DoorDash’s fourth quarter results were met with a positive market response, despite sales and non-GAAP profit landing slightly below Wall Street expectations. Management attributed quarterly growth to continued expansion across non-restaurant categories, such as grocery and retail, and cited strong user engagement as a key driver. CEO Tony Xu highlighted that "around 30% of customers are now ordering outside the restaurant category," reflecting successful diversification initiatives. The company’s international business, including the integration of Deliveroo and Wolt, also contributed to higher growth rates outside the U.S., while ongoing improvements in unit economics supported the overall performance.
Is now the time to buy DASH? Find out in our full research report (it’s free for active Edge members).
DoorDash (DASH) Q4 CY2025 Highlights:
- Revenue: $3.96 billion vs analyst estimates of $4.00 billion (37.7% year-on-year growth, 1.1% miss)
- Adjusted EPS: $1.27 vs analyst expectations of $1.29 (1.4% miss)
- Adjusted EBITDA: $780 million vs analyst estimates of $773.6 million (19.7% margin, 0.8% beat)
- EBITDA guidance for Q1 CY2026 is $725 million at the midpoint, below analyst estimates of $800.4 million
- Operating Margin: 3.7%, in line with the same quarter last year
- Orders: 903 million, up 218 million year on year
- Market Capitalization: $71.41 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From DoorDash’s Q4 Earnings Call
- Shweta Khajuria (Wolfe Research) asked about competitive intensity in Europe and the sustainability of tech investment levels into 2027. CEO Tony Xu emphasized DoorDash’s leadership in key European markets and ongoing investment cadence, while CFO Ravi Inukonda clarified that tech stack spending will taper after 2026.
- Michael Morton (MoffettNathanson) inquired about the impact of longer-distance deliveries and the evolution of new verticals. Xu detailed the role of DashMart Fulfillment Services and growing complexity in grocery and retail orders, while Inukonda highlighted improving unit economics in these segments.
- Nikhil Devnani (Bernstein) questioned how DoorDash is preparing for an "agentic commerce" future with AI-driven order flows. Xu described DoorDash’s competitive advantage in end-to-end customer experience and openness to partnerships with AI channel providers.
- Deepak Mathivanan (Cantor Fitzgerald) asked about the long-term vision for autonomous delivery and the reasons behind slower unit economics improvement in the U.S. restaurant business. Xu outlined the orchestration strategy for a mixed fleet of human and autonomous vehicles; Inukonda attributed margin moderation to the growing impact of DashPass.
- Josh Beck (Raymond James) sought updates on the Deliveroo integration and tech platform modernization benefits. Xu pointed to rapid implementation of DoorDash best practices at Deliveroo and noted that consolidating tech stacks is already enabling faster product adoption across geographies.
Catalysts in Upcoming Quarters
In the coming quarters, StockStory analysts will watch (1) the pace of tech platform consolidation and resulting efficiency gains, (2) further progress in driving non-restaurant vertical adoption and positive unit economics, and (3) successful integration and performance improvements at Deliveroo and Wolt. Execution in autonomous delivery and expansion of advertising products will also be key markers of DoorDash’s ability to deliver on its strategic ambitions.
DoorDash currently trades at $164.70, down from $173.38 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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