Start here if you're new
what it is
DoorDash runs the app that gets your food, groceries, and other local stuff to your door.
how it gets paid
Last year Dash made $13.7B in revenue. Restaurant marketplace was the main engine at $10.56B, or 77% of sales.
why it's growing
Revenue grew 27.9% last year. Revenue still grew 37.7% vs. prior year to $3.96B.
what just happened
DoorDash posted $0.48 EPS, missing the $0.61 estimate by 21.3%, even as quarterly revenue reached $3.96B.
At a glance
B+ balance sheet — decent shape, but not bulletproof
20/100 earnings predictability — expect surprises
71.7x trailing p/e — you're paying up for this one
10.0% return on capital — nothing to write home about
xvary composite: 41/100 — below average
What they do
DoorDash runs the app that gets your food, groceries, and other local stuff to your door.
DoorDash wins because it already has the demand. Web data shows roughly 67% to 68% U.S. food delivery share, versus about 23% for Uber Eats. Network effects (more users bring more merchants, which brings more drivers) → the marketplace gets denser → your order gets fulfilled faster.
How they make money
$13.7B
annual revenue · their business grew +27.9% last year
Restaurant marketplace
$10.56B
+23.0%
Grocery and retail delivery
$2.19B
+45.0%
Advertising and merchant promos
$0.55B
+40.0%
Subscriptions and other
$0.42B
+20.0%
The products that matter
restaurant marketplace delivery
Restaurant Delivery
$13.7B · 100% of disclosed sales
it's the entire disclosed revenue base today. when you buy DASH, you are still mostly buying a $13.7B food and convenience delivery machine.
core engine
membership and repeat ordering
DashPass
no breakout disclosed
the snapshot does not break out DashPass revenue. what you do know is that it sits inside a $13.7B platform where repeat orders matter, because frequency makes the network denser and each delivery route more productive.
retention lever
retail store delivery
Retail Delivery
1,000 + 7,000 new locations
old navy added roughly 1,000 locations and family dollar added roughly 7,000. that matters because retail is how DoorDash tries to turn a meal app into a broader local-commerce habit.
expansion bet
Key numbers
71.7x
trailing p/e
P/E (price-to-earnings) → how much you pay for each dollar of profit → you are paying a luxury multiple for a still-maturing business.
$21B
2028 revenue
That is the 2028 revenue target embedded in analyst models, up from $13.7B today, so your upside depends on roughly $7.3B of extra sales showing up.
5.3%
operating margin
Operating margin → profit after running the business → so what, DoorDash still has less room for mistakes than software names investors price this richly.
10.0%
return on capital
Return on capital → profit earned on money put into the business → so what, decent but not yet elite for a stock priced like one.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- net profit margin 11.9% — keeps 12 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in DASH 3 years ago → it's now worth $39,230.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
DoorDash posted $0.48 EPS, missing the $0.61 estimate by 21.3%, even as quarterly revenue reached $3.96B.
Revenue still grew 37.7% vs. prior year to $3.96B, based on MarketBeat data cited in the prompt. The quiet part is simple: the company kept growing fast, but profit did not keep up with expectations this quarter.
$3.96B
revenue
$0.48
eps
21.3%
eps surprise
the number that mattered
The key number was the 21.3% EPS miss, because a stock at 71.7x earnings gets punished faster for profit misses than for small revenue misses.
-
doordash posted yet another quarter of strong results for the third stanza of 2025.
-
revenues were up 27% vs. prior year, exceeding our estimate.
-
for the first time in several quarters, the bottom line did not beat our mark, but nonetheless saw growth of 45% from the like year-ago period.
-
although we did slightly trim our earnings outlook, we still anticipate strong growth, and we have raised our revenue forecast.
-
the company has continued to expand its network of retail partners.in november, it announced partnerships with old navy and family dollar, allowing doordash users to order from approximately 1,000 old navy locations and 7,000 family dollar locations across the u.s. the deal with family dollar also saw the retailer added to doordash’s dashpass service, which offers subscribers reduced fees and free delivery at select restaurants and retailers. these sorts of expansions remain vital to doordash’s long-term strategy of becoming the premier last-mile logistics provider and a major channel for retail. it isn’t trying to be an everything store so much as, simply, all the stores, offered through one ordering platform with fulfillment times of less than an hour. we think that this approach has potential and continuing additions of national retail partners suggest it is proceeding well.
source: company earnings report, 2026
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What could go wrong
the top risk is order growth slowing before the margin story is fully proven. DoorDash trades like a company with years of clean execution left, so even a decent quarter can disappoint if growth cools toward the $16B revenue path too soon.
high
consumer order slowdown
delivery is convenient, but it still depends on customers paying for that convenience often enough to keep routes dense and merchants engaged.
a slowdown hits the whole $13.7B revenue base. the snapshot does not show another disclosed segment big enough to carry the story on its own.
med
gig-worker regulation
if driver classification or pay rules change, cost per delivery changes with them. that shows up in the model fast because labor flexibility is part of the business design.
with a 12.5% operating margin and 8.7% net margin, there is profit to protect. there is not a giant buffer if delivery economics move the wrong way.
med
valuation compression
an $88B market cap against $13.7B in revenue is a stock where expectations matter almost as much as results.
if the path to $16B revenue wobbles, the multiple can shrink even while the business keeps growing.
med
thin segment disclosure
the snapshot gives you one disclosed revenue line and no DashPass breakout. that makes it harder to judge how much of the next leg is coming from food, retail, or subscription behavior.
when a stock is priced for a broader local-commerce future, limited segment detail leaves you leaning harder on management's narrative and less on clean segment proof.
all four risks point to the same place: the market is paying for growth plus margin improvement plus category expansion. if one leg breaks, you are left with a good company and a less forgiving stock.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
the bridge from $13.7B to $16B
that revenue step is the cleanest scoreboard on the page. if DASH starts missing that path, the premium setup gets harder to defend.
trend
operating margin staying above 12.5%
growth matters. growth with improving margin is the thesis. if this number slips while revenue still rises, scale is not doing as much work as the market assumed.
earnings
whether EPS keeps outrunning revenue
Q4 EPS came in at $0.55 and full-year EPS hit $3.20. you want the next print to show profit still growing at least as fast as sales.
risk
regulation around gig work
the network works because delivery capacity stays flexible. if labor rules change, the hit lands in margins before it lands in presentation slides.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts are cooler on the next 6–12 months than on the business itself.
risk profile
below average
stability score 4 — this stock moves more than most. you are buying a growth name, not a bunker.
chart momentum
top 20%
technical score 2 — the tape looks better than the overall risk profile. welcome to a stock where sentiment and fundamentals do not always agree.
earnings predictability
20 / 100
forecasts still move around a lot. if you own it, expect revisions and bigger reactions when earnings hit.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 653 buyers vs. 390 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$151
$340
$161
current price
$246
target midpoint · +52% from current · 3-5yr high: $325 (+60% · 10% ann'l return)
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