Live update #4

DoorDash’s Q2 In Focus

From live coverage: Live: Will Q2 Earnings Fuel DoorDash's (DASH) Next Rally?

DASH | DoorDash Q2’25 Earnings Highlights:

  • Adj. EPS: $0.67 [✅]; UP +175% YoY
  • Revenue: $3.3B [✅]; UP +25% YoY
  • Adj. Gross Margin: 52.2% [✅]; UP +30 bps YoY
  • Net Income: $0.285B [✅]; UP +281% YoY
  • Adjusted EBITDA: $0.655B [✅]; UP +52% YoY
  • Free Cash Flow: $0.355B; DOWN -21% YoY

Outlook:

  • Marketplace GOV: $24.2B – $24.7B [➖]
    • Our outlook assumes that aggregate consumer demand and key foreign currency rates remain relatively stable at current levels.
    • We anticipate significant levels of ongoing investment in new categories and international markets.

Other Key Q2 Metrics:

  • R&D Expenses: $0.351B [✅]; UP +16% YoY
  • GAAP Gross Profit: $1.608B; UP +35% YoY
  • GAAP Sales and Marketing Expense: $0.607B; UP +19% YoY
  • GAAP General and Administrative Expense: $0.388B; DOWN -21% YoY
  • GAAP Cost of Revenue: $1.616B; UP +17% YoY

CEO Commentary:

  • Tony Xu: “In Q2 2025, we generated new quarterly records for Total Orders, Marketplace GOV, Revenue, and GAAP net income. We are proud of how far we have come and the work that has gone into building a platform that now serves hundreds of thousands of merchants, tens of millions of consumers, and millions of Dashers across over 30 countries every month.”

CFO Commentary:

  • Prabir Adarkar: “The Y/Y and Q/Q increases in Net Revenue Margin were due primarily to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV.”

 

Contact [email protected] for any questions or corrections.

More From This Coverage

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DoorDash's Conference Call Starts Now

Eric Bleeker

DoorDash’s conference call starts now. You can register to listen in here.

We will be listening in to the call so posts will be limited. If you leave this tab open a new post should automatically post later with our summary of the call.

We thank you for joining us today for this review of DoorDash’s Q2 earnings. We’re hosting several live blogs on 24/7 Wall St., so if you’re looking for analysis of your favorite stocks make sure to come back!

 

More on Last Quarter's Beat

Eric Bleeker

Marketplace GOV last quarter was $24.2 billion, which beat expectations of $23.6 billion.

GAAP EPS of $.65 beat expectations of $.43.

It was truly a beat across the board for DoorDash.

DoorDash Gains Holding

Eric Bleeker

We’re updating live blogs tonight across a number of companies and there have been some wild after hours price swings. Yet, gains of DoorDash are holding pretty firm, the company is up 4.3% as of 4:38 p.m. ET.

The company’s earnings call will start in 22 minutes.

More Focus on Guidance

Eric Bleeker

DoorDash reported Marketplace GOV of $24.2 billion this quarter.

Next quarter it guided to $24.2 billion to $24.7 billion in GOV.  That’s $24.45 billion at the midpoint, or about 1% growth.

1% growth versus this quarter’s revenue of $3.28 billion would be north of what Wall Street was expecting from the company next quarter, so guidance appears to be strong.

Earnings are Out - Shares Up 6%

Eric Bleeker

We’ll be posting more on DoorDash earnings momentarily, shares are up 6% immediately.

DoorDash Matching the Nasdaq's Gains

Eric Bleeker

It’s been a good day for technology stocks. The Nasdaq is up about 1.2% and DoorDash is closely tracking the broader tech market.

Shares of DoorDash started the day flat, but rallied shortly before noon. Overall they’re up 1.19% as of 2:43 p.m. ET. We’ll see if optimism during the trading day is a preview of how investors react to the company’s earnings tonight.

What Wall Street Expects in Q2

Eric Bleeker

Here are the key figures Wall Street expects this quarter from DoorDash. Remember that going over these figures is considered an ‘earnings beat.’

  • Revenue: $3.16 billion
  • Adjusted EPS: $1.07
  • GAAP EPS: $.43
  • Free Cash Flow: $477.6 million

Looking ahead to next quarter, Wall Street expects DoorDash to guide to $3.23 billion in sales. Remember that guidance is often more important than what the company reported last quarter.

 

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