DoorDash

Founded in 2013 and headquartered in San Francisco, California, DoorDash is a local commerce company focused on reducing friction between consumers, merchants, and couriers. Its mission is to grow and empower local economies by helping merchants reach customers and by supporting flexible delivery work.

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DoorDash’s primary consumer marketplaces are DoorDash and Wolt, which operate in over 30 countries. Alongside the marketplaces, DoorDash sells a Commerce Platform for merchants that want ordering and delivery on their own channels, with Drive as a core white-label fulfillment offering. It also offers DashPass and Wolt+ memberships and an advertising business that helps merchants and consumer brands reach customers inside the apps.

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In 2024, DoorDash reported 2.583 billion total orders, $80.2 billion in Marketplace GOV, and $10.722 billion in revenue, reflecting continued expansion beyond restaurants into categories like grocery, convenience, and retail. DoorDash also reported $123 million of GAAP net income for 2024.

DoorDash monetizes local commerce through two primary product lines: its consumer Marketplaces (DoorDash and Wolt) and its merchant-facing Commerce Platform. The core marketplace flywheel is simple: higher order volume improves delivery density, which supports faster fulfillment and better unit economics, while fees, subscriptions, and ads lift revenue per order.

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How DoorDash makes money
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1. Marketplace take-rate from merchants and consumers
   DoorDash earns marketplace revenue from merchant commissions and from consumer fees tied to ordering and delivery. It also recognizes membership fees for DashPass and Wolt+ within marketplace revenue.
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2. Subscriptions that raise frequency
   DashPass and Wolt+ reduce delivery costs for members and support repeat usage at scale, which matters because Total Orders reached 2.583 billion in 2024.
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3. Advertising as a monetization layer
   DoorDash’s net revenue margin improved to 13.4% in 2024, with the 10-K pointing to a higher contribution from advertising revenue. By Q3 2025, net revenue margin reached 13.8%, again attributed in part to ads. DoorDash also reported that DoorDash and Wolt Ads crossed an annualized advertising revenue run rate above $1 billion in 2024.
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4. Commerce Platform and Drive (white-label fulfillment)
   The Commerce Platform serves merchants that want ordering and delivery on their own channels. Drive (DoorDash Drive On-Demand and Wolt Drive) generates the majority of Commerce Platform revenue via per-order fees for delivery fulfillment.
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Market position
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DoorDash is the top food delivery platform in the United States and competes most directly with Uber Eats in restaurant delivery and with Instacart and others across grocery and retail categories.  Internationally, DoorDash expanded its footprint by acquiring Deliveroo (9 countries) after already operating DoorDash and Wolt in over 30 countries.
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A key structural risk is multi-homing. The 10-K notes consumers, couriers, and merchants often use more than one platform and can switch based on cost, quality, and selection.

DoorDash does not run consumer delivery marketplaces in mainland China, and it reports no China-specific revenue disclosure. In 2024, DoorDash generated $10.722 billion in revenue, including $9.403 billion from the United States and $1.319 billion from international markets, with 2.583 billion total orders and $80.231 billion in Marketplace GOV.

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On October 2, 2025, DoorDash completed its acquisition of Deliveroo, expanding its international footprint.
Deliveroo exited Hong Kong in March 2025, so the deal did not add Greater China operations.

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In the most recent reported quarter, Q3 2025 (ended September 30, 2025), DoorDash reported 776 million total orders, $25.0 billion in Marketplace GOV, and $3.4 billion in revenue, with net revenue margin supported by a higher advertising contribution.  China’s local delivery market is dominated by Meituan and Ele.me, reinforcing high entry barriers.

DoorDash’s growth plan centers on higher order frequency, stronger monetization per order, and broader international scale after two major acquisitions in 2025. The base business keeps expanding. In 2024, DoorDash reported 2.583 billion total orders, $80.231 billion in Marketplace GOV, and $10.722 billion in revenue, with net revenue margin rising to 13.4%.  Momentum continued into 2025. In Q3 2025, DoorDash reported 776 million total orders, $25.0 billion in Marketplace GOV, and $3.446 billion in revenue, with net revenue margin at 13.8%.  Full-year 2025 results are scheduled for release on February 18, 2026.
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Key growth drivers include:
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1. New verticals that lift frequency and basket size
   DoorDash continues to expand grocery and retail selection and is investing in fulfillment infrastructure, including DashMart Fulfillment Services, alongside operating-efficiency gains in new verticals.
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2. Advertising as a margin lever
   DoorDash ties improving net revenue margin to a higher advertising contribution, and it reported that DoorDash and Wolt Ads crossed an annualized advertising revenue run rate above $1 billion in 2024.
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3. Commerce Platform expansion beyond the marketplace
   White-label fulfillment through Drive generates the majority of Commerce Platform revenue, supporting growth tied to merchant-owned channels rather than marketplace demand alone.  DoorDash also completed the SevenRooms acquisition on June 13, 2025, adding reservations, guest CRM, and marketing tools that deepen merchant software capabilities.
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4. International scale and integration
   DoorDash completed the Deliveroo acquisition on October 2, 2025, expanding its footprint across Deliveroo’s markets and adding more density for product, logistics, and ads over time.
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Challenges ahead include:
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• Regulation of courier classification, fees, and platform rules, including EU reforms such as the Platform Work Directive and ongoing litigation risk in multiple jurisdictions.
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• Competitive pressure and multi-homing across consumers, couriers, and merchants, which can push incentives higher and pricing lower.
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• Integration and execution risk from scaling operations while integrating major acquisitions.