DoorDash (DASH) 10-K Summary — Year Ended Dec 31, 2025
DoorDash operates a platform connecting consumers, merchants, and delivery drivers. Revenue has grown over recent years, and the company reported positive operating income, net income, and operating cash flow for the period.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
DoorDash operates a platform connecting consumers, merchants, and delivery drivers. Revenue has grown over recent years, and the company reported positive operating income, net income, and operating cash flow for the period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$13.7B
Revenue reported for the fiscal year.
Operating income
$723M
Income from operations reported for the year.
Net income
$935M
Net income reported for the year.
Operating cash flow
$2.4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $6.6B | +34.7% |
| Dec 31, 2023 | $8.6B | +31.2% |
| Dec 31, 2024 | $10.7B | +24.2% |
| Dec 31, 2025 | $13.7B | +27.9% |
Business overview
DoorDash facilitates transactions among consumers, merchants, and Dashers (delivery drivers) through its platform. The company processes payments and holds funds on behalf of these parties. Its business model relies on a network of merchants, consumers, and independent contractors for delivery.
Financial performance
Revenue increased compared to prior periods, reflecting continued growth. The company achieved operating profitability and positive net income, and generated strong operating cash flow. However, it carries a significant accumulated deficit from historical losses.
Material risks
The company has a substantial accumulated deficit resulting from past operating losses. It has also issued convertible notes, increasing its debt obligations. These factors could affect financial stability and future profitability.
Liquidity and capital
As of the end of the period, the company held significant cash, cash equivalents, and investments. It also raised additional capital through the issuance of convertible notes, which it intends to use for general corporate purposes.
What to watch
Monitor whether the company can sustain operating profitability and reduce its accumulated deficit in the next filing.