DoorDash, Inc. stock research
FY2025 Q4
DoorDash (DASH) Gross Margin — Quarter Ended Dec 31, 2025
Revenue and gross profit both grew in the current quarter, while cost of revenue increased proportionally, resulting in a gross margin that was unchanged from the previous quarter. Compared to the same quarter one year earlier, gross margin improved, as gross profit rose faster than cost of revenue.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue and gross profit both grew in the current quarter, while cost of revenue increased proportionally, resulting in a gross margin that was unchanged from the previous quarter. Compared to the same quarter one year earlier, gross margin improved, as gross profit rose faster than cost of revenue.
- The relationship between revenue and cost of revenue showed that gross profit increased at a similar pace as revenue in the sequential comparison, keeping gross margin stable. On a year-over-year basis, gross profit growth outpaced cost of revenue growth, which drove the margin improvement.
- Gross margin remained stable compared to the immediately preceding quarter, and was higher compared to the same quarter one year earlier.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
47.2%
Gross profit
$1.9B
Revenue
$4.0B
Cost of revenue
$2.1B
Quarter-over-quarter change
-0.0 pts
Year-over-year change
+1.6 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, 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% |
| Dec 31, 2025 | $4.0B | $1.9B | $2.1B | 47.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-0.0 pts
Year-over-year change
Dec 31, 2024
+1.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between revenue and cost of revenue showed that gross profit increased at a similar pace as revenue in the sequential comparison, keeping gross margin stable. On a year-over-year basis, gross profit growth outpaced cost of revenue growth, which drove the margin improvement.
Gross margin remained stable compared to the immediately preceding quarter, and was higher compared to the same quarter one year earlier.
Monitor the trajectory of cost of revenue relative to revenue in future quarters, as its growth rate directly impacts gross margin stability.