SEC EDGAR · 10-Q

10-Q – 2026-05-06 – dash-20260331.htm

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Omsättning

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 86
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “cont | • our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, financial and operational metrics, our ability to determine reserves, and our ability to maintain or increase long-term profitability; | • our business and growth strategy and plans, including our ability to successfully execute on such strategy and plans;
Revenue $ 3,032 $ 4,036 | Costs and expenses:
Costs and expenses: | Cost of revenue, exclusive of depreciation and amortization shown separately below 1,500 1,992 | Sales and marketing 586 746
Cost of revenue, exclusive of depreciation and amortization shown separately below 1,500 1,992 | Sales and marketing 586 746 | Research and development 306 398
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, paymen | 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.
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 u | 11
3. Revenue | Disaggregated Revenue Information

EBITDA

GAAP net income attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV 0.8 % 0.6 % | Adjusted EBITDA (1) | $ 590 $ 754
$ 590 $ 754 | Adjusted EBITDA as a % of Marketplace GOV 2.6 % 2.4 % | Weighted-average diluted shares outstanding
(1) Contribution Profit and Adjusted EBITDA are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “Non-GAAP Financial Measures." | Total Orders. We define Total Orders as all orders completed through our Marketplaces and Commerce Platform over the period of measurement.
In the first quarter of 2026, Contribution Profit increased to $1.4 billion, compared to $1.0 billion in the same quarter of 2025, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses. | Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring | Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business.
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring | Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business. | In the first quarter of 2026, Adjusted EBITDA increased to $754 million from $590 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.
Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business. | In the first quarter of 2026, Adjusted EBITDA increased to $754 million from $590 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense. | Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
Non-GAAP Financial Measures | We use adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business s | 36
financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry. | Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted gener | We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial informa

Periodens resultat

Provision for income taxes 6 8 | Net income including redeemable non-controlling interests 192 183 | Less: net loss attributable to redeemable non-controlling interests ( 1 ) ( 1 )
Less: net loss attributable to redeemable non-controlling interests ( 1 ) ( 1 ) | Net income attributable to DoorDash, Inc. common stockholders $ 193 $ 184 | Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Net income attributable to DoorDash, Inc. common stockholders $ 193 $ 184 | Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders | Basic $ 0.46 $ 0.42
Diluted $ 0.44 $ 0.42 | 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 421,422 435,429
Net income including redeemable non-controlling interests $ 192 $ 183 | Other comprehensive income (loss), net of tax:
— — — — — 114 114 | Net income (loss) | ( 1 ) — — — 193 — 193
— ( 1,106 ) — — ( 162 ) — ( 162 ) | Net income (loss) | ( 1 ) — — — 184 — 184
Cash flows from operating activities | Net income including redeemable non-controlling interests $ 192 $ 183 | Adjustments to reconcile net loss to net cash provided by operating activities:

Resultat per aktie

the future could result in, lower order volumes over time. Depending on whether and how much we choose to increase fees and commissions, these increased costs could also lead to a lower Adjusted EBITDA and earnings per share. | Several other jurisdictions where we operate have adopted or may be considering, or in the future may consider, adopting legislation, or we may propose or support legislation, ballot initiatives, other legislative processes, or voluntary agreements with third parties, that would pair worker flexibility and independence with new protections and benefits. To the extent other jurisdictions adopt such legislation, or we propose or support legislation, ballot initiatives, other legislative processes,
The accounting method for the 2030 Notes could adversely affect our reported financial condition and results. | The accounting method for reflecting the 2030 Notes on our balance sheet, accruing amortized interest expense for the 2030 Notes, and reflecting the underlying shares of our Class A common stock in our reported diluted earnings per share may adversely affect our reported earnings and financial condition. Furthermore, if any of the conditions to the convertibility of the 2030 Notes is satisfied, then we may be required under applicable accounting standards to reclassify the liability carrying val | The convertible note hedge and warrant transactions may affect the value of the 2030 Notes and our Class A common stock.

Kassaflöde

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 (expense), net in the condensed consolidated statements of operations, under the fair value option available for financial instruments. The Company elected the | As of March 31, 2026, the fair value of the non-marketable investment in convertible notes of the private company was approximately $ 38 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 based on unobservable inputs (Level 3 on the fair value hierarchy) which reflect the best information available, including transaction pricing and market participant assumptions.
In the first quarter of 2026, Adjusted EBITDA increased to $754 million from $590 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense. | Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | In the first quarter of 2026, we generated net cash provided by operating activities of $594 million and Free Cash Flow of $420 million, down from $635 million and $494 million, respectively, in the same quarter of 2025. Among other factors, Free Cash Flow in the first quarter of 2026 was negatively impacted by timing of working capital.
Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | In the first quarter of 2026, we generated net cash provided by operating activities of $594 million and Free Cash Flow of $420 million, down from $635 million and $494 million, respectively, in the same quarter of 2025. Among other factors, Free Cash Flow in the first quarter of 2026 was negatively impacted by timing of working capital. | 31
Non-GAAP Financial Measures | We use adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business s | 36
financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry. | Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted gener | We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial informa
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted gener | We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial informa | Adjusted Cost of Revenue
(2) Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above. | Free Cash Flow | We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
Free Cash Flow | We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow:

Fritt kassaflöde

In the first quarter of 2026, Adjusted EBITDA increased to $754 million from $590 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense. | Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | In the first quarter of 2026, we generated net cash provided by operating activities of $594 million and Free Cash Flow of $420 million, down from $635 million and $494 million, respectively, in the same quarter of 2025. Among other factors, Free Cash Flow in the first quarter of 2026 was negatively impacted by timing of working capital.
Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | In the first quarter of 2026, we generated net cash provided by operating activities of $594 million and Free Cash Flow of $420 million, down from $635 million and $494 million, respectively, in the same quarter of 2025. Among other factors, Free Cash Flow in the first quarter of 2026 was negatively impacted by timing of working capital. | 31
Non-GAAP Financial Measures | We use adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business s | 36
financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry. | Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted gener | We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial informa
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted gener | We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial informa | Adjusted Cost of Revenue
(2) Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above. | Free Cash Flow | We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
Free Cash Flow | We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow:
We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow:

Likvida medel

Current assets: | Cash and cash equivalents $ 4,378 $ 4,575 | Restricted cash 273 300
Net cash provided by (used in) financing activities 3 ( 173 ) | Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 15 ( 22 ) | Net increase in cash and cash equivalents, and restricted cash and cash equivalents 493 301
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 15 ( 22 ) | Net increase in cash and cash equivalents, and restricted cash and cash equivalents 493 301 | Cash and cash equivalents, and restricted cash and cash equivalents
Net increase in cash and cash equivalents, and restricted cash and cash equivalents 493 301 | Cash and cash equivalents, and restricted cash and cash equivalents | Beginning of period 4,221 4,681
End of period $ 4,714 $ 4,982 | Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheets | Cash and cash equivalents $ 4,500 $ 4,575
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheets | Cash and cash equivalents $ 4,500 $ 4,575 | Restricted cash 202 300
Restricted cash 202 300 | Long-term restricted cash and cash equivalents included in other assets 12 107 | Total cash and cash equivalents, and restricted cash and cash equivalents $ 4,714 $ 4,982
Long-term restricted cash and cash equivalents included in other assets 12 107 | Total cash and cash equivalents, and restricted cash and cash equivalents $ 4,714 $ 4,982

Nettoskuld

Net income including redeemable non-controlling interests $ 192 $ 183 | Adjustments to reconcile net loss to net cash provided by operating activities: | Depreciation and amortization 152 269
Other liabilities 9 6 | Net cash provided by operating activities 635 594 | Cash flows from investing activities
Other investing activities — 8 | Net cash used in investing activities ( 160 ) ( 98 ) | Cash flows from financing activities
Other financing activities — ( 1 ) | Net cash provided by (used in) financing activities 3 ( 173 ) | Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 15 ( 22 )
Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | In the first quarter of 2026, we generated net cash provided by operating activities of $594 million and Free Cash Flow of $420 million, down from $635 million and $494 million, respectively, in the same quarter of 2025. Among other factors, Free Cash Flow in the first quarter of 2026 was negatively impacted by timing of working capital. | 31
We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. | The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow:
Net cash provided by operating activities $ 635 $ 594 | Purchases of property and equipment (74) (57)
Net cash used in investing activities $ (160) $ (98) | Net cash provided by (used in) financing activities

Eget kapital

Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Stockholders’ Equity | 8
Total assets $ 19,659 $ 19,711 | Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity | Current liabilities:
Redeemable non-controlling interests 13 12 | Stockholders’ equity: | Common stock, $ 0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2025 and March 31, 2026, 409,657 and 411,551 Class A shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively; 200,000 Class B shares authorized as of December 31, 2025 and March 31, 2026, 24,590 and 24,404 Class B shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively; 2,000,000 Class C shares authorized as of December 31, 2025 and March 31, 202
Accumulated deficit ( 4,320 ) ( 4,298 ) | Total stockholders’ equity 10,033 10,198 | Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 19,659 $ 19,711
Total stockholders’ equity 10,033 10,198 | Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 19,659 $ 19,711
DOORDASH, INC. | CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY | (in millions, except share amounts which are reflected in thousands)
Interest Rate Fluctuation Risk | Our investment portfolio primarily consists of short-term fixed income securities, including government and investment-grade debt securities and money market funds. These securities are classified as available-for-sale and, consequently, are recorded on the condensed consolidated balance sheets at fair value with unrealized gains or losses, net of tax reported as a separate component of stockholders’ equity within accumulated other comprehensive income (loss). Our investment policy and strategy | Based on our investment portfolio balance as of March 31, 2026, a hypothetical 100 basis point increase in interest rates would not have materially affected our condensed consolidated financial statements. We currently do not hedge these interest rate exposures.
Translation Exposure | We are also exposed to foreign exchange rate fluctuations as we translate the financial statements of our non-U.S. subsidiaries into U.S. dollars in consolidation. If there is a change in foreign currency exchange rates, the translation adjustments resulting from the conversion of the financial statements of our non-U.S. subsidiaries into U.S. dollars would result in a gain or loss recorded as a component of accumulated other comprehensive income (loss) which is part of stockholders’ equity.

Antal aktier

Diluted $ 0.44 $ 0.42 | 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 421,422 435,429
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 th
Denominator | Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 395,951 25,471 410,961 24,468 | Basic net income per share attributable to DoorDash, Inc. common stockholders $ 0.46 $ 0.46 $ 0.42 $ 0.42
Denominator | Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 395,951 25,471 410,961 24,468 | Weighted-average effect of potentially dilutive securities 14,141 — 6,897 —
Weighted-average effect of potentially dilutive securities 14,141 — 6,897 — | Weighted-average number of shares outstanding used to compute diluted net income per share attributable to DoorDash, Inc. common stockholders 410,092 25,471 417,858 24,468 | Diluted net income per share attributable to DoorDash, Inc. common stockholders $ 0.44 $ 0.44 $ 0.42 $ 0.42
Adjusted EBITDA as a % of Marketplace GOV 2.6 % 2.4 % | Weighted-average diluted shares outstanding | 436 442
To execute on our strategic initiatives to continue to grow our business, we may incur operating losses and generate negative cash flows from operations in the future, and as a result, we may require additional capital resources. We believe our existing cash, cash equivalents, and investments, along with the available borrowings under our revolving credit facility, will be sufficient to meet our working capital and capital expenditures needs for at least the next 12 months and beyond. | In February 2025, we announced the authorization of a share repurchase program for the repurchase of shares of our 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 we previously announced in February 2024. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable | Our future capital requirements will depend on many factors, including, but not limited to, our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, the timing and extent of spending for policy and worker classification initiatives, and the occurrence of certain condi
We have implemented “sell-to-cover” in which shares of our Class A common stock are sold into the market on behalf of RSU holders upon vesting or settlement of RSUs to cover tax withholding liabilities and such sales will result in dilution to our stockholders. | We have implemented “sell-to-cover” with respect to RSUs we issue to employees and service providers, pursuant to which shares with a market value equivalent to the tax withholding obligation are sold on behalf of the holder of the RSUs upon vesting and settlement to cover the tax withholding liability and the cash proceeds from such sales are remitted by us to the taxing authorities. Some holders may instead elect to pay cash directly to us to cover such withholding obligations, but in a signif | We track certain operational metrics with internal systems and tools and do not independently verify such metrics. Certain of our operational metrics are subject to inherent challenges in measurement, and any real or perceived inaccuracies in such metrics may adversely affect our business and reputation.

Antal anställda

1 In this report, “Dashers” generally refers to the independent contractors that use our Marketplaces. In certain geographies, Dashers may be known locally as riders, courier partners, or similar. Dashers may also refer to employees or independent contractors of third-party service providers or employees of the local DoorDash entity, and with respect to those engaged as employees, we may not be subject to the full range of risks described in this Quarterly Report on Form 10-Q that may be applica | 3
As of March 31, 2026, the Company had settled $ 209 million in deferred cash consideration, with $ 41 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.
As of March 31, 2026, the Company had settled $ 14 million in deferred cash consideration, with $ 15 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 recogni
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 str | The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):
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 str | The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):
Sales and Marketing | Sales and marketing expenses primarily consist of advertising and other ancillary expenses related to merchant, consumer, and Dasher acquisition, including certain consumer referral credits and Dasher referral fees paid to the referrers to the extent they represent fair value of acquiring a new consumer or a new Dasher, brand marketing expenses, personnel-related compensation expenses for sales and marketing employees, and commissions expense including amortization of deferred contract costs, as
General and Administrative | General and administrative expenses primarily consist of legal, tax, and regulatory expenses, which include litigation settlement expenses and sales and indirect taxes; personnel-related compensation expenses related to administrative employees, which include finance and accounting, human resources and legal; chargebacks associated with fraudulent | 34
Independent contractor classification matters | We have in the past been, are currently, and may in the future be subject to claims, lawsuits, arbitration proceedings, administrative actions, government investigations, and other legal and regulatory proceedings at the federal, state, and municipal levels challenging the classification of Dashers on our platform as independent contractors, and claims that, by the alleged misclassification, we have violated various labor and other laws that would apply to delivery employees. Laws and regulation | We are currently involved in putative class actions, representative actions, such as those brought under California Labor Code Private Attorneys General Act (“PAGA”), and individual claims, both in court as well as arbitration, and other matters challenging the classification of Dashers on our platform as independent contractors. Various other Dashers have challenged or threatened to challenge, and may challenge in the future, their classification on our platform as an independent contractor und

Bruttomarginal

Non-GAAP Financial Measures | We use adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business s | 36
financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry. | Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted gener | We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial informa
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted gener | We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial informa | Adjusted Cost of Revenue
associated with generating and fulfilling orders. It is not a financial measure of total company profitability and it is neither intended to be used as a proxy for total company profitability nor imply profitability for our business. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales | Gross profit is the most directly comparable financial measure to Contribution Profit. The following table provides a reconciliation of gross profit to Contribution Profit:
Gross profit $ 1,478 $ 1,944 | Gross Margin 48.7 % 48.2 % | Less: Sales and marketing $ (586) $ (746)
Adjusted Gross Profit | We define Adjusted Gross Profit as gross profit plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue, (iii) allocated overhead included in cost of revenue, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue | The following table provides a reconciliation of gross profit to Adjusted Gross Profit:
Adjusted Gross Profit $ 1,574 $ 2,095 | Adjusted Gross Margin 51.9 % 51.9 %

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________
FORM 10-Q
_____________________________________
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from   to  
Commission File Number: 001-39759
______________________________________
DOORDASH, INC.
______________________________________
(Exact name of registrant as specified in its charter)

Delaware
46-2852392

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

303 2nd Street, South Tower, 8th Floor
San Francisco , California 94107
(Address of principal executive offices) (Zip code)
( 650 ) 487-3970
(Registrant’s telephone number, including area code)
_____________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A common stock, par value of $0.00001 per share DASH The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   ☒   No   ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒
Accelerated filer
☐

Non-accelerated filer  
☐
Smaller reporting company
☐

Emerging growth company
☐

                
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☒
The registrant had outstanding 411,336,610 shares of Class A common stock, 24,382,112 shares of Class B common stock, and no shares of Class C common stock as of April 30, 2026.

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TABLE OF CONTENTS

Page

Part I FINANCIAL INFORMATION
5

Item 1. Financial Statements (Unaudited)
5

Condensed Consolidated Balance Sheets
5

Condensed Consolidated Statements of Operations
6

Condensed Consolidated Statements of Comprehensive Income (Loss)
7

Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Stockholders’ Equity
8

Condensed Consolidated Statements of Cash Flows
10

Notes to Condensed Consolidated Financial Statements
11

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
29

Item 3. Quantitative and Qualitative Disclosures About Market Risk
43

Item 4. Controls and Procedures
44

Part II OTHER INFORMATION
45

Item 1. Legal Proceedings
45

Item 1A. Risk Factors
47

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
86

Item 3. Defaults Upon Senior Securities
86

Item 4. Mine Safety Disclosures
86

Item 5. Other Information
86

Item 6. Exhibits
87

Signatures
88

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
• our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, financial and operational metrics, our ability to determine reserves, and our ability to maintain or increase long-term profitability;
• our business and growth strategy and plans, including our ability to successfully execute on such strategy and plans;
• the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs;
• the demand for our platform or for local commerce platforms in general;
• our ability to attract and retain merchants, consumers, and the independent contractors who use our platform to generate earnings ("Dashers 1 ");
• our ability to effectively manage costs related to Dashers;
• our ability to develop new offerings, services, and features, and bring them to market in a timely and cost-effective manner and make enhancements to our platform;
• our ability to compete with existing and new competitors in existing and new markets and offerings;
• our expectations regarding outstanding litigation and legal, tax, and regulatory matters;
• our expectations regarding the effects of existing and developing laws and regulations, including with respect to independent contractor classification, merchant pricing and commissions, consumer fees, taxation, and privacy and data protection;
• our ability to manage and insure auto-related and operations-related risk associated with our business;
• our expectations regarding new and evolving markets;
• our ability to develop and protect our brand;
• our ability to maintain the security and availability of our platform;
• our expectations and management of future growth;
• our expectations concerning relationships with third parties;
• our ability to maintain, protect and enhance our intellectual property; and
• our ability to successfully integrate and realize the benefits of acquisitions, strategic partnerships, joint ventures, and investments.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-

1 In this report, “Dashers” generally refers to the independent contractors that use our Marketplaces. In certain geographies, Dashers may be known locally as riders, courier partners, or similar. Dashers may also refer to employees or independent contractors of third-party service providers or employees of the local DoorDash entity, and with respect to those engaged as employees, we may not be subject to the full range of risks described in this Quarterly Report on Form 10-Q that may be applicable in the context of independent contractors.
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looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
Unless the context requires otherwise, we are referring to DoorDash, Inc. together with its subsidiaries when we use the terms "DoorDash," the "Company," "we," "our," or "us."
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Part I - FINANCIAL INFORMATION

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 March 31,
2026

Assets
Current assets:
Cash and cash equivalents $ 4,378   $ 4,575  
Restricted cash 273   300  
Short-term investments 1,128   958  
Funds held at payment processors 587   605  
Accounts receivable, net 1,108   1,034  
Prepaid expenses and other current assets 1,169   1,120  
Total current assets 8,643   8,592  
Long-term investments 837   849  
Operating lease right-of-use assets 437   437  
Property and equipment, net 1,067   1,142  
Intangible assets, net 2,260   2,118  
Goodwill 5,519   5,499  
Other assets 896   1,074  
Total assets $ 19,659   $ 19,711  
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Current liabilities:
Accounts payable $ 397   $ 268  
Operating lease liabilities 105   105  
Accrued expenses and other current liabilities 5,645   5,653  
Total current liabilities 6,147   6,026  
Operating lease liabilities 461   457  
Convertible notes, net
2,724   2,725  
Other liabilities 281   293  
Total liabilities 9,613   9,501  
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 13   12  
Stockholders’ equity:
Common stock, $ 0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2025 and March 31, 2026, 409,657 and 411,551 Class A shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively; 200,000 Class B shares authorized as of December 31, 2025 and March 31, 2026, 24,590 and 24,404 Class B shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively; 2,000,000 Class C shares authorized as of December 31, 2025 and March 31, 2026, zero Class C shares issued and outstanding as of December 31, 2025 and March 31, 2026
—   —  
Additional paid-in capital 14,092   14,379  
Accumulated other comprehensive income 261   117  
Accumulated deficit ( 4,320 ) ( 4,298 )
Total stockholders’ equity 10,033   10,198  
Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 19,659   $ 19,711  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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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 March 31,
  2025 2026

Revenue $ 3,032   $ 4,036  
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below 1,500   1,992  
Sales and marketing 586   746  
Research and development 306   398  
General and administrative 332   432  
Depreciation and amortization 152   269  
Restructuring charges 1   48  
Total costs and expenses 2,877   3,885  
Income from operations 155   151  
Interest income, net 49   34  
Other income (expense), net ( 6 ) 6  
Income before income taxes 198   191  
Provision for income taxes 6   8  
Net income including redeemable non-controlling interests 192   183  
Less: net loss attributable to redeemable non-controlling interests ( 1 ) ( 1 )
Net income attributable to DoorDash, Inc. common stockholders $ 193   $ 184  
Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Basic $ 0.46   $ 0.42  
Diluted $ 0.44   $ 0.42  
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 421,422   435,429  
Diluted 435,563   442,326  

The accompanying notes are an integral part of these condensed consolidated financial statements.

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DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(Unaudited)
 

  Three Months Ended March 31,
  2025 2026

Net income including redeemable non-controlling interests $ 192   $ 183  
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments 112   ( 138 )
Change in unrealized gains and losses on marketable securities 2   ( 6 )
Total other comprehensive income (loss) 114   ( 144 )
Comprehensive income including redeemable non-controlling interests 306   39  
Less: Comprehensive loss attributable to redeemable non-controlling interests ( 1 ) ( 1 )
Comprehensive income attributable to DoorDash, Inc. common stockholders $ 307   $ 40  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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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  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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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  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
  Three Months Ended March 31,
  2025 2026
Cash flows from operating activities
Net income including redeemable non-controlling interests $ 192   $ 183  
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 152   269  
Stock-based compensation 235   231  
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities 26   35  
Amortization of deferred contract costs
17   21  
Office lease impairment expenses 7   —  

Adjustments to non-marketable equity securities, including impairment, net —   ( 7 )
Other 1   15  
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
Funds held at payment processors 119   ( 20 )
Accounts receivable, net ( 53 ) 57  
Prepaid expenses and other current assets ( 35 ) 42  
Other assets ( 115 ) ( 51 )
Accounts payable 14   ( 123 )
Accrued expenses and other current liabilities 94   ( 27 )
Payments for operating lease liabilities ( 28 ) ( 37 )
Other liabilities 9   6  
Net cash provided by operating activities 635   594  
Cash flows from investing activities
Purchases of property and equipment ( 74 ) ( 57 )
Capitalized software and website development costs ( 67 ) ( 117 )
Purchases of investments ( 425 ) ( 292 )
Maturities of investments 433   445  

Purchases of non-marketable investments —   ( 55 )
Acquisitions, net of cash acquired ( 27 ) ( 30 )
Other investing activities —   8  
Net cash used in investing activities ( 160 ) ( 98 )
Cash flows from financing activities

Proceeds from exercise of stock options 3   1  
Repurchase of common stock —   ( 162 )
Payments of acquisition-related deferred cash consideration —   ( 11 )
Other financing activities —   ( 1 )
Net cash provided by (used in) financing activities 3   ( 173 )
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 15   ( 22 )
Net increase in cash and cash equivalents, and restricted cash and cash equivalents 493   301  
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period 4,221   4,681  
End of period $ 4,714   $ 4,982  
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheets
Cash and cash equivalents $ 4,500   $ 4,575  
Restricted cash 202   300  
Long-term restricted cash and cash equivalents included in other assets 12   107  
Total cash and cash equivalents, and restricted cash and cash equivalents $ 4,714   $ 4,982  

Non-cash investing and financing activities
Purchases of property and equipment not yet settled $ 51   $ 49  
Stock-based compensation included in capitalized software and website development costs $ 41   $ 55  
Deferred cash consideration for acquisitions
$ —   $ 67  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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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
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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 March 31,
  2025 2026

United States $ 2,656   $ 3,104  
International (1)
376   932  
Total revenue $ 3,032   $ 4,036  

(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 three months ended March 31, 2026 was as follows (in millions):
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  Three Months Ended March 31, 2026
Beginning balance $ 547  
Addition to contract liabilities 1,187  
Reduction of contract liabilities (1)(2)
( 1,196 )
Ending balance $ 538  

(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 $ 187  million was recognized as revenue during the three months ended March 31, 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):

  Three Months Ended March 31,
  2025 2026

Beginning balance $ 157   $ 191  
Addition to deferred contract costs 24   22  
Amortization of deferred contract costs ( 17 ) ( 21 )
Ending balance $ 164   $ 192  
Deferred contract costs, current $ 67   $ 79  
Deferred contract costs, non-current 97   113  
Total deferred contract costs $ 164   $ 192  

Allowance for Credit Losses
The allowance for credit losses related to accounts receivable and changes were as follows (in millions):

Three Months Ended March 31,
2025 2026

Beginning balance $ 22   $ 45  
Current-period provision for expected credit losses 5   8  
Write-offs charged against the allowance ( 1 ) ( 2 )
Ending balance $ 26   $ 51  

4. Acquisitions
Deliveroo Acquisition
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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 March 31, 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 $ 1,981 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, other accrued liabilities and other working capital accounts, 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 $ 1,222  
Intangible assets 1,498  
Goodwill 1,981  
Other non-current assets 110  
Current liabilities ( 800 )
Contingent liabilities
( 102 )
Deferred tax liability
( 152 )
Other non-current liabilities
( 33 )
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):
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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 March 31, 2026, the Company had settled $ 209 million in deferred cash consideration, with $ 41 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, and are considered preliminary pending finalization of the valuation analyses pertaining to assets acquired and liabilities assumed, which primarily relate to working capital accounts. 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):

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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 March 31, 2026, the Company had settled $ 14 million in deferred cash consideration, with $ 15 million remaining to be settled in future periods. For certain Symbiosys employees, a portion of their total consideration was restricted subject to vesting over various service periods. A total of $ 14 million of these employees’ consideration was included as part of the deferred cash consideration and the remaining $ 53 million represents compensation for post-combination services to be recognized over their respective service periods.

The total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed, based upon their respective fair values as of the date of acquisition. The excess of the purchase consideration over the net assets acquired was recorded as goodwill. Goodwill is primarily attributable to the anticipated synergies from the planned expansion into additional digital channels to extend the breadth of the Company’s marketing channels. The goodwill recorded in connection with the acquisition of Symbiosys is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimates, judgments and assumptions, and are considered preliminary pending finalization of the valuation analyses pertaining to assets acquired and liabilities assumed, which primarily relate to working capital accounts. The measurement period will end no later than one-year from the acquisition date.
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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 three months ended March 31, 2026 were as follows (in millions):

Total

Balance as of December 31, 2025
$ 5,519  
Goodwill measurement period adjustment 35  
Acquisition
34  
Effects of foreign currency translation ( 89 )
Balance as of March 31, 2026 $ 5,499  

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 March 31, 2026 (in millions):

Weighted-average
Remaining Useful
Life (in years) Gross Carrying
Value Accumulated
Amortization Net Carrying
Value

Existing technology 2.9 $ 621   $ ( 260 ) $ 361  
Merchant relationships 9.1 837   ( 140 ) 697  
Rider relationships 1.5 13   ( 3 ) 10  
Customer relationships 6.3 787   ( 198 ) 589  
Trade name and trademarks 8.2 590   ( 132 ) 458  
Assembled workforce in asset acquisitions 1.1 10   ( 7 ) 3  
Balance as of March 31, 2026 $ 2,858   $ ( 740 ) $ 2,118  

Amortization expense associated with intangible assets was $ 31 million and $ 114 million for the three months ended March 31, 2025 and 2026, respectively.
The estimated future amortization expense of intangible assets as of March 31, 2026 is as follows (in millions):

Year Ending December 31, Amortization
Expense

Remainder of 2026 $ 339  
2027 420  
2028 312  
2029 263  
2030 171  
Thereafter 613  
Total estimated future amortization expense $ 2,118  

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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.

  March 31, 2026
  Level 1 Level 2 Level 3 Total

Cash equivalents (1)

Money market funds $ 2,873   $ —   $ —   $ 2,873  

Certificates of deposit 2   —   2  

Short-term investments
Certificates of deposit —   30   —   30  
Commercial paper —   29   —   29  
Corporate bonds —   470   —   470  
U.S. government agency securities —   30   —   30  
U.S. Treasury securities —   341   —   341  
Mutual funds 58   —   —   58  
Long-term investments
Corporate bonds —   488   —   488  
U.S. government agency securities —   91   —   91  
U.S. Treasury securities —   270   —   270  
Other assets

Money market funds (2)
80   —   —   80  
Non-marketable investment
—   —   38   38  
Total $ 3,011   $ 1,751   $ 38   $ 4,800  

(1) Cash equivalents included $ 2 million of time deposits which are not subject to recurring fair value measurements.
(2) Other assets included $ 80 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 (expense), 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 March 31, 2026, the fair value of the non-marketable investment in convertible notes of the private company was approximately $ 38 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 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 three months ended March 31, 2026, the Company made investments in non-marketable equity securities of $ 55 million. There were no investments in non-marketable equity securities during the three months ended March 31, 2025. In the three months ended March 31, 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 March 31, 2026, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income (expense), net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):

December 31,
2025 March 31,
2026
Initial cost basis $ 460   $ 514  
Upward adjustments 24   24  
Downward adjustments (including impairment) ( 415 ) ( 415 )
Total carrying value at the end of reporting period $ 69   $ 123  

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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  

  March 31, 2026
  Cost or
Amortized
Cost Unrealized Estimated
Fair
Value
  Gains Losses
Cash equivalents
Money market funds $ 2,873   $ —   $ —   $ 2,873  

Certificates of deposit 2   —   —   2  

Time deposits
2   —   —   2  
Short-term investments
Certificates of deposit 30   —   —   30  
Commercial paper 29   —   —   29  
Corporate bonds 470   —   —   470  
U.S. government agency securities 30   —   —   30  
U.S. Treasury securities 341   —   —   341  
Mutual funds 56   2   —   58  

Long-term investments
Corporate bonds 490   —   ( 2 ) 488  
U.S. government agency securities 91   —   —   91  
U.S. Treasury securities 270   1   ( 1 ) 270  

Total $ 4,684   $ 3   $ ( 3 ) $ 4,684  

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 March 31, 2026.
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Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):

December 31,
2025 March 31,
2026

Prepaid expenses $ 414   $ 413  
Deferred contract costs 79   79  
Other receivable 279   203  
Other current assets 397   425  
Total $ 1,169   $ 1,120  

Property and Equipment, net
Property and equipment, net consisted of the following (in millions):

December 31,
2025 March 31,
2026

Equipment for merchants $ 235   $ 243  
Computer equipment and software 126   132  
Capitalized software and website development costs 1,895   2,071  
Leasehold improvements 268   273  
Office and other equipment 149   159  
Construction in progress 48   59  
Total 2,721   2,937  
Less: Accumulated depreciation and amortization ( 1,654 ) ( 1,795 )
Property and equipment, net $ 1,067   $ 1,142  

Depreciation expenses were $ 34 million and $ 43 million for the three months ended March 31, 2025 and 2026, respectively.
The Company capitalized $ 114 million and $ 176 million in capitalized software and website development costs during the three months ended March 31, 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 $ 87 million and $ 112 million for the three months ended March 31, 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 March 31,
2026

Dasher and merchant payable $ 1,703   $ 1,750  
Insurance reserves 1,114   1,088  
Sales tax payable and accrued sales and indirect taxes 589   591  
Contract liabilities 547   538  
Accrued operations related expenses 502   470  
Accrued compensation and benefits 282   342  
Litigation reserves 263   284  
Accrued advertising 170   168  
Other 475   422  
Total $ 5,645   $ 5,653  

8. Convertible Notes, Net

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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 March 31, 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 $ 150.15 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 March 31, 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
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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 March 31, 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 March 31, 2026 (in millions):

March 31,
2026
Principal
$ 2,750  
Less: debt issuance costs, net of amortization
( 25 )
Carrying value, net $ 2,725  

The effective interest rate of the 2030 Notes is 0.22 % per annum. The fair value of the 2030 Notes was $ 2.5 billion as of March 31, 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.
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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 March 31, 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 March 31, 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 March 31, 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 most recently amended and restated on April 26, 2024, provides for an unsecured revolving credit facility of up to $ 800 million, with a letter of credit sublimit of $ 600 million, maturing on April 26, 2029. Loans under the revolving credit facility bear interest at the Company’s option, at (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50 %, or (C) an adjusted term Secured Overnight Financing Rate (“SOFR”) for a one-month interest period plus 1.00 %, or (ii) an adjusted SOFR (based on an interest period of one, three, or six months) plus a margin equal to 1.00 %. The Company is also obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee of 0.10 %. The Company's obligations under the revolving credit facility are guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. The credit agreement contains customary affirmative covenants and customary negative covenants that restrict the Company's ability and its subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of the assets of the Company and its subsidiaries, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement.
As of December 31, 2025 and March 31, 2026, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2025 and March 31, 2026, no revolving loans were outstanding under the credit facility.
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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 March 31, 2026, the Company had $ 106  million and $ 91  million of issued letters of credit outstanding, respectively, of which $ 61  million and $ 42  million, respectively, were issued from the revolving credit and guaranty agreement.
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 March 31, 2026, the Company repurchased 1.1 million shares of its Class A common stock at a weighted-average price of $ 146.93 per share for a total amount of $ 162 million. 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 ( 46 ) $ 76.91  
Forfeited —   $ —  
Unvested restricted stock as of March 31, 2026 28  

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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 ( 231 ) $ 3.70   $ 45  
Cancelled and forfeited ( 1 ) $ 13.60  
Balance as of March 31, 2026 2,179   $ 7.02   2.23 $ 312  
Exercisable as of March 31, 2026 2,158   $ 7.05   2.24 $ 309  
Vested and expected to vest as of March 31, 2026 2,179   $ 7.02   2.23 $ 312  

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 three months ended March 31, 2025 and 2026 was $ 134  million and $ 45  million, respectively. There were no stock options granted during the three months ended March 31, 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 675   $ 178.34  
Vested ( 2 ) $ 124.33  
Vested and settled ( 2,555 ) $ 116.73  
Forfeited ( 640 ) $ 164.19  
Unvested RSUs as of March 31, 2026 21,439   $ 3,219  

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 three months ended March 31, 2025 and 2026 was $ 194.57 and $ 178.34 , respectively.

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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 March 31,
2025 2026

Cost of revenue, exclusive of depreciation and amortization $ 33   $ 35  
Sales and marketing 26   23  
Research and development 116   113  
General and administrative 60   57  
Restructuring charges
—   3  
Total stock-based compensation expense $ 235   $ 231  

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 March 31, 2026. The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of March 31, 2026, there was no remaining unrecognized stock-based compensation expense related to the CEO Performance Award.
As of March 31, 2026, there was $ 1.6 billion of unrecognized stock-based compensation expense related to unvested restricted stock and RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.34 years.

11. Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period. The primary difference between the effective tax rate and the federal statutory tax rate is due to the valuation allowance on the Company’s deferred tax assets in certain jurisdictions.
The Company recorded a $ 6 million and $ 8 million provision for income taxes for the three months ended March 31, 2025 and 2026, respectively. The provision for income taxes for the three months ended March 31, 2025 was primarily attributable to pre-tax book income in the U.S. resulting in federal and state income taxes, offset by losses generated in non-U.S. jurisdictions for which a tax benefit can be realized. The provision for income taxes for the three months ended March 31, 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 March 31, 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.
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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 months ended March 31, 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 ( in millions, except share amounts which are reflected in thousands, and per share data):

Three Months Ended March 31,
2025 2026
Class A Class B Class A Class B

Basic net income per share
Numerator
Net income including redeemable non-controlling interests 180   12   173   10  
Less: Net loss attributable to redeemable non-controlling interests ( 1 ) —   ( 1 ) —  
Net income attributable to DoorDash, Inc. common stockholders 181   12   174   10  
Denominator
Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 395,951   25,471   410,961   24,468  
Basic net income per share attributable to DoorDash, Inc. common stockholders $ 0.46   $ 0.46   $ 0.42   $ 0.42  

Three Months Ended March 31,
2025 2026
Class A Class B Class A Class B

Diluted net income per share
Numerator
Net income attributable to DoorDash, Inc. common stockholders 181   12   174   10  
Denominator
Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 395,951   25,471   410,961   24,468  
Weighted-average effect of potentially dilutive securities 14,141   —   6,897   —  
Weighted-average number of shares outstanding used to compute diluted net income per share attributable to DoorDash, Inc. common stockholders 410,092   25,471   417,858   24,468  
Diluted net income per share attributable to DoorDash, Inc. common stockholders $ 0.44   $ 0.44   $ 0.42   $ 0.42  

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 March 31,
2025 2026

Unvested restricted stock and restricted stock units 10,588   11,531  
Escrow shares 72   72  
Convertible notes
—   9,419  
Warrants related to the issuance of convertible notes
—   9,419  
Total 10,660   30,441  

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.

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For the three months ended March 31, 2026, the Company recorded $ 48 million 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 three months ended March 31, 2026 (in millions):

Employee
termination costs
Other
related costs
Total
Balance as of January 1, 2026 $ —   $ —   $ —  
Restructuring charges incurred during the quarter 33   15   48  
Cash payments
( 7 ) ( 5 ) ( 12 )
Non-cash adjustments
( 3 ) ( 7 ) ( 10 )
Balance as of March 31, 2026 $ 23   $ 3   $ 26  

For the three months ended March 31, 2025, there were $ 1 million in restructuring charges from certain restructuring activities. As of March 31, 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 March 31,
2025 2026

Revenue $ 3,032   $ 4,036  
Less:
Depreciation and amortization 152   269  
Stock-based compensation 235   231  
Cost of revenue* 1,467   1,957  
Sales and marketing* 560   723  
Research and development* 190   285  
General and administrative* 272   375  
Restructuring charges* 1   45  
Total costs and expenses 2,877   3,885  
Income from operations 155   151  
Interest income, net 49   34  
Other income (expense), net ( 6 ) 6  
Income before income taxes 198   191  
Provision for income taxes 6   8  
Net income including redeemable non-controlling interests 192   183  
Net loss attributable to redeemable non-controlling interests
( 1 ) ( 1 )
Net income (loss) attributable to DoorDash, Inc. common stockholders $ 193   $ 184  

*Exclusive of stock-based compensation and depreciation and amortization shown separately.

15. Subsequent Events
In April 2026, the Company repurchased an additional 283 thousand shares of its Class A common stock at a weighted average price of $ 149.09 per share for a total amount of approximately $ 43 million. The shares were retired immediately upon repurchase.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements that are based on current plans, expectations, and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” and other sections of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results that may be expected for any period in the future.
Overview
DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.
Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, our "Marketplaces"), and our Commerce Platform. Our 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. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.
Our Marketplaces seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits.
In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer 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.

Financial and Operational Highlights
We use the below financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors. These factors include, but are not limited to, those highlighted in this Quarterly Report on Form 10-Q, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued
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investment in our non-U.S. operations, in our global technology platform, and to increase system capacity for Dashers and in support of longer distance and higher effort deliveries. Certain of these and other factors may not be within our control.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026

Total Orders 732  933 
Total Orders Y/Y growth 18  % 27  %
Marketplace GOV $ 23,076  $ 31,604 
Marketplace GOV Y/Y growth 20  % 37  %
Revenue $ 3,032  $ 4,036 
Revenue Y/Y growth 21  % 33  %
Net Revenue Margin 13.1  % 12.8  %
GAAP gross profit $ 1,478  $ 1,944 
GAAP gross profit as a % of Marketplace GOV 6.4  % 6.2  %
Contribution Profit (1)
$ 1,020  $ 1,380 
Contribution Profit as a % of Marketplace GOV 4.4  % 4.4  %
GAAP net income attributable to DoorDash, Inc. common stockholders $ 193  $ 184 
GAAP net income attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV 0.8  % 0.6  %
Adjusted EBITDA (1)
$ 590  $ 754 
Adjusted EBITDA as a % of Marketplace GOV 2.6  % 2.4  %
Weighted-average diluted shares outstanding
436  442 

(1) Contribution Profit and Adjusted EBITDA are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “Non-GAAP Financial Measures."
Total Orders. We define Total Orders as all orders completed through our Marketplaces and Commerce Platform over the period of measurement.
In the first quarter of 2026, Total Orders increased to 933 million, or 27% growth compared to the same quarter of 2025. The increase in Total Orders was driven primarily by growth in the number of consumers and the acquisition of Deliveroo plc ("Deliveroo").
Marketplace GOV. We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips 2 , and any applicable consumer fees, including membership fees related to DashPass, Wolt+, and Deliveroo Plus. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants for orders fulfilled through our Commerce Platform.
In the first quarter of 2026, Marketplace GOV increased to $31.6 billion, or 37% growth compared to the same quarter of 2025, driven primarily by growth in Total Orders.
Net Revenue Margin . We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.
In the first quarter of 2026, Net Revenue Margin decreased to 12.8% from 13.1% in the same quarter of 2025, primarily due to decreases in fees charged to consumers as a percentage of Marketplace GOV and the acquisition of Deliveroo, partially offset by increased contribution from advertising revenue, as well as reductions in credits and refunds, each as a percentage of Marketplace GOV.
Contribution Profit. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue.

2 Dashers receive 100% of tips
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We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.
In the first quarter of 2026, Contribution Profit increased to $1.4 billion, compared to $1.0 billion in the same quarter of 2025, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business.
In the first quarter of 2026, Adjusted EBITDA increased to $754 million from $590 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.
Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
In the first quarter of 2026, we generated net cash provided by operating activities of $594 million and Free Cash Flow of $420 million, down from $635 million and $494 million, respectively, in the same quarter of 2025. Among other factors, Free Cash Flow in the first quarter of 2026 was negatively impacted by timing of working capital.
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Results of Operations
The following table summarizes our historical condensed consolidated statements of operations data:

Three Months Ended March 31,
(in millions) 2025 2026

Revenue $ 3,032  $ 4,036 
Costs and expenses: (1)

Cost of revenue, exclusive of depreciation and amortization shown separately below 1,500  1,992 
Sales and marketing 586  746 
Research and development 306  398 
General and administrative 332  432 
Depreciation and amortization (2)
152  269 
Restructuring charges 1  48 
Total costs and expenses 2,877  3,885 
Income from operations 155  151 
Interest income, net 49  34 
Other income (expense), net (6) 6 
Income before income taxes 198  191 
Provision for income taxes 6  8 
Net income including redeemable non-controlling interests 192  183 
Less: net loss attributable to redeemable non-controlling interests (1) (1)
Net income attributable to DoorDash, Inc. common stockholders $ 193  $ 184 

(1) Costs and expenses included stock-based compensation expense as follows:

Three Months Ended March 31,
(in millions) 2025 2026

Cost of revenue, exclusive of depreciation and amortization $ 33  $ 35 
Sales and marketing 26  23 
Research and development 116  113 
General and administrative 60  57 
Restructuring charges
—  3 
Total stock-based compensation expense $ 235  $ 231 

(2) Depreciation and amortization related to the following:

Three Months Ended March 31,
(in millions) 2025 2026

Cost of revenue $ 54  $ 100 
Sales and marketing 28  80 
Research and development 65  81 
General and administrative 5  8 
Total depreciation and amortization $ 152  $ 269 

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The following table sets forth the components of our condensed consolidated statements of operations data as a percentage of revenue:

Three Months Ended March 31,
2025 2026
Revenue 100  % 100  %
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below 50  % 49  %
Sales and marketing 19  % 18  %
Research and development 10  % 10  %
General and administrative 11  % 11  %
Depreciation and amortization 5  % 7  %
Restructuring charges —  % 1  %
Total costs and expenses 95  % 96  %
Income from operations 5  % 4  %
Interest income, net 2  % 1  %
Other income (expense), net —  % —  %
Income before income taxes 7  % 5  %
Provision for income taxes —  % —  %
Net income including redeemable non-controlling interests 7  % 5  %
Less: net loss attributable to redeemable non-controlling interests —  % —  %
Net income attributable to DoorDash, Inc. common stockholders 7  % 5  %

Comparison of the Three Months Ended March 31, 2025 and 2026
Revenue
We generate a substantial majority of our revenue from orders completed through our Marketplaces and the related commissions charged to partner merchants and fees charged to consumers. Commissions from partner merchants are based on an agreed-upon rate applied to the total dollar value of goods ordered in exchange for using our Marketplaces to sell the partner merchants’ products. Fees from consumers are for the use of our Marketplaces and to arrange for delivery services. Our revenue reflects commissions charged to partner merchants and fees charged to consumers less (i) Dasher payout and (ii) refunds, credits, and promotions, which includes certain discounts and incentives provided to consumers.
We also generate revenue from membership fees paid by consumers for DashPass, Wolt+, and Deliveroo Plus, and our advertising products, which are recognized as part of our Marketplaces revenue.
In addition, we generate revenue from other sources, including our Commerce Platform. Drive generates the majority of revenue within our Commerce Platform. We generate revenue from Drive by collecting per-order fees from merchants to arrange for delivery services that fulfill demand generated through their own channels.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Revenue $ 3,032  $ 4,036  33  %

Revenue increased by $1.0 billion, or 33%, during the first quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by a 37% increase in Marketplace GOV. During the first quarter of 2026, Marketplace GOV grew at a faster rate than revenue during the same period primarily due to decreases in fees charged to consumers as a percentage of Marketplace GOV and the acquisition of Deliveroo, partially offset by increased contribution from advertising revenue, as well as reductions in credits and refunds, each as a percentage of Marketplace GOV.
Cost of Revenue, Exclusive of Depreciation and Amortization
Cost of revenue primarily consists of (i) order management costs, which include payment processing charges, net of rebates issued from payment processors, costs associated with cancelled orders, insurance expenses, costs related to placing orders with non-partner merchants, and costs related to first party product sales, for which we take control of inventory, (ii) platform costs, which include costs for onboarding merchants and Dashers, costs for providing support for
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consumers, merchants, and Dashers, and technology platform infrastructure costs, and (iii) personnel costs, which include personnel-related compensation expenses related to our local operations, support, and other teams, and allocated overhead. Personnel-related compensation expenses primarily include salary, bonus, benefits, and stock-based compensation expense. Allocated overhead is determined based on an allocation of certain shared costs, such as facilities (including rent and utilities) and information technology costs, among all departments based on employee headcount.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Cost of revenue, exclusive of depreciation and amortization $ 1,500  $ 1,992  33  %

Cost of revenue, exclusive of depreciation and amortization, increased by $492 million, or 33%, for the first quarter of 2026, compared to the same quarter of 2025. The increase was primarily attributable to an increase of $313 million in order management costs and an increase of $117 million in platform costs, both driven primarily by growth in Total Orders.
Sales and Marketing
Sales and marketing expenses primarily consist of advertising and other ancillary expenses related to merchant, consumer, and Dasher acquisition, including certain consumer referral credits and Dasher referral fees paid to the referrers to the extent they represent fair value of acquiring a new consumer or a new Dasher, brand marketing expenses, personnel-related compensation expenses for sales and marketing employees, and commissions expense including amortization of deferred contract costs, as well as allocated overhead.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Sales and marketing $ 586  $ 746  27  %

Sales and marketing expenses increased by $160 million, or 27%, for the first quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $85 million in advertising expenses and an increase of $69 million in personnel-related compensation expenses.
Research and Development
Research and development expenses primarily consist of personnel-related compensation expenses related to data analytics and the design of, product development of, and improvements to our platform, as well as expenses associated with the licensing of third-party software and allocated overhead.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Research and development $ 306  $ 398  30  %

Research and development expenses increased by $92 million, or 30%, for the first quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $106 million in personnel-related compensation expenses and an increase of $38 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $59 million.
General and Administrative
General and administrative expenses primarily consist of legal, tax, and regulatory expenses, which include litigation settlement expenses and sales and indirect taxes; personnel-related compensation expenses related to administrative employees, which include finance and accounting, human resources and legal; chargebacks associated with fraudulent
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credit card transactions; professional services fees; transaction-related costs; impairment expenses; bad debt expense; and allocated overhead.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

General and administrative $ 332  $ 432  30  %

General and administrative expenses increased by $100 million, or 30%, for the first quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $54 million in personnel-related compensation expenses and an increase of $33 million in legal, tax, and regulatory expenses.
Depreciation and Amortization
Depreciation and amortization expenses primarily consist of depreciation and amortization expenses associated with our property and equipment and intangible assets. Depreciation primarily includes expenses associated with equipment for merchants, computer equipment and software, office equipment, and leasehold improvements. Amortization includes expenses associated with our capitalized software and website development costs, as well as acquired intangible assets.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Depreciation and amortization $ 152  $269 77  %

Depreciation and amortization expenses increased by $117 million, or 77%, for the first quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $83 million in amortization expense for acquired intangible assets and an increase of $25 million in amortization expense related to capitalized software and website development costs.
Restructuring Charges
Restructuring charges primarily consist of employee termination costs and other costs related to the closures of operations in certain countries, in each case, associated with restructuring activities.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Restructuring charges $ 1  $ 48  *
*Percentage not meaningful
Restructuring charges increased by $47 million for the first quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by employee termination costs and other costs related to the closure of operations in certain countries as part of restructuring activities announced in the first quarter of 2026.
Interest Income, Net
Interest income, net primarily consists of interest earned on our cash, cash equivalents, and investments, net of interest costs.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Interest income, net $ 49  $ 34  (31) %

Interest income, net decreased by $15 million, or 31%, for the first quarter of 2026, compared to the same quarter of 2025. The decrease was primarily driven by decreases in investment balances and average interest rates.
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Other Income (Expense), Net
Other income (expense), net primarily consists of adjustments to non-marketable equity securities, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Other income (expense), net $ (6) $ 6  *
*Percentage not meaningful
Other income (expense), net was not material in the periods presented.
Provision for Income Taxes
We are subject to income taxes in the U.S. and foreign jurisdictions in which we do business. Foreign jurisdictions have different statutory tax rates than those in the U.S. Additionally, certain of our foreign earnings may also be taxable in the U.S.
Accordingly, our effective tax rate is subject to significant variation due to several factors, including variability in our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in our stock price, intercompany transactions, changes in how we do business, acquisitions, investments, tax audit developments, changes in our deferred tax assets and liabilities and their valuation, foreign currency gains and losses, changes in statutes, regulations, case law, administrative practices, principles, and interpretations related to tax, including changes to the global tax framework, competition, and other laws and accounting rules in various jurisdictions, and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, the impact of discrete items and non-deductible expenses varies depending on the amount of pre-tax income or loss.
We have a valuation allowance for our net deferred tax assets in the U.S., the U.K., and Finland. We expect to maintain these valuation allowances until it becomes more-likely-than-not that the benefit of our deferred tax assets will be realized by way of expected future taxable income in the U.S., the U.K., and Finland.

Three Months Ended March 31,
(in millions, except percentages) 2025 2026 % Change

Provision for income taxes $ 6  $ 8  *
*Percentage not meaningful
The provision for income taxes for the first quarter of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income tax expenses. The provision for income taxes for the same quarter of 2025 was primarily attributable to pre-tax book income in the U.S. resulting in federal and state income taxes, offset by losses generated in non-U.S. jurisdictions for which a tax benefit can be realized.
For additional information, see Note 11 - "Income Taxes" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q.

Non-GAAP Financial Measures
We use adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our business and financial performance. We believe that these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our business and financial performance through the eyes of management, and because we believe that these non-GAAP
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financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry.
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial information in its entirety, not to rely on any single financial measure, and to view adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with their respective related GAAP financial measures.
Adjusted Cost of Revenue
We define adjusted cost of revenue as cost of revenue, exclusive of depreciation and amortization, excluding stock-based compensation expense and certain payroll tax expense, allocated overhead, and inventory write-off related to restructuring. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business.
The following table provides a reconciliation of cost of revenue, exclusive of depreciation and amortization, to adjusted cost of revenue:

Three Months Ended March 31,
(in millions) 2025 2026

Cost of revenue, exclusive of depreciation and amortization $ 1,500  $ 1,992 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (34) (35)
Allocated overhead (8) (16)
Adjusted cost of revenue $ 1,458  $ 1,941 

Adjusted Sales and Marketing Expense
We define adjusted sales and marketing expense as sales and marketing expenses excluding stock-based compensation expense and certain payroll tax expense and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business.
The following table provides a reconciliation of sales and marketing expense to adjusted sales and marketing expense:

Three Months Ended March 31,
(in millions) 2025 2026

Sales and marketing $ 586  $ 746 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (26) (23)
Allocated overhead (6) (8)
Adjusted sales and marketing $ 554  $ 715 

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Adjusted Research and Development Expense
We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business.
The following table provides a reconciliation of research and development expense to adjusted research and development expense:

Three Months Ended March 31,
(in millions) 2025 2026

Research and development $ 306  $ 398 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (116) (113)
Allocated overhead (6) (8)
Adjusted research and development $ 184  $ 277 

Adjusted General and Administrative Expense
We define adjusted general and administrative expense as general and administrative expenses excluding stock-based compensation expense and certain payroll tax expense, certain legal, tax, and regulatory settlements, reserves, and expenses, transaction-related costs (primarily consists of acquisition, integration, and investment related costs), impairment expenses, and including allocated overhead from cost of revenue, sales and marketing, and research and development. We exclude stock-based compensation as it is non-cash in nature and we exclude certain legal, tax, and regulatory settlements, reserves, and expenses, transaction-related costs, as well as impairment expenses, as these costs are not indicative of our operating performance. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business.
The following table provides a reconciliation of general and administrative expense to adjusted general and administrative expense:

Three Months Ended March 31,
(in millions) 2025 2026

General and administrative $ 332  $ 432 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (61) (57)
Certain legal, tax, and regulatory settlements, reserves, and expenses (1)
(29) (45)
Transaction-related costs (9) (13)
Office lease impairment expenses (7) — 
Allocated overhead from cost of revenue, sales and marketing, and research and development 20  32 
Adjusted general and administrative $ 246  $ 349 

(1) We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.
Contribution Profit
We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses
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associated with generating and fulfilling orders. It is not a financial measure of total company profitability and it is neither intended to be used as a proxy for total company profitability nor imply profitability for our business. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. We define gross margin as gross profit as a percentage of revenue for the same period and we define Contribution Margin as Contribution Profit as a percentage of revenue for the same period.
Gross profit is the most directly comparable financial measure to Contribution Profit. The following table provides a reconciliation of gross profit to Contribution Profit:

Three Months Ended March 31,
(in millions, except percentages) 2025 2026

Revenue $ 3,032  $ 4,036 
Less: Cost of revenue, exclusive of depreciation and amortization (1,500) (1,992)
Less: Depreciation and amortization related to cost of revenue (54) (100)
Gross profit $ 1,478  $ 1,944 
Gross Margin 48.7  % 48.2  %
Less: Sales and marketing $ (586) $ (746)
Add: Depreciation and amortization related to cost of revenue 54  100 
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing 60  58 
Add: Allocated overhead included in cost of revenue and sales and marketing 14  24 
Contribution Profit $ 1,020  $ 1,380 
Contribution Margin 33.6  % 34.2  %

Adjusted Gross Profit
We define Adjusted Gross Profit as gross profit plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue, (iii) allocated overhead included in cost of revenue, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue. Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue for the same period.
The following table provides a reconciliation of gross profit to Adjusted Gross Profit:

Three Months Ended March 31,
(in millions, except percentages) 2025 2026

Gross profit $ 1,478  $ 1,944 
Add: Depreciation and amortization related to cost of revenue 54  100 
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue 34  35 
Add: Allocated overhead included in cost of revenue 8  16 
Adjusted Gross Profit $ 1,574  $ 2,095 
Adjusted Gross Margin 51.9  % 51.9  %

Adjusted EBITDA
Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii)
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interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
The following table provides a reconciliation of net income (loss) attributable to DoorDash, Inc. common stockholders to Adjusted EBITDA, and a reconciliation of net income (loss) including redeemable non-controlling interests to Adjusted EBITDA:

Three Months Ended March 31,
(in millions) 2025 2026

Net income attributable to DoorDash, Inc. common stockholders $ 193  $ 184 
Add: Net loss attributable to redeemable non-controlling interests (1) (1)
Net income including redeemable non-controlling interests $ 192  $ 183 
Certain legal, tax, and regulatory settlements, reserves, and expenses (1)
29  45 
Transaction-related costs 9  13 
Office lease impairment expenses 7  — 
Restructuring charges 1  48 
Provision for income taxes 6  8 
Interest income, net (49) (34)
Other income (expense), net
6  (6)
Stock-based compensation expense and certain payroll tax expense (2)
237  228 
Depreciation and amortization expense 152  269 
Adjusted EBITDA $ 590  $ 754 

(1) We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.
(2) Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above.
Free Cash Flow
We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow:

Three Months Ended March 31,
(in millions) 2025 2026

Net cash provided by operating activities $ 635  $ 594 
Purchases of property and equipment (74) (57)
Capitalized software and website development costs (67) (117)
Free Cash Flow $ 494  $ 420 

Net cash used in investing activities $ (160) $ (98)
Net cash provided by (used in) financing activities
$ 3  $ (173)

Credit Facility
On November 19, 2019, we entered into a revolving credit and guaranty agreement with certain lenders, which, as most recently amended and restated on April 26, 2024, provides for an $800 million unsecured revolving credit facility maturing on April 26, 2029, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $600 million. As of March 31, 2026, we were in compliance with the covenants under the revolving credit and guaranty agreement. As amended and restated, the credit agreement contains customary affirmative covenants, as well as customary negative
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covenants that restrict our ability and our 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 our and our subsidiaries' assets, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2025 and March 31, 2026, no revolving loans were outstanding and $61 million and $42 million of letters of credit were issued under our revolving credit facility, respectively.

Liquidity and Capital Resources
As of March 31, 2026, our principal sources of liquidity were cash, cash equivalents, and investments of $6.4 billion, which consisted of cash and cash equivalents of $4.6 billion, short-term investments of $958 million, and long-term investments of $849 million. Additionally, funds held at payment processors of $605 million represent cash due from our payment processors for cleared transactions with merchants and consumers, as well as funds remitted to payment processors for Dasher payout. Cash and cash equivalents consisted of cash on deposit with banks as well as institutional money market funds, U.S. Treasury securities, and time deposits. Investments consisted of certificates of deposit, commercial paper, corporate bonds, U.S. government agency securities, U.S. Treasury securities, and mutual funds.
We have generated significant operating losses from our operations as reflected in our accumulated deficit of $4.3 billion as of March 31, 2026. We have historically funded our operations from cash from operations as well as the issuance of equity securities, including in our initial public offering in December 2020. We have also completed debt financings, such as our past issuance of $2.75 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “2030 Notes”) in May 2025. We intend to use the net proceeds from the 2030 Notes for general corporate purposes. For additional information regarding the 2030 Notes, see Note 8 - "Convertible Notes, Net" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q.
To execute on our strategic initiatives to continue to grow our business, we may incur operating losses and generate negative cash flows from operations in the future, and as a result, we may require additional capital resources. We believe our existing cash, cash equivalents, and investments, along with the available borrowings under our revolving credit facility, will be sufficient to meet our working capital and capital expenditures needs for at least the next 12 months and beyond.
In February 2025, we announced the authorization of a share repurchase program for the repurchase of shares of our 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 we previously announced in February 2024. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Exchange Act. We have entered into, and may, from time to time, enter into, Rule 10b5-1 plans to facilitate repurchases of our Class A common stock under this authorization. We may or may not repurchase any portion of the total authorized amount, and the timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. As of March 31, 2026, $4.8 billion remained available under the repurchase authorization.
Our future capital requirements will depend on many factors, including, but not limited to, our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, the timing and extent of spending for policy and worker classification initiatives, and the occurrence of certain conditions triggering the 2030 Notes' conversion feature or our repurchase of some or all of the 2030 Notes. Unless earlier repurchased, redeemed or converted, the 2030 Notes will mature on May 15, 2030. Before November 15, 2029, noteholders will have the right to convert the 2030 Notes only upon the occurrence of certain events. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either in cash or in a combination of cash and shares of our Class A common stock, provided that, at least the principal amount of the 2030 Notes being converted will be paid in cash, which could adversely affect our liquidity. Further, we have in the past entered into, and may in the future enter into, arrangements to acquire or invest in businesses, products, services, and technologies. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If
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we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.
The following table summarizes our cash flows for the periods indicated:

Three Months Ended March 31,
(in millions) 2025 2026

Net cash provided by operating activities $ 635  $ 594 
Net cash used in investing activities (160) (98)
Net cash provided by (used in) financing activities 3  (173)
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 15  (22)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents $ 493  $ 301 

Operating Activities
Cash provided by operating activities was $594 million for the first quarter of 2026. This consisted of net income including redeemable non-controlling interests of $183 million, adjusted for non-cash stock-based compensation expense of $231 million, non-cash depreciation and amortization expense of $269 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $35 million, amortization of deferred contract costs of $21 million, and other net non-cash expenses of $15 million, partially offset by $7 million of adjustments to non-marketable equity securities, including impairment, net, as well as $153 million net outflows from changes in operating assets and liabilities primarily driven by changes in accounts payable and other assets, partially offset by a decrease in accounts receivable, net.
Cash provided by operating activities was $635 million for the first quarter of 2025. This consisted of net income including redeemable non-controlling interests of $192 million, adjusted for non-cash stock-based compensation expense of $235 million, non-cash depreciation and amortization expense of $152 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $26 million, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $18 million, as well as $5 million net inflows from changes in operating assets and liabilities primarily driven by a decrease in funds held at payment processors, partially offset by an increase in other assets.
Investing Activities
Cash used in investing activities was $98 million for the first quarter of 2026, which consisted of cash paid for acquisitions, net of cash acquired, of $30 million, purchases of investments of $292 million, purchases of property and equipment of $57 million, cash outflows for capitalized software and website development costs of $117 million, and purchases of non-marketable equity securities of $55 million, partially offset by proceeds from maturities and sales of marketable securities of $445 million and other investing activities of $8 million.
Cash used in investing activities was $160 million for the first quarter of 2025, which consisted of purchases of marketable securities of $425 million, purchases of property and equipment of $74 million, cash outflows for capitalized software and website development costs of $67 million, and cash paid for acquisition, net of cash acquired, of $27 million, partially offset by proceeds from maturities and sales of marketable securities of $433 million.
Financing Activities
Cash used in financing activities was $173 million for the first quarter of 2026, which primarily consisted of repurchases of our Class A common stock of $162 million and payments of acquisition-related deferred cash consideration of $11 million.
Cash provided by financing activities was $3 million for the first quarter of 2025, which consisted of proceeds from exercise of stock options.

Critical Accounting Estimates
Our condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q are prepared in accordance with GAAP. The preparation of condensed consolidated financial statements in accordance with GAAP requires us to make certain estimates, judgments, and assumptions that affect the
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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 period presented. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from our estimates. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows could be affected.
There have been no material changes to our critical accounting estimates as described in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks in connection with our business, which primarily relate to fluctuations in interest rates and foreign exchange risks.
Interest Rate Fluctuation Risk
Our investment portfolio primarily consists of short-term fixed income securities, including government and investment-grade debt securities and money market funds. These securities are classified as available-for-sale and, consequently, are recorded on the condensed consolidated balance sheets at fair value with unrealized gains or losses, net of tax reported as a separate component of stockholders’ equity within accumulated other comprehensive income (loss). Our investment policy and strategy are focused on the preservation of capital and supporting our liquidity requirements. We do not enter into investments for trading or speculative purposes.
Based on our investment portfolio balance as of March 31, 2026, a hypothetical 100 basis point increase in interest rates would not have materially affected our condensed consolidated financial statements. We currently do not hedge these interest rate exposures.
Equity Price Risk
Our non-marketable equity investments consist of investments in privately-held companies that we hold for purposes other than trading. These investments are inherently risky because there is no established market for these securities and the markets for the technologies or products these companies are developing are typically in the early stages and may never materialize. As such, we could lose our entire investment in these companies, and we believe that determining the impact of market sensitivities on these investments is not practicable.
The aggregate carrying value of our non-marketable equity investments was $123 million as of March 31, 2026. Adjustments or impairments are recorded in other income (expense), net in the condensed consolidated statements of operations and establish a new carrying value for the investment.
Foreign Currency Exchange Risk
Transaction Exposure
We transact business globally and have international revenue, as well as costs, denominated in multiple currencies, primarily the Euro, Pounds Sterling, Canadian dollars, Israeli shekel, and Australian dollars. This exposes us to the risk of fluctuations in foreign currency exchange rates. Accordingly, changes in exchange rates are reflected in reported income and loss from our international businesses included in our condensed consolidated statements of operations. A continued strengthening of the U.S. dollar would therefore reduce reported revenue and expenses from our international businesses included in our condensed consolidated statements of operations.
We have experienced and will continue to experience fluctuations in our net income or loss as a result of transaction gains or losses related to revaluing and ultimately settling certain asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded. Foreign currency gains and losses were immaterial for the three months ended March 31, 2026. Based on our foreign currency exposures from monetary assets and liabilities as of March 31, 2026, we estimated that a 10% change in exchange rates against the U.S. dollar would not have resulted in a material gain or loss.
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Translation Exposure
We are also exposed to foreign exchange rate fluctuations as we translate the financial statements of our non-U.S. subsidiaries into U.S. dollars in consolidation. If there is a change in foreign currency exchange rates, the translation adjustments resulting from the conversion of the financial statements of our non-U.S. subsidiaries into U.S. dollars would result in a gain or loss recorded as a component of accumulated other comprehensive income (loss) which is part of stockholders’ equity.

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer (together, our “certifying officers”), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our certifying officers have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2026.
Changes in Internal Control
We are in the process of integrating SevenRooms and Deliveroo into our overall internal control over financial reporting process. As a result of these integration activities, certain controls will be evaluated and may be changed. There were otherwise no changes in our internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
Our management, including our certifying officers, do not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Due to inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
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Part II – OTHER INFORMATION

Item 1. Legal Proceedings
We are currently involved in, and may in the future be involved in, legal proceedings, claims, regulatory inquiries, audits, and governmental investigations (collectively, “Legal Proceedings”) in the ordinary course of business, including suits by merchants, consumers, Dashers, or other third parties (individually or as class actions).
The outcomes of our Legal Proceedings are inherently unpredictable and subject to significant uncertainties. When we determine that we have meritorious defenses to any claims asserted, we defend ourselves vigorously; however, we also consider settlement of disputes when, in management’s judgment, it is in the best interests of both DoorDash and its shareholders to do so. For some matters for which a material loss is reasonably possible, an estimate of the amount of loss or range of losses is not possible nor are we able to estimate the loss or range of losses that could potentially result from the application of nonmonetary remedies. Until the final resolution of Legal Proceedings, there may be an exposure to a material loss in excess of the amount recorded or non-monetary damages.
Except as set forth below, we are not, and have not been within the past 12 months, party to any material administrative, legal, or arbitration proceeding that may have or have had a significant effect on the financial position or profitability of DoorDash, and we are not aware of any such proceedings being pending or threatened.
Independent contractor classification matters
We have in the past been, are currently, and may in the future be subject to claims, lawsuits, arbitration proceedings, administrative actions, government investigations, and other legal and regulatory proceedings at the federal, state, and municipal levels challenging the classification of Dashers on our platform as independent contractors, and claims that, by the alleged misclassification, we have violated various labor and other laws that would apply to delivery employees. Laws and regulations that govern the status and classification of independent contractors are subject to change and divergent interpretations by various authorities, which can create uncertainty and unpredictability for us.
We are currently involved in putative class actions, representative actions, such as those brought under California Labor Code Private Attorneys General Act (“PAGA”), and individual claims, both in court as well as arbitration, and other matters challenging the classification of Dashers on our platform as independent contractors. Various other Dashers have challenged or threatened to challenge, and may challenge in the future, their classification on our platform as an independent contractor under U.S. federal and state and international law, seeking monetary, injunctive, or other relief. We are currently involved in a number of such actions filed by individual Dashers, with many additional claims threatened, including those brought in, or compelled pursuant to our independent contractor agreement to, individual arbitration.
We believe that we have meritorious defenses and intend to dispute the allegations of wrongdoing and defend ourselves vigorously in these matters. Legal Proceedings related to these matters can have an adverse impact on us because of defense and settlement costs individually and in the aggregate, diversion of management resources, and other factors.
Consumer protection and other actions
We have in the past been, are currently, and may in the future be involved in other Legal Proceedings in the ordinary course of business, including class action lawsuits and actions brought by government authorities, alleging violations of consumer protection laws, competition laws, data protection laws, civil rights laws, and other laws. In addition, we have been subject to Legal Proceedings related to representations regarding tips paid to Dashers and our former DoorDash Dasher pay model. We dispute any allegations of wrongdoing and intend to continue to defend ourselves vigorously in these matters.
Intellectual property matters
We have in the past been, are currently, and may in the future be involved in Legal Proceedings related to alleged infringement of patents and other intellectual property and, in the ordinary course of business, we receive correspondence from other purported holders of patents and other intellectual property offering to license such property or asserting infringement of such property. We dispute any allegation of wrongdoing and intend to defend ourselves vigorously in these matters.
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Regulatory and administrative investigations, audits, demands, and inquiries
We have in the past been, are currently, and may in the future be the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning our business practices, the classification and compensation of Dashers, DoorDash Dasher pay models and pay practices, compliance with consumer protection laws, privacy, cybersecurity, tax issues, unemployment insurance, workers’ compensation insurance, and other matters. For example, we are currently under audit by the Employment Development Department of the State of California (the "CA EDD") for payroll tax liabilities. In January 2023, the CA EDD issued a negative assessment in connection with such audit. We believe that we have meritorious defenses to the CA EDD’s assessment, and intend to vigorously appeal this assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, we have recorded an accrual for this matter within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2026. We are currently the subject of government investigations, audits, demands, and inquiries in other jurisdictions as well, and we may in the future settle, or record accruals with respect to, such matters. Further, 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 our business, financial condition, and results of operations, particularly in the event that an investigation, audit, or inquiry results in a lawsuit or unfavorable regulatory enforcement or other action. Regardless of the outcome, these matters can have an adverse impact on us in light of the costs associated with cooperating with, or defending against, such matters, and the diversion of management resources, and other factors.
Personal injury matters
We have in the past been, are currently, and may in the future be involved in Legal Proceedings where various parties may claim that we are liable for damages related to accidents or other incidents involving Dashers who have been active on our platform. We are currently named as a defendant in a number of matters related to accidents or other incidents involving Dashers that utilize our platform. In many of these matters, we believe we have meritorious defenses, dispute the allegations of wrongdoing, and intend to defend ourselves vigorously. There is no pending or threatened legal proceeding that has arisen from these accidents or incidents that individually, in our opinion, is likely to have a material impact on our business, financial condition, or results of operations; however, results of litigation and claims are inherently unpredictable and legal proceedings related to such accidents or incidents, in the aggregate, could have a material impact on our business, financial condition, and results of operations. Regardless of the outcome, these matters can have an adverse impact on us because of defense and settlement costs individually and in the aggregate, the diversion of management resources, and other factors.
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Item 1A. Risk Factors
Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and related notes, before making a decision to invest in our Class A common stock. Our business, financial condition, results of operations, or prospects could also be harmed by risks and uncertainties not currently known to us or that we currently do not believe are material. If any of the risks actually occur, our business, financial condition, results of operations, and prospects could be adversely affected. In that event, the market price of our Class A common stock could decline, and you could lose all or part of your investment.
Risk Factors Summary
Our business is subject to numerous risks and uncertainties, including those outside of our control, that could cause our actual results to be harmed. These risks include the following:
• We expect our results of operations to fluctuate on a quarterly and annual basis due to a number of factors, which may make it difficult to predict our future performance;
• We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to consistently maintain or increase profitability in the future;
• Our business may not continue to grow on pace with historical rates;
• We face intense competition and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected;
• If we fail to retain our existing merchants and consumers or acquire new merchants and consumers in a cost-effective manner, our revenue, revenue growth, and margins may decrease and our business, financial condition, and results of operations could be adversely affected;
• If we fail to cost-effectively attract and retain Dashers or to increase the use of our platform by existing Dashers, our business, financial condition, and results of operations could be adversely affected;
• We rely on merchants on our platform for many aspects of our business, and to the extent they fail to adequately maintain their service levels or materially increase the prices they charge consumers on our platform, our business could be adversely affected;
• Systems failures and resulting interruptions in the availability of our websites, mobile applications, technology infrastructure, or platform could adversely affect our business, financial condition, and results of operations;
• If we are unable to make acquisitions and investments, or successfully integrate acquisitions into our business, our business, financial condition, and results of operations could be adversely affected;
• Our international operations and any future international expansion will subject us to additional costs and risks and our plans may not be successful;
• We have been subject to cybersecurity incidents in the past and anticipate being the target of future attacks. Any actual or perceived cybersecurity incident or security or privacy breach, particularly those involving our key systems, data, or critical third-party providers, could interrupt our operations, subject us to claims, litigation, regulatory investigations and liability, and adversely affect our reputation, brand, business, financial condition, and results of operations;
• The impact of adverse economic conditions and other trends, including the resulting effects on consumer spending and merchant operations, may adversely affect our business, financial condition, and results of operations;
• If Dashers that utilize our platform as independent contractors are reclassified as employees under U.S. federal or state law, or the laws of other jurisdictions in which we operate, it could have an adverse effect that is material to our business, financial condition, and results of operations;
• We are subject to various claims, lawsuits, investigations, and proceedings, and face potential liability, expenses, and harm to our business as a result;
• Our business is subject to a variety of laws and regulations globally, many of which are unsettled and still developing, and any of which could subject us to legal claims, increased costs, operational burdens, or otherwise adversely affect our business, financial condition, or results of operations;
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