Annual Report — FY 2025
Filed February 18, 2026
Revenue surged to new highs as DoorDash's U.S. business continued to dominate food delivery while international operations scaled, with the company making its boldest global bet yet — the acquisition of UK-based Deliveroo in October 2025 for a deal that added significant goodwill, merchant relationships, and a rider network across multiple countries. The company also raised fresh capital through convertible senior notes due 2030 and secured a bridge credit facility to fund the Deliveroo purchase, while simultaneously running a multi-billion dollar share repurchase program. DoorDash is clearly pivoting from a U.S.-centric delivery app to a global commerce platform, layering on restaurant tech (SevenRooms acquisition) and new verticals, but investors should watch whether international expansion and heavy M&A translate into sustained profitability or become a cash drain.
Filing details
Performance by segment
Single Reportable Segment
DoorDash operates as a single reportable segment. Total revenue grew 28% YoY to $13.7 billion in 2025, driven by a 27% increase in Marketplace GOV to $102.0 billion and 23% growth in Total Orders to 3.2 billion. The company achieved GAAP net income of $935 million compared to $123 million in 2024, while Adjusted EBITDA grew 46% to $2.8 billion. U.S. revenue was $11.5 billion and international revenue was $2.3 billion (up 71% YoY), boosted by the Deliveroo acquisition closed October 2, 2025 for $3.7 billion and SevenRooms acquired for $1.2 billion.
“We are in the process of developing a new global technology platform for product development and operations, which will require both direct and opportunity costs, but is expected to increase our pace of global product development, enhance developer productivity through AI-native tooling, and improve operational consistency globally.”