre-tax book income and the resulting increase in U.S. cash tax liabilities, partially offset by losses in foreign jurisdictions for which a tax benefit can be realized.

| Inventory write-off related to restructuring | | | | | | (2) | | | | | | — | | | | | | — | | |

| Add: Inventory write-off related to restructuring | | | | | | 2 | | | | | | — | | | | | | — | | |

| Add: Allocated overhead included in cost of revenue | | | | | | 32 | | | | | | 32 | | | | | | 35 | | |

Beginning with fiscal year 2024, we now present net income (loss) attributable to DoorDash, Inc. common stockholders as the most comparable GAAP measure to Adjusted EBITDA and we have changed our presentation of the reconciliation of Adjusted EBITDA to reconcile Adjusted EBITDA to net income (loss) attributable to DoorDash, Inc. common stockholders.

We believe this is an important measure used by investors to assess the health and performance of our operations and that this presentation better reflects the comparison of that performance to the most comparable GAAP measure impacting DoorDash stockholders.

common stockholders and net income (loss) including redeemable non-controlling interests so that investors can easily compare our historical presentations.

The presentation for the years ended December 31, 2022 and 2023 have been conformed to this presentation.

| Inventory write-off related to restructuring | | | | | | 2 | | | | | | — | | | | | | — | | |

(2)Consists primarily of adjustments to non-marketable equity securities, including impairment.

(3)Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above.

As

In February 2024, we announced the authorization of a share repurchase program for the repurchase of shares of our Class A common stock, in an aggregate amount up to $1.1 billion.

Cash used in financing activities was $752 million for 2023, which consisted of repurchases of our Class A common stock of $750 million and cash paid for other financing activities of $8 million, partially offset by proceeds from the exercise of stock options of $6 million.

estimates.

Our investment portfolio [added: primarily] consists of short-term fixed income securities, including government and investment-grade debt securities and money market funds.

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 component of stockholders’ [removed: deficit] [added: equity] within accumulated other comprehensive income (loss).

Based on our investment portfolio balance as of December 31, [removed: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] 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: $46] [added: $42] million and [removed: $42] [added: $69] million as of December 31, [removed: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] respectively.

Adjustments or impairments are recorded in other [removed: expense,] [added: income (expense),] net [removed: on] [added: in] the consolidated statements of operations and establish a new carrying value for the investment.

We transact business globally and have international revenue, as well as costs, denominated in multiple currencies, primarily the Euro, [added: Pounds Sterling,] Canadian dollars, Israeli shekel and Australian dollars.

Accordingly, changes in exchange rates are reflected in reported income [removed: (loss)] [added: and loss] from our international businesses included in our consolidated statements of operations.

We have experienced and will continue to experience fluctuations in our net income [removed: (loss)] [added: or loss] as a result of transaction gains or losses related to revaluing and ultimately settling certain asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded.

Foreign currency gains and losses were immaterial for the years ended December 31, [removed: 2022,] 2023, [added: 2024,] and [removed: 2024.][added: 2025.]

Based on our foreign currency exposures from monetary assets and liabilities as of December 31, [removed: 2024,] [added: 2025,] we estimated that a 10% change in exchange rates against the U.S. dollar would not have resulted in a material gain or loss.

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

Our primary offerings include the DoorDash [removed: Marketplace and] [added: Marketplace,] the Wolt [added: Marketplace, and the Deliveroo] Marketplace (our "Marketplaces"), and our Commerce Platform.

Our Marketplaces operate in over [removed: 30] [added: 40] countries, including the United States, and account for the vast majority of our revenue today.

Our Marketplaces serve three primary constituents: merchants, consumers, and [removed: the independent contractors who use our platform to generate earnings, or "Dashers1."][added: Dashers1.]

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

In December [removed: 2024,] [added: 2025,] our Marketplaces served over [removed: 42] [added: 56] million monthly active users2 and, as of December 31, [removed: 2024,] [added: 2025,] we had over [removed: 22] [added: 35] million [removed: DashPass and] [added: DashPass,] Wolt+ [removed: members.][added: and Deliveroo Plus members3.]

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

[removed: In addition to Drive, we also provide services within] [added: Within] our Commerce [removed: Platform] [added: Platform, we offer white-label delivery fulfillment services ("Drive") as well as services] that help merchants establish online ordering, build branded mobile apps, [added: manage reservations and in-store dining, manage consumer relationships,] enable tableside order and pay, and improve customer support.

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

We believe [removed: our business achieves its greatest benefits] [added: we are most successful] when we provide attractive services for each of our key constituents.

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

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: 2024.][added: 2025.]

Globally, we compete with other local on-demand delivery companies, including [added: Amazon,] Uber Eats, [removed: Just Eat Takeaway,] [added: Prosus,] Delivery Hero, and other local incumbents.

As of December 31, [removed: 2024,] [added: 2025,] we had over [removed: 23,700] [added: 31,400] employees worldwide.

In [removed: 2024, 8] [added: 2025, over 9] million people [removed: dashed3,] [added: dashed4,] earning a total of over [removed: $18] [added: $20] billion.

Since [added: the vast majority of] Dashers are independent contractors, we must compete for their time and effort with every task.

- Flexibility: Once Dashers qualify, they [added: generally] choose whether to dash, where to dash, when to dash, how long to dash for, and how frequently to dash.

[removed: 3] [added: 4] Based on the number of Dasher accounts that have delivered an order through our platform in [removed: 2024.][added: 2025.]

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 244] [added: 254] issued U.S. patents, [removed: 25] [added: 28] patents issued in non-U.S. jurisdictions, [removed: 54] [added: 79] U.S. patent applications pending, and [removed: 21] [added: 20] patent applications pending in non-U.S. jurisdictions.

As of December 31, [removed: 2024,] [added: 2025,] we held [removed: 56] [added: 63] registered trademarks in the United States and [removed: 194] [added: 452] registered trademarks in non-U.S. jurisdictions.

The sale and delivery of goods through our platform is also subject to laws, regulations, and standards that govern food safety, alcohol, pharmaceuticals, controlled substances, [removed: hazardous substances, other age-restricted products, and the interstate and intrastate transport of goods.]

These regulations are often complex and subject to varying interpretations, in many cases due to their lack of specificity and, as a result, their application in practice may change or develop over time through judicial decisions or as new guidance or [added: 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 [added: as independent contractors] are reclassified as employees under U.S. federal or state law, or the laws of other jurisdictions in which we operate, it could have an adverse effect that is material to our business, financial condition, and results of operations*” and “*—Our business is subject to a variety of laws and regulations globally, [removed: 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 announce material information to the public about us, our products and services, and other matters through a variety of means, including filings with the SEC, press releases, public conference calls, webcasts, the investor relations section of our website (ir.doordash.com), our blog (doordash.news), and our [added: social media accounts on] X [removed: account (@DoorDash)] [added: and LinkedIn] in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

1 In this report, “Dashers” generally refers to the independent contractors that use our Marketplaces.

In certain geographies, Dashers may be known locally as riders, courier partners, or similar.

Dashers may also refer to employees or independent contractors of third-party service providers or employees of the local DoorDash entity, and those engaged as employees may not be subject to the full range of risks described in this Annual Report on Form 10-K that may be applicable in the context of independent contractors.

3 Based on the number of paid, trial, and partnership member accounts for the relevant membership programs, measured as of December 31, 2025.

hazardous substances, other age-restricted products, and the interstate and intrastate transport of goods.

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.

1 Dashers that use our DoorDash Marketplace and Wolt Marketplace are referred to as "DoorDash Dashers" and "Wolt courier partners," respectively, in this Annual Report on Form 10-K.

We know of no other earnings opportunity that provides superior accessibility to dashing.

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

When we determine that we have meritorious defenses to any claims asserted, we defend ourselves vigorously; [removed: however] [added: however,] we also consider settlement of disputes when, in management’s judgment, it is in the best interests of both DoorDash and its shareholders to do so.

We are currently involved in putative class actions, representative actions, such as those brought under [removed: California Labor Code Private Attorneys General Act (“PAGA”)] [added: PAGA,] and individual [removed: claims] [added: claims,] both in court as well as [removed: arbitration] [added: arbitration,] and other matters challenging the classification of Dashers on our platform as independent contractors.

Various other Dashers have challenged or threatened to challenge, and may challenge in the future, their classification on our [removed: platform,] [added: platform] as an independent contractor under U.S. federal and state and international law, seeking monetary, injunctive, or other relief.

We have in the past been, are currently, and may in the future be involved in other Legal Proceedings in the ordinary course of business, including class action lawsuits and actions brought by government authorities, alleging violations of consumer protection laws, [added: competition laws,] data protection laws, civil rights laws, and other laws.

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 [removed: models,] [added: models and pay practices,] compliance with consumer protection laws, privacy, 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: 2024.][added: 2025.]

This action was resolved in September 2025 for $2 million and no injunctive relief.

For additional information on our legal proceedings, see Note 10 – "Commitments and Contingencies" included in Part II, Item 8, “Notes to Consolidated Financial Statements,” of this Annual Report on Form 10-K.

This action is seeking both restitutionary damages and a permanent injunction that would bar us from continuing to classify California Dashers as independent contractors.

It is a reasonable possibility that a loss may be incurred; however, the possible range of losses is not estimable given the status of the case.

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 non-U.S. jurisdictions.

New laws and regulations and changes to existing laws and regulations continue to be adopted, implemented, and interpreted in response to our industry and related technologies.

For example, the California Legislature passed AB 5, which was signed into law in September 2019 and became effective in January 2020.

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

We, along with certain other companies, supported a campaign for Proposition 22 to address AB 5 and preserve flexibility for California Dashers, which was approved by voters in November 2020 and went into effect in December 2020.

However, in February 2021, petitioners consisting of a number of individuals and labor groups filed a writ of mandate petitioning the Alameda County Superior Court to compel the State of California not to enforce any provisions of Proposition 22 as unconstitutional.

In August 2021, after a merits hearing, the Alameda County Superior Court issued an order finding that the entirety of Proposition 22 is unenforceable.

The California Attorney General, the Protect App-Based Drivers and Services coalition and individual sponsors of Proposition 22 filed appeals in the California First District Court of Appeal.

In March 2023, the Court of Appeal overturned the Alameda County Superior Court's ruling and upheld nearly all of Proposition 22 as state law.

In April 2023, petitioners consisting of a number of individuals and labor groups filed a petition for review in the Supreme Court of California, which was granted in June 2023.

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.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant on June [removed: 28, 2024,] [added: 30, 2025,] the last business day of the registrant's most recently completed second fiscal quarter, was approximately [removed: $38.2] [added: $90.8] billion based on the closing price of the registrant's Class A common stock as reported by the Nasdaq Global Select Market on that date.

The registrant had outstanding [removed: 394,485,016] [added: 409,966,858] shares of Class A common stock, [removed: 25,611,068] [added: 24,459,494] shares of Class B common stock, and no shares of Class C common stock as of February [removed: 7, 2025.][added: 12, 2026.]

Portions of the registrant’s Definitive Proxy Statement relating to the [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, [removed: 2024.][added: 2025.]

| [Table of [removed: Contents](#ic0821e224129473e8a16c76d783c20ce_7)] [added: Contents](#if984aab85438474b8bebd0539012ea16_7)] | | | [removed: [3](#ic0821e224129473e8a16c76d783c20ce_7)] [added: [3](#if984aab85438474b8bebd0539012ea16_7)] | | |

| [Item 1. [removed: Business](#ic0821e224129473e8a16c76d783c20ce_16)] [added: Business](#if984aab85438474b8bebd0539012ea16_16)] | | | [removed: [6](#ic0821e224129473e8a16c76d783c20ce_16)] [added: [6](#if984aab85438474b8bebd0539012ea16_16)] | | |

| [Item 1A. Risk [removed: Factors](#ic0821e224129473e8a16c76d783c20ce_19)] [added: Factors](#if984aab85438474b8bebd0539012ea16_19)] | | | [removed: [10](#ic0821e224129473e8a16c76d783c20ce_19)] [added: [10](#if984aab85438474b8bebd0539012ea16_19)] | | |

| [Item 1B. Unresolved Staff [removed: Comments](#ic0821e224129473e8a16c76d783c20ce_22)] [added: Comments](#if984aab85438474b8bebd0539012ea16_22)] | | | [removed: [49](#ic0821e224129473e8a16c76d783c20ce_22)] [added: [48](#if984aab85438474b8bebd0539012ea16_22)] | | |

| [Item 1C. [removed: Cybersecurity](#ic0821e224129473e8a16c76d783c20ce_25)] [added: Cybersecurity](#if984aab85438474b8bebd0539012ea16_25)] | | | [removed: [49](#ic0821e224129473e8a16c76d783c20ce_25)] [added: [48](#if984aab85438474b8bebd0539012ea16_25)] | | |

| [Item 2. [removed: Properties](#ic0821e224129473e8a16c76d783c20ce_28)] [added: Properties](#if984aab85438474b8bebd0539012ea16_28)] | | | [removed: [50](#ic0821e224129473e8a16c76d783c20ce_28)] [added: [50](#if984aab85438474b8bebd0539012ea16_28)] | | |

| [Item 3. Legal [removed: Proceedings](#ic0821e224129473e8a16c76d783c20ce_31)] [added: Proceedings](#if984aab85438474b8bebd0539012ea16_31)] | | | [removed: [51](#ic0821e224129473e8a16c76d783c20ce_31)] [added: [50](#if984aab85438474b8bebd0539012ea16_31)] | | |

| [Item 4. Mine Safety [removed: Disclosures](#ic0821e224129473e8a16c76d783c20ce_34)] [added: Disclosures](#if984aab85438474b8bebd0539012ea16_34)] | | | [removed: [52](#ic0821e224129473e8a16c76d783c20ce_34)] [added: [51](#if984aab85438474b8bebd0539012ea16_34)] | | |

| [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ic0821e224129473e8a16c76d783c20ce_40)] [added: Securities](#if984aab85438474b8bebd0539012ea16_40)] | | | [removed: [53](#ic0821e224129473e8a16c76d783c20ce_40)] [added: [52](#if984aab85438474b8bebd0539012ea16_40)] | | |

| [Item 6. [removed: \[Reserved\]](#ic0821e224129473e8a16c76d783c20ce_43)] [added: \[Reserved\]](#if984aab85438474b8bebd0539012ea16_43)] | | | [removed: [54](#ic0821e224129473e8a16c76d783c20ce_43)] [added: [53](#if984aab85438474b8bebd0539012ea16_43)] | | |

| [Item 7. Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ic0821e224129473e8a16c76d783c20ce_46)] [added: Operations](#if984aab85438474b8bebd0539012ea16_46)] | | | [removed: [54](#ic0821e224129473e8a16c76d783c20ce_46)] [added: [53](#if984aab85438474b8bebd0539012ea16_46)] | | |

| [Item 7A. Quantitative and Qualitative Disclosures About Market [removed: Risk](#ic0821e224129473e8a16c76d783c20ce_49)] [added: Risk](#if984aab85438474b8bebd0539012ea16_49)] | | | [removed: [69](#ic0821e224129473e8a16c76d783c20ce_49)] [added: [69](#if984aab85438474b8bebd0539012ea16_49)] | | |

| [Item 8. Financial Statements and Supplementary [removed: Data](#ic0821e224129473e8a16c76d783c20ce_52)] [added: Data](#if984aab85438474b8bebd0539012ea16_52)] | | | [removed: [71](#ic0821e224129473e8a16c76d783c20ce_52)] [added: [71](#if984aab85438474b8bebd0539012ea16_52)] | | |

| [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#ic0821e224129473e8a16c76d783c20ce_151)] [added: Disclosure](#if984aab85438474b8bebd0539012ea16_154)] | | | [removed: [109](#ic0821e224129473e8a16c76d783c20ce_151)] [added: [114](#if984aab85438474b8bebd0539012ea16_154)] | | |

| [Item 9A. Controls and [removed: Procedures](#ic0821e224129473e8a16c76d783c20ce_154)] [added: Procedures](#if984aab85438474b8bebd0539012ea16_157)] | | | [removed: [109](#ic0821e224129473e8a16c76d783c20ce_154)] [added: [114](#if984aab85438474b8bebd0539012ea16_157)] | | |

| [Item 9B. Other [removed: Information](#ic0821e224129473e8a16c76d783c20ce_157)] [added: Information](#if984aab85438474b8bebd0539012ea16_160)] | | | [removed: [110](#ic0821e224129473e8a16c76d783c20ce_157)] [added: [115](#if984aab85438474b8bebd0539012ea16_160)] | | |

| [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ic0821e224129473e8a16c76d783c20ce_163)] [added: Inspections](#if984aab85438474b8bebd0539012ea16_166)] | | | [removed: [110](#ic0821e224129473e8a16c76d783c20ce_163)] [added: [115](#if984aab85438474b8bebd0539012ea16_166)] | | |

| [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#ic0821e224129473e8a16c76d783c20ce_169)] [added: Governance](#if984aab85438474b8bebd0539012ea16_172)] | | | [removed: [111](#ic0821e224129473e8a16c76d783c20ce_169)] [added: [116](#if984aab85438474b8bebd0539012ea16_172)] | | |

| [Item 11. Executive [removed: Compensation](#ic0821e224129473e8a16c76d783c20ce_172)] [added: Compensation](#if984aab85438474b8bebd0539012ea16_175)] | | | [removed: [111](#ic0821e224129473e8a16c76d783c20ce_172)] [added: [116](#if984aab85438474b8bebd0539012ea16_175)] | | |

| [Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder [removed: Matters](#ic0821e224129473e8a16c76d783c20ce_175)] [added: Matters](#if984aab85438474b8bebd0539012ea16_178)] | | | [removed: [111](#ic0821e224129473e8a16c76d783c20ce_175)] [added: [116](#if984aab85438474b8bebd0539012ea16_178)] | | |

| [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#ic0821e224129473e8a16c76d783c20ce_178)] [added: Independence](#if984aab85438474b8bebd0539012ea16_181)] | | | [removed: [111](#ic0821e224129473e8a16c76d783c20ce_178)] [added: [116](#if984aab85438474b8bebd0539012ea16_181)] | | |

| [Item 14. Principal Accountant Fees and [removed: Services](#ic0821e224129473e8a16c76d783c20ce_181)] [added: Services](#if984aab85438474b8bebd0539012ea16_184)] | | | [removed: [111](#ic0821e224129473e8a16c76d783c20ce_181)] [added: [116](#if984aab85438474b8bebd0539012ea16_184)] | | |

| [Item 15. Exhibits and Financial Statement [removed: Schedules](#ic0821e224129473e8a16c76d783c20ce_187)] [added: Schedules](#if984aab85438474b8bebd0539012ea16_190)] | | | [removed: [112](#ic0821e224129473e8a16c76d783c20ce_187)] [added: [117](#if984aab85438474b8bebd0539012ea16_190)] | | |

| [Item 16. Form 10-K [removed: Summary](#ic0821e224129473e8a16c76d783c20ce_190)] [added: Summary](#if984aab85438474b8bebd0539012ea16_193)] | | | [removed: [114](#ic0821e224129473e8a16c76d783c20ce_190)] [added: [119](#if984aab85438474b8bebd0539012ea16_193)] | | |

- the sufficiency of our cash, cash equivalents, and [removed: marketable securities] [added: investments] to meet our liquidity needs;

| [Cover](#if984aab85438474b8bebd0539012ea16_1) | | | [1](#if984aab85438474b8bebd0539012ea16_1) | | |

| [Part I](#if984aab85438474b8bebd0539012ea16_13) | | | [6](#if984aab85438474b8bebd0539012ea16_13) | | |

| [Part II](#if984aab85438474b8bebd0539012ea16_37) | | | [52](#if984aab85438474b8bebd0539012ea16_37) | | |

| [Part III](#if984aab85438474b8bebd0539012ea16_169) | | | [116](#if984aab85438474b8bebd0539012ea16_169) | | |

| [Part IV](#if984aab85438474b8bebd0539012ea16_187) | | | [117](#if984aab85438474b8bebd0539012ea16_187) | | |

| [Signatures](#if984aab85438474b8bebd0539012ea16_196) | | | [120](#if984aab85438474b8bebd0539012ea16_196) | | |

| [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) | | |

[removed: We] [added: Key portions of our operations] undergo periodic third-party assessments against recognized industry standards and practices, [removed: including an annual] [added: such as system and organization controls 2 (SOC 2 type II), the ISO 27001 framework, and the] payment card industry data security [removed: standard review of our security controls protecting payment card information.][added: standard.]

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

To date, risks from cybersecurity [added: threats, including in connection with the cybersecurity] threats [added: and incidents we] have [added: previously disclosed, have] not materially affected our business or operations.

Any actual or perceived cybersecurity incident or security or privacy [removed: breach] [added: breach, particularly those involving our key systems, data, or critical third-party providers,] could interrupt our operations, subject us to claims, litigation, regulatory investigations and liability, and adversely affect our reputation, brand, business, financial condition, and results of operations*.”

As part of its oversight of cybersecurity risks, our audit committee receives regular updates [added: from management] on the risks and status of [removed: both the DoorDash and Wolt] [added: our] security [removed: programs.][added: program.]

[removed: Both programs have] [added: Additionally, our cybersecurity program has] in place coordinated cybersecurity incident response processes that set forth procedures for managing and responding to cybersecurity incidents across the enterprise, including the assignment of cross-functional roles and responsibilities and protocols for the escalation of significant incidents to members of management and our audit committee.

Cybersecurity risk management is an important part of our enterprise risk management program, and cybersecurity and data protection are identified as key enterprise risks in our risk assessments and periodic reporting to management and our board of directors.

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

The Company's cybersecurity risk management is led by our Vice President and Chief Information Security Officer (“CISO”) Suha Can, who reports to our General Counsel, and is responsible for assessing and managing information security and technology risks across our global operations.

Our CISO has more than 20 years of experience in cybersecurity and engineering leadership roles at technology companies, and holds degrees in software engineering and business.

He is supported by experienced regional and functional security leaders who are responsible for assisting him in assessing and managing information security, technology, and related risks for our global operations.

Management is responsible for assessing, identifying, and managing material cybersecurity risks.

Our CISO and his globally distributed teams meet regularly with each other and with members of management to review and evaluate our

cybersecurity risks and risk management program.

Cybersecurity risk management is an important part of our enterprise risk management efforts.

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.

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.

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.

The Interim Security Lead is responsible for assessing and managing information security and technology risks for DoorDash Operations and reports to the General Counsel.

She has worked in security and technology for over 17 years, with the last 10 years spent in security leadership.

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

Wolt’s Chief Security Officer is responsible for assessing and managing information security, technology, and physical security and safety risks for Wolt Operations, and reports to the Chief Executive Officer of Wolt.

He has worked in security and technology for over 30 years.

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 the Interim Security Lead and Wolt’s Chief Security Officer and their respective teams meet regularly with each other and with members of management to review and evaluate our cybersecurity risks and risk management program.

As of December 31, [removed: 2024,] [added: 2025,] there were [removed: 149] [added: 20] holders of record of our Class [removed: A] [added: B] common stock.

As of December 31, [removed: 2024,] [added: 2025,] there were [removed: 17] [added: 126] holders of record of our Class [removed: B] [added: A] common stock.

As of December 31, [removed: 2024,] [added: 2025,] 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: 2024:][added: 2025:]

(1)In February [removed: 2024,] [added: 2025,] our board of directors authorized the repurchase of up to [removed: $1.1] [added: $5.0] billion of our Class A common stock.

In connection with this authorization, we [removed: have] [added: have, from time to time,] entered into Rule 10b5-1 plans, which as of December 31, [removed: 2024 has] [added: 2025 have] resulted in [removed: the repurchase of approximately $224 million] [added: no repurchases] of our Class A common [removed: stock in open market transactions.][added: stock.]

The February [removed: 2024] [added: 2025] authorization does not have an expiration date.

Please see Note [removed: 10] [added: 11] — "Common Stock" included in Part II, Item 8, of this Annual Report on Form 10-K for additional information.

We may enter into credit agreements or other [removed: borrowing] [added: debt] arrangements in the future that will restrict our ability to declare or pay cash dividends or make distributions on our capital stock.

The following graph compares the cumulative total return to stockholders on our Class A common stock with the cumulative total returns of the S&P 500 and the S&P 500 [removed: IT.][added: IT, in each case, calculated on a dividend-reinvested basis.]

An investment of $100 is assumed to have been made in our Class A common stock and in each index [added: as of the market close] on December [removed: 9,] [added: 31,] 2020, [removed: the date our Class A common stock began trading on a national stock exchange,] and [removed: its] [added: each investment's] relative performance has been tracked through December 31, [removed: 2024,] [added: 2025,] the last trading day in [removed: 2024.][added: 2025.]

The graph uses the closing market price on December [removed: 9,] [added: 31,] 2020 of [removed: $189.51] [added: $142.75] per share as the initial value of our Class A common stock.

[removed: ][added: ]

| October 1 - 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 5,000 | |

| November 1 - 30 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 5,000 | |

| December 1 - 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 5,000 | |

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

| November 1 - 30 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 876 | |

| December 1 - 31 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 876 | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ic0821e224129473e8a16c76d783c20ce_58)] [added: Firm](#if984aab85438474b8bebd0539012ea16_58)] | | | | | | [removed: [72](#ic0821e224129473e8a16c76d783c20ce_58)] [added: [72](#if984aab85438474b8bebd0539012ea16_58)] | | |

| [Consolidated Balance [removed: Sheets](#ic0821e224129473e8a16c76d783c20ce_61)] [added: Sheets](#if984aab85438474b8bebd0539012ea16_61)] | | | | | | [removed: [74](#ic0821e224129473e8a16c76d783c20ce_61)] [added: [75](#if984aab85438474b8bebd0539012ea16_61)] | | |

| [Consolidated Statements of [removed: Operations](#ic0821e224129473e8a16c76d783c20ce_67)] [added: Operations](#if984aab85438474b8bebd0539012ea16_67)] | | | | | | [removed: [75](#ic0821e224129473e8a16c76d783c20ce_67)] [added: [76](#if984aab85438474b8bebd0539012ea16_67)] | | |

| [Consolidated Statements of [removed: Comprehensive](#ic0821e224129473e8a16c76d783c20ce_70) [Income (](#ic0821e224129473e8a16c76d783c20ce_70)[Loss](#ic0821e224129473e8a16c76d783c20ce_70))] [added: Comprehensive Income (Loss](#if984aab85438474b8bebd0539012ea16_70))] | | | | | | [removed: [76](#ic0821e224129473e8a16c76d783c20ce_70)] [added: [77](#if984aab85438474b8bebd0539012ea16_70)] | | |

| [Consolidated Statements of Redeemable Non-Controlling [removed: Interests](#ic0821e224129473e8a16c76d783c20ce_73)] [added: Interests](#if984aab85438474b8bebd0539012ea16_73)] [and Stockholders’ [removed: Equity](#ic0821e224129473e8a16c76d783c20ce_73)] [added: Equity](#if984aab85438474b8bebd0539012ea16_73)] | | | | | | [removed: [77](#ic0821e224129473e8a16c76d783c20ce_73)] [added: [78](#if984aab85438474b8bebd0539012ea16_73)] | | |

| [Consolidated Statements of Cash [removed: Flows](#ic0821e224129473e8a16c76d783c20ce_76)] [added: Flows](#if984aab85438474b8bebd0539012ea16_76)] | | | | | | [removed: [79](#ic0821e224129473e8a16c76d783c20ce_76)] [added: [80](#if984aab85438474b8bebd0539012ea16_76)] | | |

| [Notes [removed: to](#ic0821e224129473e8a16c76d783c20ce_79)] [added: to](#if984aab85438474b8bebd0539012ea16_79)] [Consolidated Financial [removed: Statements](#ic0821e224129473e8a16c76d783c20ce_79)] [added: Statements](#if984aab85438474b8bebd0539012ea16_79)] | | | | | | [removed: [80](#ic0821e224129473e8a16c76d783c20ce_79)] [added: [81](#if984aab85438474b8bebd0539012ea16_79)] | | |

We have audited the accompanying consolidated balance sheets of DoorDash, Inc. and subsidiaries (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] the related consolidated statements of operations, comprehensive 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

*Critical Audit [removed: Matter*][added: Matters*]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the consolidated financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of [removed: a] critical audit [removed: matter] [added: matters] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matter] [added: matters] below, providing a separate opinion on the critical audit [removed: matter] [added: matters] or on the accounts or disclosures to which it relates.

The estimate of the Company’s retained insurance deductibles reserves as of December 31, [removed: 2024] [added: 2025] was [removed: $1.0] [added: $1.1] billion.

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

| Cash and cash equivalents | | | $ | 2,656 | | | | | $ | 4,019 | | [added: | | | $ | 4,378 | |]

| Restricted cash | | | 105 | | | | | | 190 | | | [added: | | | 273 | | |]

| Funds held at payment processors | | | [removed: 356] [added: 436] | | | | | | [removed: 436] [added: 587] | | |

| Accounts receivable, net | | | [removed: 533] [added: 732] | | | | | | [removed: 732] [added: 1,108] | | |

| Prepaid expenses and other current assets | | | [removed: 525] [added: 687] | | | | | | [removed: 687] [added: 1,169] | | |

| Total current assets | | | [removed: 5,597] [added: 7,386] | | | | | | [removed: 7,386] [added: 8,643] | | |

| Operating lease right-of-use assets | | | [removed: 436] [added: 389] | | | | | | [removed: 389] [added: 437] | | |

| Property and equipment, net | | | [removed: 712] [added: 778] | | | | | | [removed: 778] [added: 1,067] | | |

| Intangible assets, net | | | [removed: 659] [added: 510] | | | | | | [removed: 510] [added: 2,260] | | |

| Goodwill | | | [removed: 2,432] [added: 2,315] | | | | | | [removed: 2,315] [added: 5,519] | | |

| Other assets | | | [removed: 420] [added: 632] | | | | | | [removed: 632] [added: 896] | | |

| Total assets | | | $ | [removed: 10,839] [added: 12,845] | | | | | $ | [removed: 12,845] [added: 19,659] | |

| Accounts payable | | | $ | [removed: 216] [added: 321] | | | | | $ | [removed: 321] [added: 397] | |

| Operating lease liabilities | | | 68 | | | | | | [removed: 68] [added: 105] | | |

| Accrued expenses and other current liabilities | | | [removed: 3,126] [added: 4,049] | | | | | | [removed: 4,049] [added: 5,645] | | |

| Total current liabilities | | | [removed: 3,410] [added: 4,438] | | | | | | [removed: 4,438] [added: 6,147] | | |

| Operating lease liabilities | | | [removed: 454] [added: 468] | | | | | | [removed: 468] [added: 461] | | |

| Other liabilities | | | [removed: 162] [added: 129] | | | | | | [removed: 129] [added: 281] | | |

| Total liabilities | | | [removed: 4,026] [added: 5,035] | | | | | | [removed: 5,035] [added: 9,613] | | |

| Commitments and contingencies (Note [removed: 9)] [added: 10)] | | | | | | | | | | | |

| Redeemable non-controlling interests | | | 7 | | | | | | [removed: 7] [added: 13] | | |

| Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, [removed: 2023 and 2024, 375,987] [added: 2024] and [added: 2025,] 393,816 [added: and 409,657] Class A shares issued and outstanding as of December 31, [removed: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] respectively; 200,000 Class B shares authorized as of December 31, [removed: 2023 and 2024, 27,241] [added: 2024] and [added: 2025,] 25,861 [added: and 24,590] Class B shares issued and outstanding as of December 31, [removed: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] respectively; 2,000,000 Class C shares authorized as of December 31, [removed: 2023] [added: 2024] and [removed: 2024,] [added: 2025,] zero Class C shares issued and outstanding as of December 31, [removed: 2023 and] 2024 [added: and 2025] | | | — | | | | | | — | | |

| Additional paid-in capital | | | [removed: 11,887] [added: 13,165] | | | | | | [removed: 13,165] [added: 14,092] | | |

| Accumulated other comprehensive income (loss) | | | [removed: 73] [added: (107)] | | | | | | [removed: (107)] [added: 261] | | |

*Acquisition-date fair value of acquired developed technology*

As discussed in Note 4 to the consolidated financial statements, on October 2, 2025, the Company acquired Deliveroo plc (Deliveroo) in a business combination for $3,724 million.

The transaction was accounted for under the acquisition method of accounting, which requires the allocation of the fair value of the purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values as of the acquisition date.

As a result of the acquisition, the Company recognized a developed technology intangible asset associated with Deliveroo’s proprietary software and applications that support the platform’s ordering, delivery, and logistics capabilities using the relief-from-royalty method.

The acquisition-date fair value of the developed technology intangible asset was $216 million.

We identified the evaluation of the acquisition-date fair value measurement of the developed technology intangible asset as a critical audit matter.

Subjective auditor judgment was required to evaluate the obsolescence factor related to platform back-end technology used in the fair value estimate.

The estimated acquisition-date fair value of the developed technology intangible asset was sensitive to changes in this assumption.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s acquisition-date valuation process, including controls related to the development of the obsolescence factor for platform back-end technology.

We evaluated the relevance and reliability of the obsolescence factor applied to the back end platform by making inquiries of management and assessing the underlying information, such as market participant and Company information supporting

the post-acquisition technology integration timeline, to understand how the assumption was developed.

We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating:

- the obsolescence factor by comparing the implied economic life of the developed technology intangible asset to market data on the economic lives of developed technology intangible assets for comparable companies

- the application of the obsolescence factor within the relief-from-royalty method used to estimate fair value.

| Short-term investments | | | 1,322 | | | | | | 1,128 | | |

| Long-term investments | | | 835 | | | | | | 837 | | |

| Convertible notes, net | | | — | | | | | | 2,724 | | |

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

| Stock-based compensation | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | 1,246 | | | | | | — | | | | | | — | | | | | | 1,246 | | |

| Issuance of warrants | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | 341 | | | | | | — | | | | | | — | | | | | | 341 | | |

| Purchase of convertible note hedges | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | (680) | | | | | | — | | | | | | — | | | | | | (680) | | |

| Balances as of December 31, 2025 | | | | | | $ | 13 | | | | | | | | 434,247 | | | | | | $ | — | | | | | $ | 14,092 | | | | | $ | (4,320) | | | | | $ | 261 | | | | | $ | 10,033 | |

| Net income (loss) including redeemable non-controlling interests | | | $ | (565) | | | | | $ | 117 | | | | | $ | 932 | |

| Depreciation and amortization | | | 509 | | | | | | 561 | | | | | | 747 | | |

| Purchases of investments | | | (1,946) | | | | | | (1,951) | | | | | | (1,376) | | |

| Maturities of investments | | | 1,940 | | | | | | 1,774 | | | | | | 1,379 | | |

| Sales of investments | | | 7 | | | | | | 70 | | | | | | 433 | | |

| Settlement of deal-contingent forward contract | | | — | | | | | | — | | | | | | (24) | | |

| Proceeds from issuance of convertible notes, net of issuance costs | | | — | | | | | | — | | | | | | 2,720 | | |

| Proceeds from issuance of warrants | | | — | | | | | | — | | | | | | 341 | | |

| Purchase of convertible note hedges | | | — | | | | | | — | | | | | | (680) | | |

| Payments of acquisition-related deferred cash consideration | | | — | | | | | | — | | | | | | (20) | | |

| Beginning of period | | | 2,188 | | | | | | 2,772 | | | | | | 4,221 | | |

| End of period | | | $ | 2,772 | | | | | $ | 4,221 | | | | | $ | 4,681 | |

| Deferred cash consideration for acquisitions | | | $ | — | | | | | $ | — | | | | | $ | 67 | |

Investments

Investments also include time deposits, which are accounted for at amortized cost.

Non-marketable investments consist of equity and debt investments in privately-held companies, which are included in other assets on the consolidated balance sheets.

In December 2025, the Company purchased €31 million (approximately $37 million) principal amount of convertible notes issued by a private company in which the Company has a pre-existing equity investment.

February 14, 2025

| Short-term marketable securities | | | 1,422 | | | | | | 1,322 | | |

| Long-term marketable securities | | | 583 | | | | | | 835 | | |

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

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

| Balances as of December 31, 2021 | | | | | | $ | — | | | | | | | | 346,512 | | | | | | $ | — | | | | | $ | 6,752 | | | | | $ | (2,081) | | | | | $ | (4) | | | | | $ | 4,667 | |

| Shares issued related to the acquisition of Wolt | | | | | | — | | | | | | | | | 35,720 | | | | | | — | | | | | | 2,838 | | | | | | — | | | | | | — | | | | | | 2,838 | | |

| Repurchase and retirement of common stock | | | | | | — | | | | | | | | | (5,568) | | | | | | — | | | | | | — | | | | | | (400) | | | | | | — | | | | | | (400) | | |

| Purchases of marketable securities | | | (1,948) | | | | | | (1,946) | | | | | | (1,951) | | |

| Maturities of marketable securities | | | 1,552 | | | | | | 1,940 | | | | | | 1,774 | | |

| Sales of marketable securities | | | 387 | | | | | | 7 | | | | | | 70 | | |

| Total cash, cash equivalents, and restricted cash | | | $ | 2,188 | | | | | $ | 2,772 | | | | | $ | 4,221 | |

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

Marketable Securities

All marketable securities are classified as available-for-sale and reported at fair value.

Funds held at payment

Management considers all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future income, and other relevant factors.

common stock shared proportionately in the Company’s net income and losses.

Vested RSUs that have not been settled have been included in the appropriate common share class used to calculate basic and diluted net income (loss) per share.

Refer

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements.

ASU 2023-07 expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets.

Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment.

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.

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

Wolt Acquisition

On May 31, 2022, the Company completed the acquisition of 100 percent of the outstanding equity interests of Wolt Enterprise Oy (“Wolt”).

Wolt was acquired to help the Company accelerate its product development, increase its international scale, bring greater focus to its markets outside the United States, and improve the value provided to

consumers, merchants, and Dashers around the world.

| DoorDash Class A common stock | | | $ | 2,705 | |

The fair value of 36 million shares of Class A common stock issued was determined on the basis of the closing market price of the Company’s Class A common stock on the acquisition date.

The Company also issued certain stock-based compensation awards and their fair value was determined using a Black-Scholes option pricing model with the applicable 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).

This restricted equity consideration is considered compensation for post-combination services and is being recognized as stock-based compensation expense over the four year period following the acquisition, based on the fair value of the shares using the closing market price of the Company's Class A common stock on the acquisition date.

| | | | May 31, 2022 | | |

| Goodwill | | | 1,997 | | |

| Total purchase price | | | $ | 2,838 | |

| Trademark | | | 10 | | | | | | 268 | | |

| Courier relationships | | | 1 | | | | | | 11 | | |

The merchant, customer, and courier relationships represent the fair value of the underlying relationships with merchants, such as restaurants and grocery stores, users of Wolt’s food and delivery services, and courier partners.

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: 2024.][added: 2025.]

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: 2024] [added: 2025] 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: 2024.][added: 2025.]

There were [added: otherwise] 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: 2024] [added: 2025] that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential [removed: future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate.]

In accordance with guidance issued by the SEC, companies are permitted to exclude acquisitions from their final assessment of internal control over financial reporting for the first fiscal year in which the acquisition occurred.

Our management's evaluation of internal control over financial reporting excluded SevenRooms and Deliveroo, which we acquired on June 13, 2025 and October 2, 2025, respectively.

Total assets (excluding acquired goodwill and intangible assets) and total revenues related to SevenRooms and Deliveroo collectively represented 7% and 3% of our consolidated total assets and total revenues as of and for the year ended December 31, 2025, respectively.

We are in the process of integrating SevenRooms and Deliveroo into our overall internal control over financial reporting process.

As a result of these integration activities, certain controls will be evaluated and may be changed.

future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate.

On [removed: November 25, 2024, Ashley Still,] [added: December 3, 2025, Stanley Tang, our co-founder and] a member of our board of directors, [added: and the ST Trust under agreement dated October 2, 2019 (the "ST Trust"), a stockholder whose shares may be deemed to be beneficially owned by Stanley Tang,] 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: 3,424] [added: 632,461] shares of our Class A common [added: stock, and (ii) with respect to Stanley Tang, an aggregate of up to 15,038 shares of our Class A common] stock.

The duration of the trading arrangement is until February [removed: 27, 2026,] [added: 26, 2027,] or earlier if all transactions under the trading arrangement are completed.

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

On 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, 2019 (the "ST Trust"), a stockholder whose shares may be deemed to be beneficially owned by Stanley Tang, adopted a joint Rule 10b5-1 trading arrangement providing for the sale from time to time of (i) with respect to the ST Trust, an aggregate of up to 654,919 shares of our Class A common stock, and (ii) with respect to Stanley Tang, an aggregate of up to 108,081 shares of our Class A common stock.

The information required by this item, including information about our Directors, Executive Officers and Audit Committee, Code of Conduct and insider trading arrangements and policies, is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024.][added: 2025.]

The information required by this item is incorporated by reference to the definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the SEC no later than 120 days after December 31, [removed: 2024.][added: 2025.]

| [removed: 3.2] [added: 3.3] | | | | | | [Certificate of Change of Registered Agent.](https://www.sec.gov/Archives/edgar/data/1792789/000162828023005131/dash-ex32fy2210xk.htm) | | | | | | 10-K | | | | | | 001-39759 | | | | | | 3.2 | | | | | | February 27, 2023 | | |

| [removed: 3.3] [added: 3.4] | | | | | | [Amended and Restated Bylaws of the registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000162828023005131/dash-exx33fy2210xk.htm) | | | | | | 10-K | | | | | | 001-39759 | | | | | | 3.3 | | | | | | February 27, 2023 | | |

| 4.3 | | | | | | [Description of Capital [removed: Stock.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx43fy2410xkdescript.htm)] [added: Stock.](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx43fy2510xkdescript.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.8+ | | | | | | [Outside Director Compensation and Equity Ownership [removed: Policy.](https://www.sec.gov/Archives/edgar/data/1792789/000119312520304953/d752207dex107.htm)] [added: Policy.](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx108outsidedirector.htm)] | | | | | | [removed: 10-Q] | | | | | | [removed: 001-39759] | | | | | | [removed: 10.1] | | | | | | [removed: May 1, 2024] | | |

| 10.19 | | | | | | [Amendment Agreement, dated as of April 26, 2024, by and [removed: 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)[,] [added: among] the [added: registrant, 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 | | | | | | [removed: [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)] [added: [Insider Trading Policy.](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx191insidertradingp.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 21.1 | | | | | | [List of subsidiaries of the [removed: registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-fy2410xkxexx211.htm)] [added: registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-fy2510xkxexx211.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 23.1 | | | | | | [Consent of KPMG LLP, independent registered public accounting [removed: firm](https://www.sec.gov/Archives/edgar/data/1792789/000162828025005715/dash-exx231fy2410xk.htm).] [added: firm](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx231fy2510xk.htm).] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 24.1 | | | | | | [Power of Attorney (included in signature pages [removed: hereto).](#ic0821e224129473e8a16c76d783c20ce_193)] [added: hereto).](#if984aab85438474b8bebd0539012ea16_196)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 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/1792789/000162828025005715/dash-exx311fy2410xk.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx311fy2510xk.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/1792789/000162828025005715/dash-exx312fy2410xk.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx312fy2510xk.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/1792789/000162828025005715/dash-exx321fy2410xk.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-exx321fy2510xk.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 104 | | | | | | The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, [removed: 2024] [added: 2025] has been formatted in Inline XBRL. | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 2.3 | | | | | | [Recommended Final Cash Acquisition of Deliveroo plc by](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-1.htm) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-1.htm)[DoorDash, Inc., dated May 6, 2025](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-1.htm)[.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-1.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 2.1 | | | | | | May 6, 2025 | | |

| 2.4 | | | | | | [Co-operation Agreement](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm)[,](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm) [dated May 6, 2025](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm)[,](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm) [between](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm)[DoorDash, Inc. and Deliveroo plc](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm)[.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-2.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 2.2 | | | | | | May 6, 2025 | | |

| 2.5 | | | | | | [Form of Deed of Director Irrevocable Undertaking](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-3.htm)[.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-3.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 2.3 | | | | | | May 6, 2025 | | |

| 2.6 | | | | | | [Deed of Irrevocable Undertaking, dated as of May 5, 2025, by and between the Company and Greenoaks Capital Opportunities Fund, L.P.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-4.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 2.4 | | | | | | May 6, 2025 | | |

| 2.7 | | | | | | [Deed of Irrevocable Undertaking, dated as of May 6, 2025,](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-5.htm) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-5.htm)[by and between the Company and DST Managers V Limited](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-5.htm)[.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125017438/ef20048444_ex2-5.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 2.5 | | | | | | May 6, 2025 | | |

| 3.2 | | | | | | [Certificate of Amendment to the Restated Certificate of Incorporation of the registrant.](https://www.sec.gov/Archives/edgar/data/1792789/000179278925000012/q22025dash-exx3210xq.htm) | | | | | | 10-Q | | | | | | 001-39759 | | | | | | 3.2 | | | | | | August 6, 2025 | | |

| 4.4 | | | | | | [Indenture, dated as of May 30, 2025, between DoorDash,](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm)[Inc. and U.S. Bank Trust Company, National Association, as](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm)[trustee.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 4.1 | | | | | | June 2, 2025 | | |

| 4.5 | | | | | | [Form of 0% Convertible Senior Notes due 2030 (included as](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm#EXHIBITA) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm#EXHIBITA)[Exhibit A to Exhibit 4.4).](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex4-1.htm#EXHIBITA) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 4.2 | | | | | | June 2, 2025 | | |

| 10.21 | | | | | | [Form of Convertible Note Hedge Confirmation between](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex10-1.htm) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex10-1.htm)[DoorDash, Inc. and each Option Counterparty.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex10-1.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 10.1 | | | | | | June 2, 2025 | | |

| 10.22 | | | | | | [Form of Warrant Confirmation between DoorDash, Inc. and](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex10-2.htm) [](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex10-2.htm)[each Option Counterparty.](https://www.sec.gov/Archives/edgar/data/1792789/000114036125021020/ef20049988_ex10-2.htm) | | | | | | 8-K | | | | | | 001-39759 | | | | | | 10.2 | | | | | | June 2, 2025 | | |

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: 14th] [added: 18th] day of February, [removed: 2025.][added: 2026.]

| /s/ Tony Xu | | | | | | Chief Executive Officer and Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Ravi Inukonda | | | | | | Chief Financial Officer | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Gordon Lee | | | | | | Chief Accounting Officer | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Jeffrey Blackburn | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Shona L. Brown | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ L. John Doerr | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Andy Fang | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Alfred Lin | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Elinor Mertz | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Diego Piacentini | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Ashley Still | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Stanley Tang | | | | | | Director | | | | | | February [removed: 14, 2025] [added: 18, 2026] | | |

| /s/ Milan Kovac | | | | | | Director | | | | | | February 18, 2026 | | |

| Milan Kovac | | | | | | | | | | | | | | |

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