DoorDash’s dominant U.S. network and expanding local-commerce platform support attractive long-term growth, while driver regulation, acquisition integration, and a 25x base-case exit P/E temper the upside.
Overview
DoorDash operates a global local-commerce and logistics marketplace connecting consumers, merchants, and independent Dashers across more than 40 countries. Its DoorDash and Wolt apps span restaurants, grocery, convenience, alcohol, and retail, with additional monetization from merchant commissions, consumer fees, subscriptions, advertising, and merchant software. In late 2025, the $3.724 billion Deliveroo acquisition expanded its U.K., Western European, and Middle Eastern footprint. The company reported FY2025 revenue of $13.717 billion, up 27.9%, and Q2 2026 revenue of $4.454 billion, up 35.6% (24% excluding Deliveroo); orders grew 27% and GOV 36%. Adjusted EBITDA increased 39.5% to $914 million, while GAAP net income declined 30% to $200 million, partly reflecting acquired-intangible amortization. Its estimated 56%–68% U.S. food-delivery share, over 35 million loyalty members, and $2.150 billion of TTM free cash flow support the platform’s competitive position. At $169.50, shares traded at about 4.9x TTM sales, 34.4x TTM FCF, and 29.0x FY2026E earnings. **The key near-term catalyst is grocery and retail reaching positive aggregate gross profit by year-end 2026**, alongside advertising growth and integration synergies; labor regulation and dilution remain major risks.