DoorDash Inc - Class A
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did DASH Beat Earnings? Q3 2025 Results
DoorDash delivered a mixed quarter in Q3 2025, posting GAAP diluted EPS of $0.55 against a consensus estimate of $0.68, a miss of roughly 19%, even as revenue climbed 27.4% year over year to $3.45 billion on the back of accelerating order growth and expanding monthly active users. <a href="https://247wallst.com/investing/2025/11/05/doordash-shares-plummet-following-q3-earnings-miss/">Shares fell sharply</a> in the wake of the report, reflecting investor unease despite several operational bright spots, including U.S. restaurant GOV reaching its highest year-over-year growth rate in more than three years and Net Revenue Margin widening to 13.8%. The company's $2.80 billion acquisition of Deliveroo, which closed October 2, now positions DoorDash across more than 40 countries serving over 50 million MAUs, though it also introduces meaningful currency and geopolitical risk. For Q4 2025, management guided Marketplace GOV of $28.90 billion to $29.50 billion and Adjusted EBITDA of $710 million to $810 million, inclusive of Deliveroo, while flagging plans to invest several hundred million dollars more in new initiatives and platform development in 2026 than in 2025.
- Strong growth in monthly active users driving Marketplace GOV acceleration
- Increasing advertising revenue contribution boosting Net Revenue Margin
- Reduction in credits and refunds as a percentage of Marketplace GOV
- Reduction in Dasher costs as a percentage of Marketplace GOV
- U.S. restaurant category Y/Y GOV growth reached highest rate in over three years
- U.S. DashPass paid member additions exceeded full-year expectations through first nine months
- International unit economics reached all-time high in Q3 2025
- Contribution from growth in average order frequency and average order values
Forward Guidance & Outlook
For Q4 2025, DoorDash expects Marketplace GOV of $28.9 billion to $29.5 billion and Adjusted EBITDA of $710 million to $810 million, inclusive of Deliveroo contributions. Deliveroo is expected to contribute approximately $45 million to Adjusted EBITDA in Q4 2025 and approximately $200 million in 2026. The company expects 2025 stock-based compensation expense of approximately $1.1 billion and depreciation and amortization expense of approximately $700 million (excluding Deliveroo intangible asset amortization). DoorDash currently expects to invest several hundred million dollars more in new initiatives and platform development in 2026 than in 2025. The outlook assumes stable consumer demand and foreign currency rates, and the company cautioned that consumer spending deterioration or changes in the international operating environment could drive results below expectations.
DASH YoY Financials
DASH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.