DoorDash, Inc.

DoorDash, Inc. is an American on-demand local commerce platform that operates the largest food delivery marketplace in the United States alongside international platforms Wolt and Deliveroo, collectively serving over 56 million monthly active users across more than 40 countries and generating $13.72 billion in revenue in fiscal 2025. The company connects consumers with over a million merchants — restaurants, grocers, convenience stores, and retailers — through a logistics network powered by over 9 million independent delivery contractors, known as Dashers, who earned over $20 billion on the platform in 2025.

This is a story about a business that has crossed the profitability chasm while still growing its core at rates that would be the envy of most consumer internet companies. DoorDash entered 2026 with over $2.4 billion in annual operating cash flow, a GAAP net income of $935 million in FY2025, and gross margins above 50% — all while its US restaurant delivery business, the oldest and most mature part of the portfolio, continued growing above historical rates. The file turns on whether the company can replicate its restaurant-delivery dominance across grocery, retail, and international markets before competition and regulatory headwinds close the window.

The business today is three marketplaces (DoorDash, Wolt, and Deliveroo) undergoing a multi-hundred-million-dollar technology replatforming into a single global stack, an advertising business approaching meaningful scale, an early-stage autonomous delivery program, and a growing international footprint that contributed 16.5% of revenue in FY2025. Each piece carries a credible narrative, but they are pulling at different speeds, and the market has cut the stock roughly 41% from its October 2025 high of $281.74 to $164.95 as of June 2026, suggesting a healthy skepticism about the pace and profitability of the everything-beyond-restaurants story.