Last Updated -
August 5, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
DoorDash, Inc. is a San Francisco-based local commerce platform founded in 2013. The company connects consumers, merchants, and delivery workers through marketplaces that began with restaurant delivery and now extend into grocery, convenience, retail, alcohol, apparel, auto parts, reservations, advertising, and merchant software. Its mission is to grow and empower local economies by reducing friction in local commerce, which means helping merchants reach demand, consumers access local goods, and Dashers earn through delivery work.
DoorDash has developed from a U.S. food delivery app into a global marketplace operator through category expansion and acquisitions. The 2022 acquisition of Wolt broadened its international footprint, and the 2025 acquisition of Deliveroo made international delivery a larger part of the business across more than 40 countries. The company also added SevenRooms in 2025, bringing restaurant reservations and hospitality software into its merchant services offering.
In Q1 2026, DoorDash reported 933 million total orders, up 27% year over year, and Marketplace GOV, or the gross value of orders placed across its marketplaces, of $31.6 billion, up 37%. Revenue rose 33% to $4.036 billion, while GAAP net income attributable to common stockholders was $184 million and adjusted EBITDA was $754 million. These figures show DoorDash’s scale in U.S. restaurant delivery, its growing role in grocery and retail, and the increasing importance of Wolt and Deliveroo to its global local commerce strategy.
DoorDash operates a multi-sided local commerce platform that connects consumers, merchants, and delivery workers. Its core business is marketplace delivery, where restaurant, grocery, convenience, retail, and other merchants receive demand and logistics support through DoorDash, Wolt, and Deliveroo. The company also builds merchant software, reservations, digital ordering, and advertising products that deepen its role in local commerce beyond delivery.
In Q1 2026, DoorDash processed 933 million total orders, up 27% year over year, and generated $31.6 billion of Marketplace GOV, up 37%. Revenue was $4.036 billion, up 33%, while adjusted EBITDA was $754 million. Excluding Deliveroo, which DoorDash acquired in 2025, orders rose 16%, Marketplace GOV rose 24%, and revenue rose 21%, showing that the underlying platform continued to grow while international scale expanded through acquisition.
DoorDash’s key operating categories are restaurant delivery, grocery, convenience, retail, advertising, merchant software, reservations, and international delivery. Restaurants remain the foundation of the business, but grocery and retail are increasingly important. In Q1 2026, U.S. restaurant Marketplace GOV growth was above the average growth rate of the prior 16 quarters, while U.S. grocery and retail generated more new consumers than in any prior quarter for those categories.
The company’s main competitive advantages are scale, consumer frequency, merchant breadth, logistics density, subscription penetration, and an expanding software layer. A larger network of consumers attracts more merchants, while more merchants and broader category selection make the platform more useful for consumers. More than 9 million people dashed in 2025 and earned more than $20 billion in aggregate, giving DoorDash a large flexible delivery network. No single customer accounted for 10% or more of revenue in 2023, 2024, or 2025, which reduces customer concentration risk.
DoorDash competes most directly with Uber Eats in U.S. restaurant delivery and local commerce. It also competes with global, regional, and category-specific delivery companies, grocers, retailers, restaurant ordering platforms, and merchant software providers. Meituan is a useful Chinese peer for comparison because it also combines food delivery, local services, merchant tools, and consumer frequency at large scale. DoorDash has a broader disclosed focus on the United States, Europe, and other Wolt and Deliveroo markets, while China is not a meaningful disclosed market for DoorDash.
DoorDash holds one of the leading positions in U.S. local delivery and has become a more global business through Wolt and Deliveroo. In 2025, revenue was $13.717 billion, including $11.460 billion from the United States and $2.257 billion from international markets. No non-U.S. country represented 10% or more of consolidated revenue, which points to a broad international footprint rather than dependence on one foreign market.
The company’s market position is strongest where high order density, broad merchant selection, and recurring consumer usage reinforce each other. Its current strategy is to protect leadership in U.S. restaurants, expand grocery and retail use cases, grow advertising and merchant services, and integrate Wolt and Deliveroo onto a more unified global technology platform. Profitability remains modest relative to transaction volume, with Q1 2026 adjusted EBITDA equal to 2.4% of Marketplace GOV, so operating leverage and integration execution are central to the investment case.
China is not a meaningful disclosed market for DoorDash. The company reported no China revenue, store base, delivery volume, user count, manufacturing footprint, or market share, and its 2025 filings stated that no individual non-U.S. country represented 10% or more of consolidated revenue. DoorDash’s international exposure is instead centered on markets served by Wolt and Deliveroo, with disclosed currency exposure tied to the euro, pound sterling, Canadian dollar, Israeli shekel, and Australian dollar rather than the Chinese yuan. In Q1 2026, DoorDash generated $4.036 billion of revenue, $31.6 billion of Marketplace GOV, and 933 million total orders, with international growth supported by Deliveroo in the U.K., France, and Italy. In China, local delivery and local commerce are dominated by Meituan and other domestic platforms, leaving DoorDash with no material reported strategic position there.
DoorDash entered 2026 with strong marketplace momentum and a broader operating base after the 2025 Deliveroo acquisition. In Q1 2026, total orders rose 27% year over year to 933 million, Marketplace GOV rose 37% to $31.6 billion, and revenue rose 33% to $4.036 billion. Excluding Deliveroo, orders increased 16%, GOV increased 24%, and revenue increased 21%, showing that organic growth remained solid. Profitability improved on an adjusted basis, with adjusted EBITDA up 28% to $754 million, although GAAP net income fell 5% to $184 million and remained thin at 0.6% of GOV.
Technology integration is central to the next phase. In Q1 2026, DoorDash began moving production traffic onto a single global technology platform across payments, fraud, support, subscriptions, merchant tools, and logistics. If execution is strong, this platform work should improve efficiency across DoorDash, Wolt, and Deliveroo.
The near-term outlook remains growth-oriented. DoorDash guided Q2 2026 Marketplace GOV to $32.4 billion to $33.4 billion and adjusted EBITDA to $770 million to $870 million. The main investment question is whether the company sustains high order growth while converting its larger global platform into wider margins and steadier GAAP earnings.
Next Earnings Planned for:
August 5, 2026
This Company Profile was written by Dominik Diemer
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