Companies · DASH
DoorDash
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Latest analysis
Updated Oct 30, 2026
DoorDash Q3 2026: 28% order growth and $1.1B Adjusted EBITDA headline a quarter defined by Deliveroo integration and a $17B Instacart acquisition announcement
DoorDash delivered Q3 2026 Marketplace GOV of $33.9 billion (+36% YoY) and Adjusted EBITDA of $1.1 billion (+41% YoY), demonstrating accelerating operating leverage as the Deliveroo acquisition scales. The single most consequential disclosure is the announced Agreement and Plan of Merger to acquire Instacart for an equity value of approximately $17 billion, funded by cash on hand and a committed $13.0 billion bridge term loan from JPMorgan, which would dramatically expand DoorDash's grocery and advertising footprint. The concurrent reincorporation from Delaware to Nevada and a multi-year global technology platform rebuild using AI-native tooling signal structural repositioning alongside the M&A activity.
Tone: bullishRevenue
$13.7B
DASH 10-K · FY 2025
Employees
31,400
Revenue growth YoY
+28%
Founded
2013
Profile
DASH 10-K Item 1 · Feb 18, 2026DoorDash operates local on-demand delivery marketplaces across over 40 countries under the DoorDash, Wolt, and Deliveroo brands, connecting merchants, consumers, and independent delivery contractors. The company earns fees from merchants and consumers on each transaction and offers a white-label Commerce Platform for merchant-owned channels. Membership programs (DashPass, Wolt+, Deliveroo Plus) reduce transactional friction and deepen consumer retention.
Read filing description ↓ Collapse description ↑
Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities. Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (our 'Marketplaces'), and our Commerce Platform. Our Marketplaces operate in over 40 countries, including the United States, and account for the vast majority of our revenue today. Our Marketplaces serve three primary constituents: merchants, consumers, and Dashers. Our Marketplaces provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We typically earn a fee from merchants for the services we provide based on the size of each transaction. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue. Consumers access our Marketplaces through our apps and websites to discover, engage with, and purchase goods from merchants in their communities. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits. In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer white-label delivery fulfillment services ('Drive') as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support.
Primary products
- DoorDash Marketplace
- Wolt Marketplace
- Deliveroo Marketplace
- Commerce Platform
- Drive (white-label delivery fulfillment)
- DashPass
Business segments
End markets
Geographies
Named competitors
“In particular, local food delivery logistics, the largest category of our business today, is fragmented and intensely competitive.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue grew 28% year-over-year in 2025, driven primarily by growth in Total Orders and Marketplace GOV, which itself expanded 27% to $102.0 billion.
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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.