filings.toolsItem 1. Financial Statements
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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, 2025 | June 30, 2026 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 4,378 | $ | 4,424 | |||||||
| Restricted cash | 273 | 308 | |||||||||
| Short-term investments | 1,128 | 923 | |||||||||
| Funds held at payment processors | 587 | 513 | |||||||||
| Accounts receivable, net | 1,108 | 1,100 | |||||||||
| Prepaid expenses and other current assets | 1,169 | 1,148 | |||||||||
| Total current assets | 8,643 | 8,416 | |||||||||
| Long-term investments | 837 | 869 | |||||||||
| Operating lease right-of-use assets | 437 | 454 | |||||||||
| Property and equipment, net | 1,067 | 1,246 | |||||||||
| Intangible assets, net | 2,260 | 2,005 | |||||||||
| Goodwill | 5,519 | 5,495 | |||||||||
| Other assets | 896 | 1,076 | |||||||||
| Total assets | $ | 19,659 | $ | 19,561 | |||||||
| Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 397 | $ | 301 | |||||||
| Operating lease liabilities | 105 | 104 | |||||||||
| Accrued expenses and other current liabilities | 5,645 | 5,747 | |||||||||
| Total current liabilities | 6,147 | 6,152 | |||||||||
| Operating lease liabilities | 461 | 474 | |||||||||
| Convertible notes, net | 2,724 | 2,727 | |||||||||
| Other liabilities | 281 | 276 | |||||||||
| Total liabilities | 9,613 | 9,629 | |||||||||
| Commitments and contingencies (Note 9) | |||||||||||
| Redeemable non-controlling interests | 13 | 11 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock, $0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2025 and June 30, 2026, 409,657 and 408,925 Class A shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively; 200,000 Class B shares authorized as of December 31, 2025 and June 30, 2026, 24,590 and 24,331 Class B shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively; 2,000,000 Class C shares authorized as of December 31, 2025 and June 30, 2026, zero Class C shares issued and outstanding as of December 31, 2025 and June 30, 2026 | — | — | |||||||||
| Additional paid-in capital | 14,092 | 14,806 | |||||||||
| Accumulated other comprehensive income | 261 | 101 | |||||||||
| Accumulated deficit | (4,320) | (4,986) | |||||||||
| Total stockholders’ equity | 10,033 | 9,921 | |||||||||
| Total liabilities, redeemable non-controlling interests and stockholders’ equity | $ | 19,659 | $ | 19,561 |
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Revenue | $ | 3,284 | $ | 4,454 | $ | 6,316 | $ | 8,490 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization shown separately below | 1,616 | 2,107 | 3,116 | 4,099 | |||||||||||||||||||
| Sales and marketing | 607 | 821 | 1,193 | 1,567 | |||||||||||||||||||
| Research and development | 351 | 535 | 657 | 933 | |||||||||||||||||||
| General and administrative | 388 | 538 | 720 | 970 | |||||||||||||||||||
| Depreciation and amortization | 159 | 295 | 311 | 564 | |||||||||||||||||||
| Restructuring charges | — | 2 | 1 | 50 | |||||||||||||||||||
| Total costs and expenses | 3,121 | 4,298 | 5,998 | 8,183 | |||||||||||||||||||
| Income from operations | 163 | 156 | 318 | 307 | |||||||||||||||||||
| Interest income, net | 49 | 35 | 98 | 69 | |||||||||||||||||||
| Other income, net | 59 | 16 | 53 | 22 | |||||||||||||||||||
| Income before income taxes | 271 | 207 | 469 | 398 | |||||||||||||||||||
| Provision for (benefit from) income taxes | (13) | 8 | (7) | 16 | |||||||||||||||||||
| Net income including redeemable non-controlling interests | 284 | 199 | 476 | 382 | |||||||||||||||||||
| Less: net loss attributable to redeemable non-controlling interests | (1) | (1) | (2) | (2) | |||||||||||||||||||
| Net income attributable to DoorDash, Inc. common stockholders | $ | 285 | $ | 200 | $ | 478 | $ | 384 | |||||||||||||||
| Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders | |||||||||||||||||||||||
| Basic | $ | 0.67 | $ | 0.46 | $ | 1.13 | $ | 0.88 | |||||||||||||||
| Diluted | $ | 0.65 | $ | 0.46 | $ | 1.09 | $ | 0.87 | |||||||||||||||
| Weighted-average number of shares outstanding used to compute net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders | |||||||||||||||||||||||
| Basic | 425,113 | 434,425 | 423,278 | 434,924 | |||||||||||||||||||
| Diluted | 438,377 | 439,345 | 436,980 | 440,833 |
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Net income including redeemable non-controlling interests | $ | 284 | $ | 199 | $ | 476 | $ | 382 | |||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Change in foreign currency translation adjustments | 254 | (13) | 366 | (151) | |||||||||||||||||||
| Change in unrealized gains and losses on marketable securities | — | (3) | 2 | (9) | |||||||||||||||||||
| Total other comprehensive income (loss) | 254 | (16) | 368 | (160) | |||||||||||||||||||
| Comprehensive income including redeemable non-controlling interests | 538 | 183 | 844 | 222 | |||||||||||||||||||
| Less: Comprehensive loss attributable to redeemable non-controlling interests | (1) | (1) | (2) | (2) | |||||||||||||||||||
| Comprehensive income attributable to DoorDash, Inc. common stockholders | $ | 539 | $ | 184 | $ | 846 | $ | 224 |
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 | ||||||||||||||||||||||||||||||||||
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, 2025 | $ | 13 | 434,247 | $ | — | $ | 14,092 | $ | (4,320) | $ | 261 | $ | 10,033 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 2,583 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 231 | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 286 | — | — | 286 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (144) | (144) | ||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | — | (1,106) | — | — | (162) | — | (162) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (1) | — | — | — | 184 | — | 184 | ||||||||||||||||||||||||||||||||||||||||
| Balances as of March 31, 2026 | $ | 12 | 435,955 | $ | — | $ | 14,379 | $ | (4,298) | $ | 117 | $ | 10,198 | ||||||||||||||||||||||||||||||||||
| Issuance of common stock upon settlement of restricted stock units | — | 2,840 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock upon exercise of stock options | — | 112 | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | 426 | — | — | 426 | ||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | — | (16) | (16) | ||||||||||||||||||||||||||||||||||||||||
| Repurchase and retirement of common stock | — | (5,651) | — | — | (888) | — | (888) | ||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | (1) | — | — | — | 200 | — | 200 | ||||||||||||||||||||||||||||||||||||||||
| Balances as of June 30, 2026 | $ | 11 | 433,256 | $ | — | $ | 14,806 | $ | (4,986) | $ | 101 | $ | 9,921 | ||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated financial statements.
DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| Six Months Ended June 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income including redeemable non-controlling interests | $ | 476 | $ | 382 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 311 | 564 | |||||||||
| Stock-based compensation | 517 | 580 | |||||||||
| Reduction of operating lease right-of-use assets and accretion of operating lease liabilities | 53 | 72 | |||||||||
| Amortization of deferred contract costs | 36 | 44 | |||||||||
| Office lease impairment expenses | 7 | 1 | |||||||||
| Other | (44) | 8 | |||||||||
| Changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | |||||||||||
| Funds held at payment processors | 128 | 68 | |||||||||
| Accounts receivable, net | (90) | (12) | |||||||||
| Prepaid expenses and other current assets | (47) | 16 | |||||||||
| Other assets | (142) | (68) | |||||||||
| Accounts payable | 25 | (99) | |||||||||
| Accrued expenses and other current liabilities | 10 | 84 | |||||||||
| Payments for operating lease liabilities | (58) | (79) | |||||||||
| Other liabilities | (43) | (23) | |||||||||
| Net cash provided by operating activities | 1,139 | 1,538 | |||||||||
| Cash flows from investing activities | |||||||||||
| Purchases of property and equipment | (140) | (118) | |||||||||
| Capitalized software and website development costs | (150) | (258) | |||||||||
| Purchases of investments | (725) | (591) | |||||||||
| Maturities of investments | 801 | 729 | |||||||||
| Sales of investments | 286 | 29 | |||||||||
| Purchases of non-marketable investments | — | (55) | |||||||||
| Acquisitions, net of cash acquired | (1,173) | (30) | |||||||||
| Other investing activities | — | 8 | |||||||||
| Net cash used in investing activities | (1,101) | (286) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from issuance of convertible notes, net of issuance costs | 2,722 | — | |||||||||
| Proceeds from issuance of warrants | 341 | — | |||||||||
| Purchase of convertible note hedges | (680) | — | |||||||||
| Proceeds from exercise of stock options | 5 | 2 | |||||||||
| Repurchase of common stock | — | (1,049) | |||||||||
| Payments of acquisition-related deferred cash consideration | — | (20) | |||||||||
| Other financing activities | (10) | (2) | |||||||||
| Net cash provided by (used in) financing activities | 2,378 | (1,069) | |||||||||
| Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents | 63 | (18) | |||||||||
| Net increase in cash and cash equivalents, and restricted cash and cash equivalents | 2,479 | 165 | |||||||||
| Cash and cash equivalents, and restricted cash and cash equivalents | |||||||||||
| Beginning of period | 4,221 | 4,681 | |||||||||
| End of period | $ | 6,700 | $ | 4,846 | |||||||
| Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets | |||||||||||
| Cash and cash equivalents | $ | 3,911 | $ | 4,424 | |||||||
| Restricted cash | 2,750 | 308 | |||||||||
| Long-term restricted cash and cash equivalents included in other assets | 39 | 114 | |||||||||
| Total cash and cash equivalents, and restricted cash and cash equivalents | $ | 6,700 | $ | 4,846 | |||||||
| Non-cash investing and financing activities | |||||||||||
| Purchases of property and equipment not yet settled | $ | 41 | $ | 50 | |||||||
| Stock-based compensation included in capitalized software and website development costs | $ | 91 | $ | 132 | |||||||
| Deferred cash consideration for acquisitions | $ | 112 | $ | 58 |
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.
The Company's primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, the "Marketplaces"), and its Commerce Platform. The Company's Marketplaces operate in over 40 countries and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. The Company also offers advertising as a value-added service through its Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.
The Company's Marketplaces seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service provided. The Company's Marketplaces also include consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, 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 empower merchants to build, operate, and grow their businesses on their own channels. Within its Commerce Platform, the Company offers white-label delivery fulfillment services ("Drive") as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve 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, 2025. Interim results are not necessarily indicative of the results for a full year.
Reclassifications
Certain amounts from prior periods have been reclassified to conform to the current period presentation.
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, 2025.
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| United States | $ | 2,829 | $ | 3,457 | $ | 5,485 | $ | 6,561 | |||||||||||||||
| International(1) | 455 | 997 | 831 | 1,929 | |||||||||||||||||||
| Total revenue | $ | 3,284 | $ | 4,454 | $ | 6,316 | $ | 8,490 |
(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 six months ended June 30, 2026 was as follows (in millions):
| Six Months Ended June 30, 2026 | |||||
| Beginning balance | $ | 547 | |||
| Addition to contract liabilities | 2,526 | ||||
| Reduction of contract liabilities(1)(2) | (2,519) | ||||
| Ending balance | $ | 554 |
(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 $328 million associated with unearned prepayments received by the Company, of which $268 million was recognized as revenue during the six months ended June 30, 2026. 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):
| Six Months Ended June 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Beginning balance | $ | 157 | $ | 191 | |||||||
| Addition to deferred contract costs | 54 | 46 | |||||||||
| Amortization of deferred contract costs | (36) | (44) | |||||||||
| Ending balance | $ | 175 | $ | 193 | |||||||
| Deferred contract costs, current | $ | 72 | $ | 80 | |||||||
| Deferred contract costs, non-current | 103 | 113 | |||||||||
| Total deferred contract costs | $ | 175 | $ | 193 |
Allowance for Credit Losses
The allowance for credit losses related to accounts receivable and changes were as follows (in millions):
| Six Months Ended June 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Beginning balance | $ | 22 | $ | 45 | |||||||
| Current-period provision for expected credit losses | 7 | 11 | |||||||||
| Write-offs charged against the allowance | (1) | (9) | |||||||||
| Ending balance | $ | 28 | $ | 47 |
4. Acquisitions
Deliveroo Acquisition
On October 2, 2025, the Company completed the acquisition of substantially all of the outstanding equity interests of Deliveroo plc (“Deliveroo”), which was accounted for under the acquisition method of accounting. The acquisition will strengthen the Company’s position as a leading global platform in local commerce by enhancing its capabilities to better serve consumers, merchants, and Dashers. The Company’s acquisition-related costs were $58 million and all costs were recorded as general and administrative expenses on the Company’s consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for Deliveroo was $3,724 million, which consisted of the following (in millions):
| Fair Value | |||||
| Consideration payable | $ | 3,722 | |||
| Stock-based compensation awards attributable to pre-combination services | 2 | ||||
| Total purchase consideration | $ | 3,724 |
As of June 30, 2026, the Company had settled the consideration payable. In connection with the acquisition, substantially all of the outstanding and unvested equity awards of Deliveroo were replaced with DoorDash RSUs. The acquisition date fair value of the replacement equity awards was $80 million, of which $2 million is included in the purchase consideration.
The total purchase consideration of the Deliveroo 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 $1,987 million of goodwill, which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce and anticipated synergies from the potential future growth of the Company’s and Deliveroo’s platforms and the expected strategic advantages from combining the Company’s and Deliveroo’s geographical footprint and operations. The goodwill recorded in connection with the acquisition of Deliveroo 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 and subject to change within the measurement period, including potential adjustments primarily related to tax reserves and other accrued liabilities, as additional information is received. 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):
| October 2, 2025 | |||||
| Current assets | $ | 1,224 | |||
| Intangible assets | 1,498 | ||||
| Goodwill | 1,987 | ||||
| Other non-current assets | 121 | ||||
| Current liabilities | (803) | ||||
| Contingent liabilities | (102) | ||||
| Deferred tax liability | (151) | ||||
| Other non-current liabilities | (50) | ||||
| Total | $ | 3,724 |
Acquired contingent liabilities relate to outstanding legal provisions and are measured in accordance with ASC 450, Contingencies.
The following table sets forth the components of intangible assets acquired (in millions) and their estimated useful life as of the date of acquisition (in years):
| Estimated Useful Life | October 2, 2025 | ||||||||||
| Restaurant merchant relationships | 11 | $ | 486 | ||||||||
| Trade name | 10 | 297 | |||||||||
| Customer relationships | 4 | 445 | |||||||||
| New vertical merchant relationships | 4 | 40 | |||||||||
| Developed technology | 2 | 216 | |||||||||
| Rider relationships | 2 | 14 | |||||||||
| Total acquired intangible assets | $ | 1,498 |
The restaurant merchant, new verticals merchant, customer, and rider relationship intangible assets represent the estimated fair value of Deliveroo’s established relationships with restaurant partners, grocery and retail merchants, consumers utilizing the platform, and courier partners that provide delivery services. The developed technology intangible asset represents Deliveroo’s proprietary software and applications that support the platform’s ordering, delivery, and logistics capabilities. The trade name intangible asset represents the estimated fair value of the Deliveroo brand and its market recognition. Restaurant merchant relationships were valued using the multi-period excess earnings method of the income approach. Merchant relationships related to new verticals were valued using a with-and-without method, measuring the incremental cash flows generated by these relationships compared to a scenario in which they did not exist. User and rider relationships were valued using a replacement cost method. The developed technology and trade name were valued using the relief-from-royalty method of the income approach. The Company expects to amortize these intangible assets on a straight-line basis over their respective estimated useful lives.
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 were $13 million and 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 June 30, 2026, the Company had settled $217 million in deferred cash consideration, with $33 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 $890 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, with the assistance of an independent third-party valuation firm.
The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date (in millions):
| June 13, 2025 | |||||
| Current assets | $ | 24 | |||
| Intangible assets | 365 | ||||
| Goodwill | 890 | ||||
| Other non-current assets | 2 | ||||
| Current liabilities | (106) | ||||
| 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.
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 June 30, 2026, the Company had settled $15 million in deferred cash consideration, with $14 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, with the assistance of an independent third-party valuation firm.
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.
Other Acquisitions
During the three months ended March 31, 2026, the Company acquired a company, which was accounted for under the acquisition method of accounting. The total purchase consideration was approximately $45 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. The intangible asset acquired was composed of developed technology. Additionally, the Company recorded $34 million of goodwill, which represented the excess of the purchase price over the net assets acquired.
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 six months ended June 30, 2026 were as follows (in millions):
| Total | ||||||||
| Balance as of December 31, 2025 | $ | 5,519 | ||||||
| Goodwill measurement period adjustments | 41 | |||||||
| Acquisition | 34 | |||||||
| Effects of foreign currency translation | (99) | |||||||
| Balance as of June 30, 2026 | $ | 5,495 |
Intangible assets, net consisted of the following as of December 31, 2025 (in millions):
| Weighted-average Remaining Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
| Existing technology | 3.1 | $ | 622 | $ | (222) | $ | 400 | ||||||||||||||||
| Merchant relationships | 9.3 | 854 | (122) | 732 | |||||||||||||||||||
| Rider relationships | 1.8 | 14 | (2) | 12 | |||||||||||||||||||
| Customer relationships | 6.5 | 798 | (169) | 629 | |||||||||||||||||||
| Trade name and trademarks | 8.4 | 602 | (119) | 483 | |||||||||||||||||||
| Assembled workforce in asset acquisitions | 1.3 | 10 | (6) | 4 | |||||||||||||||||||
| Balance as of December 31, 2025 | $ | 2,900 | $ | (640) | $ | 2,260 |
Intangible assets, net consisted of the following as of June 30, 2026 (in millions):
| Weighted-average Remaining Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
| Existing technology | 2.8 | $ | 620 | $ | (301) | $ | 319 | ||||||||||||||||
| Merchant relationships | 8.9 | 836 | (160) | 676 | |||||||||||||||||||
| Rider relationships | 1.3 | 13 | (5) | 8 | |||||||||||||||||||
| Customer relationships | 6.2 | 787 | (230) | 557 | |||||||||||||||||||
| Trade name and trademarks | 7.9 | 589 | (146) | 443 | |||||||||||||||||||
| Assembled workforce in asset acquisitions | 0.8 | 10 | (8) | 2 | |||||||||||||||||||
| Balance as of June 30, 2026 | $ | 2,855 | $ | (850) | $ | 2,005 |
Amortization expense associated with intangible assets was $32 million and $114 million for the three months ended June 30, 2025 and 2026, respectively. Amortization expense associated with intangible assets was $63 million and $228 million for the six months ended June 30, 2025 and 2026, respectively.
The estimated future amortization expense of intangible assets as of June 30, 2026 is as follows (in millions):
| Year Ending December 31, | Amortization Expense | |||||||
| Remainder of 2026 | $ | 226 | ||||||
| 2027 | 420 | |||||||
| 2028 | 312 | |||||||
| 2029 | 263 | |||||||
| 2030 | 171 | |||||||
| Thereafter | 613 | |||||||
| Total estimated future amortization expense | $ | 2,005 |
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, 2025 | |||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
| Cash equivalents(1) | |||||||||||||||||||||||||||||
| Money market funds | $ | 1,905 | $ | — | $ | — | $ | 1,905 | |||||||||||||||||||||
| U.S. Treasury securities | — | 1 | — | 1 | |||||||||||||||||||||||||
| Short-term investments(1) | |||||||||||||||||||||||||||||
| Certificates of deposit | — | 25 | — | 25 | |||||||||||||||||||||||||
| Commercial paper | — | 32 | — | 32 | |||||||||||||||||||||||||
| Corporate bonds | — | 470 | — | 470 | |||||||||||||||||||||||||
| U.S. government agency securities | — | 30 | — | 30 | |||||||||||||||||||||||||
| U.S. Treasury securities | — | 361 | — | 361 | |||||||||||||||||||||||||
| Mutual funds | 59 | — | — | 59 | |||||||||||||||||||||||||
| Long-term investments | |||||||||||||||||||||||||||||
| Corporate bonds | — | 464 | — | 464 | |||||||||||||||||||||||||
| U.S. government agency securities | — | 91 | — | 91 | |||||||||||||||||||||||||
| U.S. Treasury securities | — | 282 | — | 282 | |||||||||||||||||||||||||
| Other assets | |||||||||||||||||||||||||||||
| Money market funds(2) | 15 | — | — | 15 | |||||||||||||||||||||||||
| Non-marketable investment | — | — | 37 | 37 | |||||||||||||||||||||||||
| Total | $ | 1,979 | $ | 1,756 | $ | 37 | $ | 3,772 |
(1)Cash equivalents and short-term investments included $26 million and $151 million of time deposits, respectively, which are not subject to recurring fair value measurements.
(2)Other assets included $15 million of money market funds held in a trust account pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.
| June 30, 2026 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents(1) | |||||||||||||||||||||||
| Money market funds | $ | 2,865 | $ | — | $ | — | $ | 2,865 | |||||||||||||||
| Commercial paper | — | 3 | — | 3 | |||||||||||||||||||
| Corporate bonds | — | 1 | — | 1 | |||||||||||||||||||
| U.S. Treasury securities | — | 2 | — | 2 | |||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| Certificates of deposit | — | 25 | — | 25 | |||||||||||||||||||
| Commercial paper | — | 45 | — | 45 | |||||||||||||||||||
| Corporate bonds | — | 433 | — | 433 | |||||||||||||||||||
| U.S. government agency securities | — | 35 | — | 35 | |||||||||||||||||||
| U.S. Treasury securities | — | 327 | — | 327 | |||||||||||||||||||
| Mutual funds | 58 | — | — | 58 | |||||||||||||||||||
| Long-term investments | |||||||||||||||||||||||
| Corporate bonds | — | 563 | — | 563 | |||||||||||||||||||
| U.S. government agency securities | — | 90 | — | 90 | |||||||||||||||||||
| U.S. Treasury securities | — | 216 | — | 216 | |||||||||||||||||||
| Other assets | |||||||||||||||||||||||
| Money market funds(2) | 108 | — | — | 108 | |||||||||||||||||||
| Non-marketable investment | — | — | 40 | 40 | |||||||||||||||||||
| Total | $ | 3,031 | $ | 1,740 | $ | 40 | $ | 4,811 |
(1)Cash equivalents included $4 million of time deposits which are not subject to recurring fair value measurements.
(2)Other assets included $108 million of money market funds held in trust accounts pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.
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.
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. The convertible notes investment is accounted for at fair value with changes in fair value recorded in earnings through other income, net in the condensed consolidated statements of operations, under the fair value option available for financial instruments. The Company elected the fair value option to account for the convertible notes because the Company believes it accurately reflects the value of the convertible notes and embedded features in the financial statements.
As of June 30, 2026, the fair value of the non-marketable investment in convertible notes of the private company was approximately $40 million and was included in other assets on the condensed consolidated balance sheet. The fair value was estimated using a probability weighted discounted cash flow methodology and a Black-Scholes option-pricing model, based on unobservable inputs (Level 3 on the fair value hierarchy) which reflect the best information available, including transaction pricing and market participant assumptions.
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.
During the six months ended June 30, 2025 and 2026, the Company made investments in non-marketable equity securities of $1 million and $57 million, respectively. In the three and six months ended June 30, 2025 and 2026, 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, 2025 and June 30, 2026, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income, net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):
| December 31, 2025 | June 30, 2026 | ||||||||||
| Initial cost basis | $ | 460 | $ | 515 | |||||||
| Upward adjustments | 24 | 24 | |||||||||
| Downward adjustments (including impairment) | (415) | (415) | |||||||||
| Total carrying value at the end of reporting period | $ | 69 | $ | 124 |
7. Balance Sheet Components
Cash Equivalents and Investments
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 investments (in millions):
| December 31, 2025 | |||||||||||||||||||||||
| Cost or Amortized Cost | Unrealized | Estimated Fair Value | |||||||||||||||||||||
| Gains | Losses | ||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 1,905 | $ | — | $ | — | $ | 1,905 | |||||||||||||||
| U.S. Treasury securities | 1 | — | — | 1 | |||||||||||||||||||
| Time deposits | 26 | — | — | 26 | |||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| Certificates of deposit | 25 | — | — | 25 | |||||||||||||||||||
| Commercial paper | 32 | — | — | 32 | |||||||||||||||||||
| Corporate bonds | 469 | 1 | — | 470 | |||||||||||||||||||
| U.S. government agency securities | 30 | — | — | 30 | |||||||||||||||||||
| U.S. Treasury securities | 360 | 1 | — | 361 | |||||||||||||||||||
| Mutual funds | 57 | 2 | — | 59 | |||||||||||||||||||
| Time deposits | 151 | — | — | 151 | |||||||||||||||||||
| Long-term investments | |||||||||||||||||||||||
| Corporate bonds | 463 | 1 | — | 464 | |||||||||||||||||||
| U.S. government agency securities | 91 | — | — | 91 | |||||||||||||||||||
| U.S. Treasury securities | 281 | 1 | — | 282 | |||||||||||||||||||
| Total | $ | 3,891 | $ | 6 | $ | — | $ | 3,897 |
| June 30, 2026 | |||||||||||||||||||||||
| Cost or Amortized Cost | Unrealized | Estimated Fair Value | |||||||||||||||||||||
| Gains | Losses | ||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 2,865 | $ | — | $ | — | $ | 2,865 | |||||||||||||||
| Commercial paper | 3 | — | — | 3 | |||||||||||||||||||
| Corporate bonds | 1 | — | — | 1 | |||||||||||||||||||
| U.S. Treasury securities | 2 | — | — | 2 | |||||||||||||||||||
| Time deposits | 4 | — | — | 4 | |||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| Certificates of deposit | 25 | — | — | 25 | |||||||||||||||||||
| Commercial paper | 45 | — | — | 45 | |||||||||||||||||||
| Corporate bonds | 433 | — | — | 433 | |||||||||||||||||||
| U.S. government agency securities | 35 | — | — | 35 | |||||||||||||||||||
| U.S. Treasury securities | 327 | — | — | 327 | |||||||||||||||||||
| Mutual funds | 56 | 2 | — | 58 | |||||||||||||||||||
| Long-term investments | |||||||||||||||||||||||
| Corporate bonds | 566 | — | (3) | 563 | |||||||||||||||||||
| U.S. government agency securities | 91 | — | (1) | 90 | |||||||||||||||||||
| U.S. Treasury securities | 217 | — | (1) | 216 | |||||||||||||||||||
| Total | $ | 4,670 | $ | 2 | $ | (5) | $ | 4,667 |
For investments 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, 2025, and June 30, 2026.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):
| December 31, 2025 | June 30, 2026 | |||||||||||||
| Prepaid expenses | $ | 414 | $ | 414 | ||||||||||
| Deferred contract costs | 79 | 80 | ||||||||||||
| Other receivable | 279 | 214 | ||||||||||||
| Other current assets | 397 | 440 | ||||||||||||
| Total | $ | 1,169 | $ | 1,148 |
Property and Equipment, net
Property and equipment, net consisted of the following (in millions):
| December 31, 2025 | June 30, 2026 | |||||||||||||
| Equipment for merchants | $ | 235 | $ | 245 | ||||||||||
| Computer equipment and software | 126 | 142 | ||||||||||||
| Capitalized software and website development costs | 1,895 | 2,273 | ||||||||||||
| Leasehold improvements | 268 | 287 | ||||||||||||
| Office and other equipment | 149 | 167 | ||||||||||||
| Construction in progress | 48 | 89 | ||||||||||||
| Total | 2,721 | 3,203 | ||||||||||||
| Less: Accumulated depreciation and amortization | (1,654) | (1,957) | ||||||||||||
| Property and equipment, net | $ | 1,067 | $ | 1,246 |
Depreciation expenses were $33 million and $50 million for the three months ended June 30, 2025 and 2026, respectively. Depreciation expenses were $67 million and $93 million for the six months ended June 30, 2025 and 2026, respectively.
The Company capitalized $136 million and $202 million in capitalized software and website development costs during the three months ended June 30, 2025 and 2026, respectively. The Company capitalized $250 million and $378 million in capitalized software and website development costs during the six months ended June 30, 2025 and 2026, 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 $94 million and $131 million for the three months ended June 30, 2025 and 2026, respectively. Amortization of capitalized software and website development costs was $181 million and $243 million for the six months ended June 30, 2025 and 2026, 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, 2025 | June 30, 2026 | |||||||||||||
| Dasher and merchant payable | $ | 1,703 | $ | 1,714 | ||||||||||
| Insurance reserves | 1,114 | 1,065 | ||||||||||||
| Sales tax payable and accrued sales and indirect taxes | 589 | 586 | ||||||||||||
| Contract liabilities | 547 | 554 | ||||||||||||
| Accrued operations related expenses | 502 | 482 | ||||||||||||
| Accrued compensation and benefits | 282 | 297 | ||||||||||||
| Litigation reserves | 263 | 406 | ||||||||||||
| Accrued advertising | 170 | 201 | ||||||||||||
| Other | 475 | 442 | ||||||||||||
| Total | $ | 5,645 | $ | 5,747 |
The litigation reserves as of June 30, 2026 included accruals for developments in regulatory audits related to delivery worker pay requirements as well as ongoing consumer protection disputes.
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 June 30, 2026, 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 $184.53 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 June 30, 2026.
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 Notes for redemption will constitute a "Make-Whole Fundamental Change" (as defined in the Indenture) with respect to such 2030 Notes, in which case the conversion rate applicable to the conversion of such 2030 Notes 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 June 30, 2026, 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 June 30, 2026 (in millions):
| June 30, 2026 | |||||
| Principal | $ | 2,750 | |||
| Less: debt issuance costs, net of amortization | (23) | ||||
| Carrying value, net | $ | 2,727 |
The effective interest rate of the 2030 Notes is 0.22% per annum. The fair value of the 2030 Notes was $2.7 billion as of June 30, 2026 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 June 30, 2026. 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.
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, 2025 and June 30, 2026.
Insurance Collateral
The Company is required to maintain collateral in connection with certain insurance policies, which can be held in a combination of cash, surety bonds, and letters of credit. As of June 30, 2026, the Company had $582 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 previously amended and restated on April 26, 2024 (the "Existing Credit Agreement"), provided 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 bore 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 effective rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted Term Secured Overnight Financing Rate (“Term SOFR”) for a one-month interest period plus 1.00%, or (ii) an adjusted Term SOFR (based on an interest period of one, three, or six months) plus a margin equal to 1.00%. The Company was 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 were guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. The credit agreement contained customary affirmative covenants and customary negative covenants that restricted 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 was also required to 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, 2025 and June 30, 2026, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2025 and June 30, 2026, 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, 2025 and June 30, 2026, the Company had $106 million and $171 million of issued letters of credit outstanding, respectively, of which $61 million and $117 million, respectively, were issued from the Existing Credit Agreement.
Subsequent to June 30, 2026, the Company entered into an amendment agreement pursuant to which its Existing Credit Agreement was amended and restated in its entirety. See "Disclosure in lieu of reporting on a Current Report on Form 8-K" under Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information.
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 three months ended June 30, 2026, the Company repurchased 5.7 million shares of its Class A common stock at a weighted-average price of $156.88 per share for a total amount of $887 million. During the six months ended June 30, 2026, the Company repurchased 6.8 million shares of its Class A common stock at a weighted-average price of $155.25 per share for a total amount of $1.0 billion. The shares were retired immediately upon repurchase.
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, 2025 | 74 | ||||||||||
| Granted | — | $ | — | ||||||||
| Vested | (74) | $ | 76.91 | ||||||||
| Forfeited | — | $ | — | ||||||||
| Unvested restricted stock as of June 30, 2026 | — |
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, 2025 | 2,411 | $ | 6.70 | 2.37 | $ | 530 | |||||||||||||||||
| Granted | — | $ | — | ||||||||||||||||||||
| Exercised | (343) | $ | 4.30 | $ | 63 | ||||||||||||||||||
| Cancelled and forfeited | (1) | $ | 13.50 | ||||||||||||||||||||
| Balance as of June 30, 2026 | 2,067 | $ | 7.10 | 2.00 | $ | 367 | |||||||||||||||||
| Exercisable as of June 30, 2026 | 2,067 | $ | 7.10 | 2.00 | $ | 367 | |||||||||||||||||
| Vested and expected to vest as of June 30, 2026 | 2,067 | $ | 7.10 | 2.00 | $ | 367 |
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 six months ended June 30, 2025 and 2026 was $220 million and $63 million, respectively. There were no stock options granted during the six months ended June 30, 2025 and 2026.
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, 2025 | 23,961 | $ | 5,427 | ||||||||||||||
| Granted | 9,611 | $ | 187.56 | ||||||||||||||
| Vested | (4) | $ | 131.30 | ||||||||||||||
| Vested and settled | (5,364) | $ | 125.43 | ||||||||||||||
| Forfeited | (1,472) | $ | 169.16 | ||||||||||||||
| Unvested RSUs as of June 30, 2026 | 26,732 | $ | 4,933 |
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 six months ended June 30, 2025 and 2026 was $181.45 and $187.56, 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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | $ | 37 | $ | 48 | $ | 70 | $ | 83 | |||||||||||||||
| Sales and marketing | 33 | 35 | 59 | 58 | |||||||||||||||||||
| Research and development | 141 | 189 | 257 | 302 | |||||||||||||||||||
| General and administrative | 71 | 77 | 131 | 134 | |||||||||||||||||||
| Restructuring charges | — | — | — | 3 | |||||||||||||||||||
| Total stock-based compensation expense | $ | 282 | $ | 349 | $ | 517 | $ | 580 |
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”), of which 9,341,100 remain eligible to vest as of June 30, 2026. The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of June 30, 2026, there was no remaining unrecognized stock-based compensation expense related to the CEO Performance Award.
As of June 30, 2026, there was $2.8 billion of unrecognized stock-based compensation expense related to unvested RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.74 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 $13 million benefit from income taxes and $8 million provision for income taxes for the three months ended June 30, 2025 and 2026, respectively. The Company recorded a $7 million benefit from income taxes and $16 million provision for income taxes for the six months ended June 30, 2025 and 2026, respectively. 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 federal and state income taxes resulting from pre-tax book income in the U.S. The provision for income taxes for 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes.
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 June 30, 2026, 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 per Share Attributable to DoorDash, Inc. Common Stockholders
The Company computes net income 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 computations of diluted net income per share of Class A common stock for the three and six months ended June 30, 2025 and 2026 do 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 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 per share (in millions, except share amounts which are reflected in thousands, and per share data):
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||||||||||||
| Basic net income per share | |||||||||||||||||||||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income including redeemable non-controlling interests | 267 | 17 | 188 | 11 | 448 | 28 | 361 | 21 | |||||||||||||||||||||||||||||||||||||||
| Less: Net loss attributable to redeemable non-controlling interests | (1) | — | (1) | — | (2) | — | (2) | — | |||||||||||||||||||||||||||||||||||||||
| Net income attributable to DoorDash, Inc. common stockholders | 268 | 17 | 189 | 11 | 450 | 28 | 363 | 21 | |||||||||||||||||||||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders | 400,108 | 25,005 | 410,064 | 24,361 | 398,041 | 25,237 | 410,510 | 24,414 | |||||||||||||||||||||||||||||||||||||||
| Basic net income per share attributable to DoorDash, Inc. common stockholders | $ | 0.67 | $ | 0.67 | $ | 0.46 | $ | 0.46 | $ | 1.13 | $ | 1.13 | $ | 0.88 | $ | 0.88 |
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||||||||||||
| Diluted net income per share | |||||||||||||||||||||||||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||||||||||||||||||||
| Net income attributable to DoorDash, Inc. common stockholders | 268 | 17 | 189 | 11 | 450 | 28 | 363 | 21 | |||||||||||||||||||||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||||||||||||||||||||
| Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders | 400,108 | 25,005 | 410,064 | 24,361 | 398,041 | 25,237 | 410,510 | 24,414 | |||||||||||||||||||||||||||||||||||||||
| Weighted-average effect of potentially dilutive securities | 13,264 | — | 4,920 | — | 13,702 | — | 5,909 | — | |||||||||||||||||||||||||||||||||||||||
| Weighted-average number of shares outstanding used to compute diluted net income per share attributable to DoorDash, Inc. common stockholders | 413,372 | 25,005 | 414,984 | 24,361 | 411,743 | 25,237 | 416,419 | 24,414 | |||||||||||||||||||||||||||||||||||||||
| Diluted net income per share attributable to DoorDash, Inc. common stockholders | $ | 0.65 | $ | 0.65 | $ | 0.46 | $ | 0.46 | $ | 1.09 | $ | 1.09 | $ | 0.87 | $ | 0.87 |
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income 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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Unvested restricted stock and restricted stock units | 10,102 | 17,968 | 10,345 | 14,750 | |||||||||||||||||||
| Escrow shares | 72 | 72 | 72 | 72 | |||||||||||||||||||
| Convertible notes | 3,312 | 9,419 | 1,665 | 9,419 | |||||||||||||||||||
| Warrants related to the issuance of convertible notes | 3,312 | 9,419 | 1,665 | 9,419 | |||||||||||||||||||
| Total | 16,798 | 36,878 | 13,747 | 33,660 |
13. Restructuring
During the three months ended March 31, 2026, the Company initiated certain restructuring activities, including the announced exit of operations in certain countries. These decisions reflected the Company’s continued focus on the geographies where the Company believes it can offer the best products and build for long-term success. Exiting operations in these countries was substantially completed as of March 31, 2026.
For the three and six months ended June 30, 2026, the Company recorded $2 million and $50 million, respectively, in restructuring charges in connection with the restructuring activities, consisting of employee termination costs, and other costs related to the closure of operations in certain countries. These expenses are included in restructuring charges in the Company’s condensed consolidated statements of operations, and unpaid amounts are included in accrued expenses and other current liabilities on its condensed consolidated balance sheets. The Company expects that most cash payments and expenses related to the restructuring activities will be substantially completed by the end of 2026.
The following table summarizes the components of, and changes in, the accrued restructuring charges for the six months ended June 30, 2026 (in millions):
| Employee termination costs | Other related costs | Total | |||||||||||||||
| Balance as of January 1, 2026 | $ | — | $ | — | $ | — | |||||||||||
| Restructuring charges incurred during the period | 32 | 18 | 50 | ||||||||||||||
| Cash payments | (22) | (9) | (31) | ||||||||||||||
| Non-cash adjustments | (3) | (7) | (10) | ||||||||||||||
| Balance as of June 30, 2026 | $ | 7 | $ | 2 | $ | 9 |
For the six months ended June 30, 2025, there were $1 million in restructuring charges from certain restructuring activities. As of June 30, 2025, the liabilities related to these restructuring activities were immaterial.
14. 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 by comparing forecasted to actual monthly 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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2026 | 2025 | 2026 | ||||||||||||||||||||
| Revenue | $ | 3,284 | $ | 4,454 | $ | 6,316 | $ | 8,490 | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Depreciation and amortization | 159 | 295 | 311 | 564 | |||||||||||||||||||
| Stock-based compensation | 282 | 349 | 517 | 580 | |||||||||||||||||||
| Cost of revenue* | 1,579 | 2,059 | 3,046 | 4,016 | |||||||||||||||||||
| Sales and marketing* | 574 | 786 | 1,134 | 1,509 | |||||||||||||||||||
| Research and development* | 210 | 346 | 400 | 631 | |||||||||||||||||||
| General and administrative* | 317 | 461 | 589 | 836 | |||||||||||||||||||
| Restructuring charges* | — | 2 | 1 | 47 | |||||||||||||||||||
| Total costs and expenses | 3,121 | 4,298 | 5,998 | 8,183 | |||||||||||||||||||
| Income from operations | 163 | 156 | 318 | 307 | |||||||||||||||||||
| Interest income, net | 49 | 35 | 98 | 69 | |||||||||||||||||||
| Other income, net | 59 | 16 | 53 | 22 | |||||||||||||||||||
| Income before income taxes | 271 | 207 | 469 | 398 | |||||||||||||||||||
| Provision for (benefit from) income taxes | (13) | 8 | (7) | 16 | |||||||||||||||||||
| Net income including redeemable non-controlling interests | 284 | 199 | 476 | 382 | |||||||||||||||||||
| Net loss attributable to redeemable non-controlling interests | (1) | (1) | (2) | (2) | |||||||||||||||||||
| Net income attributable to DoorDash, Inc. common stockholders | $ | 285 | $ | 200 | $ | 478 | $ | 384 |
*Exclusive of stock-based compensation and depreciation and amortization shown separately.
15. Subsequent Events
On August 5, 2026, the Company entered into an amendment agreement pursuant to which its Existing Credit Agreement was amended and restated in its entirety. See "Disclosure in lieu of reporting on a Current Report on Form 8-K" under Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information.
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