Companies /Consumer Cyclical

DoorDash Inc - Class A

NASDAQ: DASH Internet Retail
$222.00
▼ $4.24 (−1.87%) today
Markets closed · 4:53am ET

Q1 2025 Earnings

Reported May 6, 2025, 7:24am ET · SEC source
$0.44
Beat +14.55%
EPS · est. $0.38
$3.0B
Miss −2.02%
Revenue · est. $3.1B
+7.7%
Beating market
DASH vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−8%−4%0May 6May 7report 7:24am ETearnings+0.4%−10.2%
−8%−4%0May 6May 7earnings+0.4%−10.2%
DASH −10.2%S&P 500 +0.4%
−8%−4%0May 6May 7report 7:24am ETearnings+0.3%−10.2%
−8%−4%0May 6May 7earnings+0.3%−10.2%
DASH −10.2%NASDAQ +0.3%
−10%−5%0+5%May 5May 14report 7:24am ETearnings+5.2%+0.7%
−10%−5%0+5%May 5May 14earnings+5.2%+0.7%
DASH +0.7%S&P 500 +5.2%
−6%0+6%May 5May 14report 7:24am ETearnings+7.7%+0.7%
−6%0+6%May 5May 14earnings+7.7%+0.7%
DASH +0.7%NASDAQ +7.7%
−7.44%
Day of report
−6.90%
Next session
+4.05%
One week
+14.91%
30 days

S&P 500 over the same 30 days: +7.22%.

Did DASH Beat Earnings? Q1 2025 Results

DoorDash delivered a landmark first quarter in 2025, posting its first-ever GAAP quarterly profit and an earnings beat that redefined expectations, with EPS of $0.44 against a consensus estimate of negative $0.04, a 1,200% positive surprise, while revenue climbed 20.6% year-over-year to $3.03 billion. The historic profitability milestone, a net income of $193 million compared to a loss of $23 million in Q1 2024, was powered by record Marketplace gross order value of $23.08 billion, 732 million total orders, and an all-time high adjusted EBITDA of $590 million, up 59% year-over-year. The quarter was equally defined by strategic ambition, as DoorDash announced a roughly £2.9 billion offer to acquire Deliveroo, expanding into nine new international markets, alongside a $1.20 billion deal for hospitality software firm SevenRooms. Looking ahead, the company guided Q2 2025 Marketplace GOV of $23.30 billion to $23.70 billion and adjusted EBITDA of $600 million to $650 million, with net revenue margin expected to improve both year-over-year and sequentially.

Key Takeaways
  • Total Orders increased 18% Y/Y to 732 million driven by growth in consumers and average consumer engagement
  • Marketplace GOV increased 20% Y/Y to $23.1 billion
  • Average order frequency reached all-time high with increasing multi-category engagement among MAUs
  • GAAP gross profit increased 31% Y/Y driven by reductions in order management and insurance costs as percentage of GOV
  • Adjusted EBITDA reached all-time high of $590 million, up 59% Y/Y
  • DashPass and Wolt+ membership growth accelerated vs. Q4 2024 exit rates

Forward Guidance & Outlook

For Q2 2025, DoorDash expects Marketplace GOV of $23.3 billion to $23.7 billion and Adjusted EBITDA of $600 million to $650 million. Net Revenue Margin is expected to increase both Y/Y and Q/Q in Q2. The company continues to expect Adjusted EBITDA as a percentage of Marketplace GOV to increase from Q2 to Q3. For full year 2025, stock-based compensation expense is expected at approximately $1.1 billion to $1.2 billion and depreciation and amortization at approximately $600 million to $640 million. The outlook assumes stable consumer demand and key foreign currency rates, with the company cautioning that consumer spending could deteriorate and increasing international exposure heightens geopolitical and currency risks.

DASH YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$900.0M$1.8B$2.7B$2.5B$3.0BRevenue$1.2B$1.5BGross Profit$34.1M$155.0MOperating Income$18.6M$193.0MNet Income
$0$900.0M$1.8B$2.7BRevenueGross ProfitOperating IncomeNet Income

DASH Revenue by Segment

DoorDash (excluding Deliveroo)
Deliveroo

Figures from SEC filings and company reports. Not investment advice.