DoorDash, Inc. stock research
FY2025 Q3
DoorDash (DASH) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit increased compared to the prior quarter, while cost of revenue also increased. The gross margin improved, indicating a higher proportion of revenue retained as gross profit.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit increased compared to the prior quarter, while cost of revenue also increased. The gross margin improved, indicating a higher proportion of revenue retained as gross profit.
- The margin improvement was driven by revenue growing faster than cost of revenue, as gross profit rose at a higher rate relative to revenue.
- Compared to the immediately preceding quarter, gross margin was higher; revenue and gross profit also increased. Compared to the same quarter one year earlier, gross margin was higher, with revenue and gross profit both higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
47.2%
Gross profit
$1.6B
Revenue
$3.4B
Cost of revenue
$1.8B
Quarter-over-quarter change
+0.3 pts
Year-over-year change
+1.9 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 |
|---|---|---|---|---|
| Dec 31, 2024 | $2.9B | $1.3B | $1.6B | 45.6% |
| Mar 31, 2025 | $3.0B | $1.4B | $1.6B | 46.5% |
| Jun 30, 2025 | $3.3B | $1.5B | $1.7B | 46.9% |
| Sep 30, 2025 | $3.4B | $1.6B | $1.8B | 47.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+0.3 pts
Year-over-year change
Sep 30, 2024
+1.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The margin improvement was driven by revenue growing faster than cost of revenue, as gross profit rose at a higher rate relative to revenue.
Compared to the immediately preceding quarter, gross margin was higher; revenue and gross profit also increased. Compared to the same quarter one year earlier, gross margin was higher, with revenue and gross profit both higher.
Monitor the trend of cost of revenue relative to revenue, as it directly affects gross margin.