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Sep 30, 2025
DoorDash Q3 2025 Earnings Report
DoorDash reported strong growth in Q3 2025, with solid increases in revenue, orders, and profitability.
Key Takeaways
DoorDash delivered a strong Q3 2025, achieving significant year-over-year growth in revenue, total orders, and net income. The company saw momentum across core and new verticals, driven by active user growth and operational improvements.
Total Orders increased by 21% year-over-year to 776 million, indicating strong consumer engagement.
Marketplace GOV grew by 25% year-over-year to $25.0 billion, surpassing company expectations.
Revenue rose by 27% year-over-year to $3.4 billion, primarily due to increased Marketplace GOV.
Adjusted EBITDA surged by 41% year-over-year to $754 million, demonstrating improved operating leverage.
Forward Guidance
DoorDash expects continued growth in Q4 2025 with projected Marketplace GOV between $28.9B and $29.5B and Adjusted EBITDA between $710M and $810M.
Positive Outlook
- Q4 Marketplace GOV guided to as high as $29.5B
- Adjusted EBITDA expected up to $810M
- Deliveroo expected to contribute $45M to Q4 EBITDA
- Ongoing expansion in international markets
- Continued growth in MAUs and DashPass subscriptions
Challenges Ahead
- Net income declined quarter-over-quarter
- Integration risks from Deliveroo acquisition
- Continued losses in new verticals
- High stock-based compensation ($261M in Q3)
- Exposure to macroeconomic and geopolitical uncertainty
Historical Earnings Impact
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Avg. Return Before/After Earnings
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