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Jun 30
DoorDash Q2 2025 Earnings Report
DoorDash's Q2 2025 financial results were announced, showcasing record-breaking performance in Total Orders, Marketplace GOV, Revenue, and GAAP net income.
Key Takeaways
DoorDash achieved new quarterly records across key metrics in Q2 2025, including Total Orders, Marketplace GOV, Revenue, and GAAP net income. The company also surpassed 10 billion lifetime orders globally, driven by strong operational execution, increased consumer engagement, and growth in membership programs like DashPass and Wolt+.
Total Orders increased by 20% year-over-year to 761 million, indicating robust demand and expanded user base.
Marketplace GOV grew by 23% year-over-year, reaching $24.2 billion, reflecting increased transaction volume and value.
Revenue surged by 25% year-over-year to $3.3 billion, primarily driven by the rise in Marketplace GOV and improved logistics efficiency.
GAAP net income significantly improved to $285 million from a loss of $(157) million in Q2 2024, demonstrating enhanced profitability.
DoorDash
DoorDash
Forward Guidance
For Q3 2025, DoorDash expects Marketplace GOV to be between $24.2 billion and $24.7 billion, and Adjusted EBITDA to range from $680 million to $780 million. The company anticipates significant ongoing investment in new categories and international markets, with stock-based compensation expense for 2025 estimated at $1.0 billion to $1.1 billion and depreciation and amortization expense at $660 million to $700 million.
Positive Outlook
- Expected continued growth in Marketplace GOV, indicating sustained demand for services.
- Anticipated increase in Adjusted EBITDA, suggesting improved operational efficiency and profitability.
- Commitment to significant investment in new categories and international expansion, fostering future growth.
- Strong financial position with authorized share repurchase program, signaling confidence in company value.
- Expected closing of Deliveroo plc acquisition in Q4 2025, potentially expanding market reach.
Challenges Ahead
- Consumer spending in any geography could deteriorate, potentially impacting results below expectations.
- Increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks.
- Changes in the international operating environment could negatively impact results.
- Uncertainty and variability regarding the impact of the Deliveroo plc acquisition on financial outlook.
- Exclusion of GAAP net income (loss) outlook due to uncertainty and variability of reconciling items, making future GAAP results difficult to predict.