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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________
FORM 8-K
____________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 11, 2025
____________________________________

DOORDASH, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware
001-39759
46-2852392
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
303 2nd Street, South Tower, 8th Floor
San Francisco, California 94107
(Address of principal executive offices) (Zip Code)
(650) 487-3970
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value of $0.00001 per shareDASHThe Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On February 11, 2025, DoorDash, Inc. ("DoorDash" or the “Company”) issued a press release announcing its financial results for the quarter and full year ended December 31, 2024. DoorDash also issued a Letter to Shareholders to provide additional information about DoorDash and its performance. Copies of the press release and Letter to Shareholders are attached as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.

On February 11, 2025, DoorDash posted supplemental investor materials on the investor relations section of its website (ir.doordash.com). DoorDash announces material information to the public about DoorDash, its products and services, and other matters through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (ir.doordash.com), its blog (doordash.news) and its X account (@DoorDash) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.

The information in Item 2.02 and Item 7.01 of this Current Report on Form 8-K, and Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01 Other Events.
On February 11, 2025, DoorDash announced the authorization of a share repurchase program for the repurchase of shares of its Class A common stock in an aggregate amount of up to $5.0 billion, which is inclusive of the remaining share repurchase authority of $876 million under the share repurchase program that was previously announced by DoorDash in February 2024. The Company’s board of directors expects to assess any future repurchase programs based on its balance sheet, expected free cash flow, and alternative investment opportunities at the time. Any future authorization will be approved and executed consistent with the Company’s capital allocation strategy.
Repurchases may be made from time to time through open market repurchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Exchange Act. DoorDash may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its Class A common stock under this authorization. DoorDash may or may not repurchase any portion of the total authorized amount, and the timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



DOORDASH INC.
Date: February 11, 2025/s/ Tony Xu
Tony Xu
Chief Executive Officer

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Exhibit 99.1
DoorDash Releases Fourth Quarter and Full Year 2024 Financial Results
February 11, 2025
SAN FRANCISCO--(BUSINESS WIRE)-- DoorDash, Inc. (NASDAQ: DASH) today announced its financial results for the quarter and fiscal year ended December 31, 2024. In addition to our financial results below, our annual letter to shareholders is available on the DoorDash investor relations website at http://ir.doordash.com.
Our approach to building DoorDash is based on a mix of deep commitment to our customers, focus on improving our operational efficiency, belief in the value of scale, and ambition to do much more for local economies in the future than we do today. In 2024, we grew revenue 24% year-over-year (Y/Y), generated our first full year of positive GAAP net income, and helped generate nearly $60 billion in sales for local merchants in over 30 countries and over $18 billion in earnings for Dashers. These results were the output of several years of outstanding execution against a consistent set of principles. We are pleased with our performance throughout 2024 and excited about our potential to increase our scale, profitability, and impact on local economies in 2025 and beyond.
Fourth Quarter 2024 Key Financial Metrics
•Total Orders increased 19% Y/Y to 685 million and Marketplace GOV increased 21% Y/Y to $21.3 billion.
•Revenue increased 25% Y/Y to $2.9 billion and Net Revenue Margin increased to 13.5% from 13.1% in Q4 2023.
•GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was $141 million compared to $(154) million in Q4 2023, and Adjusted EBITDA increased to $566 million from $363 million in Q4 2023.
Three Months Ended
(in millions, except percentages)Dec. 31,
2023		Mar. 31,
2024		Jun. 30,
2024		Sept. 30,
2024		Dec. 31,
2024
Total Orders574 620 635 643 685 
Total Orders Y/Y growth23 %21 %19 %18 %19 %
Marketplace GOV$17,639 $19,239 $19,711 $20,002 $21,279 
Marketplace GOV Y/Y growth22 %21 %20 %19 %21 %
Revenue$2,303 $2,513 $2,630 $2,706 $2,873 
Revenue Y/Y growth27 %23 %23 %25 %25 %
Net Revenue Margin13.1 %13.1 %13.3 %13.5 %13.5 %
GAAP gross profit$1,026 $1,129 $1,195 $1,283 $1,372 
GAAP gross profit as a % of Marketplace GOV5.8 %5.9 %6.1 %6.4 %6.4 %
Contribution Profit$689 $751 $825 $930 $968 
Contribution Profit as a % of Marketplace GOV3.9 %3.9 %4.2 %4.6 %4.5 %
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders$(154)$(23)$(157)$162 $141 
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV(0.9)%(0.1)%(0.8)%0.8 %0.7 %
Adjusted EBITDA$363 $371 $430 $533 $566 
Adjusted EBITDA as a % of Marketplace GOV2.1 %1.9 %2.2 %2.7 %2.7 %
Weighted-average diluted shares outstanding399 405 410 428 433 
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Operational Highlights
Our mission is to grow and empower local economies. We repeat this statement often because we believe it is important to remind ourselves and others of our ambition, the vast duration and surface area it encompasses, and the importance of our work to merchants, consumers, and Dashers in the communities we serve.
In 2024, as in all years, one of our goals was to create greater efficiency through improved order-level execution and scale, and then invest much of that back into improving and expanding our products and services in order to increase our future impact and profit potential. In 2024, we improved unit economics in our U.S. restaurant category, our U.S. new verticals categories, and in our international marketplaces. These efficiency improvements, along with our growing scale, allowed us to increase investments across our business to build new and better products, expand our selection, improve our quality, and reach more consumers in more places. In 2024, this helped us drive 20% Y/Y growth in Marketplace GOV and 24% Y/Y growth in revenue, while also generating $123 million of net income attributable to DoorDash, Inc. common stockholders and $1.9 billion of Adjusted EBITDA.
Improvements to merchant selection, the breadth of categories we offer, and quality on our Marketplaces helped drive monthly active users (MAUs1) to an all-time high of over 42 million in December 2024, up from over 37 million in December 2023. The same improvements also helped drive the number of DashPass and Wolt+ members to over 22 million exiting 2024, up from over 18 million exiting 2023. In December 2024, over 25% of our MAUs ordered from at least one of our new verticals categories, up from over 20% in December 2023.
In our U.S. marketplace, MAUs increased at a double-digit pace Y/Y throughout 2024, with increased average order frequency.2 Y/Y growth in Marketplace GOV from the U.S. restaurant category was relatively consistent throughout 2024, with Q4 being our strongest quarter of growth for the year. In new verticals, we added thousands of new grocery stores to our U.S. marketplace in 2024, while also expanding selection in our other new verticals categories. At the same time, we continued to improve a number of key quality metrics in our new verticals categories in the U.S.; in 2024, these improvements helped attract more new users to our new verticals categories, increased order frequency within the categories, and drove average basket sizes higher.
Across our international marketplaces, we increased merchant selection by over 25% Y/Y in 2024, with substantial increases in selection in our restaurant and new verticals categories. This helped us attract more new consumers to our international marketplaces in 2024 than in any previous year, which drove strong Y/Y growth in MAUs throughout 2024. Improvements to our product and increased adoption of DashPass and Wolt+ drove increased average order frequency in our international marketplaces in 2024. The combination of increased MAUs and increased average order frequency drove Y/Y growth in Total Orders from our international marketplaces that was well ahead of our U.S. marketplace.
We exited 2024 with good momentum. Entering 2025, we plan to continue to focus on creating incremental improvements in operational efficiency and reinvesting back into the business to increase our scale and expand our long-term profit potential. We believe we have clear pathways for investment in several areas of our business that we believe will allow us to generate strong returns and compound our value and impact. At the same time, the total scope of local commerce is still well beyond what we serve today and we are exploring a number of new initiatives that we hope will develop into valuable services for consumers, merchants, and Dashers.
1 Based on the number of individual consumer accounts that have completed an order on our Marketplaces in the month of measurement.
2 Calculated as the total number of orders placed on our Marketplaces divided by the number of individual consumer accounts that have completed an order on our Marketplaces in the period of measurement.
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Financial Performance
In Q4 2024, Total Orders increased 19% Y/Y to 685 million and Marketplace GOV increased 21% Y/Y to $21.3 billion. Y/Y growth in Total Orders was driven by growth in consumers and growth in average consumer engagement.
Revenue was $2.9 billion in Q4 2024, up 25% Y/Y. The Y/Y increase was driven primarily by growth in Marketplace GOV and growth in advertising revenue. Net Revenue Margin was 13.5% in Q4 2024, compared to 13.1% in Q4 2023 and 13.5% in Q3 2024.
GAAP cost of revenue, exclusive of depreciation and amortization, was $1.5 billion in Q4 2024, up 18% Y/Y and 6% quarter-over-quarter (Q/Q). GAAP cost of revenue, exclusive of depreciation and amortization, increased Y/Y and Q/Q primarily due to an increase in Total Orders and Marketplace GOV. As a percentage of Marketplace GOV, GAAP cost of revenue, exclusive of depreciation and amortization, was 6.8% in Q4 2024, down slightly from 7.0% in Q4 2023 and 6.9% in Q3 2024, due primarily to lower insurance costs as a percentage of Marketplace GOV.
GAAP gross profit was $1.4 billion in Q4 2024, up 34% Y/Y and 7% Q/Q. GAAP gross profit as a percentage of Marketplace GOV was 6.4% in Q4 2024, up from 5.8% in Q4 2023 and consistent with 6.4% in Q3 2024.
GAAP sales and marketing expense was $541 million in Q4 2024, up 18% Y/Y and 12% Q/Q. On a Y/Y and Q/Q basis, the increase in GAAP sales and marketing expense was driven primarily by an increase in advertising expense. As a percentage of Marketplace GOV, GAAP sales and marketing expense was 2.5% in Q4 2024, down from 2.6% in Q4 2023 and up from 2.4% in Q3 2024.
In Q4 2024, GAAP research and development expense was $297 million, up 17% Y/Y and 3% Q/Q. The Y/Y and Q/Q increases in GAAP research and development expense were driven primarily by increases in personnel-related compensation expenses. As a percentage of Marketplace GOV, GAAP research and development expense was 1.4% in Q4 2024, consistent with 1.4% in Q4 2023 and 1.4% in Q3 2024.
GAAP general and administrative expense was $324 million in Q4 2024, largely consistent with $320 million in Q4 2023 and up 3% from $315 million in Q3 2024. The Q/Q increase was driven primarily by an increase in legal, tax, and regulatory expenses. As a percentage of Marketplace GOV, GAAP general and administrative expense was 1.5% in Q4 2024, down from 1.8% in Q4 2023 and 1.6% in Q3 2024.
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was $141 million in Q4 2024, compared to $(154) million in Q4 2023 and $162 million in Q3 2024.
Q4 2024 Adjusted EBITDA reached an all-time high of $566 million compared to $363 million for Q4 2023 and $533 million in Q3 2024. Adjusted EBITDA as a percentage of Marketplace GOV was 2.7% in Q4 2024, compared to 2.1% in Q4 2023 and 2.7% in Q3 2024.
In Q4 2024, we generated operating cash flow of $518 million and Free Cash Flow of $420 million. In 2024, we generated operating cash flow of $2.1 billion and Free Cash Flow of $1.8 billion.
In February 2024, our board of directors authorized the repurchase of up to $1.1 billion of our Class A common stock. In 2024, we repurchased a total of 2.1 million shares of our Class A common stock for $224 million under the February 2024 authorization. In February 2025, our board of directors authorized the repurchase of up to $5.0 billion of our Class A common stock, which is inclusive of the remaining $876 million under the previous share repurchase authorization. We may or may not repurchase any portion of our total authorization.


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Financial Outlook
PeriodMarketplace GOVAdj. EBITDA
Q1 2025
$22.6 billion - $23.0 billion
$550 million - $600 million
In terms of general trends through 2025, we currently expect Adjusted EBITDA as a percentage of Marketplace GOV to increase from Q1 to Q2 and again from Q2 to Q3.
Based on our current outlook and assuming a stock price in line with recent trading levels, we expect:
•2025 stock-based compensation expense of approximately $1.1 billion to $1.2 billion,
•2025 depreciation and amortization expense of approximately $580 million to $600 million.

Our outlook assumes that key foreign currency rates remain relatively stable at current levels. Our outlook also anticipates significant levels of ongoing investment in new categories and international markets. We caution investors that consumer spending in any of our geographies could be weaker relative to our outlook, which could drive results below our expectations. Additionally, our 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 versus our current outlook.
We have not provided GAAP net income (loss) attributable to DoorDash, Inc. common stockholders outlook or a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a result of the uncertainty regarding, and the potential variability of, reconciling items such as legal, tax, and regulatory expenses and other items. Accordingly, a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP measures in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this release, please see "Non-GAAP Financial Measures" below.
Analyst and Investor Conference Call and Earnings Webcast
DoorDash will host a conference call and webcast to discuss our quarterly results today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Those interested in listening to the call can register and attend by visiting our Investor Relations page at https://ir.doordash.com. An archived webcast will be available on our Investor Relations page shortly after the call.
Available Information
We announce material information to the public about us, our products and services, and other matters through a variety of means, including filings with the U.S. Securities and Exchange Commission (the "SEC"), press releases, public conference calls, webcasts, the investor relations section of our website (ir.doordash.com), our blog (doordash.news), and our X account (@DoorDash) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” "aim," “will,” “should,” “expect,” “plan,” "try," “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategies, plans, or intentions. Forward-looking statements in this release include, but are not limited to: our expectations regarding our financial position and operating performance, including our outlook for the first quarter 2025 and general trends and expectations for the full year 2025; our expectations regarding our new verticals categories, international business and platform innovation; our plans and expectations regarding our overall business strategy and investment approach; our expectations regarding our local commerce opportunity, stock-
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based compensation expenses, depreciation and amortization expenses, expenses related to Dashers and Dasher acquisition, foreign currency rates, trends in our business, and demand for our platform and for local commerce platforms in general; our assumptions regarding the impact of any policy, regulatory or legal changes on our business; and our plans and expectations regarding share dilution, including our planned share repurchase and equity award issuances. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition; managing our growth and corporate culture; financial performance; investments in new geographies, products, or offerings; our ability to attract merchants, consumers, and Dashers to our platform; legal proceedings and regulatory matters and developments; any future changes to our business or our financial or operating model; and our brand and reputation. The forward-looking statements contained in this release are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and our quarterly reports on Form 10-Q. All forward-looking statements in this release are based on information available to DoorDash and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Use of Non-GAAP Financial Measures
To supplement our financial information presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), we consider certain financial measures that are not prepared in accordance with GAAP, including adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Adjusted Gross Profit, Adjusted Gross Margin, Contribution Profit, Contribution Margin, Adjusted EBITDA, and Free Cash Flow. We use these financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our business and financial performance. We believe that these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our business and financial performance through the eyes of management, and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry.
We define adjusted cost of revenue as cost of revenue, exclusive of depreciation and amortization, excluding stock-based compensation expense and certain payroll tax expense, allocated overhead, and inventory write-off related to restructuring. Allocated overhead is determined based on an allocation of shared costs, such as facilities (including rent and utilities) and information technology costs, among all departments based on employee headcount. We define adjusted sales and marketing expense as sales and marketing expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense, and allocated overhead. We define adjusted general and administrative expense as general and administrative expenses excluding stock-based compensation expense and certain payroll tax expense, certain legal, tax, and regulatory settlements, reserves, and expenses, transaction-related costs (primarily consists of acquisition, integration, and investment related costs), impairment expenses, and including allocated overhead from cost of revenue, sales and marketing, and research and development.
We define Adjusted Gross Profit as gross profit plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue, (iii) allocated overhead included in cost of revenue, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue. Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue for the same period.
We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. We define gross margin as gross profit as a
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percentage of revenue for the same period and we define Contribution Margin as Contribution Profit as a percentage of revenue for the same period. We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders.
Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.
We define Total Orders as all orders completed through our marketplaces and Commerce Platform over the period of measurement.
We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips, and any applicable consumer fees, including membership fees related to DashPass and Wolt+. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants, for orders fulfilled through our Commerce Platform.
Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Adjusted Gross Profit, Adjusted Gross Margin, Contribution Profit, Contribution Margin, Adjusted EBITDA, and Free Cash Flow should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

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DOORDASH, INC.
CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)
December 31, 2023December 31, 2024
Assets
Current assets:
Cash and cash equivalents$2,656 $4,019 
Restricted cash105 190 
Short-term marketable securities1,422 1,322 
Funds held at payment processors356 436 
Accounts receivable, net533 732 
Prepaid expenses and other current assets525 687 
Total current assets5,597 7,386 
Long-term marketable securities583 835 
Operating lease right-of-use assets436 389 
Property and equipment, net712 778 
Intangible assets, net659 510 
Goodwill2,432 2,315 
Other assets420 632 
Total assets$10,839 $12,845 
Liabilities, Redeemable Non-controlling Interests and Stockholders' Equity
Current liabilities:
Accounts payable$216 $321 
Operating lease liabilities68 68 
Accrued expenses and other current liabilities3,126 4,049 
Total current liabilities3,410 4,438 
Operating lease liabilities454 468 
Other liabilities162 129 
Total liabilities4,026 5,035 
Redeemable non-controlling interests7 7 
Stockholders’ equity:
Common stock— — 
Additional paid-in capital11,887 13,165 
Accumulated other comprehensive income (loss)73 (107)
Accumulated deficit(5,154)(5,255)
Total stockholders’ equity6,806 7,803 
Total liabilities, redeemable non-controlling interests and stockholders’ equity$10,839 $12,845 
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DOORDASH, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2023202420232024
Revenue$2,303 $2,873 $8,635 $10,722 
Costs and expenses:
Cost of revenue, exclusive of depreciation and amortization shown separately below1,229 1,453 4,589 5,542 
Sales and marketing460 541 1,876 2,037 
Research and development253 297 1,003 1,168 
General and administrative320 324 1,235 1,452 
Depreciation and amortization130 141 509 561 
Restructuring charges— — 2 — 
Total costs and expenses2,392 2,756 9,214 10,760 
Income (loss) from operations(89)117 (579)(38)
Interest income, net51 51 152 199 
Other income (expense), net(101)8 (107)(5)
Income (loss) before income taxes(139)176 (534)156 
Provision for income taxes17 37 31 39 
Net income (loss) including redeemable non-controlling interests(156)139 (565)117 
Less: net loss attributable to redeemable non-controlling interests(2)(2)(7)(6)
Net income (loss) attributable to DoorDash, Inc. common stockholders$(154)$141 $(558)$123 
Net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Basic$(0.39)$0.34 $(1.42)$0.30 
Diluted$(0.39)$0.33 $(1.42)$0.29 
Weighted-average number of shares outstanding used to compute net income (loss) per share attributable to DoorDash, Inc. Class A and Class B common stockholders
Basic399,336 417,056 392,948 411,551 
Diluted399,336 433,039 392,948 430,242 
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DOORDASH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in millions)
(Unaudited)
Year Ended December 31,
202220232024
Cash flows from operating activities
Net income (loss) including redeemable non-controlling interests$(1,368)$(565)$117 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization369 509 561 
Stock-based compensation889 1,088 1,099 
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities81 108 103 
Office lease impairment expenses2 — 83 
Adjustments to non-marketable equity securities, including impairment, net303 101 4 
Other18 15 29 
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:
Funds held at payment processors(86)86 (87)
Accounts receivable, net(33)(141)(222)
Prepaid expenses and other current assets(165)(105)(146)
Other assets(90)(96)(279)
Accounts payable(15)70 82 
Accrued expenses and other current liabilities566 702 943 
Payments for operating lease liabilities(75)(113)(116)
Other liabilities(29)14 (39)
Net cash provided by operating activities367 1,673 2,132 
Cash flows from investing activities
Purchases of property and equipment(176)(123)(104)
Capitalized software and website development costs(170)(201)(226)
Purchases of marketable securities(1,948)(1,946)(1,951)
Maturities of marketable securities1,552 1,940 1,774 
Sales of marketable securities387 7 70 
Purchases of non-marketable equity securities(15)(17)— 
Net cash acquired in acquisitions71 — — 
Other investing activities(1)(2)(7)
Net cash used in investing activities(300)(342)(444)
Cash flows from financing activities
Proceeds from exercise of stock options11 6 14 
Repurchase of common stock(400)(750)(224)
Other financing activities14 (8)6 
Net cash used in financing activities(375)(752)(204)
Foreign currency effect on cash, cash equivalents, and restricted cash(10)5 (35)
Net increase (decrease) in cash, cash equivalents, and restricted cash(318)584 1,449 
Cash, cash equivalents, and restricted cash
Cash, cash equivalents, and restricted cash, beginning of period2,506 2,188 2,772 
Cash, cash equivalents, and restricted cash, end of period$2,188 $2,772 $4,221 
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents$1,977 $2,656 $4,019 
Restricted cash— 105 190 
Long-term restricted cash included in other assets211 11 12 
Total cash, cash equivalents, and restricted cash$2,188 $2,772 $4,221 
Non-cash investing and financing activities
Purchases of property and equipment not yet settled$34 $13 $48 
Stock-based compensation included in capitalized software and website development costs $132 $161 $165 

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DOORDASH, INC.
NON-GAAP FINANCIAL MEASURES
(Unaudited)
Three Months Ended
(In millions)Dec. 31,
2023		Mar. 31,
2024		Jun. 30,
2024		Sept. 30,
2024		Dec. 31,
2024
Cost of revenue, exclusive of depreciation and amortization$1,229 $1,330 $1,385 $1,374 $1,453 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense(36)(33)(41)(36)(43)
Allocated overhead(7)(8)(9)(9)(9)
Adjusted cost of revenue$1,186 $1,289 $1,335 $1,329 $1,401 
Sales and marketing$460 $504 $509 $483 $541 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense(29)(25)(33)(30)(30)
Allocated overhead(3)(6)(6)(6)(7)
Adjusted sales and marketing$428 $473 $470 $447 $504 
Research and development$253 $279 $303 $289 $297 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense(119)(114)(141)(126)(126)
Allocated overhead(2)(5)(6)(7)(5)
Adjusted research and development$132 $160 $156 $156 $166 
General and administrative$320 $319 $494 $315 $324 
Adjusted to exclude the following:
Stock-based compensation expense and certain payroll tax expense(88)(83)(89)(83)(74)
Certain legal, tax, and regulatory settlements, reserves, and expenses(1)
(50)(35)(102)(13)(30)
Transaction-related costs— — (2)— (5)
Office lease impairment expenses— — (83)— — 
Allocated overhead from cost of revenue, sales and marketing, and research and development12 19 21 22 21 
Adjusted general and administrative$194 $220 $239 $241 $236 

(1)We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters and our historical Dasher pay model, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls, and (iv) donations as part of our relief efforts in connection with the COVID-19 pandemic. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.
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Three Months Ended
(In millions, except percentages)Dec. 31,
2023		Mar. 31,
2024		Jun. 30,
2024		Sept. 30,
2024		Dec. 31,
2024
Revenue$2,303 $2,513 $2,630 $2,706 $2,873 
Less: Cost of revenue, exclusive of depreciation and amortization(1,229)(1,330)(1,385)(1,374)(1,453)
Less: Depreciation and amortization related to cost of revenue(48)(54)(50)(49)(48)
Gross profit$1,026 $1,129 $1,195 $1,283 $1,372 
Gross Margin44.6 %44.9 %45.4 %47.4 %47.8 %
Less: Sales and marketing(460)(504)(509)(483)(541)
Add: Depreciation and amortization related to cost of revenue48 54 50 49 48 
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing65 58 74 66 73 
Add: Allocated overhead included in cost of revenue and sales and marketing10 14 15 15 16 
Contribution Profit $689 $751 $825 $930 $968 
Contribution Margin29.9 %29.9 %31.4 %34.4 %33.7 %
Three Months Ended
(In millions, except percentages)Dec. 31,
2023		Mar. 31,
2024		Jun. 30,
2024		Sept. 30,
2024		Dec. 31,
2024
Gross profit$1,026 $1,129 $1,195 $1,283 $1,372 
Add: Depreciation and amortization related to cost of revenue48 54 50 49 48 
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue36 33 41 36 43 
Add: Allocated overhead included in cost of revenue7 8 9 9 9 
Adjusted Gross Profit$1,117 $1,224 $1,295 $1,377 $1,472 
Adjusted Gross Margin48.5 %48.7 %49.2 %50.9 %51.2 %
Three Months Ended
(In millions)Dec. 31,
2023		Mar. 31,
2024		Jun. 30,
2024		Sept. 30,
2024		Dec. 31,
2024
Net income (loss) attributable to DoorDash, Inc. common stockholders$(154)$(23)$(157)$162 $141 
Add: Net loss attributable to redeemable non-controlling interests(2)(2)(1)(1)(2)
Net income (loss) including redeemable non-controlling interests$(156)$(25)$(158)$161 $139 
Certain legal, tax, and regulatory settlements, reserves, and expenses(1)
50 35 102 13 30 
Transaction-related costs— — 2 — 5 
Office lease impairment expenses— — 83 — — 
Provision for (benefit from) income taxes17 7 1 (6)37 
Interest income, net(51)(45)(49)(54)(51)
Other (income) expense, net101 2 5 6 (8)
Stock-based compensation expense and certain payroll tax expense272 255 304 275 273 
Depreciation and amortization expense130 142 140 138 141 
Adjusted EBITDA$363 $371 $430 $533 $566 

(1)We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters and our historical Dasher pay model, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, (iii) expenses related to supporting various policy matters, including those related to worker
11image_131b.jpg

classification, other labor law matters, and price controls, and (iv) donations as part of our relief efforts in connection with the COVID-19 pandemic. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.
Estimate of Certain Components of Stock-Based Compensation Expense
(in millions)2023 (Actuals)2024 (Actuals)20252026
CEO performance award(1)$104 $67 $7 $— 
Wolt retention and revesting150 143 130 50 
Pre-IPO RSUs: amortization of stepped-up value(2)67 49 3 — 
New hire, continuing employee, and other grants767 840 960 - 1,060NA
Total stock-based compensation expense$1,088 $1,099 $1,100 - 1,200NA
(1)In November 2020, our board of directors granted restricted stock units ("RSUs") to our Chief Executive Officer, Tony Xu, covering 10,379,000 shares of our Class A common stock, which we refer to here as the 2020 CEO Performance Award. The award is intended to be the exclusive equity award to Mr. Xu over a seven year performance period, which ends November 23, 2027. The award has nine tranches that are eligible to vest based on the achievement of stock price goals ranging from $187.60 to $501.00, measured using an average of our stock price over a consecutive 180-day period during the performance period. For more information on the 2020 CEO Performance Award, please refer to our annual proxy statement.
(2)Certain RSUs awarded prior to or around the time of our initial public offering have grant-date fair values that significantly exceed the fair value of the awards (“409A value”) prevailing at the time they were committed to employees. The amounts included here represent the stock-based compensation associated with the excess amount of the grant-date fair value over the 409A value.

Reconciliation of net cash provided by operating activities to Free Cash Flow
(in millions)Trailing Twelve Months Ended
Dec. 31,
2023		Mar. 31,
2024		Jun. 30,
2024		Sept. 30,
2024		Dec. 31,
2024
Net cash provided by operating activities$1,673 $1,829 $1,966 $2,099 $2,132 
Purchases of property and equipment(123)(101)(97)(101)(104)
Capitalized software and website development costs(201)(208)(209)(218)(226)
Free Cash Flow$1,349 $1,520 $1,660 $1,780 $1,802 


IR Contact:
ir@doordash.com
PR Contact:
press@doordash.com

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Exhibit 99.2

To our shareholders:

January is always a special time for me, in part because it’s the beginning of a new year, but also because I completed DoorDash’s first delivery over 12 years ago. While it was hard to articulate our company mission back then (we were a classroom project called PaloAltoDelivery.com, a domain that we acquired quickly for less than $10), it was easy to see the smile on the consumer’s face after receiving his order of chicken pad thai and spring rolls. It also felt good to be paid as the Dasher to turn a merchant’s creation into productive consumption. I had no idea in 2013 whether it’d be a good idea to turn our project into a company, but I had a feeling that building a company whose success would depend on growing the GDP within cities would be a worthwhile pursuit.
So many things today still relate to our earliest days of building DoorDash. Shopping from home or work continues to remain incremental to going out and inside stores. The utility that comes from great digital experiences and a high quality last mile logistics network that can deliver goods from every merchant in your community - as perishable as ice cream or french fries, as delicate as orchids or crickets, as bulky as mulch or lawn mowers, as valuable as iPads or big screen TVs - has increasing usefulness and enduring value. And we still believe growing GDP locally continues to represent the best way to create economic opportunity and lift everyone up. Put more simply, our mission to grow and empower local economies is as relevant today as it ever has been.
2024 was another record year for DoorDash. But it is implausible to think these results are the work of one year. Instead, we are proud of these results because of the many years of execution that led up to them. Our approach has relied on four key pillars: 1/ a consistent focus on improving the inputs to our product (more comprehensive selection, greater affordability, faster and more accurate delivery, and better customer service), 2/ keeping a high bar when we evaluate projects before injecting large amounts of capital, 3/ improving our unit economics as we improve the core product experience, and 4/ a continuous effort in getting more efficient. This isn’t to say that we don’t invest big, upfront, or for the long term when we see the opportunity to do so. On the contrary, we’ve invested significantly more over the past five years than any other period in our history to grow from a largely one product company operating in one country (the US) to a multi-product company operating in over 30 countries. I wanted to share some of the highlights from the past year.

•Total Marketplace GOV grew 20% YoY to $80.2B
•Revenue grew 24% YoY to $10.7B
•Net cash provided by operating activities grew 27% YoY to $2.1B and Free Cash Flow grew 34% YoY to $1.8B
•Selection on our Marketplaces increased YoY by over 100,000 stores; our catalog now spans over 11M grocery and retail products
•25% of total MAUs shopped our new verticals categories in December 2024, not just from restaurant menus. Key retailer launches on DoorDash Marketplace included Ahold Delhaize USA, Wegmans, Lowes, Ulta Beauty, and Walmart (Canada). DoorDash now serves 94 of the top 100 restaurants and 44 of the top 100 retailers in the US. Key Wolt retailer launches and expansions include Pet City, Carrefour, Phoenix, dm, and Tesco.
•DoorDash and Wolt Commerce Platform now serves over 250,000 merchants, supporting restaurants, grocers, florists, pharmacists and other retailers, helping enable online ordering and delivery through a merchant’s 1P channel
•In Q4, over 100,000 SMB restaurants, 83 out of the top 100 restaurants in the US, and 21 of the top 25 CPG advertisers in the US advertised on our US marketplace
•Merchant advertisers in 2024 had an average quarterly retention rate of over 85% and an average quarterly revenue retention rate of over 110%

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I think it’s helpful to put 2024 in perspective over a 5-year trajectory and use it as a way to reiterate our investment and operating philosophy. Compared to 2019, our business in 2024 is more than 9x bigger in GOV, 12x bigger in revenue, and is generating almost $2.4B more in Free Cash Flow. We’ve sustained growth throughout the years after COVID-19 while also significantly growing our profitability. It’s important to call out that our profitability grew even as we invested significantly more capital. For example, compared to 2019, our company in 2024 invested almost 11x more in research and development. Instead, the improvement to profitability was organic and came from our focus on improving our unit economics, staying disciplined on headcount growth, and only investing significant capital after we see signs of product market fit.
Over time, we aspire to be the biggest creator, operator and investor in the world in building local commerce products. We’re always looking to build new projects (like we once did with PaloAltoDelivery.com) and assess whether they’d turn into good businesses at different milestones. From our experience, great businesses tend to start from great products (usually a substantial leap better than what customers are accustomed to today) that exhibit strong retention and engagement, demonstrate a path to strong unit economics, and ride on a trend or set of trends that both create a large market and suggest such behavior will endure. So far on our journey, we’ve been lucky to find five large areas where we believe we can build great businesses: US Restaurants, International Marketplace, US New Verticals, Commerce Platform, and Ads. (To be sure, we are also investing in search of future potential great areas for exploration.)
US Restaurants has been our largest and oldest area of exploration. This might be our closest category on its way to reaching “centicorn” status in scale, but even if we achieve that measure, we’ll be only 10% of the US restaurant industry in sales. Certainly, if we had every restaurant, offered at prices cheaper than cooking, with perfect quality and speed, we’d envision this business achieving even greater levels of success. While we are not yet close to offering this ideal, we have made significant progress and believe we have a long runway to continue improving. But such improvement is hard won. After all, with each successive cohort, expectations rise, the easy wins disappear and usually, engagement drops. One sign of our progress comes from the continued strength in our consumer cohorts. When we review our most recent 2024 cohorts, we see new cohorts with significantly higher engagement than our pre-COVID cohorts, and their engagement level has stayed consistent for the past couple of years. In addition, each of our more mature cohorts grew their order rates through the year.
There hasn’t been one thing we’ve done to improve the quality and performance of our systems. Beyond rising customer expectations, our product lives in the physical world, where the edge cases are everywhere. Quantitatively speaking, we now average over seven million deliveries per day, which means a “one in a million” incident happens seven times a day. There are extremes in the distribution like holidays or, heaven forbid, natural disasters that seem to come with greater frequency. But the 16 ounce jar of peanut butter that is out of stock, the forgotten side of ranch dressing, the pet food substitute that is a tad off, the employee who called in sick and led to a late start to the lunch shift, the parking lot that was congested, the delivery address that required a gate code that was missed in the checkout flow; these are just a few examples of what happens every hour when we operate. In traditional software engineering, these examples might be viewed as edge cases. In our world, they are the routine. We must build systems that both predict and prevent such edge cases from degrading operations and respond instantaneously when something goes awry.
The overwhelming majority of the time when we do deliveries, everything goes smoothly and it almost seems our systems have been overbuilt. However, in cases where there is an issue, boy are we glad we’ve built observability, a single source of truth, alerting, and response tools to solve the problem. And when the stakes are highest, we must be the most ready. One such system we built, called SafeChat+, is an alerting system that applies AI to assess when a physical incident might take place and proactively addresses the issue to help us maximize safety for all of our audiences.
There is a reason why the name of the company is DoorDash, unrestricted to food. That’s because local economies do not grow from restaurants alone, and it was a matter of time before we'd serve other types of retailers. We launched US New Verticals in the middle of 2020 with a focus on Grocery and Convenience. Since then, we’ve expanded to launch Alcohol, Pets, Flowers, Health and Beauty, Sporting Goods, and in 2024, we launched the Home Improvement category.
In 2024, almost 1 in 2 consumers in the US who are new to ordering delivery in the Grocery, Convenience, and Alcohol categories through a third-party marketplace placed their first order on DoorDash. At current course and speed, we anticipate we will be doing more of these types of deliveries next year than any other third-party marketplace in the US.
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We’ve also improved our unit economics for the third straight year in US New Verticals and are on a path to generate strong profitability in the future.
Despite this progress, our journey with US New Verticals is just at its beginning. We’re a long way away from building the ideal product. We have lots of work to do to give consumers more comprehensive selection of the stores they shop from, greater accuracy to receive the exact items they ordered, and better prices delivered with the same or greater convenience. This is also an area where investing in scale matters, and when you consider an estimated combined $5T of spend in the US in grocery and retail, these categories represent a significant potential source of profit dollars. Finally, we’re far from our goal of empowering every retailer to become a digital native. As we continue to build toward that outcome and give the same tools we use for our marketplace to retailers creating their own first party digital businesses, it will lead to a world where consumers have maximum choice and local commerce will be democratized into the hands of all merchants, and not just a few.
Growing and empowering local economies is not only a US mission and GDP growth locally remains the best offense for every society. Another large investment area for us has been our work in building our International Marketplace. Today, our services address over 800M people, less than 10 percent of the world. And in the geographies where we operate, just 100M people (a little over 12%) have ordered on our platforms in the past year. Even though it’s just the beginning, we’ve seen quite encouraging evidence that our products are resonating and the way we operate is working. We believe we are #1 or #2 in 20 out of 25 countries where we have transactional data, and are generally outgrowing peers. Internally, we see positive developments across each of our input metrics. In 2024 we grew MAUs to another record high, increased average order frequency, and improved unit economics, which were positive across our international geographies for the second consecutive year. While it hasn’t been easy and we’ve certainly made mistakes, we’ve grown our confidence in building a global business. When we take a multi-decade view, food delivery is just the start. There ought to be no reason why we can’t take the local commerce products we build from one country to serve another. In fact, we’ve seen even faster adoption of our non-restaurant products internationally than in the US. In Israel, as one anecdote, the iPhone 16 was launched on Wolt!

Our experience building US Restaurants has taught us that it is possible to simultaneously grow fast and achieve profitability. In fact, we found that solving for growth “or” profitability can be a false dichotomy. For example, reducing waste in our logistics system is one clear way to solve for both. If Dashers never had to wait for an order and items never had to sit idle, consumers and merchants certainly would benefit from faster delivery and the entire system would incur lower costs. But the “and” solutions rarely can be found in any silver bullet. The hard work comes in searching for the many small details that have a positive reward and risk tradeoff. Operationalizing this system of experimentation, feedback, and making tradeoffs between success metrics and constraints is a perennial process we continue to strive at improving and something we are applying as we build New Verticals and our International Marketplace.
2024 was a great year at DoorDash. And even though our business today is far larger and more complex than when I performed DoorDash’s first delivery or even as recently as five years ago, our mission and approach to building this business remains the same: 1/ focus on the customer, 2/ make small investments to prove product market fit, and only then double down, 3/ operate at the lowest level of detail, which includes solving for the edge cases and finding the “and” solutions, and 4/ take a long-term view. I want to end by giving a special shoutout to the DoorDash team, a group that shows up and makes progress day after day, week after week, month after month. We hold ourselves to a high bar at DoorDash, and we are always trying to raise it.

Thank you for investing and building alongside us.
tonyxu-signature.jpg
Tony Xu
CEO and Co-founder, DoorDash
January 2025
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Forward-Looking Statements

This shareholder letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” "aim," “will,” “should,” “expect,” “plan,” "try," “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategies, plans, or intentions. Forward-looking statements in this shareholder letter include, but are not limited to: our expectations regarding our financial position and operating performance; our expectations regarding our new verticals categories, international business and platform innovation; our plans and expectations regarding our overall business strategy and investment approach; our operational philosophy; our strategies and expectations regarding improvements to our products and services; our expectations regarding our growth prospects and our local commerce opportunity; trends in our business, including trends regarding our customer engagement; and demand for our platform and for local commerce platforms in general. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties related to: competition; managing our growth and corporate culture; financial performance, including our ability to forecast our performance due to our limited operating history; investments in new geographies, products, or offerings; our ability to attract merchants, consumers, and Dashers to our platform; legal proceedings and regulatory matters and developments; any future changes to our business or our financial or operating model; and our brand and reputation. The forward-looking statements contained in this shareholder letter are also subject to other risks and uncertainties that could cause actual results to differ from the results predicted, including those more fully described in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and our quarterly reports on Form 10-Q. All forward-looking statements in this shareholder letter are based on information available to DoorDash and assumptions and beliefs as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law.
Use of Non-GAAP Financial Measures

To supplement our financial information presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), we consider certain financial measures that are not prepared in accordance with GAAP, including Free Cash Flow. We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with our board of directors concerning our business and financial performance. We believe that these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting Free Cash Flow, a non-GAAP financial measure, to assist investors in seeing our business and financial performance through the eyes of management, and because we believe that Free Cash Flow, and certain other non-GAAP financial measures, provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry.

We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs.

Our definition of Free Cash Flow may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish a similar metric. The use of Free Cash Flow may be further limited in that it does not include the impact of certain costs that are reflected in our consolidated statements of cash flows. Thus, our non-GAAP financial measures, including Free Cash Flow, should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
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Reconciliation of net cash provided by operating activities to Free Cash Flow
(in millions)Year Ended December 31,
201920232024
Net cash (used in) provided by operating activities$(467)$1,673 $2,132 
Purchases of property and equipment(78)(123)(104)
Capitalized software and website development costs(14)(201)(226)
Free Cash Flow$(559)$1,349 $1,802 
5image_1312.jpg
v3.25.0.1
Cover
Nov. 01, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 11, 2025
Entity Registrant Name DOORDASH, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39759
Entity Tax Identification Number 46-2852392
Entity Address, Address Line One 303 2nd Street
Entity Address, Address Line Two South Tower
Entity Address, Address Line Three 8th Floor
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94107
City Area Code 650
Local Phone Number 487-3970
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value of $0.00001 per share
Trading Symbol DASH
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001792789
Amendment Flag false
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