DoorDash, Inc. stock research
FY2024 Q4
DoorDash (DASH) Gross Margin — Quarter Ended Dec 31, 2024
Revenue, gross profit, and cost of revenue all increased during the quarter. Gross margin improved compared with both the immediately preceding quarter and the same quarter one year earlier, indicating a higher share of revenue retained after covering cost of revenue.
Gross margin takeaway
Quarter ended Dec 31, 2024 · FY2024 Q4
Revenue, gross profit, and cost of revenue all increased during the quarter. Gross margin improved compared with both the immediately preceding quarter and the same quarter one year earlier, indicating a higher share of revenue retained after covering cost of revenue.
- The strongest observable margin driver was the consistent expansion of gross margin, which rose relative to both the prior quarter and the year-ago period, driven by a more favorable relationship between revenue growth and cost of revenue changes.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, while cost of revenue also increased, resulting in a slightly improved gross margin. Relative to the same quarter one year earlier, all three metrics were higher, with gross margin showing a more notable improvement.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
45.6%
Gross profit
$1.3B
Revenue
$2.9B
Cost of revenue
$1.6B
Quarter-over-quarter change
+0.3 pts
Year-over-year change
+3.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2024 | $2.5B | $1.1B | $1.4B | 42.7% |
| Jun 30, 2024 | $2.6B | $1.1B | $1.5B | 43.2% |
| Sep 30, 2024 | $2.7B | $1.2B | $1.5B | 45.3% |
| Dec 31, 2024 | $2.9B | $1.3B | $1.6B | 45.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
+0.3 pts
Year-over-year change
Dec 31, 2023
+3.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver was the consistent expansion of gross margin, which rose relative to both the prior quarter and the year-ago period, driven by a more favorable relationship between revenue growth and cost of revenue changes.
Compared to the immediately preceding quarter, revenue and gross profit were higher, while cost of revenue also increased, resulting in a slightly improved gross margin. Relative to the same quarter one year earlier, all three metrics were higher, with gross margin showing a more notable improvement.
Monitor the trajectory of cost of revenue relative to revenue to assess whether the current margin level can be sustained.