filings.toolsItem 1. Financial Statements
115K characters. Original on sec.gov · Markdown
Item 1. Financial Statements
DOORDASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)
| December 31, 2024 | September 30, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 4,019 | $ | 3,279 | |||||||
| Restricted cash | 190 | 4,080 | |||||||||
| Short-term marketable securities | 1,322 | 964 | |||||||||
| Funds held at payment processors | 436 | 377 | |||||||||
| Accounts receivable, net | 732 | 894 | |||||||||
| Prepaid expenses and other current assets | 687 | 899 | |||||||||
| Total current assets | 7,386 | 10,493 | |||||||||
| Long-term marketable securities | 835 | 849 | |||||||||
| Operating lease right-of-use assets | 389 | 396 | |||||||||
| Property and equipment, net | 778 | 976 | |||||||||
| Intangible assets, net | 510 | 878 | |||||||||
| Goodwill | 2,315 | 3,570 | |||||||||
| Other assets | 632 | 809 | |||||||||
| Total assets | $ | 12,845 | $ | 17,971 | |||||||
| Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 321 | $ | 257 | |||||||
| Operating lease liabilities | 68 | 81 | |||||||||
| Accrued expenses and other current liabilities | 4,049 | 4,794 | |||||||||
| Total current liabilities | 4,438 | 5,132 | |||||||||
| Operating lease liabilities | 468 | 454 | |||||||||
| Convertible notes, net | — | 2,722 | |||||||||
| Other liabilities | 129 | 155 | |||||||||
| Total liabilities | 5,035 | 8,463 | |||||||||
| Commitments and contingencies (Note 9) | |||||||||||
| Redeemable non-controlling interests | 7 | 13 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2024 and September 30, 2025, 393,816 and 406,168 Class A shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively; 200,000 Class B shares authorized as of December 31, 2024 and September 30, 2025, 25,861 and 24,739 Class B shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively; 2,000,000 Class C shares authorized as of December 31, 2024 and September 30, 2025, zero Class C shares issued and outstanding as of December 31, 2024 and September 30, 2025 | — | — | |||||||||
| Additional paid-in capital | 13,165 | 13,760 | |||||||||
| Accumulated other comprehensive income (loss) | (107) | 268 | |||||||||
| Accumulated deficit | (5,255) | (4,533) | |||||||||
| Total stockholders’ equity | 7,803 | 9,495 | |||||||||
| Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | 12,845 | $ | 17,971 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||
| Revenue | $ | 2,706 | $ | 3,446 | $ | 7,849 | $ | 9,762 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization shown separately below | 1,374 | 1,687 | 4,089 | 4,803 | |||||||||||||||||||
| Sales and marketing | 483 | 576 | 1,496 | 1,769 | |||||||||||||||||||
| Research and development | 289 | 355 | 871 | 1,012 | |||||||||||||||||||
| General and administrative | 315 | 400 | 1,128 | 1,120 | |||||||||||||||||||
| Depreciation and amortization | 138 | 169 | 420 | 480 | |||||||||||||||||||
| Restructuring charges | — | 1 | — | 2 | |||||||||||||||||||
| Total costs and expenses | 2,599 | 3,188 | 8,004 | 9,186 | |||||||||||||||||||
| Income (loss) from operations | 107 | 258 | (155) | 576 | |||||||||||||||||||
| Interest income, net | 54 | 71 | 148 | 169 | |||||||||||||||||||
| Other expense, net | (6) | (81) | (13) | (28) | |||||||||||||||||||
| Income (loss) before income taxes | 155 | 248 | (20) | 717 | |||||||||||||||||||
| Provision for (benefit from) income taxes | (6) | 5 | 2 | (2) | |||||||||||||||||||
| Net income (loss) including redeemable non-controlling interests | 161 | 243 | (22) | 719 | |||||||||||||||||||
| Less: net loss attributable to redeemable non-controlling interests | (1) | (1) | (4) | (3) | |||||||||||||||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | $ | 162 | $ | 244 | $ | (18) | $ | 722 | |||||||||||||||
| Net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders | |||||||||||||||||||||||
| Basic | $ | 0.39 | $ | 0.57 | $ | (0.04) | $ | 1.70 | |||||||||||||||
| Diluted | $ | 0.38 | $ | 0.55 | $ | (0.04) | $ | 1.65 | |||||||||||||||
| Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders | |||||||||||||||||||||||
| Basic | 413,106 | 428,911 | 409,703 | 425,176 | |||||||||||||||||||
| Diluted | 427,962 | 441,812 | 409,703 | 438,611 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||
| Net income (loss) including redeemable non-controlling interests | $ | 161 | $ | 243 | $ | (22) | $ | 719 | |||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Change in foreign currency translation adjustments | 134 | 7 | 41 | 373 | |||||||||||||||||||
| Change in unrealized gains and losses on marketable securities | 13 | — | 8 | 2 | |||||||||||||||||||
| Total other comprehensive income (loss) | 147 | 7 | 49 | 375 | |||||||||||||||||||
| Comprehensive income (loss) including redeemable non-controlling interests | 308 | 250 | 27 | 1,094 | |||||||||||||||||||
| Less: Comprehensive loss attributable to redeemable non-controlling interests | (1) | (1) | (4) | (3) | |||||||||||||||||||
| Comprehensive income (loss) attributable to DoorDash, Inc. common stockholders | $ | 309 | $ | 251 | $ | 31 | $ | 1,097 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in millions, except share amounts which are reflected in thousands)
(Unaudited)
| Redeemable Non-Controlling Interests | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
| Balances as of December 31, 2023 | $ | 7 | 403,228 | $ | — | $ | 11,887 | $ | (5,154) | $ | 73 | $ | 6,806 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 3,710 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 1,574 | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 289 | — | — | 289 | ||||||||||||||||||||||||||||||||||||||||
| Recognition of redeemable non-controlling interest upon additional capital investment | 6 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (74) | (74) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (2) | — | — | — | (23) | — | (23) | ||||||||||||||||||||||||||||||||||||||||
| Balances as of March 31, 2024 | $ | 11 | 408,512 | $ | — | $ | 12,177 | $ | (5,177) | $ | (1) | $ | 6,999 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 3,626 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 1,016 | — | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 344 | — | — | 344 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (24) | (24) | ||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | — | (14) | — | — | (2) | — | (2) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (1) | — | — | — | (157) | — | (157) | ||||||||||||||||||||||||||||||||||||||||
| Balances as of June 30, 2024 | $ | 10 | 413,140 | $ | — | $ | 12,523 | $ | (5,336) | $ | (25) | $ | 7,162 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 3,410 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 726 | — | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 316 | — | — | 316 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | 147 | 147 | |||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | — | (2,114) | — | — | (222) | — | (222) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (1) | — | — | — | 162 | — | 162 | ||||||||||||||||||||||||||||||||||||||||
| Balances as of September 30, 2024 | $ | 9 | 415,162 | $ | — | $ | 12,843 | $ | (5,396) | $ | 122 | $ | 7,569 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in millions, except share amounts which are reflected in thousands)
(Unaudited)
| Redeemable Non-Controlling Interests | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
| Balances as of December 31, 2024 | $ | 7 | 419,677 | $ | — | $ | 13,165 | $ | (5,255) | $ | (107) | $ | 7,803 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 3,199 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 751 | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 276 | — | — | 276 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | 114 | 114 | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (1) | — | — | — | 193 | — | 193 | ||||||||||||||||||||||||||||||||||||||||
| Balances as of March 31, 2025 | $ | 6 | 423,627 | $ | — | $ | 13,444 | $ | (5,062) | $ | 7 | $ | 8,389 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 2,848 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 440 | — | 2 | — | — | 2 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 332 | — | — | 332 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | 254 | 254 | ||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants | — | — | — | 341 | — | — | 341 | ||||||||||||||||||||||||||||||||||||||||
| Purchase of convertible note hedges | — | — | — | (680) | — | — | (680) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (1) | — | — | — | 285 | — | 285 | ||||||||||||||||||||||||||||||||||||||||
| Balances as of June 30, 2025 | $ | 5 | 426,915 | $ | — | $ | 13,439 | $ | (4,777) | $ | 261 | $ | 8,923 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 3,266 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 726 | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 307 | — | — | 307 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||||||||||
| Recognition of redeemable non-controlling interest upon additional capital investment | 9 | — | — | 11 | — | — | 11 | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (1) | — | — | — | 244 | — | 244 | ||||||||||||||||||||||||||||||||||||||||
| Balances as of September 30, 2025 | $ | 13 | 430,907 | $ | — | $ | 13,760 | $ | (4,533) | $ | 268 | $ | 9,495 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income (loss) including redeemable non-controlling interests | $ | (22) | $ | 719 | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 420 | 480 | |||||||||
| Stock-based compensation | 828 | 775 | |||||||||
| Reduction of operating lease right-of-use assets and accretion of operating lease liabilities | 77 | 83 | |||||||||
| Amortization of deferred contract costs | 43 | 55 | |||||||||
| Office lease impairment expenses | 83 | 7 | |||||||||
| Change in fair value of deal-contingent forward contract | — | 12 | |||||||||
| Other | (17) | 45 | |||||||||
| Changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | |||||||||||
| Funds held at payment processors | 24 | 74 | |||||||||
| Accounts receivable, net | (102) | (162) | |||||||||
| Prepaid expenses and other current assets | (209) | (195) | |||||||||
| Other assets | 89 | (193) | |||||||||
| Accounts payable | (31) | (60) | |||||||||
| Accrued expenses and other current liabilities | 494 | 496 | |||||||||
| Payments for operating lease liabilities | (83) | (87) | |||||||||
| Other liabilities | 20 | (39) | |||||||||
| Net cash provided by operating activities | 1,614 | 2,010 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment | (72) | (203) | |||||||||
| Capitalized software and website development costs | (160) | (235) | |||||||||
| Purchases of marketable securities | (1,527) | (1,108) | |||||||||
| Maturities of marketable securities | 1,481 | 1,046 | |||||||||
| Sales of marketable securities | 4 | 429 | |||||||||
| Purchases of non-marketable equity securities | — | (5) | |||||||||
| Acquisitions, net of cash acquired | — | (1,198) | |||||||||
| Other investing activities | (7) | — | |||||||||
| Net cash used in investing activities | (281) | (1,274) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from issuance of convertible notes, net of issuance costs | — | 2,720 | |||||||||
| Proceeds from issuance of warrants | — | 341 | |||||||||
| Purchase of convertible note hedges | — | (680) | |||||||||
| Proceeds from exercise of stock options | 7 | 8 | |||||||||
| Repurchase of common stock | (224) | — | |||||||||
| Other financing activities | 6 | (10) | |||||||||
| Net cash provided by (used in) financing activities | (211) | 2,379 | |||||||||
| Foreign currency effect on cash, cash equivalents, and restricted cash | 4 | 63 | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | 1,126 | 3,178 | |||||||||
| Cash, cash equivalents, and restricted cash | |||||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 2,772 | 4,221 | |||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 3,898 | $ | 7,399 | |||||||
| Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | |||||||||||
| Cash and cash equivalents | $ | 3,664 | $ | 3,279 | |||||||
| Restricted cash | 221 | 4,080 | |||||||||
| Long-term restricted cash included in other assets | 13 | 40 | |||||||||
| Total cash, cash equivalents, and restricted cash | $ | 3,898 | $ | 7,399 | |||||||
| Non-cash investing and financing activities | |||||||||||
| Purchases of property and equipment not yet settled | $ | 29 | $ | 46 | |||||||
| Stock-based compensation included in capitalized software and website development costs | $ | 121 | $ | 140 | |||||||
| Deferred cash consideration for acquisitions | $ | — | $ | 87 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
DOORDASH, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Organization and Description of Business
DoorDash, Inc. (the “Company”) is incorporated in Delaware with headquarters in San Francisco, California. The Company's mission is to grow and empower local economies. The Company aims to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.
As of September 30, 2025, the Company's primary offerings included the DoorDash Marketplace and the Wolt Marketplace (together, the "Marketplaces"), and its Commerce Platform. The Company's Marketplaces operated in over 30 countries across the globe and provided an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. The Company also offers advertising as a value-added service through its Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.
The Company's Marketplaces compete for consumers based primarily on the selection, convenience, quality, affordability, and service provided. The Company's Marketplaces also include consumer membership programs, DashPass and Wolt+, which aim to lower transactional friction by reducing the delivery and service fees charged, while providing additional membership benefits.
In addition to its Marketplaces, the Company offers its Commerce Platform, which is a suite of services that help merchants grow, run, and operate their businesses on their own channels. 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. In addition to Drive, the Company also provides software and services that help merchants establish online ordering, build branded mobile apps, manage reservations and tables, better connect with consumers through customer relationship management and marketing tools, enable tableside order and pay, and manage customer support.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and entities consolidated under the variable interest entity model, and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. All intercompany balances and transactions have been eliminated in consolidation.
These unaudited condensed consolidated interim financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. They should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Interim results are not necessarily indicative of the results for a full year.
Use of Estimates
The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Estimates include, but are not limited to, revenue recognition, allowances for credit losses, gift card breakage, estimated useful lives of property and equipment, capitalized software and website development costs, intangible assets, valuation of stock-based compensation, valuation of investments and other financial instruments including valuation of investments without readily determinable fair values, valuation of acquired intangible assets and goodwill, the incremental borrowing rate applied in lease accounting, impairment of long-lived assets, insurance reserves, loss contingencies, and income and indirect taxes. Actual results could differ from these estimates.
Significant Accounting Policies
There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the year ended December 31, 2024, except for the accounting policy noted below.
Derivative Financial Instruments
The Company accounts for derivative financial instruments in accordance with ASC 815, "Derivatives and Hedging*"*, which establishes accounting and reporting for derivative instruments, including economic hedges. Accordingly, any gains or losses related to the derivative instruments used as economic hedges are recognized in earnings. Cash flows are recorded in the same section as the cash flows of the related hedged item. Refer to Note 14 - "Derivative" for further information.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires disclosure, on an annual and interim basis, of specified information about certain costs and expenses in the notes to financial statements. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.
In September 2025, the FASB issued Accounting Standards Update 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" (“ASU 2025-06”), which removes all references to prescriptive and sequential software development stages and establishes new criteria for the capitalization of internal-use software costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.
3. Revenue
Disaggregated Revenue Information
All revenue recognized during the periods presented was related to the Company's core business, which is primarily composed of the Company's Marketplaces and Commerce Platform.
Revenue by geographic area is determined based on the address of the merchant, or in the case of the Company's membership products, the address of the consumer. Revenue by geographic area was as follows (in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||
| United States | $ | 2,361 | $ | 2,926 | $ | 6,901 | $ | 8,411 | |||||||||||||||
| International(1) | 345 | 520 | 948 | 1,351 | |||||||||||||||||||
| Total revenue | $ | 2,706 | $ | 3,446 | $ | 7,849 | $ | 9,762 |
(1) No individual country outside the United States represented 10% or more of total consolidated revenue for the periods presented.
Contract Liabilities
The timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets, is primarily composed of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. A summary of activities related to contract liabilities for the nine months ended September 30, 2025 was as follows (in millions):
| Nine Months Ended September 30, 2025 | |||||
| Beginning balance | $ | 396 | |||
| Addition to contract liabilities | 2,637 | ||||
| Reduction of contract liabilities(1)(2) | (2,584) | ||||
| Ending balance | $ | 449 |
(1) Gift cards and certain consumer credits can be redeemed through the Marketplaces. When they are redeemed, revenue is recognized on a net basis as the difference between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so.
(2) Included in the beginning balance of contract liabilities was $228 million associated with unearned prepayments received by the Company, of which $223 million was recognized as revenue during the nine months ended September 30, 2025. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less.
Deferred Contract Costs
Deferred contract costs represent direct and incremental costs incurred to acquire or fulfill the Company’s contracts, consisting of sales commissions and costs related to merchant onboarding, which the Company expects to recover. Deferred contract costs are amortized on a straight-line basis over the expected period of benefit, which the Company determined by considering historical attrition rates and other factors. Deferred contract costs are recorded in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. Amortization of deferred contract costs related to sales commissions is recognized in sales and marketing expense and amortization of deferred contract costs related to merchant onboarding is recognized in cost of revenue, exclusive of depreciation and amortization in the condensed consolidated statements of operations. A summary of activities related to deferred contract costs was as follows (in millions):
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2025 | ||||||||||
| Beginning balance | $ | 137 | $ | 157 | |||||||
| Addition to deferred contract costs | 61 | 81 | |||||||||
| Amortization of deferred contract costs | (43) | (55) | |||||||||
| Ending balance | $ | 155 | $ | 183 | |||||||
| Deferred contract costs, current | $ | 62 | $ | 75 | |||||||
| Deferred contract costs, non-current | 93 | 108 | |||||||||
| Total deferred contract costs | $ | 155 | $ | 183 |
Allowance for Credit Losses
The allowance for credit losses related to accounts receivable and changes were as follows (in millions):
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2025 | ||||||||||
| Beginning balance | $ | 17 | $ | 22 | |||||||
| Current-period provision for expected credit losses | 11 | 22 | |||||||||
| Write-offs charged against the allowance | (6) | (3) | |||||||||
| Ending balance | $ | 22 | $ | 41 |
4. Acquisitions
SevenRooms Acquisition
On June 13, 2025, the Company completed the acquisition of 100 percent of the outstanding equity interests of SevenRooms Inc. (“SevenRooms”), which was accounted for under the acquisition method of accounting. The acquisition will enhance the Company's platform by equipping merchants with tools to manage reservations and tables, better
connect with consumers through customer relationship management, and improve their marketing. The Company’s acquisition-related costs for the nine months ended September 30, 2025 were $13 million. All costs were recorded as general and administrative expenses on the Company’s condensed consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for SevenRooms was $1,152 million, which consisted of the following (in millions):
| Fair Value | |||||
| Cash | $ | 902 | |||
| Deferred cash consideration | 250 | ||||
| Total consideration | $ | 1,152 |
As of September 30 2025, the Company had settled $184 million in deferred cash consideration, with $66 million remaining to be settled in future periods. For certain SevenRooms employees, a portion of their total consideration was held back subject to revesting. A total of $38 million of these employees’ holdback was included as part of the deferred cash consideration and the remaining $56 million represents compensation for post-combination services to be recognized over the service period.
The total purchase consideration of the SevenRooms acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $881 million of goodwill which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce of SevenRooms and anticipated synergies arising from potential future growth and an enhanced platform to help merchants serve their customers across all channels. The goodwill recorded in connection with the acquisition of SevenRooms is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimates, judgments and assumptions, and are considered preliminary pending finalization of the valuation analyses pertaining to assets acquired and liabilities assumed, which primarily relate to acquired intangible assets. The Company expects to finalize the allocation of the purchase price as soon as practicable, but no later than one year from the acquisition date when the measurement period ends.
The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed as of the acquisition date (in millions):
| June 13, 2025 | |||||
| Current assets | $ | 29 | |||
| Intangible assets | 365 | ||||
| Goodwill | 881 | ||||
| Other non-current assets | 2 | ||||
| Current liabilities | (102) | ||||
| Deferred tax liability, net | (23) | ||||
| Total | $ | 1,152 |
The following table sets forth the components of intangible assets acquired (in millions) and their estimated useful lives as of the date of acquisition (in years):
| Estimated Useful Life | June 13, 2025 | ||||||||||
| Existing technology | 6 | $ | 139 | ||||||||
| Strategic customer relationships | 14 | 165 | |||||||||
| Other customer relationships | 7 | 55 | |||||||||
| Trade name | 4 | 6 | |||||||||
| Total acquired intangible assets | $ | 365 |
Existing technology represents the online and mobile SevenRooms platform for reservations, table management, and guest engagement. The customer relationships represent the fair value of the underlying relationships with its customers, including strategic customers such as global hotel chains and casino resorts, and small and mid-size businesses. The estimated fair values of the developed technology and trade name were determined using the relief-from-royalty method of the income approach. The estimated fair values of the customer relationships were determined using the multi-period
excess earnings method of the income approach. The Company expects to amortize the fair value of these intangible assets on a straight-line basis over their respective estimated useful lives.
From the date of acquisition through September 30, 2025, revenue and net loss attributable to SevenRooms, included in the Company’s condensed consolidated statements of operations was not material. The pro forma information has not been presented as such information is also not material to the Company for the periods presented.
Symbiosys Acquisition
On May 28, 2025, the Company acquired Symbiosys Corp. (“Symbiosys”), a retail media platform company, to expand offsite advertising capabilities. The acquisition was accounted for under the acquisition method of accounting.
The acquisition date fair value of the purchase consideration was $121 million, which consisted of the following (in millions):
| Fair Value | |||||
| Cash | $ | 89 | |||
| Deferred cash consideration | 29 | ||||
| Fair value of previously held equity interest | 3 | ||||
| Total purchase consideration | $ | 121 |
As of September 30, 2025, the Company had settled $8 million in deferred cash consideration, with $21 million remaining to be settled in future periods. For certain Symbiosys employees, a portion of their total consideration was restricted subject to vesting over various service periods. A total of $14 million of these employees’ consideration was included as part of the deferred cash consideration and the remaining $53 million represents compensation for post-combination services to be recognized over their respective service periods.
The total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed, based upon their respective fair values as of the date of acquisition. The excess of the purchase consideration over the net assets acquired was recorded as goodwill. Goodwill is primarily attributable to the anticipated synergies from the planned expansion into additional digital channels to extend the breadth of the Company’s marketing channels. The goodwill recorded in connection with the acquisition of Symbiosys is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimates, judgments and assumptions, and are considered preliminary pending finalization of the valuation analyses pertaining to assets acquired and liabilities assumed, which primarily relate to acquired intangible assets. The measurement period will end no later than one-year from the acquisition date.
The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions):
| May 28, 2025 | |||||
| Current assets | $ | 7 | |||
| Intangible assets | 19 | ||||
| Goodwill | 102 | ||||
| Current liabilities | (5) | ||||
| Other liabilities | (2) | ||||
| Total | $ | 121 |
The intangible assets acquired consisted of existing technology of $17 million and customer relationships of $2 million, which had estimated useful lives of 4 and 3 years as of the date of the acquisition, respectively.
The acquisition was not material to the Company for the periods presented and therefore, pro forma information has not been presented.
Other Acquisition
During the three months ended March 31, 2025, the Company acquired a company, which was accounted for under the acquisition method of accounting. The total purchase consideration was approximately $28 million, which was allocated to the tangible and intangible assets acquired and liabilities assumed based upon their respective fair values as of the acquisition date. Intangible assets acquired were primarily composed of customer relationships and vendor relationships. Additionally, the Company recorded $21 million of goodwill, which represented the excess of the purchase price over the net assets acquired.
5. Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill during the nine months ended September 30, 2025 were as follows (in millions):
| Total | ||||||||
| Balance as of December 31, 2024 | $ | 2,315 | ||||||
| Goodwill measurement period adjustment | 36 | |||||||
| Acquisitions | 968 | |||||||
| Effects of foreign currency translation | 251 | |||||||
| Balance as of September 30, 2025 | $ | 3,570 |
Intangible assets, net consisted of the following as of December 31, 2024 (in millions):
| Weighted-average Remaining Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
| Existing technology | 3.3 | $ | 232 | $ | (142) | $ | 90 | ||||||||||||||||
| Merchant relationships | 8.3 | 286 | (82) | 204 | |||||||||||||||||||
| Customer relationships | 0.4 | 116 | (101) | 15 | |||||||||||||||||||
| Trade name and trademarks | 7.4 | 269 | (75) | 194 | |||||||||||||||||||
| Assembled workforce in asset acquisition | 2.2 | 10 | (3) | 7 | |||||||||||||||||||
| Balance as of December 31, 2024 | $ | 913 | $ | (403) | $ | 510 |
Intangible assets, net consisted of the following as of September 30, 2025 (in millions):
| Weighted-average Remaining Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
| Existing technology | 4.5 | $ | 406 | $ | (181) | $ | 225 | ||||||||||||||||
| Merchant relationships | 7.3 | 328 | (100) | 228 | |||||||||||||||||||
| Customer relationships | 11.8 | 354 | (136) | 218 | |||||||||||||||||||
| Trade name and trademarks | 6.6 | 306 | (104) | 202 | |||||||||||||||||||
| Assembled workforce in asset acquisitions | 1.6 | 10 | (5) | 5 | |||||||||||||||||||
| Balance as of September 30, 2025 | $ | 1,404 | $ | (526) | $ | 878 |
Amortization expense associated with intangible assets was $32 million and $36 million for the three months ended September 30, 2024 and 2025, respectively. Amortization expense associated with intangible assets was $94 million and $99 million for the nine months ended September 30, 2024 and 2025, respectively.
The estimated future amortization expense of intangible assets as of September 30, 2025 is as follows (in millions):
| Year Ending December 31, | Amortization Expense | |||||||
| Remainder of 2025 | $ | 36 | ||||||
| 2026 | 146 | |||||||
| 2027 | 143 | |||||||
| 2028 | 122 | |||||||
| 2029 | 102 | |||||||
| Thereafter | 329 | |||||||
| Total estimated future amortization expense | $ | 878 |
6. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
| December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 2,272 | $ | — | $ | — | $ | 2,272 | |||||||||||||||
| Commercial paper | — | 5 | — | 5 | |||||||||||||||||||
| U.S. Treasury securities | — | 15 | — | 15 | |||||||||||||||||||
| Short-term marketable securities | |||||||||||||||||||||||
| Certificates of deposit | — | 39 | — | 39 | |||||||||||||||||||
| Commercial paper | — | 76 | — | 76 | |||||||||||||||||||
| Corporate bonds | — | 509 | — | 509 | |||||||||||||||||||
| U.S. government agency securities | — | 33 | — | 33 | |||||||||||||||||||
| U.S. Treasury securities | — | 612 | — | 612 | |||||||||||||||||||
| Mutual funds | 53 | — | — | 53 | |||||||||||||||||||
| Long-term marketable securities | |||||||||||||||||||||||
| Commercial paper | — | 2 | — | 2 | |||||||||||||||||||
| Corporate bonds | — | 420 | — | 420 | |||||||||||||||||||
| U.S. government agency securities | — | 74 | — | 74 | |||||||||||||||||||
| U.S. Treasury securities | — | 339 | — | 339 | |||||||||||||||||||
| Total | $ | 2,325 | $ | 2,124 | $ | — | $ | 4,449 |
| September 30, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 2,052 | $ | — | $ | — | $ | 2,052 | |||||||||||||||
| Short-term marketable securities | |||||||||||||||||||||||
| Certificates of deposit | — | 23 | — | 23 | |||||||||||||||||||
| Commercial paper | — | 40 | — | 40 | |||||||||||||||||||
| Corporate bonds | — | 461 | — | 461 | |||||||||||||||||||
| U.S. government agency securities | — | 27 | — | 27 | |||||||||||||||||||
| U.S. Treasury securities | — | 354 | — | 354 | |||||||||||||||||||
| Mutual funds | 59 | — | — | 59 | |||||||||||||||||||
| Long-term marketable securities | |||||||||||||||||||||||
| Corporate bonds | — | 455 | — | 455 | |||||||||||||||||||
| U.S. government agency securities | — | 93 | — | 93 | |||||||||||||||||||
| U.S. Treasury securities | — | 301 | — | 301 | |||||||||||||||||||
| Accrued expenses and other current liabilities | |||||||||||||||||||||||
| Deal-contingent forward | — | — | 12 | 12 | |||||||||||||||||||
| Total | $ | 2,111 | $ | 1,754 | $ | 12 | $ | 3,877 |
The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.
The fair value of the Company’s Level 3 Deal-Contingent Forward (as defined in Note 14 - "Derivative") was determined by comparing the contractual foreign exchange rate to forward market rate for the expected future date, probability weighted for the likelihood and timing of when the related acquisition is anticipated to close and discounted to the valuation date. The lowest level of inputs used that were significant in determining the fair value were considered Level 3 inputs. See Note 14 - "Derivative" for further information on the Deal-Contingent Forward.
The fair value of the 2030 Notes (as defined in Note 8 - "Convertible Notes, Net") was determined based on the quote price in markets that are not active, which is considered a Level 2 valuation input. Refer to Note 8 - "Convertible Notes, Net" for the carrying amount and fair value of the 2030 Notes.
Assets Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurring basis. When indicators of impairment exist or observable price changes in a same or similar security from the same issuer occur, the respective non-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include a combination of the observable transaction price at the transaction date and other unobservable inputs. Non-marketable equity securities are recorded in other assets on the condensed consolidated balance sheets.
In the three and nine months ended September 30, 2024 and 2025, the Company did not record any material upward or downward adjustments or impairments on its non-marketable equity securities.
Estimating the fair value of the Company’s investments in non-marketable equity securities requires the use of estimates and judgments. Changes in estimates and judgments could result in different estimates of fair value and future adjustments.
The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2024 and September 30, 2025, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other expense, net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):
| December 31, 2024 | September 30, 2025 | ||||||||||
| Initial cost basis | $ | 450 | $ | 457 | |||||||
| Upward adjustments | 11 | 11 | |||||||||
| Downward adjustments (including impairment) | (419) | (421) | |||||||||
| Total carrying value at the end of reporting period | $ | 42 | $ | 47 |
7. Balance Sheet Components
Cash Equivalents and Marketable Securities
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and marketable securities (in millions):
| December 31, 2024 | |||||||||||||||||||||||
| Cost or Amortized Cost | Unrealized | Estimated Fair Value | |||||||||||||||||||||
| Gains | Losses | ||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 2,272 | $ | — | $ | — | $ | 2,272 | |||||||||||||||
| Commercial paper | 5 | — | — | 5 | |||||||||||||||||||
| U.S. Treasury securities | 15 | — | — | 15 | |||||||||||||||||||
| Short-term marketable securities | |||||||||||||||||||||||
| Certificates of deposit | 39 | — | — | 39 | |||||||||||||||||||
| Commercial paper | 76 | — | — | 76 | |||||||||||||||||||
| Corporate bonds | 508 | 1 | — | 509 | |||||||||||||||||||
| U.S. government agency securities | 33 | — | — | 33 | |||||||||||||||||||
| U.S. Treasury securities | 611 | 1 | — | 612 | |||||||||||||||||||
| Mutual funds | 53 | — | — | 53 | |||||||||||||||||||
| Long-term marketable securities | |||||||||||||||||||||||
| Commercial paper | 2 | — | — | 2 | |||||||||||||||||||
| Corporate bonds | 420 | 1 | (1) | 420 | |||||||||||||||||||
| U.S. government agency securities | 74 | — | — | 74 | |||||||||||||||||||
| U.S. Treasury securities | 340 | — | (1) | 339 | |||||||||||||||||||
| Total | $ | 4,448 | $ | 3 | $ | (2) | $ | 4,449 |
| September 30, 2025 | |||||||||||||||||||||||
| Cost or Amortized Cost | Unrealized | Estimated Fair Value | |||||||||||||||||||||
| Gains | Losses | ||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 2,052 | $ | — | $ | — | $ | 2,052 | |||||||||||||||
| Short-term marketable securities | |||||||||||||||||||||||
| Certificates of deposit | 23 | — | — | 23 | |||||||||||||||||||
| Commercial paper | 40 | — | — | 40 | |||||||||||||||||||
| Corporate bonds | 460 | 1 | — | 461 | |||||||||||||||||||
| U.S. government agency securities | 27 | — | — | 27 | |||||||||||||||||||
| U.S. Treasury securities | 354 | — | — | 354 | |||||||||||||||||||
| Mutual funds | 58 | 1 | — | 59 | |||||||||||||||||||
| Long-term marketable securities | |||||||||||||||||||||||
| Corporate bonds | 454 | 1 | — | 455 | |||||||||||||||||||
| U.S. government agency securities | 93 | — | — | 93 | |||||||||||||||||||
| U.S. Treasury securities | 300 | 1 | — | 301 | |||||||||||||||||||
| Total | $ | 3,861 | $ | 4 | $ | — | $ | 3,865 |
For marketable securities with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2024, and September 30, 2025.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):
| December 31, 2024 | September 30, 2025 | |||||||||||||
| Prepaid expenses | $ | 237 | $ | 305 | ||||||||||
| Deferred contract costs | 64 | 75 | ||||||||||||
| Other receivable | 133 | 157 | ||||||||||||
| Other current assets | 253 | 362 | ||||||||||||
| Total | $ | 687 | $ | 899 |
Property and Equipment, net
Property and equipment, net consisted of the following (in millions):
| December 31, 2024 | September 30, 2025 | |||||||||||||
| Equipment for merchants | $ | 190 | $ | 263 | ||||||||||
| Computer equipment and software | 96 | 116 | ||||||||||||
| Capitalized software and website development costs | 1,339 | 1,730 | ||||||||||||
| Leasehold improvements | 211 | 235 | ||||||||||||
| Office equipment | 77 | 122 | ||||||||||||
| Construction in progress | 61 | 58 | ||||||||||||
| Total | 1,974 | 2,524 | ||||||||||||
| Less: Accumulated depreciation and amortization | (1,196) | (1,548) | ||||||||||||
| Property and equipment, net | $ | 778 | $ | 976 |
Depreciation expenses were $27 million and $41 million for the three months ended September 30, 2024 and 2025, respectively. Depreciation expenses were $90 million and $108 million for the nine months ended September 30, 2024 and 2025, respectively.
The Company capitalized $98 million and $141 million in capitalized software and website development costs during the three months ended September 30, 2024 and 2025, respectively. The Company capitalized $280 million and $391 million in capitalized software and website development costs during the nine months ended September 30, 2024 and 2025, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $79 million and $92 million for the three months ended September 30, 2024 and 2025, respectively. Amortization of capitalized software and website development costs was $236 million and $273 million for the nine months ended September 30, 2024 and 2025, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):
| December 31, 2024 | September 30, 2025 | |||||||||||||
| Litigation reserves | $ | 160 | $ | 214 | ||||||||||
| Sales tax payable and accrued sales and indirect taxes | 337 | 377 | ||||||||||||
| Accrued operations related expenses | 446 | 526 | ||||||||||||
| Accrued advertising | 142 | 166 | ||||||||||||
| Dasher and merchant payable | 1,136 | 1,328 | ||||||||||||
| Insurance reserves | 1,049 | 1,108 | ||||||||||||
| Contract liabilities | 396 | 449 | ||||||||||||
| Other | 383 | 626 | ||||||||||||
| Total | $ | 4,049 | $ | 4,794 |
8. Convertible Notes, Net
2030 Notes
In May 2025, the Company issued $2.75 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “2030 Notes”). The total proceeds from the issuance of the 2030 Notes, net of debt issuance costs, were approximately $2.72 billion.
The 2030 Notes are senior, unsecured obligations of the Company and will mature on May 15, 2030, unless earlier repurchased, redeemed, or converted, and are governed by the terms of an indenture (the "Indenture"), dated as of May 30, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2030 Notes do not bear regular cash interest. Special interest and additional interest, if any, may accrue on the 2030 Notes at a combined rate per annum not exceeding 0.50% upon the occurrence of certain events relating to the failure to file certain reports with the SEC or to remove certain restrictive legends from the 2030 Notes.
Holders of the 2030 Notes may convert all or any portion of their 2030 Notes at their option prior to November 15, 2029, under the following circumstances:
a.during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on September 30, 2025, if the last reported sale price per share of the Company’s Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
b.during the 5 consecutive business days after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of the 2030 Notes for each trading day of such 10-day period was less than 98% of the product of the last reported sale price per share of the Company’s Class A common stock and the conversion rate on each such trading day; or
c.upon the occurrence of specified corporate events or distributions on the Company’s Class A common stock, in each case, as set forth in the Indenture.
Holders of the 2030 Notes may also convert their 2030 Notes (i) if the Company calls such 2030 Notes for redemption; and (ii) at any time on or after November 15, 2029 until the close of business on the second scheduled trading day immediately before the maturity date.
Upon conversion of any 2030 Notes, the conversion value will be paid in cash up to at least the principal amount of the 2030 Notes being converted. Any amount of the conversion value in excess of the principal portion of such 2030 Notes may be settled in cash or shares of the Company’s Class A common stock, or a combination thereof, at the Company’s option. The 2030 Notes are convertible at an initial conversion rate of 3.425 shares of the Company's Class A common stock per $1,000 principal amount of the 2030 Notes, which is equivalent to an initial conversion price of approximately $291.97 per share of the Company's Class A common stock. The conversion rate may be subject to certain anti-dilution adjustments and/or a make-whole adjustment upon the occurrence of specified events set forth in the Indenture. As of September 30, 2025, there have been no changes to the initial conversion price of the 2030 Notes since the issuance date. Based on the closing price of the Company’s Class A common stock of $271.99 on the last trading day of the
quarter, the if-converted value of the 2030 Notes did not exceed the principal value of the 2030 Notes as of September 30, 2025.
The Company may not redeem the notes prior to May 20, 2028. The 2030 Notes will be redeemable, in whole or in part (subject to certain limitations set forth in the Indenture), for cash, at the Company’s option, on or after May 20, 2028 and on or before the 20th scheduled trading day immediately before the maturity date, but only if (i) the 2030 Notes are “Freely Tradable” (as defined in the Indenture), and all accrued and unpaid additional interest, if any, has been paid as of the date the Company sends the related redemption notice and (ii) the last reported sale price per share of the Company’s Class A common stock exceeds 130% of the conversion price on each of at least 20 trading days (whether or not consecutive) including the last trading day, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends such redemption notice. The redemption price will be equal to 100% of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the redemption date. In addition, calling any 2030 Note for redemption will constitute a "Make-Whole Fundamental Change" (as defined in the Indenture) with respect to such 2030 Note, in which case the conversion rate applicable to the conversion of such 2030 Note will be increased in certain circumstances if it is converted after it is called for redemption.
If the Company undergoes a “Fundamental Change” (as defined in the Indenture), then holders of the 2030 Notes may require the Company to repurchase for cash all or any portion of their 2030 Notes at a repurchase price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the fundamental change repurchase date.
The Indenture contains customary events of default and limited covenants. No sinking fund is required to be provided for the 2030 Notes.
As of September 30, 2025, none of the conditions described in the paragraphs above relating to convertibility or mandatory redemption were met. Therefore, the 2030 Notes are classified as long-term debt.
The net carrying value, net of the 2030 Notes consisted of the following as of September 30, 2025 (in millions):
| September 30, 2025 | |||||
| Principal | $ | 2,750 | |||
| Less: debt issuance costs, net of amortization | (28) | ||||
| Carrying value, net | $ | 2,722 |
The effective interest rate of the 2030 Notes is 0.22% per annum. The fair value of the 2030 Notes was $3.1 billion as of September 30, 2025 and was determined based on the quote price in markets that are not active, which is considered a Level 2 valuation input.
2030 Note Hedges and Warrant Transactions
In May 2025, in connection with the offering of the 2030 Notes, the Company entered into privately negotiated convertible note hedge transactions whereby the Company has the option to purchase an initial total of approximately 9.4 million shares of its Class A common stock at an initial strike price of approximately $291.97 per share (the “Note Hedges”). The total cost of the Note Hedges was approximately $680 million.
In addition, the Company sold warrants whereby the holders of the warrants have the option to purchase an initial total of approximately 9.4 million shares of the Company’s Class A common stock at an initial strike price of $512.225 per share (the “Warrants”). The Company received approximately $341 million in cash proceeds from the sale of the Warrants.
Both the number of shares underlying the Note Hedges and the Warrants and the strike prices of the instruments are subject to customary anti-dilution adjustments. The Note Hedges are expected generally to reduce potential dilution to the Company's Class A common stock upon the conversion of any 2030 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of any converted 2030 Notes, as the case may be, to the extent the market price per share of the Company’s Class A common stock exceeds the then-applicable strike price of the Note Hedges. The Warrants may separately have a dilutive effect with respect to the Company’s Class A common stock to the extent the market price per share of the Company’s Class A common stock exceeds the then-applicable strike price of the Warrants, unless the Company elects, subject to certain conditions, to settle the Warrants in cash.
The Note Hedges and the Warrants are equity-classified instruments as a result of being indexed to the Company’s Class A common stock and meeting equity classification criteria, and the instruments will not be remeasured in subsequent periods as long as they continue to meet these accounting criteria. The net cost of approximately $339 million for the purchase of the Note Hedges and sale of the Warrants was recorded as a reduction to additional paid-in capital in the Company’s condensed consolidated balance sheets.
9. Commitments and Contingencies
Legal Proceedings
From time to time, the Company is a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of ongoing matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable, requiring recognition of a loss accrual, or whether the potential loss is reasonably possible, requiring potential disclosure. Legal fees are expensed as incurred.
The Company is currently the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning the Company’s business practices, the classification and compensation of Dashers, the DoorDash Dasher pay models, compliance with consumer protection laws, privacy, cybersecurity, tax issues, unemployment insurance, workers' compensation insurance, and other matters. For example, the Company is currently under audit by the Employment Development Department, State of California (the “CA EDD”) for payroll tax liabilities. In January 2023, the CA EDD issued an assessment for certain amounts that it found to be owed by the Company on behalf of Dashers due to their being classified as independent contractors. The Company believes that Dashers are, and have been, properly classified as independent contractors. Accordingly, the Company believes that it has meritorious defenses and intends to vigorously appeal such adverse assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, the Company has recorded an accrual for this matter within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of September 30, 2025. The results of investigations, audits, demands, and inquiries and related governmental action are inherently unpredictable and, as such, there is always the risk of an investigation, audit, demand, or inquiry having a material impact on the Company's business, financial condition, and results of operations.
In June 2020, the San Francisco District Attorney filed an action in the Superior Court of California, County of San Francisco, alleging that the Company misclassified California Dashers as independent contractors as opposed to employees in violation of the California Labor Code and the California Unfair Competition Law, among other allegations. This action was resolved in September 2025 for $2 million and no injunctive relief.
Indemnification
The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third party with respect to the Company's technology. The terms of these indemnification agreements are generally perpetual any time after the execution of the agreement.
In addition, the Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers of the Company, other than liabilities arising from willful misconduct of the individual.
The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with such indemnifications was recorded as of December 31, 2024 and September 30, 2025.
Insurance Collateral
The Company is required to maintain $607 million in collateral in connection with certain insurance policies, which can be held in a combination of cash, surety bonds, and letters of credit. As of September 30, 2025, the Company had $607 million of collateral outstanding in the form of surety bonds and letters of credit in connection with the insurance collateral requirement.
Revolving Credit Facility and Letters of Credit
In November 2019, the Company entered into a revolving credit and guaranty agreement, which, as most recently amended and restated on April 26, 2024, provides for an unsecured revolving credit facility of up to $800 million, with a letter of credit sublimit of $600 million, maturing on April 26, 2029. Loans under the revolving credit facility bear interest at the Company’s option, at (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted term Secured Overnight Financing Rate (“SOFR”) for a one-month interest period plus 1.00%, or (ii) an adjusted SOFR (based on an interest period of one, three, or six months) plus a margin equal to 1.00%. The Company is also obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee of 0.10%. The Company's obligations under the revolving credit facility are guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. The credit agreement contains customary affirmative covenants and customary negative covenants that restrict the Company's ability and its subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of the assets of the Company and its subsidiaries, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement.
As of December 31, 2024 and September 30, 2025, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2024 and September 30, 2025, no revolving loans were outstanding under the credit facility.
In addition to the letters of credit maintained in connection with the insurance collateral requirement, the Company also maintains letters of credit established primarily for real estate leases and insurance policies. As of December 31, 2024 and September 30, 2025, the Company had $141 million and $102 million of issued letters of credit outstanding, respectively, of which $112 million and $61 million, respectively, were issued from the revolving credit and guaranty agreement.
Deliveroo Transaction
On May 6, 2025, the Company issued an announcement (the “Rule 2.7 Announcement”) pursuant to Rule 2.7 of the UK City Code on Takeovers and Mergers (the "Code"), disclosing that the board of directors of the Company and the board of directors of Deliveroo, a company incorporated in England and Wales, had reached agreement on the terms of a recommended final cash offer by the Company for the entire issued and to be issued share capital of Deliveroo (the "Deliveroo Transaction"). Deliveroo has built one of the leading local commerce platforms across its key geographies, primarily in Europe and the Middle East, all complementary to the Company’s current footprint. The purchase price was 180 pence per Deliveroo share in cash, which equated to an equity value of approximately £2.8 billion. On October 2, 2025, the Company completed the Deliveroo Transaction. See Note 15 - “Subsequent Events” for further information on the closing of the Deliveroo Transaction.
Escrow Agreement
In connection with the Deliveroo Transaction and prior to the Rule 2.7 Announcement, the Company, JPMorgan Chase Bank, N.A., as escrow agent (the “Escrow Agent”), and J.P. Morgan Securities plc entered into an Escrow Agreement (the “Escrow Agreement”). Pursuant to the Escrow Agreement, the Company periodically deposited cash denominated in U.S. dollars into escrow in order to fund the cash consideration payable in connection with the Deliveroo Transaction and to satisfy certain requirements pursuant to the Code to evidence certainty of funding for the Deliveroo Transaction (such requirements, the "Cash Confirmation Requirements"). Cash held in escrow under the Escrow Agreement was recorded as restricted cash on the condensed consolidated balance sheets and totaled $3.9 billion as of September 30, 2025, inclusive of accrued interest income. In connection with the closing of the Deliveroo Transaction on October 2, 2025, the Company converted $3.8 billion of the cash held in escrow from U.S. dollars into Pounds Sterling (“GBP”) pursuant to the Deal-Contingent Forward (as defined in Note 14 - "Derivative").
Bridge Term Loan Credit and Guaranty Agreement
In connection with the Deliveroo Transaction, the Company entered into a Bridge Term Loan Credit and Guaranty Agreement (the “Bridge Credit Agreement”) with J.P. Morgan Chase Bank, N.A. on May 6, 2025 to provide the Company certain borrowings in an aggregate amount of up to $2.85 billion, consisting of (i) $1.50 billion of tranche A commitments (the "Tranche A Commitments") and (ii) $1.35 billion of tranche B commitments (the "Tranche B Commitments").
Pursuant to the terms of the Bridge Credit Agreement and effective as of June 10, 2025, the Tranche A Commitments were automatically reduced in full and terminated. On July 15, 2025, the Company voluntarily reduced in full and terminated the Tranche B Commitments under the Bridge Credit Agreement. After giving effect to such reductions, no commitments remained outstanding under the Bridge Credit Agreement and the Bridge Credit Agreement was terminated in accordance with its terms.
Sales and Indirect Tax Matters
The Company records sales and indirect tax liabilities as they become probable and the amount can be reasonably estimated. These reserves are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Company is under audit by various state, local, and foreign tax authorities with regard to sales and indirect tax matters. The timing of the resolution of indirect tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the tax authorities may differ from the amounts accrued.
10. Common Stock
Share Repurchase Program
In February 2025, the Company announced the authorization of a share repurchase program for the repurchase of shares of its Class A common stock in an aggregate amount of up to $5.0 billion, which is inclusive of the remaining share repurchase authority of $876 million under the share repurchase program that was previously announced by the Company in February 2024. During the nine months ended September 30, 2025, the Company did not repurchase any shares of its Class A common stock under the share repurchase program.
Restricted Stock
The Company granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy ("Wolt") on May 31, 2022. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject to post-acquisition employment is recorded as compensation expense on a straight-line basis over the requisite service period.
The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):
| Number of Shares | Weighted- Average Grant Date Fair Value Per Share | ||||||||||
| Unvested restricted stock as of December 31, 2024 | 92 | ||||||||||
| Granted | — | $ | — | ||||||||
| Vested | — | $ | — | ||||||||
| Forfeited | — | $ | — | ||||||||
| Unvested restricted stock as of September 30, 2025 | 92 |
Stock Award Activities
A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan, and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
| Options Outstanding | |||||||||||||||||||||||
| Shares subject to Options Outstanding | Weighted- Average Exercise Price Per Share | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||||||||||||
| Balance as of December 31, 2024 | 4,516 | $ | 5.72 | 3.18 | $ | 732 | |||||||||||||||||
| Granted | — | $ | — | ||||||||||||||||||||
| Exercised | (1,917) | $ | 4.42 | $ | 398 | ||||||||||||||||||
| Cancelled and forfeited | — | $ | — | ||||||||||||||||||||
| Balance as of September 30, 2025 | 2,599 | $ | 6.67 | 2.67 | $ | 690 | |||||||||||||||||
| Exercisable as of September 30, 2025 | 2,526 | $ | 6.75 | 2.71 | $ | 670 | |||||||||||||||||
| Vested and expected to vest as of September 30, 2025 | 2,599 | $ | 6.67 | 2.67 | $ | 690 |
The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2024 and 2025 was $388 million and $398 million, respectively. There were no stock options granted during the nine months ended September 30, 2024 and 2025.
A summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data):
| Number of Shares | Weighted- Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value | |||||||||||||||
| Unvested RSUs as of December 31, 2024 | 29,535 | $ | 4,955 | ||||||||||||||
| Granted | 7,978 | $ | 188.89 | ||||||||||||||
| Vested | (6) | $ | 98.13 | ||||||||||||||
| Vested and settled | (9,296) | $ | 99.15 | ||||||||||||||
| Forfeited | (1,758) | $ | 108.93 | ||||||||||||||
| Unvested RSUs as of September 30, 2025 | 26,453 | $ | 7,195 |
The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the nine months ended September 30, 2024 and 2025 was $123.47 and $188.89, respectively.
Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | $ | 36 | $ | 39 | $ | 109 | $ | 109 | |||||||||||||||
| Sales and marketing | 30 | 27 | 87 | 86 | |||||||||||||||||||
| Research and development | 126 | 132 | 379 | 389 | |||||||||||||||||||
| General and administrative | 82 | 60 | 253 | 191 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 274 | $ | 258 | $ | 828 | $ | 775 |
As of September 30, 2025, there was $1 million of unrecognized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 0.37 years.
In November 2020, the Company’s board of directors approved the grant of 10,379,000 performance-based RSUs to the Company's Chief Executive Officer (the “CEO Performance Award”). The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. During the nine months ended September 30, 2025, the first tranche of the CEO Performance Award, representing 518,950 shares, vested upon achievement of the first stock price target of $187.60, measured over a consecutive 180-day period prior to achievement. In October 2025, the second tranche, also representing 518,950 shares, vested upon achievement of the second stock price target of $226.80, measured over a consecutive 180-day period prior to achievement. Settlement of the vested shares related to the second tranche is expected to be on the next company vesting date. As of September 30, 2025, there was no remaining unrecognized stock-based compensation expense related to the CEO Performance Award.
As of September 30, 2025, there was $2.0 billion of unrecognized stock-based compensation expense related to unvested restricted stock and RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.28 years.
11. Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period. The primary difference between the effective tax rate and the federal statutory tax rate is due to the valuation allowance on the Company’s deferred tax assets in certain jurisdictions.
The Company recorded a $6 million benefit from income taxes and $5 million provision for income taxes for the three months ended September 30, 2024 and 2025, respectively. The Company recorded a $2 million provision for income taxes and $2 million benefit from income taxes for the nine months ended September 30, 2024 and 2025, respectively. The provision for income taxes for 2024 was primarily attributable to pre-tax book income in the U.S. resulting in federal and state income taxes, offset by losses generated in non-U.S. jurisdictions for which a tax benefit can be realized. The benefit from income taxes for 2025 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 acquisitions that occurred during the year, offset by state and foreign income tax expenses.
The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some, or all, of its deferred tax assets will not be realized in the future. The Company evaluates and weighs all available evidence, both positive and negative, including its historic operating results, future reversals of existing deferred tax liabilities, as well as projected future taxable income. Changes in earnings performance and future earnings projections, among other factors, may cause the Company to adjust the valuation allowance on deferred tax assets, which could materially impact the income tax expense in the period the Company determines that these factors have changed. As of September 30, 2025, the Company maintains a full valuation allowance on its net deferred tax assets except for certain foreign jurisdictions.
The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company recorded liabilities related to uncertain tax positions and believes that the Company has provided adequate reserves for income tax uncertainties in all open tax years. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period.
12. Net Income (Loss) per Share Attributable to DoorDash, Inc. Common Stockholders
The Company computes net income (loss) per share attributable to DoorDash, Inc. common stockholders using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses. The computation of diluted net income per share of Class A common stock for the three and nine months ended September 30, 2025 does not assume the conversion of Class B common stock to Class A common stock because including such shares would have an anti-dilutive effect.
The following table sets forth the calculation of basic and diluted net income (loss) per share attributable to DoorDash, Inc. common stockholders during the periods presented. RSUs that have vested but not yet settled are included in the denominator in calculating basic and diluted net income (loss) per share (in millions, except share amounts which are reflected in thousands, and per share data):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||||||||||||
| Basic net income (loss) per share | |||||||||||||||||||||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) including redeemable non-controlling interests | 151 | 10 | 229 | 14 | (21) | (1) | 677 | 42 | |||||||||||||||||||||||||||||||||||||||
| Less: Net loss attributable to redeemable non-controlling interests | (1) | — | (1) | — | (4) | — | (3) | — | |||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | 152 | 10 | 230 | 14 | (17) | (1) | 680 | 42 | |||||||||||||||||||||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average number of shares outstanding used to compute basic net income (loss) per share attributable to DoorDash, Inc. common stockholders | 386,278 | 26,828 | 404,125 | 24,786 | 382,625 | 27,078 | 400,091 | 25,085 | |||||||||||||||||||||||||||||||||||||||
| Basic net income (loss) per share attributable to DoorDash, Inc. common stockholders | $ | 0.39 | $ | 0.39 | $ | 0.57 | $ | 0.57 | $ | (0.04) | $ | (0.04) | $ | 1.70 | $ | 1.70 |
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||||||||||||
| Diluted net income (loss) per share | |||||||||||||||||||||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | 152 | 10 | 230 | 14 | (17) | (1) | 680 | 42 | |||||||||||||||||||||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average number of shares outstanding used to compute basic net income (loss) per share attributable to DoorDash, Inc. common stockholders | 386,278 | 26,828 | 404,125 | 24,786 | 382,625 | 27,078 | 400,091 | 25,085 | |||||||||||||||||||||||||||||||||||||||
| Weighted-average effect of potentially dilutive securities | 14,856 | — | 12,901 | — | — | — | 13,435 | — | |||||||||||||||||||||||||||||||||||||||
| Weighted-average number of shares outstanding used to compute diluted net income (loss) per share attributable to DoorDash, Inc. common stockholders | 401,134 | 26,828 | 417,026 | 24,786 | 382,625 | 27,078 | 413,526 | 25,085 | |||||||||||||||||||||||||||||||||||||||
| Diluted net income (loss) per share attributable to DoorDash, Inc. common stockholders | $ | 0.38 | $ | 0.38 | $ | 0.55 | $ | 0.55 | $ | (0.04) | $ | (0.04) | $ | 1.65 | $ | 1.65 |
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income (loss) per share because including such shares would have an anti-dilutive effect, or the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||
| Stock options to purchase common stock | — | — | 5,704 | — | |||||||||||||||||||
| Unvested restricted stock and restricted stock units | 11,585 | 9,893 | 32,410 | 10,194 | |||||||||||||||||||
| Escrow shares | 72 | 72 | 72 | 72 | |||||||||||||||||||
| Convertible notes | — | 9,419 | — | 4,278 | |||||||||||||||||||
| Warrants related to the issuance of convertible notes | — | 9,419 | — | 4,278 | |||||||||||||||||||
| Total | 11,657 | 28,803 | 38,186 | 18,822 |
13. Segment Reporting
The Company’s Chief Executive Officer is the Company’s Chief Operating Decision Maker ("CODM"). The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, the Company has determined that it operates in one reportable segment. The significant segment expenses regularly provided to the CODM was as follows (in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||||||||||
| Revenue | $ | 2,706 | $ | 3,446 | $ | 7,849 | $ | 9,762 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Depreciation and amortization | 138 | 169 | 420 | 480 | |||||||||||||||||||
| Stock-based compensation | 274 | 258 | 828 | 775 | |||||||||||||||||||
| Cost of revenue* | 1,338 | 1,648 | 3,980 | 4,694 | |||||||||||||||||||
| Sales and marketing* | 453 | 549 | 1,409 | 1,683 | |||||||||||||||||||
| Research and development* | 163 | 223 | 492 | 623 | |||||||||||||||||||
| General and administrative* | 233 | 340 | 875 | 929 | |||||||||||||||||||
| Restructuring charges* | — | 1 | — | 2 | |||||||||||||||||||
| Total costs and expenses | 2,599 | 3,188 | 8,004 | 9,186 | |||||||||||||||||||
| Income (loss) from operations | 107 | 258 | (155) | 576 | |||||||||||||||||||
| Interest income, net | 54 | 71 | 148 | 169 | |||||||||||||||||||
| Other expense, net | (6) | (81) | (13) | (28) | |||||||||||||||||||
| Income (loss) before income taxes | 155 | 248 | (20) | 717 | |||||||||||||||||||
| Provision for (benefit from) income taxes | (6) | 5 | 2 | (2) | |||||||||||||||||||
| Net income (loss) including redeemable non-controlling interests | 161 | 243 | (22) | 719 | |||||||||||||||||||
| Net loss attributable to redeemable non-controlling interests | (1) | (1) | (4) | (3) | |||||||||||||||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | $ | 162 | $ | 244 | $ | (18) | $ | 722 |
*Exclusive of stock-based compensation and depreciation and amortization shown separately.
14. Derivative
In connection with the acquisition of Deliveroo, the Company entered into a deal-contingent foreign exchange forward transaction with Bank of America, N.A. (the "Deal-Contingent Forward") on May 6, 2025 to manage the risk of variability in foreign exchange rates related to the GBP-denominated purchase price. The Deal-Contingent Forward had a notional amount of approximately £2.8 billion and was deliverable based on a variable forward rate, with settlement contingent upon the closing of the Deliveroo Transaction. Although the Deal-Contingent Forward was an effective economic hedge, it did not qualify for hedge accounting.
The fair value of the Deal-Contingent Forward at September 30, 2025 was $12 million, recorded in Accrued expenses and other current liabilities on the condensed consolidated balance sheets, and an unrealized loss of $81 million and $12 million was recognized during the three and nine months ended September 30, 2025, respectively, reported in other expense, net in the condensed consolidated statements of operations.
On October 8, 2025, the Deal-Contingent Forward was settled in connection with the closing of the Deliveroo Transaction.
The Deal-Contingent Forward was classified as a Level 3 instrument within the fair value hierarchy as at September 30, 2025. See Note 6 - "Fair Value Measurements" for further information on the fair value measurement.
15. Subsequent Events
On October 2, 2025, the Company completed the acquisition of substantially all of the outstanding equity interests of Deliveroo. The acquisition of Deliveroo will strengthen the Company’s position as a leading global platform in local commerce, enabling the Company to better serve businesses, consumers and Dashers. The purchase price was 180 pence per share in cash, which equated to an equity value of approximately £2.8 billion.
Due to the limited amount of time since the closing of the Deliveroo Transaction, the preliminary purchase price allocation is not yet complete. The initial purchase price allocation will be provided within the Form 10-K for the year ending December 31, 2025, and the Company expects most of the purchase price will be allocated to goodwill and other identifiable intangible assets. Deliveroo will be included in the Company’s consolidated financial statements beginning on the date of acquisition.
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