DoorDash, Inc. stock research
FY2025 Q1
DoorDash (DASH) Gross Margin — Quarter Ended Mar 31, 2025
Revenue rose compared to both the immediately preceding quarter and the same quarter one year earlier, while cost of revenue increased at a slower pace, leading to higher gross profit and an improved gross margin. The gross margin strengthened sequentially and year-over-year, reflecting a favorable relationship between revenue growth and cost growth.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue rose compared to both the immediately preceding quarter and the same quarter one year earlier, while cost of revenue increased at a slower pace, leading to higher gross profit and an improved gross margin. The gross margin strengthened sequentially and year-over-year, reflecting a favorable relationship between revenue growth and cost growth.
- The improvement in gross margin was driven by revenue increasing faster than cost of revenue compared with both prior periods. The strongest observable driver is the relative growth rate of revenue versus cost of revenue.
- Gross margin in the current quarter was higher than in the immediately preceding quarter and higher than the same quarter one year earlier. Revenue and gross profit both increased compared with both prior periods, while cost of revenue rose less proportionally.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
46.5%
Gross profit
$1.4B
Revenue
$3.0B
Cost of revenue
$1.6B
Quarter-over-quarter change
+0.9 pts
Year-over-year change
+3.9 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2025 | $3.0B | $1.4B | $1.6B | 46.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
+0.9 pts
Year-over-year change
Mar 31, 2024
+3.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The improvement in gross margin was driven by revenue increasing faster than cost of revenue compared with both prior periods. The strongest observable driver is the relative growth rate of revenue versus cost of revenue.
Gross margin in the current quarter was higher than in the immediately preceding quarter and higher than the same quarter one year earlier. Revenue and gross profit both increased compared with both prior periods, while cost of revenue rose less proportionally.
Monitor the trend in cost of revenue relative to revenue, as its growth rate directly influences gross margin direction.