Executive Summary

Record quarter: Revenue $3.28B (+25% Y/Y), GAAP net income $285M, Adjusted EBITDA $655M; Net Revenue Margin expanded to 13.5% driven by logistics efficiency, ads mix, and lower credits/refunds .
Strong demand and engagement: Total Orders 761M (+20% Y/Y) and Marketplace GOV $24.24B (+23% Y/Y); DashPass/Wolt+ membership growth pushed order frequency to all‑time highs .
Guidance raised sequentially: Q3 2025 GOV $24.2–$24.7B and Adjusted EBITDA $680–$780M; SBC outlook reduced to $1.0–$1.1B while D&A raised to $660–$700M .
Beat vs S&P consensus: Revenue beat by ~$0.12B (+3.8%)* and Primary EPS materially beat; catalysts include margin expansion, ads scaling, and accelerating new verticals and international unit economics .

What Went Well and What Went Wrong

What Went Well

Net Revenue Margin expansion: 13.5% vs 13.1% in Q1 and 13.3% in Q2’24, driven by logistics efficiency, larger advertising mix, and lower credits/refunds .
New verticals strength: Growing much faster than restaurants, with increasing cohort size and order frequency; unit economics improved Y/Y, supported by platform scale and DashPass adoption .
International momentum: MAUs hit all‑time highs, Wolt+ membership accelerated, share gains across most countries, and gross profit positive with improving unit economics .

Management quotes:

“Ads… crossed a billion dollars of revenue run rate… focus… build the most successful marketplace” (Tony Xu) .
“H2 take rate is gonna be higher than the first half… improvements in quality… credits and refunds” (Ravi Inukonda) .
“International… growing… gaining share… unit economics… improved Y/Y” (Ravi Inukonda) .

What Went Wrong

Free cash flow down: FCF $355M vs $451M in Q2’24, impacted by working capital timing (expected to benefit 2H’25) .
GAAP G&A up Q/Q: $388M (+17% Q/Q) due to higher legal/tax/regulatory and transaction costs; although down 21% Y/Y from prior impairment/legal costs .
OpEx intensity concerns: Headcount adds in product/engineering to pursue high‑ROI areas; management targets leverage over time but near‑term spend remains elevated .

Financial Results

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Billions)	$2.873	$3.032	$3.284
GAAP Diluted EPS ($)	$0.33	$0.44	$0.65
Net Revenue Margin (%)	13.5%	13.1%	13.5%
GAAP Net Income ($USD Millions)	$141	$193	$285
Adjusted EBITDA ($USD Millions)	$566	$590	$655

KPIs and Unit Economics

KPI / Metric	Q4 2024	Q1 2025	Q2 2025
Total Orders (Millions)	685	732	761
Marketplace GOV ($USD Billions)	$21.279	$23.076	$24.244
GAAP Gross Profit ($USD Millions)	$1,372	$1,478	$1,608
Contribution Profit ($USD Millions)	$968	$1,020	$1,147
Free Cash Flow ($USD Millions)	$420	$494	$355

Results vs S&P Global Consensus (Q2 2025)

Metric	Consensus	Actual
Revenue ($USD Billions)	$3.164*	$3.284
Primary EPS ($)	1.07*	1.41*

Notes: Primary EPS reflects S&P Global’s definition; GAAP diluted EPS reported by DoorDash was $0.65 . Values with asterisk retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Marketplace GOV ($USD Billions)	Q2 2025	$23.3–$23.7	Actual $24.244	Beat guidance
Adjusted EBITDA ($USD Millions)	Q2 2025	$600–$650	Actual $655	Top of range
Marketplace GOV ($USD Billions)	Q3 2025	—	$24.2–$24.7	New guide (raised sequentially)
Adjusted EBITDA ($USD Millions)	Q3 2025	—	$680–$780	New guide (raised sequentially)
Stock‑Based Compensation ($USD Billions)	FY 2025	$1.1–$1.2	$1.0–$1.1	Lowered
Depreciation & Amortization ($USD Billions)	FY 2025	$0.60–$0.64	$0.66–$0.70	Raised
Share Repurchase	Ongoing	Authorized $5.0B; none repurchased as of May 5	Authorized $5.0B; none repurchased as of Aug 5	Unchanged

Earnings Call Themes & Trends

Topic	Q4 2024 (Prior Q‑2)	Q1 2025 (Prior Q‑1)	Q2 2025 (Current)	Trend
AI/technology initiatives	Emphasis on operational observability, safety systems (e.g., SafeChat+)	Affordability/product improvements; cohort health	Re‑architect search/personalization; org productivity gains from LLMs	Increasing scope; productivity focus
Ads business	Ads supporting revenue growth	Ads retention strong; >100k SMB advertisers	Ads >$1B run‑rate; Symbiosys offsite expansion; ROAS discipline	Scaling; broader channels
New verticals (grocery/retail)	Added key retailers; unit economics improved 3rd year	Cohorts expanding; share gains; path to volume leadership	Faster growth than restaurants; higher baskets; improving unit economics	Accelerating
International/Wolt	Positive unit economics; #1/#2 in majority markets	Double‑digit MAUs; Wolt+ doubled; Deliveroo offer	MAUs at highs; Wolt+ fastest yet; share gains; better unit economics	Sustained outperformance
Memberships (DashPass/Wolt+)	22M members exiting 2024	Growth accelerated; reduced churn	Strong quarter; older cohorts engage more; frequency higher	Strengthening
Regulatory/legal	Capital allocation; repurchase authorization	Policy/portable benefits; NYC fee caps commentary	Ongoing legal/regulatory costs in G&A; portable benefits momentum	Active engagement
Autonomy/robotics/drone	Investments stepping up	Coco sidewalk, Wing tests; CapEx uptick	End‑to‑end autonomy view; partner ecosystem; US regulatory progress	Building capabilities
OpEx/leverage	Operating cost leverage targeted	Seasonal S&M; invest where ROI high	~2% of GOV model for fixed OpEx; automation push	Managing for efficiency

Management Commentary

Tony Xu (AI/product): “Rethink your entire business… marry the best of what the technology brings… pragmatic benefits to different use cases” .
Ravi Inukonda (take rate): “H2… take rate is gonna be higher than the first half… benefit from Dasher costs… ads becoming a larger portion” .
Tony Xu (ads strategy): “Build the most successful marketplace… best consumer experience… ads will scale” .
Ravi Inukonda (new verticals): “Growing much faster than… core restaurants… cohorts engaging more… order frequency… all‑time highs” .
Ravi Inukonda (international): “MAUs… all‑time high… gaining share… unit economics improved Y/Y” .

Q&A Highlights

Net revenue margin drivers and trajectory: Seasonality in Dasher costs, quality improvements reducing credits/refunds, ads mix; H2 take rate expected higher .
New verticals profitability and scale: Structural advantages (existing consumers/dashers), strong unit economics, reinvest to drive retention and frequency .
DashPass growth mechanisms: Product usefulness is the “80,” partner ecosystem the “20”; older cohorts increasing engagement .
International execution: Wolt+ growth faster than DashPass at similar stage; all‑time high MAUs; unit economics improving .
Autonomy roadmap: Solve end‑to‑end system (first/last 10 feet), form factors tailored to use cases; partner ecosystem and internal work continue .

Estimates Context

Revenue: DoorDash delivered $3.284B vs S&P Global consensus $3.164B, a beat of ~$0.12B (+3.8%)* .
EPS: S&P “Primary EPS” actual $1.41 vs $1.07 consensus*, indicating a significant beat; DoorDash’s GAAP diluted EPS was $0.65 .
Implication: Street likely to lift revenue/EPS estimates on stronger net revenue margin and engagement trends; note definitional differences (Primary vs GAAP EPS). Values retrieved from S&P Global.

Key Takeaways for Investors

Margin expansion is broad‑based and durable: logistics efficiency, ads mix, and lower credits/refunds supported 13.5% net revenue margin; management guides H2 take rate above H1 .
Demand still compounding: Record Total Orders and GOV with membership‑driven frequency gains; new verticals and international are additive growth engines .
Ads is a scaled profit lever: >$1B run‑rate and Symbiosys expands offsite reach; ROAS discipline suggests sustained monetization without degrading UX .
Near‑term cash flow dip is timing: FCF down due to working capital; management expects reversal in 2H’25 .
Guidance constructive: Q3 GOV $24.2–$24.7B and Adjusted EBITDA $680–$780M; SBC lowered and D&A raised—net signal of confident investment posture .
Watch regulatory and integration pipeline: Deliveroo slated for Q4 close (excluded from outlook), SevenRooms adds SaaS/analytics; monitor legal/tax costs within G&A .
Trading lens: Positive estimate revisions and margin narrative are supportive; any signs of membership/frequency deceleration, ad monetization trade‑offs, or regulatory costs could temper multiple expansion .

Citations:
Press release/8‑K Q2 2025:
Earnings call Q2 2025:
Prior quarter Q1 2025:
Q4 2024 letter/press:
Ads update (Symbiosys):
Note: Values with asterisk were retrieved from S&P Global.

DoorDash, Inc. (DASH)·Q2 2025 Earnings Summary