AI Takeaway
DoorDash delivered a landmark FY2025, swinging to $935M net income and $723M operating income on $13.7B in revenue (+27.9% YoY), marking its first sustained profitability as scale and operating leverage took hold.
Revenue
$13.72B
++27.93% YoY
EPS (Basic)
$2.19
++630.00% YoY
Operating Income
$723M
++2002.63% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
DoorDash grew total revenue from $10.7B to $13.7B in FY2025, reflecting strong marketplace order volume growth, expanded advertising revenue, and continued international expansion. This growth rate significantly outpaced prior-year levels and demonstrates the platform's increasing monetization power.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating income swung from -$38M in FY2024 to +$723M in FY2025, a 2,002.6% improvement, driving the operating margin from -0.35% to +5.27%. This inflection point signals that DoorDash's fixed cost base is now being meaningfully leveraged against a much larger revenue base.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Net income jumped from $123M to $935M, with diluted EPS rising from $0.29 to $2.13 (+634.5%). This dramatic improvement reflects both operating leverage and likely favorable below-the-line items, marking a pivotal year for DASH's earnings profile.
Source: Source: 10-K Income Statement & EPS Data (XBRL Financial Data)
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Upgrade to unlockTotal liabilities nearly doubled from $5.0B to $9.6B (+90.9% YoY), while investing cash outflows surged to -$4.39B from -$444M. This aggressive capital deployment could strain the balance sheet if revenue growth decelerates or acquired assets underperform. Debt-to-equity stands at 0.96x, a meaningful increase.
Source: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
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Upgrade to unlockReported EPS of $0.48 versus the $0.60 analyst consensus — a -19.7% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $13.72B | $10.72B | +27.93% |
Operating Income | $723M | $-38M | +2002.63% |
Net Income | $935M | $123M | +660.16% |
EPS (Basic) | $2.19 | $0.30 | +630.00% |
EPS (Diluted) | $2.13 | $0.29 | +634.48% |
R&D Expense | $1.43B | $1.17B | +22.52% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $19.66B | $12.85B | +53.05% |
Current Assets | $8.64B | $7.39B | +17.02% |
Total Liabilities | $9.61B | $5.04B | +90.92% |
Current Liabilities | $6.15B | $4.44B | +38.51% |
Stockholders' Equity | $10.03B | $7.8B | +28.58% |
Cash & Equivalents | $4.38B | $4.02B | +8.93% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $2.43B | $2.13B | +14.02% |
Investing Cash Flow | $-4.39B | $-444M | -888.96% |
Financing Cash Flow | $2.36B | $-204M | +1256.86% |
Share Buybacks | $0 | $224M | -100.00% |
D&A | $747M | $561M | +33.16% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 5.3% | -0.4% | +5.63% |
Net Margin | 6.8% | — | — |
ROE | 9.3% | — | — |
ROA | 4.8% | — | — |
Current Ratio | $1.406 | — | — |
Debt to Equity | $0.958 | — | — |
Yes, DoorDash achieved its most profitable year ever in FY2025, reporting net income of $935M compared to $123M in FY2024, a 660% increase. Operating income also turned strongly positive at $723M, up from a loss of -$38M the prior year, confirming sustained profitability at scale.
DoorDash's revenue grew 27.9% year-over-year to $13.7B in FY2025, up from $10.7B in FY2024. This growth was driven by higher marketplace order volumes, expanded advertising revenue streams, and continued international market penetration.
The headline takeaway is DoorDash's dramatic profitability inflection: operating margin expanded from -0.35% to +5.27%, and diluted EPS jumped from $0.29 to $2.13. The company also generated $2.43B in operating cash flow while making significant investments, with investing outflows surging to -$4.39B, suggesting major strategic capital deployment.
Key risks include a near-doubling of total liabilities to $9.6B due to aggressive capital deployment, thin operating margins of only 5.27% that leave limited buffer against cost pressures, and execution risk from the $4.39B in investing outflows that likely reflect large acquisitions or infrastructure buildout. Competitive intensity from Uber Eats and others also remains a persistent risk.
DoorDash's financial health improved significantly in FY2025, with $4.38B in cash, a current ratio of 1.41x, and $10.0B in stockholders' equity. However, total liabilities nearly doubled to $9.6B and debt-to-equity rose to 0.96x, so while the company is profitable and cash-generative, its balance sheet leverage warrants monitoring.