DoorDash

Company Profile and Market Insights

Explore the business model, global strategy, and market performance including insights into its position in China.

Key facts

Founded 2013 • HQ San Francisco, CA • 40+ countries • Nasdaq: DASH

$13.717 bn

Revenue (FY 2025)

3.172 bn

Total orders (FY 2025)

$102.0 bn

Marketplace GOV (FY 2025)

56 m+

Monthly active users (Dec 2025)

35 m+

Members (Dec 31, 2025)

$31.0-$31.8 bn

Marketplace GOV guidance (Q1 2026)

About

Founded in 2013 and headquartered in San Francisco, California, DoorDash is a local commerce platform that connects consumers, merchants, and couriers while reducing friction in local ordering and delivery. Its mission is to grow and empower local economies. What began in restaurant delivery has expanded into a broader marketplace that also covers grocery, convenience, and retail, supported by consumer apps, merchant tools, and fulfillment services.
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DoorDash’s core marketplace brands are DoorDash and Wolt, and its reach expanded further after the October 2, 2025 acquisition of Deliveroo. In 2025, the company generated nearly $75 billion in sales for local merchants across more than 40 countries. Alongside its consumer marketplaces, DoorDash offers a Commerce Platform for merchants that want ordering and delivery on their own channels, with Drive and Wolt Drive serving as its main white-label fulfillment products. The company also operates membership programs such as DashPass and Wolt+ and sells advertising tools that help merchants and brands reach users inside its apps.
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Scale increased sharply in 2025. DoorDash exited the year with over 56 million monthly active users and more than 35 million DashPass, Wolt+, and Deliveroo Plus members. Based on the quarterly figures DoorDash reported for 2025, total orders reached 3.172 billion and Marketplace GOV reached $102.0 billion. Revenue rose to $13.717 billion and GAAP net income attributable to DoorDash stockholders reached $935 million.

Business Model and Market Position

DoorDash monetizes local commerce through two primary product lines: its Marketplaces and its Commerce Platform. The Marketplaces now include DoorDash, Wolt, and Deliveroo, which is the main structural update from the older version. In 2025, DoorDash handled 3.172 billion total orders, $102.0 billion in Marketplace GOV, and $13.717 billion in revenue. Net revenue margin stayed at 13.4%, while GAAP gross profit rose to $6.686 billion, or 6.6% of GOV, and Contribution Profit reached $4.840 billion, or 4.7% of GOV. DoorDash says the Marketplaces operate in over 40 countries and account for the vast majority of revenue.
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Marketplace revenue from merchants and consumers
DoorDash earns marketplace revenue from merchant commissions and consumer fees tied to order facilitation and delivery. The company reports revenue on a net basis in the vast majority of transactions because it acts as an agent in facilitating product sales and delivery. Membership fees from DashPass, Wolt+, and Deliveroo Plus are also recognized inside Marketplaces revenue.
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Memberships that increase order frequency
Membership remains a key frequency lever. In December 2025, DoorDash’s Marketplaces served over 56 million monthly active users, and at December 31, 2025 the company had over 35 million DashPass, Wolt+, and Deliveroo Plus members. That scale matters because lower delivery and service fees raise repeat usage and strengthen the density advantages of the network.
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Advertising as a higher-margin monetization layer
Advertising is now a more meaningful part of the model than in the older version. DoorDash says advertising products are recognized within Marketplaces revenue and that 2025 revenue grew faster than Marketplace GOV partly because of a higher contribution from ads. In 2024, DoorDash and Wolt Ads crossed an annualized advertising revenue run rate of more than $1 billion, and by June 2025 the platform said it had more than 150,000 advertisers.
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Commerce Platform and Drive
The Commerce Platform is the merchant-facing operating layer for businesses that want ordering and delivery on their own channels. It includes Drive, online ordering, branded mobile apps, reservations and in-store dining tools, customer relationship tools, tableside order and pay, and support software. Drive generates the majority of revenue within the Commerce Platform through per-order fulfillment fees charged to merchants.
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DoorDash’s market position rests on scale, delivery density, and a broader category footprint than the old restaurant-first framing suggests. The company remains the leading force in U.S. delivery, and after the Deliveroo acquisition it now operates across over 40 countries. DoorDash also said that in 2025 it became the leading third-party marketplace in U.S. grocery and retail order volume, based on YipitData. At the same time, competition is still intense. DoorDash lists Amazon, Uber Eats, Prosus, Delivery Hero, and local incumbents as key competitors, and its 10-K makes clear that consumers, Dashers, and merchants can all use more than one platform and switch based on price, quality, selection, or earnings.

Performance in China

DoorDash still has no visible operating footprint in mainland China in its public filings. In the 2025 Annual Report, the company says its marketplaces operate in over 40 countries, but it provides no China-specific revenue line and notes that no individual country outside the United States accounted for more than 10% of consolidated revenue. For 2025, DoorDash generated $13.717 billion in revenue, including $11.460 billion from the United States and $2.257 billion from international markets. The October 2, 2025 acquisition of Deliveroo expanded DoorDash’s international reach, but it did not add Greater China exposure because Deliveroo had already announced its Hong Kong exit in March 2025 and kept the platform live there only until April 7, 2025.
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That leaves China as a competitive benchmark rather than a growth market for DoorDash. The local delivery market remains dominated by Meituan and Alibaba’s Ele.me, and in 2025 JD Takeaway also pushed aggressively into the category. Reuters reported that Meituan held nearly 70% of the delivery market, while Alibaba’s Taobao instant commerce business combined with Ele.me reached 80 million daily orders in early July 2025. By March 2026, Chinese regulators and state media were already calling for an end to the sector’s price war. For DoorDash, that reinforces how difficult the China market would be to enter, given local scale, subsidy intensity, and entrenched platform ecosystems.

Growth and Future Prospects

DoorDash’s growth outlook now rests on a much larger base business, stronger profitability, and broader international scale after the SevenRooms and Deliveroo acquisitions. In 2025, total orders rose to 3.172 billion, Marketplace GOV reached $102.0 billion, revenue increased to $13.717 billion, GAAP net income attributable to DoorDash stockholders reached $935 million, and Adjusted EBITDA climbed to $2.779 billion.
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Key growth drivers include:

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Higher order frequency and broader category mix
DoorDash kept expanding beyond restaurant delivery in 2025. In December 2025, its marketplaces served over 56 million monthly active users and had over 35 million DashPass, Wolt+, and Deliveroo Plus members. DoorDash also said over 30% of U.S. MAUs and nearly 30% of global MAUs engaged with grocery and retail in December 2025. Management expects unit economics in grocery and retail to turn positive in 2H 2026, which matters because those categories raise order frequency and expand basket size.
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Advertising as a stronger profit lever
Advertising is becoming a more meaningful earnings driver. DoorDash said in June 2025 that DoorDash and Wolt Ads had crossed an annualized revenue run rate of more than $1 billion in 2024 and were serving more than 150,000 advertisers across 30 plus countries. By Q4 2025, the company said it had nearly doubled the number of advertising partners through Symbiosys from June to December. That supports higher monetization without relying only on order growth.
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Commerce Platform expansion beyond the marketplace
DoorDash’s merchant software stack is getting deeper. The company still says Drive generates the majority of revenue within the Commerce Platform, giving it exposure to merchant-owned channels rather than only marketplace demand. The SevenRooms acquisition closed on June 13, 2025 and added reservations, table management, guest CRM, and marketing tools. DoorDash later said new venues signed at SevenRooms increased over 100% year over year in December 2025, which points to early traction inside the broader merchant ecosystem.
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International scale and integration
The biggest structural shift came from Deliveroo, which DoorDash acquired on October 2, 2025. Deliveroo brought operations in 9 countries, and DoorDash said Q4 2025 order growth at Deliveroo accelerated year over year. Deliveroo also contributed more than $45 million to Adjusted EBITDA in Q4 2025, ahead of DoorDash’s earlier expectation, and management expects Deliveroo to contribute about $200 million to Adjusted EBITDA in 2026. DoorDash is also rebuilding major parts of its products on a global technology platform that will integrate DoorDash, Wolt, and Deliveroo on one stack, with the goal of improving operating efficiency and innovation speed.
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Challenges ahead include regulation, competitive pressure, and execution. DoorDash’s 2025 Form 10-K highlights the EU Platform Work Directive, which entered into force in December 2024 and requires member states to transpose new rules into national law, including worker-classification standards for platform labor. The company also continues to face multi-homing across consumers, Dashers, and merchants, which keeps incentives and service quality important. On near-term profitability, Q1 2026 guidance calls for $31.0 billion to $31.8 billion of Marketplace GOV and $675 million to $775 million of Adjusted EBITDA, with the quarter held back by incremental Deliveroo investment, about $20 million of direct storm impact in the U.S., and higher Dasher costs per order.

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The setup is stronger than in the older version of this section. DoorDash enters 2026 with more scale, a larger international footprint, deeper merchant software, a bigger ad business, and improving economics in grocery and retail. Management also expects Adjusted EBITDA as a percentage of Marketplace GOV to increase slightly in full-year 2026, excluding Deliveroo in both periods.

Next Earnings Planned for:

May 6, 2026

This Company Profile was written by Dominik Diemer

Dominik Diemer blends an investor mindset with execution discipline.

He is a SAFe Program Consultant (SPC) and Lean Portfolio Management (LPM) practitioner at DMG MORI Digital, working as a SAFe Release Train Engineer and internal consultant in the Lean-Agile Center of Excellence (LACE).

His focus is prioritization, flow, and dependency management that turns strategy into outcomes. With experience across Bertelsmann and the Founders Foundation, he bridges corporate and startup thinking.

He also invests privately in private equity deals, sharpening his view on business models, value drivers, and go-to-market.

StockCounterParts reflects that lens.

Dominik Diemer

Founder of StockCounterparts.com