SEC EDGAR · 10-Q

10-Q – 2026-08-05 – dash-20260630.htm

418399 tecken · 3 HTML-del(ar)

Fulltext som ren TXT · Öppna originalkällan

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Omsättning

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 89
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 $ 3,284 $ 4,454 $ 6,316 $ 8,490 | Costs and expenses:
Costs and expenses: | Cost of revenue, exclusive of depreciation and amortization shown separately below 1,616 2,107 3,116 4,099 | Sales and marketing 607 821 1,193 1,567
Cost of revenue, exclusive of depreciation and amortization shown separately below 1,616 2,107 3,116 4,099 | Sales and marketing 607 821 1,193 1,567 | Research and development 351 535 657 933
Maturities of investments 801 729 | Sales of investments 286 29 | Purchases of non-marketable investments — ( 55 )
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

EBITDA

GAAP net income attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV 1.2 % 0.6 % | Adjusted EBITDA (1) | $ 655 $ 914
$ 655 $ 914 | Adjusted EBITDA as a % of Marketplace GOV 2.7 % 2.8 % | 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 second quarter of 2026, Contribution Profit increased to $1.6 billion, compared to $1.1 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 second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 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 second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 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 | 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
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 informa

Periodens resultat

Provision for (benefit from) income taxes ( 13 ) 8 ( 7 ) 16 | Net income including redeemable non-controlling interests 284 199 476 382 | Less: net loss attributable to redeemable non-controlling interests ( 1 ) ( 1 ) ( 2 ) ( 2 )
Less: net loss attributable to redeemable non-controlling interests ( 1 ) ( 1 ) ( 2 ) ( 2 ) | Net income attributable to DoorDash, Inc. common stockholders $ 285 $ 200 $ 478 $ 384 | Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Net income attributable to DoorDash, Inc. common stockholders $ 285 $ 200 $ 478 $ 384 | Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders | Basic $ 0.67 $ 0.46 $ 1.13 $ 0.88
Diluted $ 0.65 $ 0.46 $ 1.09 $ 0.87 | Weighted-average number of shares outstanding used to compute net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders | Basic 425,113 434,425 423,278 434,924
Net income including redeemable non-controlling interests $ 284 $ 199 $ 476 $ 382 | Other comprehensive income (loss), net of tax:
— — — — — 114 114 | Net income (loss) | ( 1 ) — — — 193 — 193
Purchase of convertible note hedges — — — ( 680 ) — — ( 680 ) | Net income (loss) | ( 1 ) — — — 285 — 285
— ( 1,106 ) — — ( 162 ) — ( 162 ) | Net income (loss) | ( 1 ) — — — 184 — 184

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, net in the condensed consolidated statements of operations, under the fair value option available for financial instruments. The Company elected the fair value | As of June 30, 2026, the fair value of the non-marketable investment in convertible notes of the private company was approximately $ 40 million and was included in other assets on the condensed consolidated balance sheet. The fair value was estimated using a probability weighted discounted cash flow methodology and a Black-Scholes option-pricing model, based on unobservable inputs (Level 3 on the fair value hierarchy) which reflect the best information available, including transaction pricing an
In the second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 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 second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities.
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 second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities. | 32
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 | 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
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 informa
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 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 second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 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 second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities.
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 second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities. | 32
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 | 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
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 informa
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 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 $ 4,424 | Restricted cash 273 308
Net cash provided by (used in) financing activities 2,378 ( 1,069 ) | Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 63 ( 18 ) | Net increase in cash and cash equivalents, and restricted cash and cash equivalents 2,479 165
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 63 ( 18 ) | Net increase in cash and cash equivalents, and restricted cash and cash equivalents 2,479 165 | Cash and cash equivalents, and restricted cash and cash equivalents
Net increase in cash and cash equivalents, and restricted cash and cash equivalents 2,479 165 | Cash and cash equivalents, and restricted cash and cash equivalents | Beginning of period 4,221 4,681
End of period $ 6,700 $ 4,846 | Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets | Cash and cash equivalents $ 3,911 $ 4,424
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets | Cash and cash equivalents $ 3,911 $ 4,424 | Restricted cash 2,750 308
Restricted cash 2,750 308 | Long-term restricted cash and cash equivalents included in other assets 39 114 | Total cash and cash equivalents, and restricted cash and cash equivalents $ 6,700 $ 4,846
Long-term restricted cash and cash equivalents included in other assets 39 114 | Total cash and cash equivalents, and restricted cash and cash equivalents $ 6,700 $ 4,846

Nettoskuld

Net income including redeemable non-controlling interests $ 476 $ 382 | Adjustments to reconcile net income to net cash provided by operating activities: | Depreciation and amortization 311 564
Other liabilities ( 43 ) ( 23 ) | Net cash provided by operating activities 1,139 1,538 | Cash flows from investing activities
Other investing activities — 8 | Net cash used in investing activities ( 1,101 ) ( 286 ) | Cash flows from financing activities
Other financing activities ( 10 ) ( 2 ) | Net cash provided by (used in) financing activities 2,378 ( 1,069 ) | Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 63 ( 18 )
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 second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities. | 32
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 $ 504 $ 944 $ 1,139 $ 1,538 | Purchases of property and equipment (66) (61) (140) (118)
Net cash used in investing activities $ (941) $ (188) $ (1,101) $ (286) | 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 $ 19,561 | Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity | Current liabilities:
Redeemable non-controlling interests 13 11 | Stockholders’ equity: | Common stock, $ 0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2025 and June 30, 2026, 409,657 and 408,925 Class A shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively; 200,000 Class B shares authorized as of December 31, 2025 and June 30, 2026, 24,590 and 24,331 Class B shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively; 2,000,000 Class C shares authorized as of December 31, 2025 and June 30, 2026, ze
Accumulated deficit ( 4,320 ) ( 4,986 ) | Total stockholders’ equity 10,033 9,921 | Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 19,659 $ 19,561
Total stockholders’ equity 10,033 9,921 | Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 19,659 $ 19,561
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 June 30, 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 $ 0.65 $ 0.46 $ 1.09 $ 0.87 | Weighted-average number of shares outstanding used to compute net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders | Basic 425,113 434,425 423,278 434,924
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 | 22
Denominator | Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 400,108 25,005 410,064 24,361 398,041 25,237 410,510 24,414 | Basic net income per share attributable to DoorDash, Inc. common stockholders $ 0.67 $ 0.67 $ 0.46 $ 0.46 $ 1.13 $ 1.13 $ 0.88 $ 0.88
Denominator | Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 400,108 25,005 410,064 24,361 398,041 25,237 410,510 24,414 | Weighted-average effect of potentially dilutive securities 13,264 — 4,920 — 13,702 — 5,909 —
Weighted-average effect of potentially dilutive securities 13,264 — 4,920 — 13,702 — 5,909 — | Weighted-average number of shares outstanding used to compute diluted net income per share attributable to DoorDash, Inc. common stockholders 413,372 25,005 414,984 24,361 411,743 25,237 416,419 24,414 | Diluted net income per share attributable to DoorDash, Inc. common stockholders $ 0.65 $ 0.65 $ 0.46 $ 0.46 $ 1.09 $ 1.09 $ 0.87 $ 0.87
Adjusted EBITDA as a % of Marketplace GOV 2.7 % 2.8 % | Weighted-average diluted shares outstanding | 438 439
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 June 30, 2026, the Company had settled $ 217 million in deferred cash consideration, with $ 33 million remaining to be settled in future periods. For certain SevenRooms employees, a portion of their total consideration was held back subject to revesting. A total of $ 38 million of these employees’ holdback was included as part of the deferred cash consideration and the remaining $ 56 million represents compensation for post-combination services to be recognized over the service period.
As of June 30, 2026, the Company had settled $ 15 million in deferred cash consideration, with $ 14 million remaining to be settled in future periods. For certain Symbiosys employees, a portion of their total consideration was restricted subject to vesting over various service periods. A total of $ 14 million of these employees’ consideration was included as part of the deferred cash consideration and the remaining $ 53 million represents compensation for post-combination services to be recogniz
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 | 24
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 credit card transactions; professional services fees; transaction-related costs; impairment expenses; bad debt expense; and allocated overhead.
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 | 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
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 informa
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 informa | Adjusted Cost of Revenue
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 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 Pro | 40
Gross profit $ 1,608 $ 2,223 $ 3,086 $ 4,167 | Gross Margin 49.0 % 49.9 % 48.9 % 49.1 % | Less: Sales and marketing $ (607) $ (821) $ (1,193) $ (1,567)
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 $ 1,715 $ 2,416 $ 3,289 $ 4,511 | Adjusted Gross Margin 52.2 % 54.2 % 52.1 % 53.1 %

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2 · Del 3

dash-20260630 0001792789 2026 Q2 FALSE 12/31 .003425 467 452 183 xbrli:shares iso4217:USD iso4217:USD xbrli:shares dash:country xbrli:pure iso4217:EUR dash:day dash:segment 0001792789 2026-01-01 2026-06-30 0001792789 us-gaap:CommonClassAMember 2026-07-30 0001792789 us-gaap:CommonClassBMember 2026-07-30 0001792789 us-gaap:CommonClassCMember 2026-07-30 0001792789 2025-12-31 0001792789 2026-06-30 0001792789 us-gaap:CommonClassAMember 2026-06-30 0001792789 us-gaap:CommonClassAMember 2025-12-31 0001792789 us-gaap:CommonClassBMember 2026-06-30 0001792789 us-gaap:CommonClassBMember 2025-12-31 0001792789 us-gaap:CommonClassCMember 2025-12-31 0001792789 us-gaap:CommonClassCMember 2026-06-30 0001792789 2025-04-01 2025-06-30 0001792789 2026-04-01 2026-06-30 0001792789 2025-01-01 2025-06-30 0001792789 2024-12-31 0001792789 us-gaap:CommonStockMember 2024-12-31 0001792789 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001792789 us-gaap:RetainedEarningsMember 2024-12-31 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001792789 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0001792789 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001792789 2025-01-01 2025-03-31 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0001792789 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001792789 2025-03-31 0001792789 us-gaap:CommonStockMember 2025-03-31 0001792789 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001792789 us-gaap:RetainedEarningsMember 2025-03-31 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0001792789 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0001792789 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2025-06-30 0001792789 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0001792789 2025-06-30 0001792789 us-gaap:CommonStockMember 2025-06-30 0001792789 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001792789 us-gaap:RetainedEarningsMember 2025-06-30 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001792789 us-gaap:CommonStockMember 2025-12-31 0001792789 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001792789 us-gaap:RetainedEarningsMember 2025-12-31 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001792789 us-gaap:CommonStockMember 2026-01-01 2026-03-31 0001792789 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0001792789 2026-01-01 2026-03-31 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-03-31 0001792789 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0001792789 2026-03-31 0001792789 us-gaap:CommonStockMember 2026-03-31 0001792789 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001792789 us-gaap:RetainedEarningsMember 2026-03-31 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-03-31 0001792789 us-gaap:CommonStockMember 2026-04-01 2026-06-30 0001792789 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-04-01 2026-06-30 0001792789 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0001792789 us-gaap:CommonStockMember 2026-06-30 0001792789 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001792789 us-gaap:RetainedEarningsMember 2026-06-30 0001792789 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001792789 country:US 2025-04-01 2025-06-30 0001792789 country:US 2026-04-01 2026-06-30 0001792789 country:US 2025-01-01 2025-06-30 0001792789 country:US 2026-01-01 2026-06-30 0001792789 us-gaap:NonUsMember 2025-04-01 2025-06-30 0001792789 us-gaap:NonUsMember 2026-04-01 2026-06-30 0001792789 us-gaap:NonUsMember 2025-01-01 2025-06-30 0001792789 us-gaap:NonUsMember 2026-01-01 2026-06-30 0001792789 dash:DeliverooAcquisitionMember 2026-01-01 2026-06-30 0001792789 dash:DeliverooAcquisitionMember 2025-10-02 2025-10-02 0001792789 dash:DeliverooAcquisitionMember 2026-06-30 0001792789 dash:DeliverooAcquisitionMember 2025-10-02 0001792789 dash:DeliverooAcquisitionMember dash:RestaurantMerchantRelationshipsMember 2025-10-02 2025-10-02 0001792789 dash:DeliverooAcquisitionMember dash:RestaurantMerchantRelationshipsMember 2025-10-02 0001792789 dash:DeliverooAcquisitionMember us-gaap:TradeNamesMember 2025-10-02 2025-10-02 0001792789 dash:DeliverooAcquisitionMember us-gaap:TradeNamesMember 2025-10-02 0001792789 dash:DeliverooAcquisitionMember us-gaap:CustomerRelationshipsMember 2025-10-02 2025-10-02 0001792789 dash:DeliverooAcquisitionMember us-gaap:CustomerRelationshipsMember 2025-10-02 0001792789 dash:DeliverooAcquisitionMember dash:NewVerticalMerchantRelationshipsMember 2025-10-02 2025-10-02 0001792789 dash:DeliverooAcquisitionMember dash:NewVerticalMerchantRelationshipsMember 2025-10-02 0001792789 dash:DeliverooAcquisitionMember us-gaap:DevelopedTechnologyRightsMember 2025-10-02 2025-10-02 0001792789 dash:DeliverooAcquisitionMember us-gaap:DevelopedTechnologyRightsMember 2025-10-02 0001792789 dash:DeliverooAcquisitionMember dash:RiderRelationshipsMember 2025-10-02 2025-10-02 0001792789 dash:DeliverooAcquisitionMember dash:RiderRelationshipsMember 2025-10-02 0001792789 dash:SevenRoomsAcquisitionMember 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember 2026-01-01 2026-06-30 0001792789 dash:SevenRoomsAcquisitionMember 2025-06-13 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember 2026-06-30 0001792789 dash:SevenRoomsAcquisitionMember us-gaap:TechnologyBasedIntangibleAssetsMember 2025-06-13 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember us-gaap:TechnologyBasedIntangibleAssetsMember 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember dash:StrategicCustomerRelationshipsMember 2025-06-13 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember dash:StrategicCustomerRelationshipsMember 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember dash:OtherCustomerRelationshipsMember 2025-06-13 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember dash:OtherCustomerRelationshipsMember 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember us-gaap:TradeNamesMember 2025-06-13 2025-06-13 0001792789 dash:SevenRoomsAcquisitionMember us-gaap:TradeNamesMember 2025-06-13 0001792789 dash:SymbiosysAcquisitionMember 2025-05-28 2025-05-28 0001792789 dash:SymbiosysAcquisitionMember 2026-01-01 2026-06-30 0001792789 dash:SymbiosysAcquisitionMember 2025-05-28 0001792789 dash:SymbiosysAcquisitionMember us-gaap:TechnologyBasedIntangibleAssetsMember 2026-06-30 0001792789 dash:SymbiosysAcquisitionMember us-gaap:CustomerRelationshipsMember 2026-06-30 0001792789 dash:SymbiosysAcquisitionMember us-gaap:TechnologyBasedIntangibleAssetsMember 2026-01-01 2026-06-30 0001792789 dash:SymbiosysAcquisitionMember us-gaap:CustomerRelationshipsMember 2026-01-01 2026-06-30 0001792789 dash:A2026AcquisitionMember 2026-01-01 2026-03-31 0001792789 dash:A2026AcquisitionMember 2026-03-31 0001792789 dash:A2025AcquisitionMember 2025-01-01 2025-03-31 0001792789 dash:A2025AcquisitionMember 2025-03-31 0001792789 us-gaap:TechnologyBasedIntangibleAssetsMember 2025-12-31 0001792789 dash:MerchantRelationshipsMember 2025-12-31 0001792789 dash:RiderRelationshipsMember 2025-12-31 0001792789 us-gaap:CustomerRelationshipsMember 2025-12-31 0001792789 us-gaap:TrademarksAndTradeNamesMember 2025-12-31 0001792789 dash:AssembledWorkforceMember 2025-12-31 0001792789 us-gaap:TechnologyBasedIntangibleAssetsMember 2026-06-30 0001792789 dash:MerchantRelationshipsMember 2026-06-30 0001792789 dash:RiderRelationshipsMember 2026-06-30 0001792789 us-gaap:CustomerRelationshipsMember 2026-06-30 0001792789 us-gaap:TrademarksAndTradeNamesMember 2026-06-30 0001792789 dash:AssembledWorkforceMember 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember 2025-12-31 0001792789 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:CertificatesOfDepositMember 2025-12-31 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:CommercialPaperMember 2025-12-31 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:CorporateDebtSecuritiesMember 2025-12-31 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:USTreasurySecuritiesMember 2025-12-31 0001792789 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:MutualFundMember 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember 2025-12-31 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember 2025-12-31 0001792789 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001792789 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001792789 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001792789 us-gaap:BankTimeDepositsMember 2025-12-31 0001792789 us-gaap:BankTimeDepositsMember 2025-12-31 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember 2026-06-30 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:CommercialPaperMember 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember 2026-06-30 0001792789 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:CertificatesOfDepositMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:CertificatesOfDepositMember 2026-06-30 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:CommercialPaperMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:CommercialPaperMember 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:CorporateDebtSecuritiesMember 2026-06-30 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:USTreasurySecuritiesMember 2026-06-30 0001792789 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:MutualFundMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:MutualFundMember 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:MoneyMarketFundsMember 2026-06-30 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:OtherThanSecuritiesInvestmentMember 2026-06-30 0001792789 us-gaap:FairValueInputsLevel1Member 2026-06-30 0001792789 us-gaap:FairValueInputsLevel2Member 2026-06-30 0001792789 us-gaap:FairValueInputsLevel3Member 2026-06-30 0001792789 us-gaap:BankTimeDepositsMember 2026-06-30 0001792789 us-gaap:BankTimeDepositsMember 2026-06-30 0001792789 dash:EquipmentForMerchantsMember 2025-12-31 0001792789 dash:EquipmentForMerchantsMember 2026-06-30 0001792789 dash:ComputerEquipmentAndSoftwareMember 2025-12-31 0001792789 dash:ComputerEquipmentAndSoftwareMember 2026-06-30 0001792789 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-12-31 0001792789 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2026-06-30 0001792789 us-gaap:LeaseholdImprovementsMember 2025-12-31 0001792789 us-gaap:LeaseholdImprovementsMember 2026-06-30 0001792789 us-gaap:OfficeEquipmentMember 2025-12-31 0001792789 us-gaap:OfficeEquipmentMember 2026-06-30 0001792789 us-gaap:ConstructionInProgressMember 2025-12-31 0001792789 us-gaap:ConstructionInProgressMember 2026-06-30 0001792789 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-04-01 2025-06-30 0001792789 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2026-04-01 2026-06-30 0001792789 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2025-01-01 2025-06-30 0001792789 us-gaap:SoftwareAndSoftwareDevelopmentCostsMember 2026-01-01 2026-06-30 0001792789 us-gaap:ConvertibleDebtMember dash:ConvertibleSeniorNotesDue2030Member 2025-05-31 0001792789 us-gaap:ConvertibleDebtMember dash:ConvertibleSeniorNotesDue2030Member 2025-05-01 2025-05-31 0001792789 us-gaap:ConvertibleDebtMember dash:DebtConversionTermsOneMember dash:ConvertibleSeniorNotesDue2030Member 2026-01-01 2026-06-30 0001792789 us-gaap:ConvertibleDebtMember dash:DebtConversionTermsTwoMember dash:ConvertibleSeniorNotesDue2030Member 2026-01-01 2026-06-30 0001792789 us-gaap:ConvertibleDebtMember dash:ConvertibleSeniorNotesDue2030Member 2026-06-30 0001792789 us-gaap:ConvertibleDebtMember dash:ConvertibleSeniorNotesDue2030Member 2026-01-01 2026-06-30 0001792789 dash:ConvertibleSeniorNotesDue2030Member 2026-06-30 0001792789 2025-05-01 2025-05-31 0001792789 2025-05-31 0001792789 dash:ConvertibleSeniorNotesDue2030Member 2025-05-31 0001792789 dash:ConvertibleSeniorNotesDue2030Member 2026-01-01 2026-06-30 0001792789 us-gaap:SuretyBondMember 2026-06-30 0001792789 us-gaap:RevolvingCreditFacilityMember dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member 2024-04-26 0001792789 us-gaap:LetterOfCreditMember dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member 2024-04-26 0001792789 dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member us-gaap:RevolvingCreditFacilityMember us-gaap:BaseRateMember 2024-04-26 2024-04-26 0001792789 dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member us-gaap:RevolvingCreditFacilityMember us-gaap:SecuredOvernightFinancingRateSofrMember 2024-04-26 2024-04-26 0001792789 dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member us-gaap:RevolvingCreditFacilityMember dash:AdjustedSecuredOvernightFinancingRateMember 2024-04-26 2024-04-26 0001792789 us-gaap:RevolvingCreditFacilityMember dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member 2024-04-26 2024-04-26 0001792789 us-gaap:RevolvingCreditFacilityMember dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member 2026-01-01 2026-06-30 0001792789 us-gaap:RevolvingCreditFacilityMember dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member 2025-01-01 2025-12-31 0001792789 us-gaap:RevolvingCreditFacilityMember dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member 2025-12-31 0001792789 us-gaap:RevolvingCreditFacilityMember dash:AmendedAndRestatedRevolvingCreditAndGuarantyAgreementMaturingApril2029Member 2026-06-30 0001792789 2025-02-28 0001792789 2024-02-29 0001792789 us-gaap:RestrictedStockMember 2026-01-01 2026-06-30 0001792789 us-gaap:RestrictedStockMember 2025-12-31 0001792789 us-gaap:RestrictedStockMember 2026-06-30 0001792789 2025-01-01 2025-12-31 0001792789 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001792789 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-06-30 0001792789 us-gaap:RestrictedStockUnitsRSUMember 2026-06-30 0001792789 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-06-30 0001792789 us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization 2025-04-01 2025-06-30 0001792789 us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization 2026-04-01 2026-06-30 0001792789 us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization 2025-01-01 2025-06-30 0001792789 us-gaap:CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization 2026-01-01 2026-06-30 0001792789 us-gaap:SellingAndMarketingExpense 2025-04-01 2025-06-30 0001792789 us-gaap:SellingAndMarketingExpense 2026-04-01 2026-06-30 0001792789 us-gaap:SellingAndMarketingExpense 2025-01-01 2025-06-30 0001792789 us-gaap:SellingAndMarketingExpense 2026-01-01 2026-06-30 0001792789 us-gaap:ResearchAndDevelopmentExpense 2025-04-01 2025-06-30 0001792789 us-gaap:ResearchAndDevelopmentExpense 2026-04-01 2026-06-30 0001792789 us-gaap:ResearchAndDevelopmentExpense 2025-01-01 2025-06-30 0001792789 us-gaap:ResearchAndDevelopmentExpense 2026-01-01 2026-06-30 0001792789 us-gaap:GeneralAndAdministrativeExpense 2025-04-01 2025-06-30 0001792789 us-gaap:GeneralAndAdministrativeExpense 2026-04-01 2026-06-30 0001792789 us-gaap:GeneralAndAdministrativeExpense 2025-01-01 2025-06-30 0001792789 us-gaap:GeneralAndAdministrativeExpense 2026-01-01 2026-06-30 0001792789 us-gaap:RestructuringCharges 2025-04-01 2025-06-30 0001792789 us-gaap:RestructuringCharges 2026-04-01 2026-06-30 0001792789 us-gaap:RestructuringCharges 2025-01-01 2025-06-30 0001792789 us-gaap:RestructuringCharges 2026-01-01 2026-06-30 0001792789 us-gaap:PerformanceSharesMember srt:ChiefExecutiveOfficerMember dash:A2014EquityIncentivePlanMember 2020-11-01 2020-11-30 0001792789 us-gaap:PerformanceSharesMember srt:ChiefExecutiveOfficerMember dash:A2014EquityIncentivePlanMember 2026-06-30 0001792789 us-gaap:PerformanceSharesMember 2026-06-30 0001792789 us-gaap:CommonClassAMember 2025-04-01 2025-06-30 0001792789 us-gaap:CommonClassBMember 2025-04-01 2025-06-30 0001792789 us-gaap:CommonClassAMember 2026-04-01 2026-06-30 0001792789 us-gaap:CommonClassBMember 2026-04-01 2026-06-30 0001792789 us-gaap:CommonClassAMember 2025-01-01 2025-06-30 0001792789 us-gaap:CommonClassBMember 2025-01-01 2025-06-30 0001792789 us-gaap:CommonClassAMember 2026-01-01 2026-06-30 0001792789 us-gaap:CommonClassBMember 2026-01-01 2026-06-30 0001792789 dash:UnvestedRestrictedStockAndRestrictedStockUnitsMember 2025-04-01 2025-06-30 0001792789 dash:UnvestedRestrictedStockAndRestrictedStockUnitsMember 2026-04-01 2026-06-30 0001792789 dash:UnvestedRestrictedStockAndRestrictedStockUnitsMember 2025-01-01 2025-06-30 0001792789 dash:UnvestedRestrictedStockAndRestrictedStockUnitsMember 2026-01-01 2026-06-30 0001792789 dash:EscrowSharesMember 2025-04-01 2025-06-30 0001792789 dash:EscrowSharesMember 2026-04-01 2026-06-30 0001792789 dash:EscrowSharesMember 2025-01-01 2025-06-30 0001792789 dash:EscrowSharesMember 2026-01-01 2026-06-30 0001792789 dash:ConvertibleNotesMember 2025-04-01 2025-06-30 0001792789 dash:ConvertibleNotesMember 2026-04-01 2026-06-30 0001792789 dash:ConvertibleNotesMember 2025-01-01 2025-06-30 0001792789 dash:ConvertibleNotesMember 2026-01-01 2026-06-30 0001792789 dash:WarrantsRelatedToTheIssuanceOfConvertibleNotesMember 2025-04-01 2025-06-30 0001792789 dash:WarrantsRelatedToTheIssuanceOfConvertibleNotesMember 2026-04-01 2026-06-30 0001792789 dash:WarrantsRelatedToTheIssuanceOfConvertibleNotesMember 2025-01-01 2025-06-30 0001792789 dash:WarrantsRelatedToTheIssuanceOfConvertibleNotesMember 2026-01-01 2026-06-30 0001792789 dash:EmployeeTerminationCostsMember 2025-12-31 0001792789 dash:OtherRelatedCostsMember 2025-12-31 0001792789 dash:EmployeeTerminationCostsMember 2026-01-01 2026-06-30 0001792789 dash:OtherRelatedCostsMember 2026-01-01 2026-06-30 0001792789 dash:EmployeeTerminationCostsMember 2026-06-30 0001792789 dash:OtherRelatedCostsMember 2026-06-30 0001792789 dash:ReportableSegmentMember 2025-04-01 2025-06-30 0001792789 dash:ReportableSegmentMember 2026-04-01 2026-06-30 0001792789 dash:ReportableSegmentMember 2025-01-01 2025-06-30 0001792789 dash:ReportableSegmentMember 2026-01-01 2026-06-30 0001792789 dash:PrabirAdarkarMember 2026-04-01 2026-06-30 0001792789 dash:PrabirAdarkarMember 2026-06-30 0001792789 dash:GordonLeeMember 2026-04-01 2026-06-30 0001792789 dash:GordonLeeMember 2026-06-30 0001792789 dash:KeithYandellMember 2026-04-01 2026-06-30 0001792789 dash:KeithYandellMember 2026-06-30

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 June 30, 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 408,992,917 shares of Class A common stock, 24,302,737 shares of Class B common stock, and no shares of Class C common stock as of July 30, 2026.

1

Table of Contents

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
30

Item 3. Quantitative and Qualitative Disclosures About Market Risk
45

Item 4. Controls and Procedures
46

Part II OTHER INFORMATION
47

Item 1. Legal Proceedings
47

Item 1A. Risk Factors
49

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
89

Item 3. Defaults Upon Senior Securities
89

Item 4. Mine Safety Disclosures
89

Item 5. Other Information
89

Item 6. Exhibits
91

Signatures
92

2

Table of Contents

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.
3

Table of Contents

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."
4

Table of Contents

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 June 30,
2026

Assets
Current assets:
Cash and cash equivalents $ 4,378   $ 4,424  
Restricted cash 273   308  
Short-term investments 1,128   923  
Funds held at payment processors 587   513  
Accounts receivable, net 1,108   1,100  
Prepaid expenses and other current assets 1,169   1,148  
Total current assets 8,643   8,416  
Long-term investments 837   869  
Operating lease right-of-use assets 437   454  
Property and equipment, net 1,067   1,246  
Intangible assets, net 2,260   2,005  
Goodwill 5,519   5,495  
Other assets 896   1,076  
Total assets $ 19,659   $ 19,561  
Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity
Current liabilities:
Accounts payable $ 397   $ 301  
Operating lease liabilities 105   104  
Accrued expenses and other current liabilities 5,645   5,747  
Total current liabilities 6,147   6,152  
Operating lease liabilities 461   474  
Convertible notes, net
2,724   2,727  
Other liabilities 281   276  
Total liabilities 9,613   9,629  
Commitments and contingencies (Note 9)
Redeemable non-controlling interests 13   11  
Stockholders’ equity:
Common stock, $ 0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2025 and June 30, 2026, 409,657 and 408,925 Class A shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively; 200,000 Class B shares authorized as of December 31, 2025 and June 30, 2026, 24,590 and 24,331 Class B shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively; 2,000,000 Class C shares authorized as of December 31, 2025 and June 30, 2026, zero Class C shares issued and outstanding as of December 31, 2025 and June 30, 2026
—   —  
Additional paid-in capital 14,092   14,806  
Accumulated other comprehensive income 261   101  
Accumulated deficit ( 4,320 ) ( 4,986 )
Total stockholders’ equity 10,033   9,921  
Total liabilities, redeemable non-controlling interests and stockholders’ equity $ 19,659   $ 19,561  

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)
 

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026

Revenue $ 3,284   $ 4,454   $ 6,316   $ 8,490  
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below 1,616   2,107   3,116   4,099  
Sales and marketing 607   821   1,193   1,567  
Research and development 351   535   657   933  
General and administrative 388   538   720   970  
Depreciation and amortization 159   295   311   564  
Restructuring charges —   2   1   50  
Total costs and expenses 3,121   4,298   5,998   8,183  
Income from operations 163   156   318   307  
Interest income, net 49   35   98   69  
Other income, net 59   16   53   22  
Income before income taxes 271   207   469   398  
Provision for (benefit from) income taxes ( 13 ) 8   ( 7 ) 16  
Net income including redeemable non-controlling interests 284   199   476   382  
Less: net loss attributable to redeemable non-controlling interests ( 1 ) ( 1 ) ( 2 ) ( 2 )
Net income attributable to DoorDash, Inc. common stockholders $ 285   $ 200   $ 478   $ 384  
Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Basic $ 0.67   $ 0.46   $ 1.13   $ 0.88  
Diluted $ 0.65   $ 0.46   $ 1.09   $ 0.87  
Weighted-average number of shares outstanding used to compute net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Basic 425,113   434,425   423,278   434,924  
Diluted 438,377   439,345   436,980   440,833  

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

6

Table of Contents

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

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026

Net income including redeemable non-controlling interests $ 284   $ 199   $ 476   $ 382  
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments 254   ( 13 ) 366   ( 151 )
Change in unrealized gains and losses on marketable securities —   ( 3 ) 2   ( 9 )
Total other comprehensive income (loss) 254   ( 16 ) 368   ( 160 )
Comprehensive income including redeemable non-controlling interests 538   183   844   222  
Less: Comprehensive loss attributable to redeemable non-controlling interests ( 1 ) ( 1 ) ( 2 ) ( 2 )
Comprehensive income attributable to DoorDash, Inc. common stockholders $ 539   $ 184   $ 846   $ 224  

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

Table of Contents

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in millions, except share amounts which are reflected in thousands)
(Unaudited)
 

Redeemable
Non-Controlling
Interests Common Stock Additional
Paid-in
Capital Accumulated
Deficit Accumulated
Other
Comprehensive Income
(Loss) Total
Stockholders’
Equity
Shares Amount

Balances as of December 31, 2024 $ 7   419,677   $ —   $ 13,165   $ ( 5,255 ) $ ( 107 ) $ 7,803  
Issuance of common stock upon settlement of restricted stock units —  3,199   —  —  —  —  — 
Issuance of common stock upon exercise of stock options —  751   —  3   —  —  3  
Stock-based compensation —  —  —  276   —  —  276  
Other comprehensive income (loss)
—  —  —  —  —  114   114  
Net income (loss)
( 1 ) —  —  —  193   —  193  
Balances as of March 31, 2025 $ 6   423,627   $ —   $ 13,444   $ ( 5,062 ) $ 7   $ 8,389  
Issuance of common stock upon settlement of restricted stock units —  2,848   —  —  —  —  — 
Issuance of common stock upon exercise of stock options —  440   —  2   —  —  2  
Stock-based compensation —  —  —  332   —  —  332  
Other comprehensive income (loss)
—  —  —  —  —  254   254  
Issuance of warrants —  —  —  341   —  —  341  
Purchase of convertible note hedges —  —  —  ( 680 ) —  —  ( 680 )
Net income (loss)
( 1 ) —  —  —  285   —  285  
Balances as of June 30, 2025 $ 5   426,915   $ —   $ 13,439   $ ( 4,777 ) $ 261   $ 8,923  

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

Table of Contents

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
(in millions, except share amounts which are reflected in thousands)
(Unaudited)

Redeemable
Non-Controlling
Interests Common Stock Additional
Paid-in
Capital Accumulated
Deficit Accumulated
Other
Comprehensive Income
(Loss) Total
Stockholders’
Equity
Shares Amount

Balances as of December 31, 2025 $ 13   434,247   $ —   $ 14,092   $ ( 4,320 ) $ 261   $ 10,033  
Issuance of common stock upon settlement of restricted stock units —  2,583   —  —  —  —  — 
Issuance of common stock upon exercise of stock options —  231   —  1   —  —  1  
Stock-based compensation —  —  —  286   —  —  286  
Other comprehensive income (loss)
—  —  —  —  —  ( 144 ) ( 144 )
Repurchase and retirement of common stock
—  ( 1,106 ) —  —  ( 162 ) —  ( 162 )
Net income (loss)
( 1 ) —  —  —  184   —  184  
Balances as of March 31, 2026 $ 12   435,955   $ —   $ 14,379   $ ( 4,298 ) $ 117   $ 10,198  
Issuance of common stock upon settlement of restricted stock units —  2,840   —  —  —  —  — 
Issuance of common stock upon exercise of stock options —  112   —  1   —  —  1  
Stock-based compensation —  —  —  426   —  —  426  
Other comprehensive income (loss)
—  —  —  —  —  ( 16 ) ( 16 )
Repurchase and retirement of common stock
—  ( 5,651 ) —  —  ( 888 ) —  ( 888 )
Net income (loss)
( 1 ) —  —  —  200   —  200  
Balances as of June 30, 2026 $ 11   433,256   $ —   $ 14,806   $ ( 4,986 ) $ 101   $ 9,921  

The accompanying notes are an integral part of these condensed consolidated financial statements.
9

Table of Contents

DOORDASH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Six Months Ended June 30,
2025 2026
Cash flows from operating activities
Net income including redeemable non-controlling interests $ 476   $ 382  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 311   564  
Stock-based compensation 517   580  
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities 53   72  
Amortization of deferred contract costs
36   44  
Office lease impairment expenses 7   1  

Other ( 44 ) 8  
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
Funds held at payment processors 128   68  
Accounts receivable, net ( 90 ) ( 12 )
Prepaid expenses and other current assets ( 47 ) 16  
Other assets ( 142 ) ( 68 )
Accounts payable 25   ( 99 )
Accrued expenses and other current liabilities 10   84  
Payments for operating lease liabilities ( 58 ) ( 79 )
Other liabilities ( 43 ) ( 23 )
Net cash provided by operating activities 1,139   1,538  
Cash flows from investing activities
Purchases of property and equipment ( 140 ) ( 118 )
Capitalized software and website development costs ( 150 ) ( 258 )
Purchases of investments ( 725 ) ( 591 )
Maturities of investments 801   729  
Sales of investments 286   29  
Purchases of non-marketable investments —   ( 55 )
Acquisitions, net of cash acquired ( 1,173 ) ( 30 )
Other investing activities —   8  
Net cash used in investing activities ( 1,101 ) ( 286 )
Cash flows from financing activities
Proceeds from issuance of convertible notes, net of issuance costs
2,722   —  
Proceeds from issuance of warrants
341   —  
Purchase of convertible note hedges
( 680 ) —  
Proceeds from exercise of stock options 5   2  
Repurchase of common stock —   ( 1,049 )
Payments of acquisition-related deferred cash consideration —   ( 20 )
Other financing activities ( 10 ) ( 2 )
Net cash provided by (used in) financing activities 2,378   ( 1,069 )
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 63   ( 18 )
Net increase in cash and cash equivalents, and restricted cash and cash equivalents 2,479   165  
Cash and cash equivalents, and restricted cash and cash equivalents
Beginning of period 4,221   4,681  
End of period $ 6,700   $ 4,846  
Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the condensed consolidated balance sheets
Cash and cash equivalents $ 3,911   $ 4,424  
Restricted cash 2,750   308  
Long-term restricted cash and cash equivalents included in other assets 39   114  
Total cash and cash equivalents, and restricted cash and cash equivalents $ 6,700   $ 4,846  

Non-cash investing and financing activities
Purchases of property and equipment not yet settled $ 41   $ 50  
Stock-based compensation included in capitalized software and website development costs $ 91   $ 132  
Deferred cash consideration for acquisitions
$ 112   $ 58  

The accompanying notes are an integral part of these condensed consolidated financial statements.
10

Table of Contents

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
11

Table of Contents

goodwill, the incremental borrowing rate applied in lease accounting, impairment of long-lived assets, insurance reserves, loss contingencies, and income and indirect taxes. Actual results could differ from these estimates.
Significant Accounting Policies

There have been no material changes to the Company's significant accounting policies from its Annual Report on Form 10-K for the year ended December 31, 2025.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires disclosure, on an annual and interim basis, of specified information about certain costs and expenses in the notes to financial statements. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.
In September 2025, the FASB issued Accounting Standards Update 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" (“ASU 2025-06”), which removes all references to prescriptive and sequential software development stages and establishes new criteria for the capitalization of internal-use software costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.

3. Revenue
Disaggregated Revenue Information
All revenue recognized during the periods presented was related to the Company's core business, which is primarily composed of the Company's Marketplaces and Commerce Platform.
Revenue by geographic area is determined based on the address of the merchant, or in the case of the Company's membership products, the address of the consumer. Revenue by geographic area was as follows (in millions):

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026

United States $ 2,829   $ 3,457   $ 5,485   $ 6,561  
International (1)
455   997   831   1,929  
Total revenue $ 3,284   $ 4,454   $ 6,316   $ 8,490  

(1) No individual country outside the United States represented 10% or more of total consolidated revenue for the periods presented.
Contract Liabilities
The timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets, is primarily composed of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. A summary of activities related to contract liabilities for the six months ended June 30, 2026 was as follows (in millions):
12

Table of Contents

Six Months Ended June 30, 2026
Beginning balance $ 547  
Addition to contract liabilities 2,526  
Reduction of contract liabilities (1)(2)
( 2,519 )
Ending balance $ 554  

(1) Gift cards and certain consumer credits can be redeemed through the Marketplaces. When they are redeemed, revenue is recognized on a net basis as the difference between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so.
(2) Included in the beginning balance of contract liabilities was $ 328 million associated with unearned prepayments received by the Company, of which $ 268  million was recognized as revenue during the six months ended June 30, 2026. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less.
Deferred Contract Costs
Deferred contract costs represent direct and incremental costs incurred to acquire or fulfill the Company’s contracts, consisting of sales commissions and costs related to merchant onboarding, which the Company expects to recover. Deferred contract costs are amortized on a straight-line basis over the expected period of benefit, which the Company determined by considering historical attrition rates and other factors. Deferred contract costs are recorded in prepaid expenses and other current assets and other assets on the condensed consolidated balance sheets. Amortization of deferred contract costs related to sales commissions is recognized in sales and marketing expense and amortization of deferred contract costs related to merchant onboarding is recognized in cost of revenue, exclusive of depreciation and amortization in the condensed consolidated statements of operations. A summary of activities related to deferred contract costs was as follows (in millions):

Six Months Ended June 30,
2025 2026

Beginning balance $ 157   $ 191  
Addition to deferred contract costs 54   46  
Amortization of deferred contract costs ( 36 ) ( 44 )
Ending balance $ 175   $ 193  
Deferred contract costs, current $ 72   $ 80  
Deferred contract costs, non-current 103   113  
Total deferred contract costs $ 175   $ 193  

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

Six Months Ended June 30,
2025 2026

Beginning balance $ 22   $ 45  
Current-period provision for expected credit losses 7   11  
Write-offs charged against the allowance ( 1 ) ( 9 )
Ending balance $ 28   $ 47  

4. Acquisitions
Deliveroo Acquisition
13

Table of Contents

On October 2, 2025, the Company completed the acquisition of substantially all of the outstanding equity interests of Deliveroo plc (“Deliveroo”), which was accounted for under the acquisition method of accounting. The acquisition will strengthen the Company’s position as a leading global platform in local commerce by enhancing its capabilities to better serve consumers, merchants, and Dashers. The Company’s acquisition-related costs were $ 58 million and all costs were recorded as general and administrative expenses on the Company’s consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for Deliveroo was $ 3,724 million, which consisted of the following (in millions):

Fair Value

Consideration payable
$ 3,722  
Stock-based compensation awards attributable to pre-combination services
2  
Total purchase consideration
$ 3,724  

As of June 30, 2026, the Company had settled the consideration payable. In connection with the acquisition, substantially all of the outstanding and unvested equity awards of Deliveroo were replaced with DoorDash RSUs. The acquisition date fair value of the replacement equity awards was $ 80 million, of which $ 2 million is included in the purchase consideration.
The total purchase consideration of the Deliveroo acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $ 1,987 million of goodwill, which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce and anticipated synergies from the potential future growth of the Company’s and Deliveroo’s platforms and the expected strategic advantages from combining the Company’s and Deliveroo’s geographical footprint and operations. The goodwill recorded in connection with the acquisition of Deliveroo is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimates, judgments and assumptions, and are considered preliminary and subject to change within the measurement period, including potential adjustments primarily related to tax reserves and other accrued liabilities, as additional information is received. The Company expects to finalize the allocation of the purchase price as soon as practicable, but no later than one year from the acquisition date when the measurement period ends.
The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed as of the acquisition date (in millions):

October 2, 2025

Current assets $ 1,224  
Intangible assets 1,498  
Goodwill 1,987  
Other non-current assets 121  
Current liabilities ( 803 )
Contingent liabilities
( 102 )
Deferred tax liability
( 151 )
Other non-current liabilities
( 50 )
Total
$ 3,724  

Acquired contingent liabilities relate to outstanding legal provisions and are measured in accordance with ASC 450, Contingencies.
The following table sets forth the components of intangible assets acquired (in millions) and their estimated useful life as of the date of acquisition (in years):
14

Table of Contents

Estimated Useful Life October 2, 2025

Restaurant merchant relationships 11 $ 486  
Trade name 10 297  
Customer relationships 4 445  
New vertical merchant relationships 4 40  
Developed technology 2 216  
Rider relationships 2 14  
Total acquired intangible assets $ 1,498  

The restaurant merchant, new verticals merchant, customer, and rider relationship intangible assets represent the estimated fair value of Deliveroo’s established relationships with restaurant partners, grocery and retail merchants, consumers utilizing the platform, and courier partners that provide delivery services. The developed technology intangible asset represents Deliveroo’s proprietary software and applications that support the platform’s ordering, delivery, and logistics capabilities. The trade name intangible asset represents the estimated fair value of the Deliveroo brand and its market recognition. Restaurant merchant relationships were valued using the multi-period excess earnings method of the income approach. Merchant relationships related to new verticals were valued using a with-and-without method, measuring the incremental cash flows generated by these relationships compared to a scenario in which they did not exist. User and rider relationships were valued using a replacement cost method. The developed technology and trade name were valued using the relief-from-royalty method of the income approach. The Company expects to amortize these intangible assets on a straight-line basis over their respective estimated useful lives.
SevenRooms Acquisition
On June 13, 2025, the Company completed the acquisition of 100 percent of the outstanding equity interests of SevenRooms Inc. (“SevenRooms”), which was accounted for under the acquisition method of accounting. The acquisition will enhance the Company's platform by equipping merchants with tools to manage reservations and tables, better connect with consumers through customer relationship management, and improve their marketing. The Company’s acquisition-related costs were $ 13 million and all costs were recorded as general and administrative expenses on the Company’s condensed consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for SevenRooms was $ 1,152 million, which consisted of the following (in millions):

Fair Value

Cash
$ 902  
Deferred cash consideration
250  
Total consideration $ 1,152  

As of June 30, 2026, the Company had settled $ 217 million in deferred cash consideration, with $ 33 million remaining to be settled in future periods. For certain SevenRooms employees, a portion of their total consideration was held back subject to revesting. A total of $ 38 million of these employees’ holdback was included as part of the deferred cash consideration and the remaining $ 56 million represents compensation for post-combination services to be recognized over the service period.

The total purchase consideration of the SevenRooms acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $ 890 million of goodwill which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce of SevenRooms and anticipated synergies arising from potential future growth and an enhanced platform to help merchants serve their customers across all channels. The goodwill recorded in connection with the acquisition of SevenRooms is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimates, judgments and assumptions, with the assistance of an independent third-party valuation firm.

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date (in millions):

15

Table of Contents

June 13, 2025

Current assets $ 24  
Intangible assets 365  
Goodwill 890  
Other non-current assets 2  
Current liabilities ( 106 )
Deferred tax liability, net ( 23 )
Total
$ 1,152  

The following table sets forth the components of intangible assets acquired (in millions) and their estimated useful lives as of the date of acquisition (in years):

Estimated Useful Life June 13, 2025

Existing technology 6 $ 139  
Strategic customer relationships
14 165  
Other customer relationships
7 55  
Trade name
4 6  
Total acquired intangible assets $ 365  

Existing technology represents the online and mobile SevenRooms platform for reservations, table management, and guest engagement. The customer relationships represent the fair value of the underlying relationships with its customers, including strategic customers such as global hotel chains and casino resorts, and small and mid-size businesses. The estimated fair values of the developed technology and trade name were determined using the relief-from-royalty method of the income approach. The estimated fair values of the customer relationships were determined using the multi-period excess earnings method of the income approach. The Company expects to amortize the fair value of these intangible assets on a straight-line basis over their respective estimated useful lives.

Symbiosys Acquisition
On May 28, 2025, the Company acquired Symbiosys Corp. (“Symbiosys”), a retail media platform company, to expand offsite advertising capabilities. The acquisition was accounted for under the acquisition method of accounting.
The acquisition date fair value of the purchase consideration was $ 121 million, which consisted of the following (in millions):

Fair Value

Cash
$ 89  
Deferred cash consideration
29  
Fair value of previously held equity interest
3  
Total purchase consideration
$ 121  

As of June 30, 2026, the Company had settled $ 15 million in deferred cash consideration, with $ 14 million remaining to be settled in future periods. For certain Symbiosys employees, a portion of their total consideration was restricted subject to vesting over various service periods. A total of $ 14 million of these employees’ consideration was included as part of the deferred cash consideration and the remaining $ 53 million represents compensation for post-combination services to be recognized over their respective service periods.

The total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed, based upon their respective fair values as of the date of acquisition. The excess of the purchase consideration over the net assets acquired was recorded as goodwill. Goodwill is primarily attributable to the anticipated synergies from the planned expansion into additional digital channels to extend the breadth of the Company’s marketing channels. The goodwill recorded in connection with the acquisition of Symbiosys is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management’s best estimates, judgments and assumptions, with the assistance of an independent third-party valuation firm.

16

Table of Contents

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date (in millions):

May 28, 2025

Current assets $ 7  
Intangible assets 19  
Goodwill 102  
Current liabilities
( 5 )
Other liabilities
( 2 )
Total
$ 121  

The intangible assets acquired consisted of existing technology of $ 17 million and customer relationships of $ 2 million, which had estimated useful lives of 4 and 3 years as of the date of the acquisition, respectively.
Other Acquisitions
During the three months ended March 31, 2026, the Company acquired a company, which was accounted for under the acquisition method of accounting. The total purchase consideration was approximately $ 45 million, which was allocated to the tangible and intangible assets acquired and liabilities assumed based upon their respective fair values as of the acquisition date. The intangible asset acquired was composed of developed technology. Additionally, the Company recorded $ 34 million of goodwill, which represented the excess of the purchase price over the net assets acquired.
During the three months ended March 31, 2025, the Company acquired a company, which was accounted for under the acquisition method of accounting. The total purchase consideration was approximately $ 28 million, which was allocated to the tangible and intangible assets acquired and liabilities assumed based upon their respective fair values as of the acquisition date. Intangible assets acquired were primarily composed of customer relationships and vendor relationships. Additionally, the Company recorded $ 21 million of goodwill, which represented the excess of the purchase price over the net assets acquired.

5. Goodwill and Intangible Assets, Net
The changes in the carrying amount of goodwill during the six months ended June 30, 2026 were as follows (in millions):

Total

Balance as of December 31, 2025 $ 5,519  
Goodwill measurement period adjustments 41  
Acquisition 34  
Effects of foreign currency translation ( 99 )
Balance as of June 30, 2026 $ 5,495  

Intangible assets, net consisted of the following as of December 31, 2025 (in millions):

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

Existing technology 3.1 $ 622   $ ( 222 ) $ 400  
Merchant relationships 9.3 854   ( 122 ) 732  
Rider relationships 1.8 14   ( 2 ) 12  
Customer relationships 6.5 798   ( 169 ) 629  
Trade name and trademarks 8.4 602   ( 119 ) 483  
Assembled workforce in asset acquisitions 1.3 10   ( 6 ) 4  
Balance as of December 31, 2025 $ 2,900   $ ( 640 ) $ 2,260  

Intangible assets, net consisted of the following as of June 30, 2026 (in millions):

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

Existing technology 2.8 $ 620   $ ( 301 ) $ 319  
Merchant relationships 8.9 836   ( 160 ) 676  
Rider relationships 1.3 13   ( 5 ) 8  
Customer relationships 6.2 787   ( 230 ) 557  
Trade name and trademarks 7.9 589   ( 146 ) 443  
Assembled workforce in asset acquisitions 0.8 10   ( 8 ) 2  
Balance as of June 30, 2026 $ 2,855   $ ( 850 ) $ 2,005  

Amortization expense associated with intangible assets was $ 32 million and $ 114 million for the three months ended June 30, 2025 and 2026, respectively. Amortization expense associated with intangible assets was $ 63 million and $ 228 million for the six months ended June 30, 2025 and 2026, respectively.
The estimated future amortization expense of intangible assets as of June 30, 2026 is as follows (in millions):

Year Ending December 31, Amortization
Expense

Remainder of 2026 $ 226  
2027 420  
2028 312  
2029 263  
2030 171  
Thereafter 613  
Total estimated future amortization expense $ 2,005  

17

Table of Contents

6. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):

December 31, 2025
Level 1 Level 2 Level 3 Total

Cash equivalents (1)

Money market funds $ 1,905   $ —   $ —   $ 1,905  

U.S. Treasury securities —   1   —   1  
Short-term investments (1)

Certificates of deposit —   25   —   25  
Commercial paper —   32   —   32  
Corporate bonds —   470   —   470  
U.S. government agency securities —   30   —   30  
U.S. Treasury securities —   361   —   361  
Mutual funds 59   —   —   59  
Long-term investments

Corporate bonds —   464   —   464  
U.S. government agency securities —   91   —   91  
U.S. Treasury securities —   282   —   282  
Other assets

Money market funds (2)
15   —   —   15  
Non-marketable investment
—   —   37   37  
Total $ 1,979   $ 1,756   $ 37   $ 3,772  

(1) Cash equivalents and short-term investments included $ 26 million and $ 151 million of time deposits, respectively, which are not subject to recurring fair value measurements.
(2) Other assets included $ 15 million of money market funds held in a trust account pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.

June 30, 2026
Level 1 Level 2 Level 3 Total

Cash equivalents (1)

Money market funds $ 2,865   $ —   $ —   $ 2,865  
Commercial paper —   3   —   3  

Corporate bonds —   1   —   1  
U.S. Treasury securities —   2   —   2  

Short-term investments
Certificates of deposit —   25   —   25  
Commercial paper —   45   —   45  
Corporate bonds —   433   —   433  
U.S. government agency securities —   35   —   35  
U.S. Treasury securities —   327   —   327  
Mutual funds 58   —   —   58  
Long-term investments
Corporate bonds —   563   —   563  
U.S. government agency securities —   90   —   90  
U.S. Treasury securities —   216   —   216  
Other assets

Money market funds (2)
108   —   —   108  
Non-marketable investment —   —   40   40  
Total $ 3,031   $ 1,740   $ 40   $ 4,811  

(1) Cash equivalents included $ 4 million of time deposits which are not subject to recurring fair value measurements.
(2) Other assets included $ 108 million of money market funds held in trust accounts pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.

The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.
In December 2025, the Company purchased € 31 million (approximately $ 37 million) principal amount of convertible notes issued by a private company in which the Company has a pre-existing equity investment. The convertible notes investment is accounted for at fair value with changes in fair value recorded in earnings through other income, net in the condensed consolidated statements of operations, under the fair value option available for financial instruments. The Company elected the fair value option to account for the convertible notes because the Company believes it accurately reflects the value of the convertible notes and embedded features in the financial statements.
As of June 30, 2026, the fair value of the non-marketable investment in convertible notes of the private company was approximately $ 40 million and was included in other assets on the condensed consolidated balance sheet. The fair value was estimated using a probability weighted discounted cash flow methodology and a Black-Scholes option-pricing model, based on unobservable inputs (Level 3 on the fair value hierarchy) which reflect the best information available, including transaction pricing and market participant assumptions.

The fair value of the 2030 Notes (as defined in Note 8 - "Convertible Notes, Net") was determined based on the quote price in markets that are not active, which is considered a Level 2 valuation input. Refer to Note 8 - "Convertible Notes, Net" for the carrying amount and fair value of the 2030 Notes.
Assets Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurring basis. When indicators of impairment exist or observable price changes in a same or similar security from the same issuer occur, the respective non-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include a combination of the observable transaction price at the transaction date and other unobservable inputs. Non-marketable equity securities are recorded in other assets on the condensed consolidated balance sheets.
During the six months ended June 30, 2025 and 2026, the Company made investments in non-marketable equity securities of $ 1 million and $ 57 million, respectively. In the three and six months ended June 30, 2025 and 2026, the Company did not record any material upward or downward adjustments or impairments on its non-marketable equity securities.
Estimating the fair value of the Company’s investments in non-marketable equity securities requires the use of estimates and judgments. Changes in estimates and judgments could result in different estimates of fair value and future adjustments.
The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2025 and June 30, 2026, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income, net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):

December 31,
2025 June 30,
2026
Initial cost basis $ 460   $ 515  
Upward adjustments 24   24  
Downward adjustments (including impairment) ( 415 ) ( 415 )
Total carrying value at the end of reporting period $ 69   $ 124  

18

Table of Contents

7. Balance Sheet Components
Cash Equivalents and Investments
The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and investments (in millions):

December 31, 2025
Cost or
Amortized
Cost Unrealized Estimated
Fair
Value
Gains Losses
Cash equivalents
Money market funds $ 1,905   $ —   $ —   $ 1,905  

U.S. Treasury securities 1   —   —   1  
Time deposits
26   —   —   26  
Short-term investments
Certificates of deposit 25   —   —   25  
Commercial paper 32   —   —   32  
Corporate bonds 469   1   —   470  
U.S. government agency securities 30   —   —   30  
U.S. Treasury securities 360   1   —   361  
Mutual funds 57   2   —   59  
Time deposits
151   —   —   151  
Long-term investments

Corporate bonds 463   1   —   464  
U.S. government agency securities 91   —   —   91  
U.S. Treasury securities 281   1   —   282  
Total $ 3,891   $ 6   $ —   $ 3,897  

June 30, 2026
Cost or
Amortized
Cost Unrealized Estimated
Fair
Value
Gains Losses
Cash equivalents
Money market funds $ 2,865   $ —   $ —   $ 2,865  
Commercial paper 3   —   —   3  
Corporate bonds 1   —   —   1  

U.S. Treasury securities 2   —   —   2  

Time deposits
4   —   —   4  
Short-term investments
Certificates of deposit 25   —   —   25  
Commercial paper 45   —   —   45  
Corporate bonds 433   —   —   433  
U.S. government agency securities 35   —   —   35  
U.S. Treasury securities 327   —   —   327  
Mutual funds 56   2   —   58  

Long-term investments
Corporate bonds 566   —   ( 3 ) 563  
U.S. government agency securities 91   —   ( 1 ) 90  
U.S. Treasury securities 217   —   ( 1 ) 216  

Total $ 4,670   $ 2   $ ( 5 ) $ 4,667  

For investments with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2025, and June 30, 2026.
19

Table of Contents

Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in millions):

December 31,
2025 June 30,
2026

Prepaid expenses $ 414   $ 414  
Deferred contract costs 79   80  
Other receivable 279   214  
Other current assets 397   440  
Total $ 1,169   $ 1,148  

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

December 31,
2025 June 30,
2026

Equipment for merchants $ 235   $ 245  
Computer equipment and software 126   142  
Capitalized software and website development costs 1,895   2,273  
Leasehold improvements 268   287  
Office and other equipment 149   167  
Construction in progress 48   89  
Total 2,721   3,203  
Less: Accumulated depreciation and amortization ( 1,654 ) ( 1,957 )
Property and equipment, net $ 1,067   $ 1,246  

Depreciation expenses were $ 33 million and $ 50 million for the three months ended June 30, 2025 and 2026, respectively. Depreciation expenses were $ 67 million and $ 93 million for the six months ended June 30, 2025 and 2026, respectively.
The Company capitalized $ 136 million and $ 202 million in capitalized software and website development costs during the three months ended June 30, 2025 and 2026, respectively. The Company capitalized $ 250 million and $ 378 million in capitalized software and website development costs during the six months ended June 30, 2025 and 2026, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $ 94 million and $ 131 million for the three months ended June 30, 2025 and 2026, respectively. Amortization of capitalized software and website development costs was $ 181 million and $ 243 million for the six months ended June 30, 2025 and 2026, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.
20

Table of Contents

Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in millions):

December 31,
2025 June 30,
2026

Dasher and merchant payable $ 1,703   $ 1,714  
Insurance reserves 1,114   1,065  
Sales tax payable and accrued sales and indirect taxes 589   586  
Contract liabilities 547   554  
Accrued operations related expenses 502   482  
Accrued compensation and benefits 282   297  
Litigation reserves 263   406  
Accrued advertising 170   201  
Other 475   442  
Total $ 5,645   $ 5,747  

The litigation reserves as of June 30, 2026 included accruals for developments in regulatory audits related to delivery worker pay requirements as well as ongoing consumer protection disputes.

8. Convertible Notes, Net

2030 Notes

In May 2025, the Company issued $ 2.75 billion aggregate principal amount of 0 % Convertible Senior Notes due 2030 (the “2030 Notes”). The total proceeds from the issuance of the 2030 Notes, net of debt issuance costs, were approximately $ 2.72 billion.

The 2030 Notes are senior, unsecured obligations of the Company and will mature on May 15, 2030, unless earlier repurchased, redeemed, or converted, and are governed by the terms of an indenture (the "Indenture"), dated as of May 30, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2030 Notes do not bear regular cash interest. Special interest and additional interest, if any, may accrue on the 2030 Notes at a combined rate per annum not exceeding 0.50 % upon the occurrence of certain events relating to the failure to file certain reports with the SEC or to remove certain restrictive legends from the 2030 Notes.

Holders of the 2030 Notes may convert all or any portion of their 2030 Notes at their option prior to November 15, 2029, under the following circumstances:

a. during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on September 30, 2025, if the last reported sale price per share of the Company’s Class A common stock exceeds 130 % of the conversion price for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
b. during the 5 consecutive business days after any 10 consecutive trading day period in which the trading price per $1,000 principal amount of the 2030 Notes for each trading day of such 10 -day period was less than 98 % of the product of the last reported sale price per share of the Company’s Class A common stock and the conversion rate on each such trading day; or
c. upon the occurrence of specified corporate events or distributions on the Company’s Class A common stock, in each case, as set forth in the Indenture.

Holders of the 2030 Notes may also convert their 2030 Notes (i) if the Company calls such 2030 Notes for redemption; and (ii) at any time on or after November 15, 2029 until the close of business on the second scheduled trading day immediately before the maturity date.

Upon conversion of any 2030 Notes, the conversion value will be paid in cash up to at least the principal amount of the 2030 Notes being converted. Any amount of the conversion value in excess of the principal portion of such 2030 Notes may be settled in cash or shares of the Company’s Class A common stock, or a combination thereof, at the Company’s option. The 2030 Notes are convertible at an initial conversion rate of 3.425 shares of the Company's Class A common stock per $1,000 principal amount of the 2030 Notes, which is equivalent to an initial conversion price of approximately
21

Table of Contents

$ 291.97 per share of the Company's Class A common stock. The conversion rate may be subject to certain anti-dilution adjustments and/or a make-whole adjustment upon the occurrence of specified events set forth in the Indenture. As of June 30, 2026, there have been no changes to the initial conversion price of the 2030 Notes since the issuance date. Based on the closing price of the Company’s Class A common stock of $ 184.53 on the last trading day of the quarter, the if-converted value of the 2030 Notes did not exceed the principal value of the 2030 Notes as of June 30, 2026.

The Company may not redeem the notes prior to May 20, 2028. The 2030 Notes will be redeemable, in whole or in part (subject to certain limitations set forth in the Indenture), for cash, at the Company’s option, on or after May 20, 2028 and on or before the 20th scheduled trading day immediately before the maturity date, but only if (i) the 2030 Notes are “Freely Tradable” (as defined in the Indenture), and all accrued and unpaid additional interest, if any, has been paid as of the date the Company sends the related redemption notice and (ii) the last reported sale price per share of the Company’s Class A common stock exceeds 130 % of the conversion price on each of at least 20 trading days (whether or not consecutive) including the last trading day, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends such redemption notice. The redemption price will be equal to 100 % of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the redemption date. In addition, calling any 2030 Notes for redemption will constitute a "Make-Whole Fundamental Change" (as defined in the Indenture) with respect to such 2030 Notes, in which case the conversion rate applicable to the conversion of such 2030 Notes will be increased in certain circumstances if it is converted after it is called for redemption.

If the Company undergoes a “Fundamental Change” (as defined in the Indenture), then holders of the 2030 Notes may require the Company to repurchase for cash all or any portion of their 2030 Notes at a repurchase price equal to 100 % of the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the fundamental change repurchase date.

The Indenture contains customary events of default and limited covenants. No sinking fund is required to be provided for the 2030 Notes.

As of June 30, 2026, none of the conditions described in the paragraphs above relating to convertibility or mandatory redemption were met. Therefore, the 2030 Notes are classified as long-term debt.

The net carrying value, net of the 2030 Notes consisted of the following as of June 30, 2026 (in millions):

June 30,
2026
Principal
$ 2,750  
Less: debt issuance costs, net of amortization
( 23 )
Carrying value, net $ 2,727  

The effective interest rate of the 2030 Notes is 0.22 % per annum. The fair value of the 2030 Notes was $ 2.7 billion as of June 30, 2026 and was determined based on the quote price in markets that are not active, which is considered a Level 2 valuation input.

2030 Note Hedges and Warrant Transactions

In May 2025, in connection with the offering of the 2030 Notes, the Company entered into privately negotiated convertible note hedge transactions whereby the Company has the option to purchase an initial total of approximately 9.4 million shares of its Class A common stock at an initial strike price of approximately $ 291.97 per share (the “Note Hedges”). The total cost of the Note Hedges was approximately $ 680 million.

In addition, the Company sold warrants whereby the holders of the warrants have the option to purchase an initial total of approximately 9.4 million shares of the Company’s Class A common stock at an initial strike price of $ 512.225 per share (the “Warrants”). The Company received approximately $ 341 million in cash proceeds from the sale of the Warrants.

Both the number of shares underlying the Note Hedges and the Warrants and the strike prices of the instruments are subject to customary anti-dilution adjustments. The Note Hedges are expected generally to reduce potential dilution to the Company's Class A common stock upon the conversion of any 2030 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of any converted 2030 Notes, as the case may be, to the extent the market price per share of the Company’s Class A common stock exceeds the then-applicable strike price of the Note Hedges. The Warrants may separately have a dilutive effect with respect to the Company’s Class A common stock to the
22

Table of Contents

extent the market price per share of the Company’s Class A common stock exceeds the then-applicable strike price of the Warrants, unless the Company elects, subject to certain conditions, to settle the Warrants in cash.

The Note Hedges and the Warrants are equity-classified instruments as a result of being indexed to the Company’s Class A common stock and meeting equity classification criteria, and the instruments will not be remeasured in subsequent periods as long as they continue to meet these accounting criteria. The net cost of approximately $ 339 million for the purchase of the Note Hedges and sale of the Warrants was recorded as a reduction to additional paid-in capital in the Company’s condensed consolidated balance sheets.

9. Commitments and Contingencies
Legal Proceedings
From time to time, the Company is a party to litigation and subject to claims incidental to its business. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of ongoing matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of judgment, defense and settlement costs, diversion of management resources, and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable, requiring recognition of a loss accrual, or whether the potential loss is reasonably possible, requiring potential disclosure. Legal fees are expensed as incurred.
The Company is currently the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning the Company’s business practices, the classification and compensation of Dashers, the DoorDash Dasher pay models, compliance with consumer protection laws, privacy, cybersecurity, tax issues, unemployment insurance, workers' compensation insurance, and other matters. For example, the Company is currently under audit by the Employment Development Department, State of California (the “CA EDD”) for payroll tax liabilities. In January 2023, the CA EDD issued an assessment for certain amounts that it found to be owed by the Company on behalf of Dashers due to their being classified as independent contractors. The Company believes that Dashers are, and have been, properly classified as independent contractors. Accordingly, the Company believes that it has meritorious defenses and intends to vigorously appeal such adverse assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, the Company has recorded an accrual for this matter within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June 30, 2026. The results of investigations, audits, demands, and inquiries and related governmental action are inherently unpredictable and, as such, there is always the risk of an investigation, audit, demand, or inquiry having a material impact on the Company's business, financial condition, and results of operations.
Indemnification
The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third party with respect to the Company's technology. The terms of these indemnification agreements are generally perpetual any time after the execution of the agreement.
In addition, the Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers of the Company, other than liabilities arising from willful misconduct of the individual.
The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with such indemnifications was recorded as of December 31, 2025 and June 30, 2026.
Insurance Collateral
The Company is required to maintain collateral in connection with certain insurance policies, which can be held in a combination of cash, surety bonds, and letters of credit. As of June 30, 2026, the Company had $ 582 million of collateral outstanding in the form of surety bonds and letters of credit in connection with the insurance collateral requirement.
23

Table of Contents

Revolving Credit Facility and Letters of Credit
In November 2019, the Company entered into a revolving credit and guaranty agreement, which, as previously amended and restated on April 26, 2024 (the "Existing Credit Agreement"), provided for an unsecured revolving credit facility of up to $ 800 million, with a letter of credit sublimit of $ 600 million, maturing on April 26, 2029. Loans under the revolving credit facility bore interest at the Company’s option, at (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds effective rate or a composite overnight bank borrowing rate plus 0.50 %, or (C) an adjusted Term Secured Overnight Financing Rate (“Term SOFR”) for a one-month interest period plus 1.00 %, or (ii) an adjusted Term SOFR (based on an interest period of one, three, or six months) plus a margin equal to 1.00 %. The Company was also obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee of 0.10 %. The Company's obligations under the revolving credit facility were guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. The credit agreement contained customary affirmative covenants and customary negative covenants that restricted the Company's ability and its subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of the assets of the Company and its subsidiaries, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company was also required to maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement.
As of December 31, 2025 and June 30, 2026, the Company was in compliance with the covenants under the credit agreement. As of December 31, 2025 and June 30, 2026, no revolving loans were outstanding under the credit facility.
In addition to the letters of credit maintained in connection with the insurance collateral requirement, the Company also maintains letters of credit established primarily for real estate leases and insurance policies. As of December 31, 2025 and June 30, 2026, the Company had $ 106  million and $ 171  million of issued letters of credit outstanding, respectively, of which $ 61  million and $ 117  million, respectively, were issued from the Existing Credit Agreement.
Subsequent to June 30, 2026, the Company entered into an amendment agreement pursuant to which its Existing Credit Agreement was amended and restated in its entirety. See " Disclosure in lieu of reporting on a Current Report on Form 8-K " under Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information.
Sales and Indirect Tax Matters
The Company records sales and indirect tax liabilities as they become probable and the amount can be reasonably estimated. These reserves are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The Company is under audit by various state, local, and foreign tax authorities with regard to sales and indirect tax matters. The timing of the resolution of indirect tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the tax authorities may differ from the amounts accrued.

10. Common Stock
Share Repurchase Program
In February 2025, the Company announced the authorization of a share repurchase program for the repurchase of shares of its Class A common stock in an aggregate amount of up to $ 5.0  billion, which is inclusive of the remaining share repurchase authority of $ 876  million under the share repurchase program that was previously announced by the Company in February 2024. During the three months ended June 30, 2026, the Company repurchased 5.7 million shares of its Class A common stock at a weighted-average price of $ 156.88 per share for a total amount of $ 887 million. During the six months ended June 30, 2026, the Company repurchased 6.8 million shares of its Class A common stock at a weighted-average price of $ 155.25 per share for a total amount of $ 1.0 billion. The shares were retired immediately upon repurchase.
Restricted Stock
The Company granted restricted stock to certain continuing employees in connection with the acquisition of Wolt Enterprises Oy ("Wolt") on May 31, 2022. Vesting of this stock is dependent on the respective employee’s continued employment at the Company during the requisite service period, which is generally up to four years from the issuance date. The fair value of the restricted stock issued to employees that is subject to post-acquisition employment is recorded as compensation expense on a straight-line basis over the requisite service period.
24

Table of Contents

The activities for the restricted stock issued to employees was as follows (in thousands, except per share data):

Number of
Shares Weighted-
Average
Grant Date
Fair Value Per Share

Unvested restricted stock as of December 31, 2025 74  
Granted —   $ —  
Vested ( 74 ) $ 76.91  
Forfeited —   $ —  
Unvested restricted stock as of June 30, 2026 —  

Stock Award Activities
A summary of stock option activity under the 2014 Equity Incentive Plan, 2020 Equity Incentive Plan, and 2022 Inducement Equity Incentive Plan was as follows (in millions, except share amounts which are reflected in thousands, and per share data):

Options Outstanding
Shares
subject to
Options
Outstanding Weighted-
Average
Exercise
Price Per Share Weighted-
Average
Remaining
Contractual
Term
(in years) Aggregate
Intrinsic
Value

Balance as of December 31, 2025 2,411   $ 6.70   2.37 $ 530  

Granted —   $ —  
Exercised ( 343 ) $ 4.30   $ 63  
Cancelled and forfeited ( 1 ) $ 13.50  
Balance as of June 30, 2026 2,067   $ 7.10   2.00 $ 367  
Exercisable as of June 30, 2026 2,067   $ 7.10   2.00 $ 367  
Vested and expected to vest as of June 30, 2026 2,067   $ 7.10   2.00 $ 367  

The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2025 and 2026 was $ 220  million and $ 63  million, respectively. There were no stock options granted during the six months ended June 30, 2025 and 2026.
A summary of RSU activity was as follows (in millions, except share amounts which are reflected in thousands, and per share data):

Number of
Shares Weighted-
Average
Grant Date
Fair Value Per Share Aggregate
Intrinsic
Value

Unvested RSUs as of December 31, 2025 23,961   $ 5,427  

Granted 9,611   $ 187.56  
Vested ( 4 ) $ 131.30  
Vested and settled ( 5,364 ) $ 125.43  
Forfeited ( 1,472 ) $ 169.16  
Unvested RSUs as of June 30, 2026 26,732   $ 4,933  

The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the six months ended June 30, 2025 and 2026 was $ 181.45 and $ 187.56 , respectively.
25

Table of Contents

Stock-Based Compensation Expense
The Company recorded stock-based compensation expense in the condensed consolidated statements of operations as follows (in millions):

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026

Cost of revenue, exclusive of depreciation and amortization $ 37   $ 48   $ 70   $ 83  
Sales and marketing 33   35   59   58  
Research and development 141   189   257   302  
General and administrative 71   77   131   134  
Restructuring charges —   —   —   3  
Total stock-based compensation expense $ 282   $ 349   $ 517   $ 580  

In November 2020, the Company’s board of directors approved the grant of 10,379,000 performance-based RSUs to the Company's Chief Executive Officer (the “CEO Performance Award”), of which 9,341,100 remain eligible to vest as of June 30, 2026. The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of June 30, 2026, there was no remaining unrecognized stock-based compensation expense related to the CEO Performance Award.
As of June 30, 2026, there was $ 2.8 billion of unrecognized stock-based compensation expense related to unvested RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.74 years.

11. Income Taxes
The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of the annual effective tax rate and, if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment to tax expense or benefit in the period. The primary difference between the effective tax rate and the federal statutory tax rate is due to the valuation allowance on the Company’s deferred tax assets in certain jurisdictions.
The Company recorded a $ 13 million benefit from income taxes and $ 8 million provision for income taxes for the three months ended June 30, 2025 and 2026, respectively. The Company recorded a $ 7 million benefit from income taxes and $ 16 million provision for income taxes for the six months ended June 30, 2025 and 2026, respectively. The benefit from income taxes for 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the year, offset by federal and state income taxes resulting from pre-tax book income in the U.S. The provision for income taxes for 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes.
The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some, or all, of its deferred tax assets will not be realized in the future. The Company evaluates and weighs all available evidence, both positive and negative, including its historic operating results, future reversals of existing deferred tax liabilities, as well as projected future taxable income. Changes in earnings performance and future earnings projections, among other factors, may cause the Company to adjust the valuation allowance on deferred tax assets, which could materially impact the income tax expense in the period the Company determines that these factors have changed. As of June 30, 2026, the Company maintains a full valuation allowance on its net deferred tax assets except for certain foreign jurisdictions.
The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company recorded liabilities related to uncertain tax positions and believes that the Company has provided adequate reserves for income tax uncertainties in all open tax years. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the federal, state, or foreign tax authorities to the extent utilized in a future period.
26

Table of Contents

12. Net Income per Share Attributable to DoorDash, Inc. Common Stockholders
The Company computes net income per share attributable to DoorDash, Inc. common stockholders using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company’s net income and losses. The computations of diluted net income per share of Class A common stock for the three and six months ended June 30, 2025 and 2026 do not assume the conversion of Class B common stock to Class A common stock because including such shares would have an anti-dilutive effect.
The following table sets forth the calculation of basic and diluted net income per share attributable to DoorDash, Inc. common stockholders during the periods presented. RSUs that have vested but not yet settled are included in the denominator in calculating basic and diluted net income per share ( in millions, except share amounts which are reflected in thousands, and per share data):

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026
Class A Class B Class A Class B Class A Class B Class A Class B

Basic net income per share
Numerator
Net income including redeemable non-controlling interests 267   17   188   11   448   28   361   21  
Less: Net loss attributable to redeemable non-controlling interests ( 1 ) —   ( 1 ) —   ( 2 ) —   ( 2 ) —  
Net income attributable to DoorDash, Inc. common stockholders 268   17   189   11   450   28   363   21  
Denominator
Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 400,108   25,005   410,064   24,361   398,041   25,237   410,510   24,414  
Basic net income per share attributable to DoorDash, Inc. common stockholders $ 0.67   $ 0.67   $ 0.46   $ 0.46   $ 1.13   $ 1.13   $ 0.88   $ 0.88  

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026
Class A Class B Class A Class B Class A Class B Class A Class B

Diluted net income per share
Numerator
Net income attributable to DoorDash, Inc. common stockholders 268   17   189   11   450   28   363   21  
Denominator
Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 400,108   25,005   410,064   24,361   398,041   25,237   410,510   24,414  
Weighted-average effect of potentially dilutive securities 13,264   —   4,920   —   13,702   —   5,909   —  
Weighted-average number of shares outstanding used to compute diluted net income per share attributable to DoorDash, Inc. common stockholders 413,372   25,005   414,984   24,361   411,743   25,237   416,419   24,414  
Diluted net income per share attributable to DoorDash, Inc. common stockholders $ 0.65   $ 0.65   $ 0.46   $ 0.46   $ 1.09   $ 1.09   $ 0.87   $ 0.87  

27

Table of Contents

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net income per share because including such shares would have an anti-dilutive effect, or the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods (in thousands):

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026

Unvested restricted stock and restricted stock units 10,102   17,968   10,345   14,750  
Escrow shares 72   72   72   72  
Convertible notes
3,312   9,419   1,665   9,419  
Warrants related to the issuance of convertible notes
3,312   9,419   1,665   9,419  
Total 16,798   36,878   13,747   33,660  

13. Restructuring
During the three months ended March 31, 2026, the Company initiated certain restructuring activities, including the announced exit of operations in certain countries. These decisions reflected the Company’s continued focus on the geographies where the Company believes it can offer the best products and build for long-term success. Exiting operations in these countries was substantially completed as of March 31, 2026.

For the three and six months ended June 30, 2026, the Company recorded $ 2 million and $ 50 million, respectively, in restructuring charges in connection with the restructuring activities, consisting of employee termination costs, and other costs related to the closure of operations in certain countries. These expenses are included in restructuring charges in the Company’s condensed consolidated statements of operations, and unpaid amounts are included in accrued expenses and other current liabilities on its condensed consolidated balance sheets. The Company expects that most cash payments and expenses related to the restructuring activities will be substantially completed by the end of 2026.

The following table summarizes the components of, and changes in, the accrued restructuring charges for the six months ended June 30, 2026 (in millions):

Employee
termination costs
Other
related costs Total
Balance as of January 1, 2026 $ —   $ —   $ —  
Restructuring charges incurred during the period 32   18   50  
Cash payments
( 22 ) ( 9 ) ( 31 )
Non-cash adjustments
( 3 ) ( 7 ) ( 10 )
Balance as of June 30, 2026 $ 7   $ 2   $ 9  

For the six months ended June 30, 2025, there were $ 1 million in restructuring charges from certain restructuring activities. As of June 30, 2025, the liabilities related to these restructuring activities were immaterial.

14. Segment Reporting
The Company’s Chief Executive Officer is the Company’s Chief Operating Decision Maker ("CODM"). The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance by comparing forecasted to actual monthly financial performance. As such, the Company has determined that it operates in one reportable segment. The significant segment expenses regularly provided to the CODM was as follows (in millions):
28

Table of Contents

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026

Revenue $ 3,284   $ 4,454   $ 6,316   $ 8,490  
Less:
Depreciation and amortization 159   295   311   564  
Stock-based compensation 282   349   517   580  
Cost of revenue* 1,579   2,059   3,046   4,016  
Sales and marketing* 574   786   1,134   1,509  
Research and development* 210   346   400   631  
General and administrative* 317   461   589   836  
Restructuring charges* —   2   1   47  
Total costs and expenses 3,121   4,298   5,998   8,183  
Income from operations 163   156   318   307  
Interest income, net 49   35   98   69  
Other income, net 59   16   53   22  
Income before income taxes 271   207   469   398  
Provision for (benefit from) income taxes ( 13 ) 8   ( 7 ) 16  
Net income including redeemable non-controlling interests 284   199   476   382  
Net loss attributable to redeemable non-controlling interests
( 1 ) ( 1 ) ( 2 ) ( 2 )
Net income attributable to DoorDash, Inc. common stockholders $ 285   $ 200   $ 478   $ 384  

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

15. Subsequent Events
On August 5, 2026, the Company entered into an amendment agreement pursuant to which its Existing Credit Agreement was amended and restated in its entirety. See " Disclosure in lieu of reporting on a Current Report on Form 8-K " under Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information.
29

Table of Contents

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
30

Table of Contents

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 June 30,
(in millions, except percentages) 2025 2026

Total Orders 761  970 
Total Orders Y/Y growth 20  % 27  %
Marketplace GOV $ 24,244  $ 33,078 
Marketplace GOV Y/Y growth 23  % 36  %
Revenue $ 3,284  $ 4,454 
Revenue Y/Y growth 25  % 36  %
Net Revenue Margin 13.5  % 13.5  %
GAAP gross profit $ 1,608  $ 2,223 
GAAP gross profit as a % of Marketplace GOV 6.6  % 6.7  %
Contribution Profit (1)
$ 1,147  $ 1,641 
Contribution Profit as a % of Marketplace GOV 4.7  % 5.0  %
GAAP net income attributable to DoorDash, Inc. common stockholders $ 285  $ 200 
GAAP net income attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV 1.2  % 0.6  %
Adjusted EBITDA (1)
$ 655  $ 914 
Adjusted EBITDA as a % of Marketplace GOV 2.7  % 2.8  %
Weighted-average diluted shares outstanding
438  439 

(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 second quarter of 2026, Total Orders increased to 970 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 second quarter of 2026, Marketplace GOV increased to $33.1 billion, or 36% growth compared to the same quarter of 2025, driven primarily by growth in Total Orders and an increase in average order value 3 on our Marketplaces.
Net Revenue Margin . We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV.
In the second quarter of 2026, Net Revenue Margin was 13.5%, consistent with the same quarter of 2025.
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.
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.

2 Dashers receive 100% of tips
3 Calculated as the total value of Marketplace GOV divided by the total number of orders completed on our Marketplaces in the period of measurement.
31

Table of Contents

In the second quarter of 2026, Contribution Profit increased to $1.6 billion, compared to $1.1 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 second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 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 second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities.
32

Table of Contents

Results of Operations
The following table summarizes our historical condensed consolidated statements of operations data:

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Revenue $ 3,284  $ 4,454  $ 6,316  $ 8,490 
Costs and expenses: (1)

Cost of revenue, exclusive of depreciation and amortization shown separately below 1,616  2,107  3,116  4,099 
Sales and marketing 607  821  1,193  1,567 
Research and development 351  535  657  933 
General and administrative 388  538  720  970 
Depreciation and amortization (2)
159  295  311  564 
Restructuring charges —  2  1  50 
Total costs and expenses 3,121  4,298  5,998  8,183 
Income from operations 163  156  318  307 
Interest income, net 49  35  98  69 
Other income, net 59  16  53  22 
Income before income taxes 271  207  469  398 
Provision for (benefit from) income taxes (13) 8  (7) 16 
Net income including redeemable non-controlling interests 284  199  476  382 
Less: net loss attributable to redeemable non-controlling interests (1) (1) (2) (2)
Net income attributable to DoorDash, Inc. common stockholders $ 285  $ 200  $ 478  $ 384 

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

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Cost of revenue, exclusive of depreciation and amortization $ 37  $ 48  $ 70  $ 83 
Sales and marketing 33  35  59  58 
Research and development 141  189  257  302 
General and administrative 71  77  131  134 
Restructuring charges —  —  —  3 
Total stock-based compensation expense $ 282  $ 349  $ 517  $ 580 

(2) Depreciation and amortization related to the following:

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Cost of revenue $ 60  $ 124  $ 114  $ 224 
Sales and marketing 28  81  56  161 
Research and development 65  82  130  163 
General and administrative 6  8  11  16 
Total depreciation and amortization $ 159  $ 295  $ 311  $ 564 

33

Table of Contents

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

Three Months Ended June 30, Six Months Ended June 30,
2025 2026 2025 2026
Revenue 100  % 100  % 100  % 100  %
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below 49  % 47  % 49  % 48  %
Sales and marketing 18  % 18  % 19  % 18  %
Research and development 11  % 12  % 10  % 11  %
General and administrative 12  % 12  % 11  % 11  %
Depreciation and amortization 5  % 7  % 5  % 7  %
Restructuring charges —  % —  % —  % 1  %
Total costs and expenses 95  % 96  % 94  % 96  %
Income from operations 5  % 4  % 6  % 4  %
Interest income, net 1  % 1  % 2  % 1  %
Other income, net 2  % —  % 1  % —  %
Income before income taxes 8  % 5  % 9  % 5  %
Provision for (benefit from) income taxes —  % —  % —  % —  %
Net income including redeemable non-controlling interests 8  % 5  % 9  % 5  %
Less: net loss attributable to redeemable non-controlling interests —  % —  % —  % —  %
Net income attributable to DoorDash, Inc. common stockholders 8  % 5  % 9  % 5  %

Comparison of the Three and Six Months Ended June 30, 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Revenue $ 3,284  $ 4,454  36  % $ 6,316  $ 8,490  34  %

Revenue increased by $1.2 billion, or 36%, during the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by a 36% increase in Marketplace GOV.
Revenue increased by $2.2 billion, or 34%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by a 37% increase in 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
34

Table of Contents

inventory, (ii) platform costs, which include costs for onboarding merchants and Dashers, costs for providing support for 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Cost of revenue, exclusive of depreciation and amortization $ 1,616  $ 2,107  30  % $ 3,116  $ 4,099  32  %

Cost of revenue, exclusive of depreciation and amortization, increased by $491 million, or 30%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily attributable to an increase of $302 million in order management costs and an increase of $120 million in platform costs, both driven primarily by growth in Total Orders.
Cost of revenue, exclusive of depreciation and amortization, increased by $983 million, or 32%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily attributable to an increase of $615 million in order management costs and an increase of $237 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Sales and marketing $ 607  $ 821  35  % $ 1,193  $ 1,567  31  %

Sales and marketing expenses increased by $214 million, or 35%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $133 million in advertising expenses and an increase of $71 million in personnel-related compensation expenses.
Sales and marketing expenses increased by $374 million, or 31%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $218 million in advertising expenses and an increase of $140 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Research and development $ 351  $ 535  52  % $ 657  $ 933  42  %

Research and development expenses increased by $184 million, or 52%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $187 million in personnel-related compensation expenses and an increase of $70 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $78 million.
35

Table of Contents

Research and development expenses increased by $276 million, or 42%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $293 million in personnel-related compensation expenses and an increase of $108 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $137 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 credit card transactions; professional services fees; transaction-related costs; impairment expenses; bad debt expense; and allocated overhead.

Three Months Ended June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

General and administrative $ 388  $ 538  39  % $ 720  $ 970  35  %

General and administrative expenses increased by $150 million, or 39%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $108 million in legal, tax, and regulatory expenses and an increase of $49 million in personnel-related compensation expenses.
General and administrative expenses increased by $250 million, or 35%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $141 million in legal, tax, and regulatory expenses and an increase of $103 million in personnel-related compensation 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Depreciation and amortization $ 159  $ 295  86  % $ 311  $ 564  81  %

Depreciation and amortization expenses increased by $136 million, or 86%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $82 million in amortization expense for acquired intangible assets and an increase of $37 million in amortization expense related to capitalized software and website development costs.
Depreciation and amortization expenses increased by $253 million, or 81%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $165 million in amortization expense for acquired intangible assets and an increase of $62 million in amortization expense related to capitalized software and website development costs.
36

Table of Contents

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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Restructuring charges $ —  $ 2  * $ 1  $ 50  *
*Percentage not meaningful
Restructuring charges were not material in both the second quarter of 2026 and the same quarter of 2025.
Restructuring charges increased by $49 million during the first six months of 2026, compared to the same period 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Interest income, net $ 49  $ 35  (29) % $ 98  $ 69  (30) %

Interest income, net decreased by $14 million, or 29%, for the second quarter of 2026, compared to the same quarter of 2025. The decrease was primarily driven by decreases in average interest rates.
Interest income, net decreased by $29 million, or 30%, for the first six months of 2026, compared to the same period of 2025. The decrease was primarily driven by decreases in average interest rates.
Other Income, Net
Other income, net primarily consists of changes in the fair value of the deal-contingent forward contract (the "Deal-Contingent Forward"), which was entered into during the second quarter of 2025 in connection with the acquisition of Deliveroo and was subsequently settled upon the closing of the acquisition in October 2025. Other income, net also includes 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Other income, net $ 59  $ 16  (73) % $ 53  $ 22  (58) %

Other income, net decreased by $43 million, or 73%, for the second quarter of 2026, compared to the same quarter of 2025. The decrease was primarily driven by a change in fair value of the Deal-Contingent Forward recognized during the second quarter of 2025.
Other income, net decreased by $31 million, or 58% , for the first six months of 2026, compared to the same period of 2025. The decrease was primarily driven by a change in fair value of the Deal-Contingent Forward recognized during the first six months of 2025.
37

Table of Contents

Provision for (benefit from) 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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 % Change 2025 2026 % Change

Provision for (benefit from) income taxes $ (13) $ 8  * $ (7) $ 16  *
*Percentage not meaningful
The provision for income taxes for the second quarter of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes. The benefit from income taxes for the second quarter of 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the quarter, offset by federal and state income taxes resulting from pre-tax book income in the U.S.
The provision for income taxes for the first six months of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes. The benefit from income taxes for the first six months of 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the year, offset by federal and state income taxes resulting from pre-tax book income in the U.S.
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 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
38

Table of Contents

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 June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Cost of revenue, exclusive of depreciation and amortization $ 1,616  $ 2,107  $ 3,116  $ 4,099 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (37) (48) (71) (83)
Allocated overhead (10) (21) (18) (37)
Adjusted cost of revenue $ 1,569  $ 2,038  $ 3,027  $ 3,979 

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 June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Sales and marketing $ 607  $ 821  $ 1,193  $ 1,567 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (33) (35) (59) (58)
Allocated overhead (6) (11) (12) (19)
Adjusted sales and marketing $ 568  $ 775  $ 1,122  $ 1,490 

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.
39

Table of Contents

The following table provides a reconciliation of research and development expense to adjusted research and development expense:

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Research and development $ 351  $ 535  $ 657  $ 933 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (141) (189) (257) (302)
Allocated overhead (8) (10) (14) (18)
Adjusted research and development $ 202  $ 336  $ 386  $ 613 

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 June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

General and administrative $ 388  $ 538  $ 720  $ 970 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense (71) (77) (132) (134)
Certain legal, tax, and regulatory settlements, reserves, and expenses (1)
(29) (98) (58) (143)
Transaction-related costs (22) (13) (31) (26)
Office lease impairment expenses —  (1) (7) (1)
Allocated overhead from cost of revenue, sales and marketing, and research and development 24  42  44  74 
Adjusted general and administrative $ 290  $ 391  $ 536  $ 740 

(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 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
40

Table of Contents

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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 2025 2026

Revenue $ 3,284  $ 4,454  $ 6,316  $ 8,490 
Less: Cost of revenue, exclusive of depreciation and amortization (1,616) (2,107) (3,116) (4,099)
Less: Depreciation and amortization related to cost of revenue (60) (124) (114) (224)
Gross profit $ 1,608  $ 2,223  $ 3,086  $ 4,167 
Gross Margin 49.0  % 49.9  % 48.9  % 49.1  %
Less: Sales and marketing $ (607) $ (821) $ (1,193) $ (1,567)
Add: Depreciation and amortization related to cost of revenue 60  124  114  224 
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing 70  83  130  141 
Add: Allocated overhead included in cost of revenue and sales and marketing 16  32  30  56 
Contribution Profit $ 1,147  $ 1,641  $ 2,167  $ 3,021 
Contribution Margin 34.9  % 36.8  % 34.3  % 35.6  %

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 June 30, Six Months Ended June 30,
(in millions, except percentages) 2025 2026 2025 2026

Gross profit $ 1,608  $ 2,223  $ 3,086  $ 4,167 
Add: Depreciation and amortization related to cost of revenue 60  124  114  224 
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue 37  48  71  83 
Add: Allocated overhead included in cost of revenue 10  21  18  37 
Adjusted Gross Profit $ 1,715  $ 2,416  $ 3,289  $ 4,511 
Adjusted Gross Margin 52.2  % 54.2  % 52.1  % 53.1  %

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) 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 attributable to DoorDash, Inc. common stockholders to Adjusted EBITDA, and a reconciliation of net income including redeemable non-controlling interests to Adjusted EBITDA:
41

Table of Contents

Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Net income attributable to DoorDash, Inc. common stockholders $ 285  $ 200  $ 478  $ 384 
Add: Net loss attributable to redeemable non-controlling interests (1) (1) (2) (2)
Net income including redeemable non-controlling interests $ 284  $ 199  $ 476  $ 382 
Certain legal, tax, and regulatory settlements, reserves, and expenses (1)
29  98  58  143 
Transaction-related costs 22  13  31  26 
Office lease impairment expenses —  1  7  1 
Restructuring charges —  2  1  50 
Provision for (benefit from) income taxes (13) 8  (7) 16 
Interest income, net (49) (35) (98) (69)
Other (income) expense, net (59) (16) (53) (22)
Stock-based compensation expense and certain payroll tax expense (2)
282  349  519  577 
Depreciation and amortization expense 159  295  311  564 
Adjusted EBITDA $ 655  $ 914  $ 1,245  $ 1,668 

(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 June 30, Six Months Ended June 30,
(in millions) 2025 2026 2025 2026

Net cash provided by operating activities $ 504  $ 944  $ 1,139  $ 1,538 
Purchases of property and equipment (66) (61) (140) (118)
Capitalized software and website development costs (83) (141) (150) (258)
Free Cash Flow $ 355  $ 742  $ 849  $ 1,162 

Net cash used in investing activities $ (941) $ (188) $ (1,101) $ (286)
Net cash provided by (used in) financing activities
$ 2,375  $ (896) $ 2,378  $ (1,069)

Credit Facility
On November 19, 2019, we entered into the Existing Credit Agreement with certain lenders, which, as previously amended and restated on April 26, 2024, provided 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 June 30, 2026, we were in compliance with the covenants under the Existing Credit Agreement. As amended and restated, the credit agreement contained customary affirmative covenants, as well as customary negative covenants that restricted 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 was also required to maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2025 and
42

Table of Contents

June 30, 2026, no revolving loans were outstanding and $61 million and $117 million of letters of credit were issued under our revolving credit facility, respectively.
Subsequent to June 30, 2026, the Company entered into an amendment agreement pursuant to which its Existing Credit Agreement was amended and restated in its entirety. See " Disclosure in lieu of reporting on a Current Report on Form 8-K " under Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information.

Liquidity and Capital Resources
As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents, and investments of $6.2 billion, which consisted of cash and cash equivalents of $4.4 billion, short-term investments of $923 million, and long-term investments of $869 million. Additionally, funds held at payment processors of $513 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, commercial paper, corporate bonds, 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 $5.0 billion as of June 30, 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 June 30, 2026, $4.0 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
43

Table of Contents

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:

Six Months Ended June 30,
(in millions) 2025 2026

Net cash provided by operating activities $ 1,139  $ 1,538 
Net cash used in investing activities (1,101) (286)
Net cash provided by (used in) financing activities 2,378  (1,069)
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 63  (18)
Net increase in cash and cash equivalents, and restricted cash and cash equivalents $ 2,479  $ 165 

Operating Activities
Cash provided by operating activities was $1.5 billion for the first six months of 2026. This consisted of net income including redeemable non-controlling interests of $382 million, adjusted for non-cash stock-based compensation expense of $580 million, non-cash depreciation and amortization expense of $564 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $72 million, amortization of deferred contract costs of $44 million, and other net non-cash expenses of $9 million, partially offset by $113 million net outflows from changes in operating assets and liabilities primarily driven by changes in accounts payable, other assets, and payments for operating lease liabilities, partially offset by changes in funds held by payment processors and accrued expenses and other current liabilities.
Cash provided by operating activities was $1.1 billion for the first six months of 2025. This consisted of net income including redeemable non-controlling interests of $476 million, adjusted for non-cash stock-based compensation expense of $517 million, non-cash depreciation and amortization expense of $311 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $53 million, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $61 million, offset by a $69 million change in fair value of our Deal-Contingent Forward, as well as $217 million net outflows from changes in operating assets and liabilities primarily driven by changes in other assets and accounts receivable, net, and payments for operating lease liabilities, partially offset by changes in funds held at payment processors.
Investing Activities
Cash used in investing activities was $286 million for the first six months of 2026, which consisted of purchases of investments of $591 million, cash outflows for capitalized software and website development costs of $258 million, purchases of property and equipment of $118 million, purchases of non-marketable equity securities of $55 million, and cash paid for acquisitions, net of cash acquired, of $30 million, partially offset by proceeds from maturities and sales of marketable securities of $758 million and other investing activities of $8 million.
Cash used in investing activities was $1.1 billion for the first six months of 2025, which consisted of cash paid for acquisition, net of cash acquired, of $1.2 billion, purchases of marketable securities of $725 million, purchases of property and equipment of $140 million, cash outflows for capitalized software and website development costs of $150 million, partially offset by proceeds from maturities and sales of marketable securities of $1.1 billion.
Financing Activities
Cash used in financing activities was $1.1 billion for the first six months of 2026, which primarily consisted of repurchases of our Class A common stock of $1.0 billion and payments of acquisition-related deferred cash consideration of $20 million.
Cash provided by financing activities was $2.4 billion for the first six months of 2025, which primarily consisted of proceeds from issuance of convertible notes of $2.7 billion, proceeds from issuance of warrants of $341 million, partially offset by purchases of convertible note hedges of $680 million.

44

Table of Contents

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 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 June 30, 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 $124 million as of June 30, 2026. Adjustments or impairments are recorded in other income, 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.
45

Table of Contents

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 and six months ended June 30, 2026. Based on our foreign currency exposures from monetary assets and liabilities as of June 30, 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.
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 June 30, 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 June 30, 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.
46

Table of Contents

Part II – OTHER INFORMATION