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DoorDash

DASH Q4 2025 Earnings

Reported Feb 18, 2026 at 4:08 PM ET · SEC Source

Q4 25 EPS

$0.48

MISS 18.51%

Est. $0.59

Q4 25 Revenue

$3.96B

vs S&P Since Q4 25

-16.4%

TRAILING MARKET

DASH -11.1% vs S&P +5.3%

Full Year 2025 Results

FY 25 EPS

$2.13

FY 25 Revenue

$13.72B

Market Reaction

Did DASH Beat Earnings? Q4 2025 Results

DoorDash closed out Q4 2025 with a top-line flourish but an earnings stumble, posting revenue of $3.96 billion, up 37.7% year over year, while earnings per share of $0.48 fell short of the $0.59 consensus estimate by 18.51%. Heading into the print, i… Read more DoorDash closed out Q4 2025 with a top-line flourish but an earnings stumble, posting revenue of $3.96 billion, up 37.7% year over year, while earnings per share of $0.48 fell short of the $0.59 consensus estimate by 18.51%. Heading into the print, investors had high hopes given the company's growth trajectory, and the top-line story delivered, driven in large part by the October 2025 Deliveroo acquisition, which meaningfully padded both order volumes and Marketplace GOV, which reached $29.70 billion for the quarter. Total Orders grew 32% to 903 million, and Adjusted EBITDA climbed 38% to $780 million. Still, the EPS miss reflects elevated costs tied to the integration, seasonal Dasher expenses, and heavy investment in grocery and retail expansion, categories where unit economics are not expected to turn positive until the second half of 2026. Looking ahead, management guided Q1 2026 Marketplace GOV of $31.00 billion to $31.80 billion, with Adjusted EBITDA of $675 million to $775 million, tempered by storm impacts and continued Deliveroo investment.

Key Takeaways

  • • 32% Y/Y growth in Total Orders to 903 million in Q4 2025
  • • 39% Y/Y growth in Marketplace GOV to $29.7 billion
  • • Growth in consumer base and average consumer engagement
  • • Deliveroo acquisition contributing to order growth and revenue
  • • Record DashPass signups expanding consumer affordability
  • • U.S. restaurant category saw double-digit Y/Y growth in new consumers
  • • Over 56 million monthly active users and over 35 million membership subscribers at year-end
  • • Organic international growth accelerated excluding Deliveroo in Q4

DASH Forward Guidance & Outlook

For Q1 2026, DoorDash guided Marketplace GOV of $31.0 billion to $31.8 billion and Adjusted EBITDA of $675 million to $775 million. The company noted its current operating plan reflects Marketplace GOV within the guided range (versus historically exceeding the high end). Q1 Adjusted EBITDA is impacted by incremental Deliveroo investments (contribution expected below $25 million vs. over $45 million in Q4), an estimated $20 million direct impact from severe storms, and seasonal/investment-driven increases in Dasher costs per order. For full-year 2026, Adjusted EBITDA as a percent of Marketplace GOV is expected to increase slightly excluding Deliveroo. Deliveroo is expected to contribute approximately $200 million to 2026 Adjusted EBITDA. The company expects Adjusted EBITDA to be significantly higher in 2H 2026 versus 1H 2026. 2026 stock-based compensation is expected at approximately $1.3 billion to $1.4 billion, and depreciation and amortization at approximately $1.1 billion to $1.2 billion. Unit economics in U.S. grocery and retail categories are expected to turn positive in 2H 2026.

24/7 Wall St

DASH YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

DASH Revenue by Segment

Business unit performance breakdown

“In 2025, we accelerated growth in our U.S. restaurant category, expanded consumer affordability through record DashPass signups, increased consumer retention and order frequency in our grocery and retail categories by improving selection and quality, increased merchant value by launching new services such as reservations for restaurants and Smart Campaigns for ads, and drove strong organic growth internationally.”

— Tony Xu, Q4 2025 Earnings Press Release

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