DoorDash DASH
DoorDash reports $4.62 billion revenue for Q3 2026
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001792789-26-000070
- Revenue: $4.62 billion for the three months ended Sep 30, 2026
- Net income: $466 million for the three months ended Sep 30, 2026
- Diluted EPS: $1.06 for the three months ended Sep 30, 2026
- Cash and equivalents: $5.05 billion at Sep 30, 2026
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
What changed
53 changes since the June 2026 10-Q
Compared with the 10-Q 0001792789-26-000050, filed Aug 5, 2026.
New legal mention
These indemnification agreements generally remain in effect indefinitely after execution.
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These indemnification agreements generally remain in effect indefinitely after execution.New legal mention
As of September 30, 2026, the Company had $ 254 million of collateral outstanding in the form of surety bonds, as well as $ 243 million letters of credit issued under the Credit Agreement (as defined below) in…
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As of September 30, 2026, the Company had $ 254 million of collateral outstanding in the form of surety bonds, as well as $ 243 million letters of credit issued under the Credit Agreement (as defined below) in connection with the insurance collateral requirement.New legal mention
The Company's obligations under the revolving credit facility are not guaranteed by any of its subsidiaries.
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The Company's obligations under the revolving credit facility are not guaranteed by any of its subsidiaries.New legal mention
The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and/or certain of its subsidiaries' ability to, among other things, incur indebtedness…
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The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and/or certain of its subsidiaries' ability to, among other things, incur indebtedness, incur liens, and undergo certain fundamental changes, in each case, subject to customary exceptions for a credit facility of this size and type.New legal mention
On September 1, 2026, concurrent with an investment described in Note 6 - "Fair Value Measurements", the Company entered into a definitive agreement with Grubhub Holdings Inc. to acquire Grubhub Campus Dining for…
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On September 1, 2026, concurrent with an investment described in Note 6 - "Fair Value Measurements", the Company entered into a definitive agreement with Grubhub Holdings Inc. to acquire Grubhub Campus Dining for approximately $ 300 million in cash, subject to customary adjustments.New legal mention
Grubhub Campus Dining, which was originally formed through Grubhub Inc.'s acquisition of Tapingo Ltd. ("Tapingo"), is a provider of campus dining solutions serving colleges and universities across the United States.
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Grubhub Campus Dining, which was originally formed through Grubhub Inc.'s acquisition of Tapingo Ltd. ("Tapingo"), is a provider of campus dining solutions serving colleges and universities across the United States.New legal mention
The transaction, which comprises Grubhub Campus Dining and its underlying Tapingo technology, is expected to close by the first half of 2027, subject to certain customary closing conditions and regulatory review.
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The transaction, which comprises Grubhub Campus Dining and its underlying Tapingo technology, is expected to close by the first half of 2027, subject to certain customary closing conditions and regulatory review.New legal mention
During the three months ended September 30, 2026, the Company did not repurchase any shares of its Class A common stock under the share repurchase program.
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During the three months ended September 30, 2026, the Company did not repurchase any shares of its Class A common stock under the share repurchase program.New legal mention
The weighted-average fair value per share of RSUs granted during the nine months ended September 30, 2025 and 2026 was $ 188.89 and $ 188.84 , respectively.
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The weighted-average fair value per share of RSUs granted during the nine months ended September 30, 2025 and 2026 was $ 188.89 and $ 188.84 , respectively.New legal mention
Cost of revenue, exclusive of depreciation and amortization $ 39 $ 39 $ 109 $ 122
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Cost of revenue, exclusive of depreciation and amortization $ 39 $ 39 $ 109 $ 122• adverse market reaction to an acquisition.
In contrast to mergers and acquisitions, strategic investments inherently involve less control by us over the business operations of the investee, thereby potentially increasing the financial, legal, operational…
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• adverse market reaction to an acquisition. In contrast to mergers and acquisitions, strategic investments inherently involve less control by us over the business operations of the investee, thereby potentially increasing the financial, legal, operational, regulatory, or compliance risks associated with the joint venture or strategic investment. In addition, we may be dependent on partners, controlling shareholders, management, or other persons or entities who control them and who may have business interests, strategies, or goals that are inconsistent or competitive with ours. Business decisions or other actions or omissions of the partners, controlling shareholders, management, or other persons or entities who control them may adversely affect the value of our investment, result in litigation or regulatory action against us, and may otherwise damage our reputation and brand. Our ability to sell, transfer, or otherwise realize value from our investments may be limited by applicable securities laws and regulations. Entry into certain transactions with non-U.S. entities now or in the future may be subject to government regulations, including review related to foreign direct investment by U.S. or non-U.S. government entities. If a transaction with a non-U.S. entity is subject to regulatory review, such regulatory review might limit our ability to enter into the desired strategic alliance and thus our ability to carry out our long-term business strategy. We can provide no assurance that our strategic investments will generate returns for our business, or that we will not lose our initial investment in whole or in part. For example, during the quarter ended December 31, 2023, we recorded an impairment of $101 million associated with non-marketable equity securities that we acquired in connection with strategic investments. If we fail to address the foregoing risks or other problems encountered in connection with our past or future acquisitions and investments, our…Although we do not expect to rely on the "controlled company" exemption under the listing standards of…
As a result of our multi-class common stock structure and the Voting Agreement, our Co-Founders collectively hold a majority of the voting power of our outstanding capital stock as of June 30, 2026, and Mr.
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Although we do not expect to rely on the "controlled company" exemption under the listing standards of Nasdaq, we expect to have the right to use such exemption and therefore we could in the future avail ourselves of certain reduced corporate governance requirements. As a result of our multi-class common stock structure and the Voting Agreement, our Co-Founders collectively hold a majority of the voting power of our outstanding capital stock as of June 30, 2026, and Mr. Xu has the authority (and irrevocable proxy) to direct the vote and vote the shares of Class B common stock held by Messrs. Fang and Tang, and their respective permitted entities and permitted transferees, at his discretion on all matters to be voted upon by stockholders. Therefore, we are considered a "controlled company" as that term is set forth in the listing standards of Nasdaq. Under these listing standards, a company in which over 50% of the voting power for the election of directors is held by an individual, a group, or another company is a "controlled company" and may elect not to comply with certain listing standards of Nasdaq regarding corporate governance, including requirements that a majority of its board of directors consist of independent directors, a compensation committee be composed of independent directors, and that there is independent director oversight over the director nomination process. Such corporate governance requirements would not apply to us if, in the future, we choose to avail ourselves of the "controlled company" exemption. Although we qualify as a "controlled company," we do not currently expect to rely on these exemptions and intend to fully comply with all corporate governance requirements under the listing standards of Nasdaq. However, if we were to utilize some or all of these exemptions, we would not comply with certain of the corporate governance standards of Nasdaq, which could adversely affect the protections for other stockholders.Net income up 133% from Jun 30
$466M, was $200M.
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$200MNow
$466MEPS up 130% from Jun 30
$1.06, was $0.46.
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$0.46Now
$1.06Cash up 14% from Jun 30
$5.1B, was $4.4B.
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$4.4BNow
$5.1BRevenue up 3.6% from Jun 30
$4.6B, was $4.5B.
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$4.5BNow
$4.6BAcquisitions and similar strategic transactions involve numerous risks, any of which could harm our business…
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Acquisitions and similar strategic transactions involve numerous risks, any of which could harm our business and negatively affect our financial condition and results of operations, including: • intense competition for suitable acquisition and strategic transaction targets, which could increase prices and adversely affect our ability to consummate deals on favorable or acceptable terms; • difficulties associated with managing a larger, more complex, combined company; • difficulties integrating and realizing the anticipated benefits of new business models, lines of business, and adjacent technologies from acquisitions into our operations; • difficulties integrating the technologies and operations, including compensation structures, existing contracts, and personnel, of an acquired business; • difficulties retaining, integrating, and motivating key employees or business partners of an acquired business, and difficulties retaining or motivating our existing key employees or business partners after an acquisition; • difficulties retaining merchants, consumers, and Dashers, as applicable, of an acquired business; • challenges integrating internal controls, procedures, and policies and accounting, finance, and forecasting practices of acquired businesses with our own, especially in the context of international businesses; • challenges relating to the structure of an investment, such as governance, accountability, operations, expense sharing, and decision-making conflicts, that may arise in the context of a joint venture or other majority ownership investment; • challenges with integrating the brand identity of an acquired company with our own; • difficulties in operating a geographically dispersed organization, including as a result of different time zones, languages, and cultural, political, and business practices; • currency, regulatory, geopolitical, and compliance risks associated with non-U.S. jurisdictions and entry into new jurisdictions and markets; • diversion…Now
Acquisitions and similar strategic transactions involve numerous risks, any of which could harm our business and negatively affect our financial condition and results of operations, including: • intense competition for suitable acquisition and strategic transaction targets, which could increase prices and adversely affect our ability to consummate deals on favorable or acceptable terms; • difficulties associated with managing a larger, more complex, combined company; • difficulties integrating and realizing the anticipated benefits of new business models, lines of business, and adjacent technologies from acquisitions into our operations; • difficulties integrating the technologies and operations, including compensation structures, existing contracts, and personnel, of an acquired business; • difficulties retaining, integrating, and motivating key employees or business partners of an acquired business, and difficulties retaining or motivating our existing key employees or business partners after an acquisition; • difficulties retaining merchants, consumers, and Dashers, as applicable, of an acquired business; • challenges integrating internal controls, procedures, and policies and accounting, finance, and forecasting practices of acquired businesses with our own, especially in the context of international businesses; • challenges relating to the structure of an investment, such as governance, accountability, operations, expense sharing, and decision-making conflicts, that may arise in the context of a joint venture or other majority ownership investment; • challenges with integrating the brand identity of an acquired company with our own; • difficulties in operating a geographically dispersed organization, including as a result of different time zones, languages, and cultural, political, and business practices; • currency, regulatory, geopolitical, and compliance risks associated with non-U.S. jurisdictions and entry into new jurisdictions and markets; • diversion…Our pricing methodologies are impacted by a number of factors, and we may not ultimately be successful in…
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Our pricing methodologies are impacted by a number of factors, and we may not ultimately be successful in attracting and retaining merchants, consumers, and Dashers. Demand for our platform is highly sensitive to a range of factors, including the price of the goods delivered, the amount of compensation and gratuities required to attract and retain Dashers, incentives paid to Dashers, and the fees and commissions we charge merchants and consumers. Many factors, including operating costs, legal and regulatory requirements, constraints, or changes, and our current and future competitors' pricing and marketing strategies, could significantly affect our pricing strategies. For example, some jurisdictions in which we operate have established minimum earnings standards for certain delivery workers, including Dashers, and other types of regulation, and we expect other such measures may be enacted in the future. These minimum earnings standards and similar regulations have caused, and may in the future cause, us to increase the fees we charge to consumers and merchants. Certain of our competitors offer, or may in the future offer, lower-priced or a broader range of offerings. Similarly, certain competitors may use marketing strategies that enable them to attract and retain new merchants, consumers, and Dashers at a lower cost than us. There is no assurance that we will not be forced, through competition, regulation, or otherwise, to reduce the price of delivery for consumers, increase the amounts we pay to Dashers that utilize our platform, further reduce the fees and commissions we charge merchants, or increase our marketing and other expenses to attract and retain merchants, consumers, and Dashers in response to competitive pressures. We have launched, and may in the future launch, new pricing strategies and initiatives, including Dasher or consumer loyalty programs, or modify existing pricing methodologies, the way in which fees, taxes, or similar items are presented on…Now
Our pricing methodologies are impacted by a number of factors, and we may not ultimately be successful in attracting and retaining merchants, consumers, and Dashers. Demand for our platform is highly sensitive to a range of factors, including the price of the goods delivered, the amount of compensation and gratuities required to attract and retain Dashers, incentives paid to Dashers, and the fees and commissions we charge merchants and consumers. Many factors, including operating costs, legal and regulatory requirements, constraints, or changes, and our current and future competitors' pricing and marketing strategies, could significantly affect our pricing strategies. For example, some jurisdictions in which we operate have established minimum earnings standards for certain delivery workers, including Dashers, and other types of regulation, and we expect other such measures may be enacted in the future. These minimum earnings standards and similar regulations have caused, and may in the future cause, us to increase the fees we charge to consumers and merchants. Certain of our competitors offer, or may in the future offer, lower-priced or a broader range of offerings. Similarly, certain competitors may use marketing strategies that enable them to attract and retain new merchants, consumers, and Dashers at a lower cost than us. There is no assurance that we will not be forced, through competition, regulation, or otherwise, to reduce the price of delivery for consumers, increase the amounts we pay to Dashers that utilize our platform, further reduce the fees and commissions we charge merchants, or increase our marketing and other expenses to attract and retain merchants, consumers, and Dashers in response to competitive pressures. Pricing practices, including when prices and fees are displayed to consumers during the ordering process and how prices, fees, and discounts may be set, face growing public, media, and regulatory scrutiny. Negative public reaction to, or…Our company culture has contributed to our success and if we cannot maintain and evolve our culture as we…
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Our company culture has contributed to our success and if we cannot maintain and evolve our culture as we grow, our business could be adversely affected. We believe that our company culture, which promotes authenticity, empathy, support for others, and bias for action, has been critical to our success. We face a number of challenges that may affect our ability to sustain our corporate culture, including: • failure to identify, attract, reward, and retain people in leadership positions in our organization who share and further our culture, values, and mission; • an increasing share of our workforce working remotely, on hybrid schedules, and spending less time collaborating in offices; • competitive pressures to move in directions that may divert us from our mission, vision, and values; • the increasing need to develop expertise in new areas of business that affect us; and • negative perception of our treatment of employees, merchants, consumers, and Dashers or our response to employee sentiment related to political or social causes or actions of management.Now
Our company culture has contributed to our success and if we cannot maintain and evolve our culture as we grow, our business could be adversely affected. We believe that our company culture, which promotes authenticity, empathy, support for others, and bias for action, has been critical to our success. We face a number of challenges that may affect our ability to sustain our corporate culture, including: • failure to identify, attract, reward, and retain people in leadership positions in our organization who share and further our culture, operating principles, and mission; • an increasing share of our workforce working remotely, on hybrid schedules, and spending less time collaborating in offices; • competitive pressures to move in directions that may divert us from our mission, vision, and operating principles; • the increasing need to develop expertise in new areas of business that affect us; and • negative perception of our treatment of employees, merchants, consumers, and Dashers or our response to employee sentiment related to political or social causes or actions of management.Changes in laws or regulations relating to privacy or the protection, transfer of data, or other processing…
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Changes in laws or regulations relating to privacy or the protection, transfer of data, or other processing of data relating to individuals, or any actual or perceived failure by us to comply with such laws and regulations or any other obligations relating to privacy or the protection, transfer of data, or other processing of data relating to individuals, could adversely affect our business. We receive, transmit, store, and otherwise process a large volume of personal data relating to the merchants, consumers, and Dashers that use our platform, as well as other personal data relating to our employees and other personnel. We are subject to a growing body of local, municipal, state, federal, national, and international laws and regulations in the jurisdictions where we operate that address privacy and the collection, storing, sharing, use, disclosure, protection, and processing of certain types of data, which may require the notification of certain security breaches involving personal data. These laws and regulations evolve frequently, and their scope may continually change through new legislation, amendments to existing legislation, or changes in enforcement, and such changes may be inconsistent from one jurisdiction to another. For example, many U.S. states have enacted comprehensive privacy legislation similar to the California Consumer Privacy Act and a growing number of U.S. states have enacted legislation addressing other privacy matters, such as cybersecurity and consumer health data and biometrics. With our operations in the EU, we are subject to data-related laws, such as the General Data Protection Regulation and Artificial Intelligence Act, as well as national data protection and privacy schemes in other countries in which we operate. Any changes in these laws or regulations or their interpretation or enforcement could add further complexity, variation in requirements, restrictions, and legal risk; require additional investment of resources in compliance…Now
Changes in laws or regulations relating to privacy or the protection, transfer of data, or other processing of data relating to individuals, or any actual or perceived failure by us to comply with such laws and regulations or any other obligations relating to privacy or the protection, transfer of data, or other processing of data relating to individuals, could adversely affect our business. We receive, transmit, store, and otherwise process a large volume of personal data relating to the merchants, consumers, and Dashers that use our platform, as well as other personal data relating to our employees and other personnel. We are subject to a growing body of local, municipal, state, federal, national, and international laws and regulations in the jurisdictions where we operate that address privacy and the collection, storing, sharing, use, disclosure, protection, and processing of certain types of data, which may require the notification of certain security breaches involving personal data. These laws and regulations evolve frequently, and their scope may continually change through new legislation, amendments to existing legislation, or changes in enforcement, and such changes may be inconsistent from one jurisdiction to another. For example, many U.S. states have enacted comprehensive privacy legislation similar to the California Consumer Privacy Act and a growing number of U.S. states have enacted legislation addressing other privacy matters, such as cybersecurity and consumer health data and biometrics. With our operations in the EU, we are subject to data-related laws, such as the General Data Protection Regulation and Artificial Intelligence Act, as well as national data protection and privacy schemes in other countries in which we operate. Any changes in these laws or regulations or their interpretation or enforcement could add further complexity, variation in requirements, restrictions, and legal risk; require additional investment of resources in compliance…We primarily rely on third-party payment processors to process payments made to merchants and Dashers and to…
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We primarily rely on third-party payment processors to process payments made to merchants and Dashers and to process payments made by consumers, and if we cannot manage our relationships with such third parties and other related risks, our business, financial condition, and results of operations could be adversely affected. We primarily rely on a third-party payment processor, Stripe, to process payments made to merchants and Dashers and third-party payment processors to process payments made by consumers, primarily Stripe and PayPal. Under our commercial agreements with Stripe and PayPal, each of these parties may terminate our relationship with advanced notice. If both Stripe and PayPal terminate their relationship with us or refuse to renew their agreements with us on commercially reasonable terms, we would be required to find alternate payment processors and may not be able to secure similar terms or a suitable replacement in an acceptable time frame. Further, the software and services provided by a replacement for Stripe or PayPal may not meet our expectations, may contain errors or vulnerabilities, and could be compromised or experience outages. Any of these risks could cause us to lose our ability to accept online payments or other payment transactions, verify payment information, or make timely payments to merchants and Dashers, any of which could disrupt our business for an extended period of time, make our platform less convenient and attractive to users, result in losses and legal liability to us, and adversely affect our ability to attract and retain qualified merchants, consumers, and Dashers. We also provide Dashers in the U.S. with access to certain banking services that facilitate, among other things, immediate access to their earnings. Through this offering, we act as a service provider to a bank and are contractually bound to adhere to certain banking or financial regulations that could subject us to regulatory review, proceedings, or audits…Now
We primarily rely on third-party payment processors to process payments made to merchants and Dashers and to process payments made by consumers, and if we cannot manage our relationships with such third parties and other related risks, our business, financial condition, and results of operations could be adversely affected. We primarily rely on a third-party payment processor, Stripe, to process payments made to merchants and Dashers and third-party payment processors to process payments made by consumers, primarily Stripe and PayPal. Under our commercial agreements with Stripe and PayPal, each of these parties may terminate our relationship with advanced notice. If both Stripe and PayPal terminate their relationship with us or refuse to renew their agreements with us on commercially reasonable terms, we would be required to find alternate payment processors and may not be able to secure similar terms or a suitable replacement in an acceptable time frame. Further, the software and services provided by a replacement for Stripe or PayPal may not meet our expectations, may contain errors or vulnerabilities, and could be compromised or experience outages. Any of these risks could cause us to lose our ability to accept online payments or other payment transactions, verify payment information, or make timely payments to merchants and Dashers, any of which could disrupt our business for an extended period of time, make our platform less convenient and attractive to users, result in losses and legal liability to us, and adversely affect our ability to attract and retain qualified merchants, consumers, and Dashers. We also provide Dashers in the U.S. with access to certain banking services that facilitate, among other things, immediate access to their earnings. Through this offering, we act as a service provider to a bank and are contractually bound to adhere to certain banking or financial regulations that could subject us to regulatory review, proceedings, or audits…Our platform, services, and operations depend on a wide variety of third-party software and services and any…
Drops "Any changes in these systems that degrade the functionality of our platform or give…".
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Our platform, services, and operations depend on a wide variety of third-party software and services and any interruption in services provided by these third parties could adversely affect our business and results of operations. Our business depends on users' access to our platform via a mobile device or personal computer and the Internet. We also have integrations with or otherwise utilize or rely on PayPal, Stripe, Olo, Google Maps, Amazon Web Services ("AWS"), and a variety of other third-party vendors. Our business would be disrupted, and we may have to seek alternative service providers, if the Internet or any of the third-party software or services we utilize, or functional equivalents thereof, were unavailable due to, among other reasons, extended outages or interruptions or because they are no longer available on commercially reasonable terms or prices. Third-party software, applications, products, platforms, and services, and the terms on which they are offered, are constantly evolving, and we may not be able to maintain or modify our platform to ensure its compatibility with third-party offerings. Updates to third-party software that integrates with our offerings could cause our platform to not operate as efficiently as it previously had or at all. In addition, some of our competitors or merchants on our platform may take actions that disrupt the interoperability of our platform with their own products or services, or exert strong business influence on our ability to operate and distribute our platform. Any changes in these systems that degrade the functionality of our platform or give preferential treatment to competitive services could adversely affect usage of our platform. We primarily host our platform and support our operations on data centers provided by AWS, a third-party provider of cloud infrastructure services, in a limited number of locations. We have experienced, and expect that in the future we will continue to experience, interruptions…Now
Our platform, services, and operations depend on a wide variety of third-party software and services and any interruption in services provided by these third parties could adversely affect our business and results of operations. Our business depends on users' access to our platform via a mobile device or personal computer and the Internet. We also have integrations with or otherwise utilize or rely on PayPal, Stripe, Olo, Google Maps, Amazon Web Services ("AWS"), and a variety of other third-party vendors. Our business would be disrupted, and we may have to seek alternative service providers, if the Internet or any of the third-party software or services we utilize, or functional equivalents thereof, were unavailable due to, among other reasons, extended outages or interruptions or because they are no longer available on commercially reasonable terms or prices. Third-party software, applications, products, platforms, and services, and the terms on which they are offered, are constantly evolving, and we may not be able to maintain or modify our platform to ensure its compatibility with third-party offerings. Updates to third-party software that integrates with our offerings could cause our platform to not operate as efficiently as it previously had or at all. In addition, some of our competitors or merchants on our platform may take actions that disrupt the interoperability of our platform with their own products or services, or exert strong business influence on our ability to operate and distribute our platform.Our revolving credit facility contains financial covenants and other restrictions on our actions that may…
Adds "under our revolving credit and guaranty agreement (as most recently amended and…"; drops ""Restated".
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Our revolving credit facility contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations. The terms of our revolving credit facility in effect as of August 5, 2026 (the "Restated Credit Facility") include a number of covenants that limit our ability and/or certain of our subsidiaries' ability to, among other things, incur indebtedness, grant liens, and undergo certain fundamental changes, including merging or consolidating with other companies or selling substantially all of our and our subsidiaries' assets, taken as a whole. We are also required to comply with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the Restated Credit Agreement (as defined below). The terms of our Restated Credit Facility may restrict our current and future operations and could adversely affect our ability to finance our future operations or capital needs. In addition, complying with these covenants may make it more difficult for us to successfully execute our business strategy, including potential acquisitions, and compete against companies that are not subject to such restrictions. A failure by us to comply with the covenants or payment requirements specified in the Restated Credit Agreement could result in an event of default under the agreement, which would give the lenders the right to terminate their commitments to provide additional loans under the Restated Credit Facility, to declare all borrowings outstanding, together with accrued and unpaid interest and fees, to be immediately due and payable, and to require cash collateral for any outstanding letters of credit issued under the facility. If not waived, these defaults could also cause our other then-outstanding indebtedness, including the 2030 Notes, to become immediately due and payable. If the debt under the Restated Credit Facility or other outstanding indebtedness…Now
Our revolving credit facility contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations. The terms of our revolving credit facility in effect as of August 5, 2026 (the "Credit Facility") under our revolving credit and guaranty agreement (as most recently amended and restated, the "Credit Agreement") include a number of covenants that limit our ability and/or certain of our subsidiaries' ability to, among other things, incur indebtedness, grant liens, and undergo certain fundamental changes, including merging or consolidating with other companies or selling substantially all of our and our subsidiaries' assets, taken as a whole. We are also required to comply with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the Credit Agreement. The terms of our Credit Facility may restrict our current and future operations and could adversely affect our ability to finance our future operations or capital needs. In addition, complying with these covenants may make it more difficult for us to successfully execute our business strategy, including potential acquisitions, and compete against companies that are not subject to such restrictions. A failure by us to comply with the covenants or payment requirements specified in the Credit Agreement could result in an event of default under the agreement, which would give the lenders the right to terminate their commitments to provide additional loans under the Credit Facility, to declare all borrowings outstanding, together with accrued and unpaid interest and fees, to be immediately due and payable, and to require cash collateral for any outstanding letters of credit issued under the facility. If not waived, these defaults could also cause our other then-outstanding indebtedness, including the 2030 Notes, to become immediately due and payable. If the debt under the Credit…The multi-class structure of our common stock and the Voting Agreement between our Co-Founders has the…
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The multi-class structure of our common stock and the Voting Agreement between our Co-Founders has the effect of concentrating voting power with Tony Xu, our co-founder, Chief Executive Officer, and Chair of our board of directors, which will limit your ability to influence the outcome of matters submitted to our stockholders for approval. Our Class A common stock has one vote per share, our Class B common stock has 20 votes per share, and our Class C common stock has no voting rights, except as otherwise required by law. Our Co-Founders together hold all of the issued and outstanding shares of our Class B common stock. As of June 30, 2026, Tony Xu, our co-founder, Chief Executive Officer, and Chair of our board of directors, Andy Fang, our co-founder, Head of LaunchPad, and a member of our board of directors, and Stanley Tang, our co-founder, Head of DoorDash Labs, and a member of our board of directors, collectively held 54% of the voting power of our outstanding capital stock in aggregate, which voting power may increase over time as our Co-Founders exercise or vest in outstanding equity awards (including those equity awards granted to our Co-Founders prior to our initial public offering and subject to equity exchange right agreements whereby each of our Co-Founders has a right (but not an obligation) to require us to exchange any shares of Class A common stock received upon the exercise of options to purchase shares of Class A common stock or the vesting and settlement of RSUs related to shares of Class A common stock for an equivalent number of shares of Class B common stock). If all such equity awards held by our Co-Founders (including the CEO Performance Award) had been exercised or vested and exchanged for shares of Class B common stock as of June 30, 2026, our Co-Founders would collectively hold 63% of the voting power of our outstanding capital stock. Our Co-Founders have also entered into the Voting Agreement, whereby Mr. Xu has the authority (and…Now
The multi-class structure of our common stock and the Voting Agreement between our Co-Founders has the effect of concentrating voting power with Tony Xu, our co-founder, Chief Executive Officer, and Chair of our board of directors, which will limit your ability to influence the outcome of matters submitted to our stockholders for approval. Our Class A common stock has one vote per share, our Class B common stock has 20 votes per share, and our Class C common stock has no voting rights, except as otherwise required by law. Our Co-Founders together hold all of the issued and outstanding shares of our Class B common stock. As of September 30, 2026, Tony Xu, our co-founder, Chief Executive Officer, and Chair of our board of directors, Andy Fang, our co-founder, Head of LaunchPad, and a member of our board of directors, and Stanley Tang, our co-founder, Head of DoorDash Labs, and a member of our board of directors, collectively held 54% of the voting power of our outstanding capital stock in aggregate, which voting power may increase over time as our Co-Founders exercise or vest in outstanding equity awards (including those equity awards granted to our Co-Founders prior to our initial public offering and subject to equity exchange right agreements whereby each of our Co-Founders has a right (but not an obligation) to require us to exchange any shares of Class A common stock received upon the exercise of options to purchase shares of Class A common stock or the vesting and settlement of RSUs related to shares of Class A common stock for an equivalent number of shares of Class B common stock). If all such equity awards held by our Co-Founders (including the CEO Performance Award) had been exercised or vested and exchanged for shares of Class B common stock as of September 30, 2026, our Co-Founders would collectively hold 63% of the voting power of our outstanding capital stock. Our Co-Founders have also entered into the Voting Agreement, whereby Mr. Xu has the authority…The trading volume of the 2030 Notes and the conversion features of the 2030 Notes, if triggered, may impact…
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From the filings
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The trading volume of the 2030 Notes and the conversion features of the 2030 Notes, if triggered, may impact the trading price of our Class A common stock. The market price of our Class A common stock could be affected by possible sales of our common stock by investors who view the 2030 Notes as a more attractive means of equity participation in us and by hedging or arbitrage trading activity that we expect to develop involving our Class A common stock in connection with the 2030 Notes. Additionally, the market price of our Class A common stock could adversely impact the trading price of the 2030 Notes. In the event the conditional conversion feature of the 2030 Notes is triggered, holders of the 2030 Notes will be entitled to convert their 2030 Notes at any time during specified periods at their option. Any such conversions will be required to be settled partially or entirely in cash, which could adversely affect our liquidity. If we elect to satisfy a portion of our conversion obligation by delivering shares of our Class A common stock, the issuance will cause dilution to our existing shareholders and could cause the market price of our Class A common stock to decline.Now
The trading volume of the 2030 Notes and the conversion features of the 2030 Notes, if triggered, may impact the trading price of our Class A common stock. The market price of our Class A common stock could be affected by possible sales of our common stock by investors who view the 2030 Notes as a more attractive means of equity participation in us and by hedging or arbitrage trading activity that we expect to develop involving our Class A common stock in connection with the 2030 Notes. Additionally, the market price of our Class A common stock could adversely impact the trading price of the 2030 Notes. In the event the conditional conversion feature of the 2030 Notes is triggered, holders of the 2030 Notes will be entitled to convert their 2030 Notes at any time during specified periods at their option. Any such conversions will be required to be settled partially or entirely in cash, which could adversely affect our liquidity. If we elect to satisfy a portion of our conversion obligation by delivering shares of our Class A common stock, the issuance will cause dilution to our existing stockholders and could cause the market price of our Class A common stock to decline. Sale of substantial amounts of our Class A common stock, or the perception that such sales could occur, could depress the market price of our Class A common stock. The market price of our Class A common stock could decline as a result of sales of a large number of shares of our ClassA common stock in the market, and the perception that these sales could occur may also depress the market…
Drops "The market price of our Class A common stock could decline as a result of sales of a…".
From the filings
Before
The market price of our Class A common stock could decline as a result of sales of a large number of shares of our Class A common stock in the market, and the perception that these sales could occur may also depress the market price of our Class A common stock. Certain stockholders are entitled, under our investors' rights agreement, to require us to register shares owned by them for public sale in the United States. In addition, we have previously registered shares for future issuance under our equity compensation plans. As a result, subject to the satisfaction of applicable exercise periods, the shares issued upon exercise of outstanding stock options or upon settlement of outstanding RSU awards will generally be available for immediate resale in the United States in the open market. Sales of our Class A common stock may make it more difficult for us to sell equity securities or other securities that are convertible into, or exercisable for, our equity securities in the future at a time and at a price that we deem appropriate. These sales could also cause the trading price of our Class A common stock to fall and make it more difficult for you to sell shares of our Class A common stock.Now
A common stock in the market, and the perception that these sales could occur may also depress the market price of our Class A common stock. Certain stockholders are entitled, under our investors' rights agreement, to require us to register shares owned by them for public sale in the United States. In addition, we have previously registered shares for future issuance under our equity compensation plans. As a result, subject to the satisfaction of applicable exercise periods, the shares issued upon exercise of outstanding stock options or upon settlement of outstanding RSU awards will generally be available for immediate resale in the United States in the open market. Sales of our Class A common stock may make it more difficult for us to sell equity securities or other securities that are convertible into, or exercisable for, our equity securities in the future at a time and at a price that we deem appropriate. These sales could also cause the trading price of our Class A common stock to fall and make it more difficult for you to sell shares of our Class A common stock.We were incorporated in Delaware in 2013 as Palo Alto Delivery Inc.
New paragraph in MD&A.
From the filings
Now
We were incorporated in Delaware in 2013 as Palo Alto Delivery Inc. In 2015, we changed our name to DoorDash, Inc. and, on September 18, 2026, we completed our conversion from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada. Our principal executive offices are located at 303 2nd Street, South Tower, 8th Floor, San Francisco, California 94107.In the third quarter of 2026, Net Revenue Margin decreased to 13.6% from 13.8% in the same quarter of 2025…
New paragraph in MD&A.
From the filings
Now
In the third quarter of 2026, Net Revenue Margin decreased to 13.6% from 13.8% in the same quarter of 2025, primarily due to the acquisition of Deliveroo. In the third quarter of 2026, fees charged to consumers as a percentage of Marketplace GOV decreased compared to the same quarter of 2025 and were offset by increased contribution from advertising revenue and reductions in discounts and promotions as a percentage of Marketplace GOV.Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2026 2025 2026
New paragraph in MD&A.
From the filings
Now
Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2026 2025 2026Three Months Ended September 30, Nine Months Ended September 30, (in millions, except percentages) 2025 2026…
New paragraph in MD&A.
From the filings
Now
Three Months Ended September 30, Nine Months Ended September 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % ChangeThree Months Ended September 30, Nine Months Ended September 30, (in millions, except percentages) 2025 2026…
New paragraph in MD&A.
From the filings
Now
Three Months Ended September 30, Nine Months Ended September 30, (in millions, except percentages) 2025 2026 2025 2026Agreement.
Adds "contains"; drops "On November 19, 2019, we entered into the Existing Credit".
From the filings
Before
On November 19, 2019, we entered into the Existing Credit Agreement with certain lenders, which, as previously amended and restated on April 26, 2024, provided for an $800 million unsecured revolving credit facility maturing on April 26, 2029, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $600 million. As of June 30, 2026, we were in compliance with the covenants under the Existing Credit Agreement. As amended and restated, the credit agreement contained customary affirmative covenants, as well as customary negative covenants that restricted our ability and our subsidiaries' ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of our and our subsidiaries' assets, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company was also required to maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2025 andNow
Agreement. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our and/or certain of our subsidiaries' ability to, among other things, incur debt, incur liens, and undergo certain fundamental changes, in each case, subject to customary exceptions for a credit facility of this size and type. We are also required to maintain compliance with a maximum senior net leverage ratio of 3.50 to 1.00, measured quarterly, determined in accordance with the terms of the Credit Agreement. As of December 31, 2025 and September 30, 2026, no revolving loans were outstanding and $61 million and $327 million of letters of credit were issued under our revolving credit facility, respectively.Further, we have in the past entered into, and may in the future enter into, arrangements to acquire or…
Adds "Further, we have in"; drops "Our future capital requirements will depend on many factors, including, but not limited…".
From the filings
Before
Our future capital requirements will depend on many factors, including, but not limited to, our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, the timing and extent of spending for policy and worker classification initiatives, and the occurrence of certain conditions triggering the 2030 Notes' conversion feature or our repurchase of some or all of the 2030 Notes. Unless earlier repurchased, redeemed or converted, the 2030 Notes will mature on May 15, 2030. Before November 15, 2029, noteholders will have the right to convert the 2030 Notes only upon the occurrence of certain events. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either in cash or in a combination of cash and shares of our Class A common stock, provided that, at least the principal amount of the 2030 Notes being converted will be paid in cash, which could adversely affect our liquidity. Further, we have in the past entered into, and may in the future enter into, arrangements to acquire or invest in businesses, products, services, and technologies. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.Now
Further, we have in the past entered into, and may in the future enter into, arrangements to acquire or invest in businesses, products, services, and technologies. For example, we recently entered into an Agreement and Plan of Merger (the "Merger Agreement") to acquire Instacart for a total value of $65.00 for each Instacart share, or an equity value of approximately $17 billion. Instacart stockholders will have the right to elect to receive, for each Instacart share: (i) $65.00 in cash, (ii) 0.3372 shares of our common stock, or (iii) a mix of $48.75 in cash and 0.0843 shares of our common stock, in each case, subject to a cap on the total stock consideration issuable by us equal to 25% of the aggregate consideration and certain proration mechanics. We expect to fund the cash portion of the consideration with cash on hand and proceeds from debt financing. In connection with the entry into the Merger Agreement, we entered into a commitment letter with JPMorgan Chase Bank, N.A. ("JPMorgan"), pursuant to which JPMorgan committed to provide a 364-day senior unsecured bridge term loan facility in an aggregate principal amount of up to $13.0 billion, subject to the satisfaction or waiver of customary conditions. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, we maintain a valuation…
New paragraph in MD&A.
From the filings
Now
As disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, we maintain a valuation allowance against our U.S. federal and state net deferred tax assets. Given our U.S. profitability, including income in prior years and income through the first nine months of 2026, as well as anticipated future earnings, we believe that there is a reasonable possibility that sufficient positive evidence may become available in a future period to reach a conclusion that the U.S. valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of U.S. federal and state deferred tax assets and a corresponding decrease to income tax expense in the period the release is recorded. The exact timing and amount of any potential valuation allowance release are subject to change on the basis of our level of sustained U.S. profitability, as well as the amount of our tax deductible stock-based compensation, which is dependent upon our publicly traded share price and macroeconomic conditions, among other factors.
and 19 more of the same kinds
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Section by section. Added words and removed words against the earlier filing.
Cover page 2 changes
3 unchanged paragraphs
For the quarterly period ended June September 30, 2026
22 unchanged paragraphs
The registrant had outstanding 408,992,917 411,998,576 shares of Class A common stock, 24,302,737 23,977,755 shares of Class B common stock, and no shares of Class C common stock as of July 30, October 26, 2026.
1 unchanged paragraph
Forward-looking statements 4 changes
17 unchanged paragraphs
• our ability to maintain, protect and enhance our intellectual property; and
• our expectations regarding the timing, completion and expected benefits of the proposed acquisition of Maplebear Inc. ("Instacart"); and
2 unchanged paragraphs
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-
1 unchanged paragraph
looking Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
4 unchanged paragraphs
Financial statements 137 changes
2 unchanged paragraphs
Cash and cash equivalents $ 4,378 $ 4,424 5,053
Short-term investments 1,128 923 929
Restricted cash 273 308 301
Funds held at payment processors 587 513 660
Accounts receivable, net 1,108 1,100 1,212
Prepaid expenses and other current assets 1,169 1,148 1,206
Total current assets 8,643 8,416 9,361
Long-term investments 837 869 805
Operating lease right-of-use assets 437 454 449
Property and equipment, net 1,067 1,246 1,300
Intangible assets, net 2,260 2,005 1,904
Goodwill 5,519 5,495 5,530
Other assets 896 1,076 1,231
Total assets $ 19,659 $ 19,561 20,580
2 unchanged paragraphs
Accounts payable $ 397 $ 301 333
1 unchanged paragraph
Accrued expenses and other current liabilities 5,645 5,747 5,954
Total current liabilities 6,147 6,152 6,391
Operating lease liabilities 461 474 466
1 unchanged paragraph
Other liabilities 281 276 268
Total liabilities 9,613 9,629 9,853
1 unchanged paragraph
Redeemable non-controlling interests 13 11 10
1 unchanged paragraph
Common stock, $ 0.00001 par value, 6,000,000 Class A shares authorized as of December 31, 2025 and June September 30, 2026, 409,657 and 408,925 411,954 Class A shares issued and outstanding as of December 31, 2025 and June September 30, 2026, respectively; 200,000 Class B shares authorized as of December 31, 2025 and June September 30, 2026, 24,590 and 24,331 24,006 Class B shares issued and outstanding as of December 31, 2025 and June September 30, 2026, respectively; 2,000,000 Class C shares authorized as of December 31, 2025 and June September 30, 2026, zero Class C shares issued and outstanding as of December 31, 2025 and June September 30, 2026
Additional paid-in capital 14,092 14,806 15,140
Accumulated other comprehensive income 261 101 97
Accumulated deficit ( 4,320 ) ( 4,986 4,520 )
Total stockholders' equity 10,033 9,921 10,717
Total liabilities, redeemable non-controlling interests and stockholders' equity $ 19,659 $ 19,561 20,580
3 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Revenue $ 3,284 $ 4,454 $ 6,316 $ 8,490
Sales and marketing 607 821 1,193 1,567
Research and development 351 535 657 933
General and administrative 388 538 720 970
Depreciation and amortization 159 295 311 564
Restructuring charges — 2 1 50
Total costs and expenses 3,121 4,298 5,998 8,183
Income from operations 163 156 318 307
Interest income, net 49 35 98 69
Other income, net 59 16 53 22
Income before income taxes 271 207 469 398
Three Months Ended September 30, Nine Months Ended September 30,
Revenue $ 3,446 $ 4,616 $ 9,762 $ 13,106
Cost of revenue, exclusive of depreciation and amortization shown separately below 1,616 2,107 3,116 4,099 1,687 2,171 4,803 6,270
Sales and marketing 576 765 1,769 2,332
Research and development 355 499 1,012 1,432
General and administrative 400 426 1,120 1,396
Depreciation and amortization 169 312 480 876
Restructuring charges 1 1 2 51
Total costs and expenses 3,188 4,174 9,186 12,357
Income from operations 258 442 576 749
Interest income, net 71 37 169 106
Other income (expense), net ( 81 ) 5 ( 28 ) 27
Income before income taxes 248 484 717 882
Provision for (benefit from) income taxes ( 13 ) 8 5 19 ( 7 2 ) 16 35
Net income including redeemable non-controlling interests 284 199 476 382 243 465 719 847
Less: net loss attributable to redeemable non-controlling interests ( 1 ) ( 1 ) ( 2 3 ) ( 2 3 )
Net income attributable to DoorDash, Inc. common stockholders $ 285 244 $ 200 466 $ 478 722 $ 384 850
1 unchanged paragraph
Basic $ 0.67 $ 0.46 $ 1.13 $ 0.88
Diluted $ 0.65 $ 0.46 $ 1.09 $ 0.87
Basic $ 0.57 $ 1.07 $ 1.70 $ 1.96
Diluted $ 0.55 $ 1.06 $ 1.65 $ 1.93
1 unchanged paragraph
Basic 425,113 434,425 423,278 434,924
Diluted 438,377 439,345 436,980 440,833
Basic 428,911 434,409 425,176 434,750
Diluted 441,812 440,314 438,611 440,658
2 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
Net income including redeemable non-controlling interests $ 284 243 $ 199 465 $ 476 719 $ 382 847
1 unchanged paragraph
Change in foreign currency translation adjustments 254 ( 13 ) 366 7 3 373 ( 151 148 )
Change in unrealized gains and losses on marketable securities — ( 3 7 ) 2 ( 9 16 )
Total other comprehensive income (loss) 254 7 ( 16 4 ) 368 375 ( 160 164 )
Comprehensive income including redeemable non-controlling interests 538 183 844 222 250 461 1,094 683
Less: Comprehensive loss attributable to redeemable non-controlling interests ( 1 ) ( 1 ) ( 2 3 ) ( 2 3 )
Comprehensive income attributable to DoorDash, Inc. common stockholders $ 539 251 $ 184 462 $ 846 1,097 $ 224 686
17 unchanged paragraphs
Issuance of common stock upon settlement of restricted stock units — 3,266 — — — — —
Issuance of common stock upon exercise of stock options — 726 — 3 — — 3
Stock-based compensation — — — 307 — — 307
Other comprehensive income (loss)
Recognition of redeemable non-controlling interest upon additional capital investment 9 — — 11 — — 11
Net income (loss) ( 1 ) — — — 244 — 244
Balances as of September 30, 2025 $ 13 430,907 $ — $ 13,760 $ ( 4,533 ) $ 268 $ 9,495
14 unchanged paragraphs
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and 57 more changes in the filing
Note 1: Organization and Description of Business 2 changes
DoorDash, Inc. (the "Company") is incorporated in Delaware with headquarters in San Francisco, California. The Company's has a mission is to grow and empower local economies. The Company aims to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.
3 unchanged paragraphs
The Company was incorporated in Delaware in 2013 as Palo Alto Delivery Inc. In 2015, the Company changed its name to DoorDash, Inc. and, on September 18, 2026, the Company completed its conversion from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada. The Company's principal executive offices are located at 303 2nd Street, South Tower, 8th Floor, San Francisco, California 94107.
Note 3: Revenue 27 changes
3 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
United States $ 2,829 $ 3,457 $ 5,485 $ 6,561
Total revenue $ 3,284 $ 4,454 $ 6,316 $ 8,490
Three Months Ended September 30, Nine Months Ended September 30,
United States $ 2,926 $ 3,619 $ 8,411 $ 10,180
Total revenue $ 3,446 $ 4,616 $ 9,762 $ 13,106
2 unchanged paragraphs
Six Months Ended June 30, 2026
The timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company's contract liabilities balance, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets, is primarily composed of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. A summary of activities related to contract liabilities for the six nine months ended June September 30, 2026 was as follows (in millions):
Nine Months Ended September 30, 2026
1 unchanged paragraph
Addition to contract liabilities 2,526 4,060
1 unchanged paragraph
Ending balance $ 554 592
1 unchanged paragraph
(2) Included in the beginning balance of contract liabilities was $ 328 million associated with unearned prepayments received by the Company, of which $ 268 306 million was recognized as revenue during the six nine months ended June September 30, 2026. The ending balance of unearned prepayments is expected to be substantially recognized as revenue in 12 months or less.
2 unchanged paragraphs
Six Months Ended June 30,
Nine Months Ended September 30,
1 unchanged paragraph
Ending balance $ 175 $ 193
Addition to deferred contract costs 54 46 81 66
Amortization of deferred contract costs ( 36 55 ) ( 44 66 )
Ending balance $ 183 $ 191
Deferred contract costs, current $ 72 75 $ 80 81
Deferred contract costs, non-current 103 113 108 110
Total deferred contract costs $ 175 183 $ 193 191
2 unchanged paragraphs
Six Months Ended June 30,
Nine Months Ended September 30,
1 unchanged paragraph
Ending balance $ 28 $ 47
Current-period provision for expected credit losses 7 11 22 27
Write-offs charged against the allowance ( 1 3 ) ( 9 13 )
Ending balance $ 41 $ 59
Note 4: Acquisitions 13 changes
1 unchanged paragraph
On October 2, 2025, the Company completed the acquisition of substantially all of the outstanding equity interests of Deliveroo plc ("Deliveroo"), which was accounted for under the acquisition method of accounting. The acquisition will strengthen strengthens the Company's position as a leading global platform in local commerce by enhancing its capabilities to better serve consumers, merchants, and Dashers. The Company's acquisition-related costs were $ 58 million and all costs were recorded as general and administrative expenses on the Company's consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for Deliveroo was $ 3,724 million, which consisted of the following (in millions):
3 unchanged paragraphs
As of June September 30, 2026, the Company had settled the consideration payable. In connection with the acquisition, substantially all of the outstanding and unvested equity awards of Deliveroo were replaced with DoorDash RSUs. The acquisition date fair value of the replacement equity awards was $ 80 million, of which $ 2 million is included in the purchase consideration.
The total purchase consideration of the Deliveroo acquisition was allocated to the tangible and intangible assets acquired, and liabilities assumed, based upon their respective fair values as of the date of the acquisition. The Company recorded $ 1,987 1,985 million of goodwill, which represents the excess of the purchase price over the net assets acquired. Goodwill is primarily attributed to the assembled workforce and anticipated synergies from the potential future growth of the Company's and Deliveroo's platforms and the expected strategic advantages from combining the Company's and Deliveroo's geographical footprint and operations. The goodwill recorded in connection with the acquisition of Deliveroo is not deductible for tax purposes. The fair value of assets acquired and liabilities assumed are based on management's best estimates, judgments and assumptions, and are considered preliminary and subject to change within the measurement period, including potential adjustments primarily related to tax reserves and other accrued liabilities, as additional information is received. The Company expects to finalize with the allocation assistance of the purchase price as soon as practicable, but no later than one year from the acquisition date when the measurement period ends. an independent third-party valuation firm.
The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed as of the acquisition date (in millions):
Current assets $ 1,224 1,220
1 unchanged paragraph
Other non-current assets 121 122
Current liabilities ( 803 796 )
12 unchanged paragraphs
The restaurant merchant, new verticals merchant, customer, and rider relationship intangible assets represent the estimated fair value of Deliveroo's established relationships with restaurant partners, grocery and retail merchants, consumers utilizing the platform, and courier partners that provide delivery services. The developed technology intangible asset represents Deliveroo's proprietary software and applications that support the platform's ordering, delivery, and logistics capabilities. The trade name intangible asset represents the estimated fair value of the Deliveroo brand and its market recognition. Restaurant merchant relationships were valued using the multi-period excess earnings method of the income approach. Merchant relationships related to new verticals were valued using a with-and-without method, measuring the incremental cash flows generated by these relationships compared to a scenario in which they did not exist. User Customer and rider relationships were valued using a replacement cost method. The developed technology and trade name were valued using the relief-from-royalty method of the income approach. The Company expects to amortize these intangible assets on a straight-line basis over their respective estimated useful lives.
1 unchanged paragraph
On June 13, 2025, the Company completed the acquisition of 100 percent % of the outstanding equity interests of SevenRooms Inc. ("SevenRooms"), which was accounted for under the acquisition method of accounting. The acquisition will enhance enhances the Company's platform by equipping merchants with tools to manage reservations and tables, better connect with consumers through customer relationship management, and improve their marketing. The Company's acquisition-related costs were $ 13 million and all costs were recorded as general and administrative expenses on the Company's condensed consolidated statements of operations during the period in which they were incurred. The acquisition date fair value of the consideration transferred for SevenRooms was $ 1,152 million, which consisted of the following (in millions):
2 unchanged paragraphs
As of June September 30, 2026, the Company had settled $ 217 236 million in deferred cash consideration, with $ 33 14 million remaining to be settled in future periods. For certain SevenRooms employees, a portion of their total consideration was held back subject to revesting. A total of $ 38 million of these employees' holdback was included as part of the deferred cash consideration and the remaining $ 56 million represents compensation for post-combination services to be recognized over the service period.
19 unchanged paragraphs
As of June September 30, 2026, the Company had settled $ 15 million in deferred cash consideration, with $ 14 million remaining to be settled in future periods. For certain Symbiosys employees, a portion of their total consideration was restricted subject to vesting over various service periods. A total of $ 14 million of these employees' consideration was included as part of the deferred cash consideration and the remaining $ 53 million represents compensation for post-combination services to be recognized over their respective service periods.
4 unchanged paragraphs
During the three nine months ended March 31, September 30, 2026, the Company acquired a company, two other companies, which was were accounted for under the acquisition method of accounting. The total purchase consideration for these acquisitions was approximately $ 45 88 million, which was allocated to the tangible and intangible assets acquired and liabilities assumed based upon their respective fair values as of the acquisition date. The intangible asset assets acquired was were composed of developed technology. technologies. Additionally, the Company recorded $ 34 73 million of goodwill from these acquisitions, which represented the excess of the purchase price over the net assets acquired.
During the three nine months ended March 31, September 30, 2025, the Company acquired a company, which was accounted for under the acquisition method of accounting. The total purchase consideration was approximately $ 28 million, which was allocated to the tangible and intangible assets acquired and liabilities assumed based upon their respective fair values as of the acquisition date. Intangible assets acquired were primarily composed of customer relationships and vendor relationships. Additionally, the Company recorded $ 21 million of goodwill, which represented the excess of the purchase price over the net assets acquired.
Note 5: Goodwill and Intangible Assets, Net 21 changes
The changes in the carrying amount of goodwill during the six nine months ended June September 30, 2026 were as follows (in millions):
1 unchanged paragraph
Goodwill measurement period adjustments 41 39
Effects of foreign currency translation ( 99 101 )
Balance as of June September 30, 2026 $ 5,495 5,530
10 unchanged paragraphs
Intangible assets, net consisted of the following as of June September 30, 2026 (in millions):
2 unchanged paragraphs
Existing technology 2.8 $ 620 $ ( 301 ) $ 319
Merchant relationships 8.9 836 ( 160 ) 676
Rider relationships 1.3 13 ( 5 ) 8
Customer relationships 6.2 787 ( 230 ) 557
Balance as of June 30, 2026 $ 2,855 $ ( 850 ) $ 2,005
Existing technology 2.6 $ 629 $ ( 343 ) $ 286
Merchant relationships 8.6 837 ( 181 ) 656
Rider relationships 1.0 13 ( 7 ) 6
Customer relationships 6.0 788 ( 262 ) 526
Trade name and trademarks 7.9 7.7 589 ( 146 160 ) 443 429
Assembled workforce in asset acquisitions 0.8 0.6 10 ( 8 9 ) 2 1
Balance as of September 30, 2026 $ 2,866 $ ( 962 ) $ 1,904
Amortization expense associated with intangible assets was $ 32 36 million and $ 114 113 million for the three months ended June September 30, 2025 and 2026, respectively. Amortization expense associated with intangible assets was $ 63 99 million and $ 228 341 million for the six nine months ended June September 30, 2025 and 2026, respectively.
The estimated future amortization expense of intangible assets as of June September 30, 2026 is as follows (in millions):
1 unchanged paragraph
Remainder of 2026 $ 226 114
Total estimated future amortization expense $ 2,005 1,904
Note 6: Fair Value Measurements 32 changes
24 unchanged paragraphs
Money market funds $ 2,865 $ — $ — $ 2,865
Commercial paper — 3 — 3
Corporate bonds — 1 — 1
Money market funds $ 3,438 $ — $ — $ 3,438
Commercial paper — 8 — 8
Certificates of deposit — 1 — 1
U.S. Treasury securities — 2 5 — 2 5
1 unchanged paragraph
Commercial paper — 45 — 45
Corporate bonds — 433 — 433
Mutual funds 58 — — 58
Certificates of deposit — 25 22 — 25 22
Commercial paper — 56 — 56
Corporate bonds — 431 — 431
U.S. government agency securities — 35 40 — 35 40
U.S. Treasury securities — 327 380 — 327 380
1 unchanged paragraph
Corporate bonds — 563 — 563
Corporate bonds — 544 — 544
U.S. government agency securities — 90 89 — 90 89
U.S. Treasury securities — 216 172 — 216 172
1 unchanged paragraph
Total $ 3,031 $ 1,740 $ 40 $ 4,811
Non-marketable investment — — 40 40 41 41
Total $ 3,575 $ 1,748 $ 41 $ 5,364
(1) Cash equivalents included $ 4 5 million of time deposits which are not subject to recurring fair value measurements.
(2) Other assets included $ 108 137 million of money market funds held in trust accounts pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.
1 unchanged paragraph
In December 2025, the Company purchased € 31 million (approximately $ 37 million) principal amount of convertible notes issued by a private company in which the Company has a pre-existing equity investment. The convertible notes investment is accounted for at fair value with changes in fair value recorded in earnings through other income (expense), net in the condensed consolidated statements of operations, under the fair value option available for financial instruments. The Company elected the fair value option to account for the convertible notes because the Company believes it accurately reflects the value of the convertible notes and embedded features in the financial statements.
As of June September 30, 2026, the fair value of the non-marketable investment in convertible notes of the private company was approximately $ 40 41 million and was included in other assets on the condensed consolidated balance sheet. The fair value was estimated using a probability weighted discounted cash flow methodology and a Black-Scholes option-pricing model, based on unobservable inputs (Level 3 on the fair value hierarchy) which reflect the best information available, including transaction pricing and market participant assumptions.
The fair value of the 2030 Notes (as defined in Note 8 - "Convertible Notes, Net") was determined based on the quote quoted price in markets that are not active, which is considered a Level 2 valuation input. Refer to Note 8 - "Convertible Notes, Net" for the carrying amount and fair value of the 2030 Notes.
2 unchanged paragraphs
During the six nine months ended June September 30, 2025 and 2026, the Company made investments in non-marketable equity securities of $ 1 8 million and $ 57 194 million, respectively, including an investment of $ 125 million in cash for preferred shares of a privately-held food technology platform company during the three months ended September 30, 2026. In the three and six nine months ended June September 30, 2025 and 2026, the Company did not record any material upward or downward adjustments or impairments on its non-marketable equity securities.
1 unchanged paragraph
The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2025 and June September 30, 2026, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income (expense), net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):
Initial cost basis $ 460 $ 515 647
Upward adjustments 24 24 32
1 unchanged paragraph
Total carrying value at the end of reporting period $ 69 $ 124 264
Note 7: Balance Sheet Components 48 changes
18 unchanged paragraphs
Money market funds $ 2,865 $ — $ — $ 2,865
Commercial paper 3 — — 3
Corporate bonds 1 — — 1
Money market funds $ 3,438 $ — $ — $ 3,438
Commercial paper 8 — — 8
Certificates of deposit 1 — — 1
U.S. Treasury securities 2 5 — — 2 5
1 unchanged paragraph
Commercial paper 45 — — 45
Corporate bonds 433 — — 433
Mutual funds 56 2 — 58
Certificates of deposit 25 22 — — 25 22
Commercial paper 56 — — 56
Corporate bonds 432 — ( 1 ) 431
U.S. government agency securities 35 40 — — 35 40
U.S. Treasury securities 327 381 — ( 327 1 ) 380
1 unchanged paragraph
Corporate bonds 566 — ( 3 ) 563
Total $ 4,670 $ 2 $ ( 5 ) $ 4,667
Corporate bonds 551 — ( 7 ) 544
U.S. government agency securities 91 90 — ( 1 ) 90 89
U.S. Treasury securities 217 174 — ( 1 2 ) 216 172
Total $ 5,203 $ — $ ( 12 ) $ 5,191
For investments with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2025, and June September 30, 2026.
2 unchanged paragraphs
Other receivable 279 214
Prepaid expenses $ 414 $ 414 447
Deferred contract costs 79 80 81
Other receivables 279 219
Other current assets 397 440 459
Total $ 1,169 $ 1,148 1,206
2 unchanged paragraphs
Equipment for merchants $ 235 $ 245 247
Computer equipment and software 126 142 152
Capitalized software and website development costs 1,895 2,273 2,457
Leasehold improvements 268 287 296
Office and other equipment 149 167 174
Construction in progress 48 89 103
Less: Accumulated depreciation and amortization ( 1,654 ) ( 1,957 2,129 )
Property and equipment, net $ 1,067 $ 1,246 1,300
Depreciation expenses were $ 33 41 million and $ 50 51 million for the three months ended June September 30, 2025 and 2026, respectively. Depreciation expenses were $ 67 108 million and $ 93 144 million for the six nine months ended June September 30, 2025 and 2026, respectively.
The Company capitalized $ 136 141 million and $ 202 184 million in capitalized software and website development costs during the three months ended June September 30, 2025 and 2026, respectively. The Company capitalized $ 250 391 million and $ 378 562 million in capitalized software and website development costs during the six nine months ended June September 30, 2025 and 2026, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $ 94 92 million and $ 131 148 million for the three months ended June September 30, 2025 and 2026, respectively. Amortization of capitalized software and website development costs was $ 181 273 million and $ 243 391 million for the six nine months ended June September 30, 2025 and 2026, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.
2 unchanged paragraphs
Dasher and merchant payable $ 1,703 $ 1,714 1,851
Insurance reserves 1,114 1,065 1,048
Sales tax payable and accrued sales and indirect taxes 589 586 593
Contract liabilities 547 554 582
Accrued operations related expenses 502 482 489
Accrued compensation and benefits 282 297 304
Litigation reserves 263 406 412
Accrued advertising 170 201 192
Total $ 5,645 $ 5,747 5,954
The litigation reserves as of June September 30, 2026 included accruals for developments in regulatory audits related to delivery worker pay requirements as well as ongoing consumer protection disputes.
Note 8: Convertible Notes, Net 7 changes
6 unchanged paragraphs
Upon conversion of any 2030 Notes, the conversion value will be paid in cash up to at least the principal amount of the 2030 Notes being converted. Any amount of the conversion value in excess of the principal portion of such 2030 Notes may be settled in cash or shares of the Company's Class A common stock, or a combination thereof, at the Company's option. The 2030 Notes are convertible at an initial conversion rate of 3.425 shares of the Company's Class A common stock per $1,000 principal amount of the 2030 Notes, which is equivalent to an initial conversion price of approximately
Upon conversion of any 2030 Notes, the conversion value will be paid in cash up to at least the principal amount of the 2030 Notes being converted. Any amount of the conversion value in excess of the principal portion of such 2030 Notes may be settled in cash or shares of the Company's Class A common stock, or a combination thereof, at the Company's option. The 2030 Notes are convertible at an initial conversion rate of 3.425 shares of the Company's Class A common stock per $1,000 principal amount of the 2030 Notes, which is equivalent to an initial conversion price of approximately $ 291.97 per share of the Company's Class A common stock. The conversion rate may be subject to certain anti-dilution adjustments and/or a make-whole adjustment upon the occurrence of specified events set forth in the Indenture. As of June September 30, 2026, there have been no changes to the initial conversion price of the 2030 Notes since the issuance date. Based on the closing price of the Company's Class A common stock of $ 184.53 183.55 on the last trading day of the quarter, the if-converted value of the 2030 Notes did not exceed the principal value of the 2030 Notes as of June September 30, 2026.
The Company may not redeem the 2030 Notes prior to May 20, 2028. The 2030 Notes will be redeemable, in whole or in part (subject to certain limitations set forth in the Indenture), for cash, at the Company's option, on or after May 20, 2028 and on or before the 20th scheduled trading day immediately before the maturity date, but only if (i) the 2030 Notes are "Freely Tradable" (as defined in the Indenture), and all accrued and unpaid additional interest, if any, has been paid as of the date the Company sends the related redemption notice and (ii) the last reported sale price per share of the Company's Class A common stock exceeds 130 % of the conversion price on each of at least 20 trading days (whether or not consecutive) including the last trading day, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends such redemption notice. The redemption price will be equal to 100 % of the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid special interest and additional interest, if any, to, but excluding, the redemption date. In addition, calling any 2030 Notes for redemption will constitute a "Make-Whole Fundamental Change" (as defined in the Indenture) with respect to such 2030 Notes, in which case the conversion rate applicable to the conversion of such 2030 Notes will be increased in certain circumstances if it is converted after it is called for redemption.
2 unchanged paragraphs
As of June September 30, 2026, none of the conditions described in the paragraphs above relating to convertibility or mandatory redemption were met. Therefore, the 2030 Notes are classified as long-term debt.
The net carrying value, net of the 2030 Notes consisted of the following as of June September 30, 2026 (in millions):
1 unchanged paragraph
Carrying value, net $ 2,727 2,728
The effective interest rate of the 2030 Notes is 0.22 % per annum. The fair value of the 2030 Notes was $ 2.7 2.6 billion as of June September 30, 2026 and was determined based on the quote quoted price in markets that are not active, which is considered a Level 2 valuation input.
5 unchanged paragraphs
Legal proceedings 113 changes
1 unchanged paragraph
The Company is currently the subject of regulatory and administrative investigations, audits, demands, and inquiries conducted by federal, state, or local governmental agencies concerning the Company's business practices, the classification and compensation of Dashers, the DoorDash Dasher pay models and pay practices, compliance with consumer protection laws, privacy, cybersecurity, tax issues, unemployment insurance, workers' compensation insurance, and other matters. For example, the Company is currently under audit by the Employment Development Department, State of California (the "CA EDD") for payroll tax liabilities. In January 2023, the CA EDD issued an assessment for certain amounts that it found to be owed by the Company on behalf of Dashers due to their being classified as independent contractors. The Company believes that Dashers are, and have been, properly classified as independent contractors. Accordingly, the Company believes that it has meritorious defenses and intends to vigorously appeal such adverse assessment. However, the ultimate resolution of the audit is uncertain and, accordingly, the Company has recorded an accrual for this matter within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of June September 30, 2026. The results of investigations, audits, demands, and inquiries and related governmental action are inherently unpredictable and, as such, there is always the risk of an investigation, audit, demand, or inquiry having a material impact on the Company's business, financial condition, and results of operations.
The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third party with respect to the Company's technology. The terms of These indemnification agreements are generally perpetual any time remain in effect indefinitely after the execution. of the agreement.
1 unchanged paragraph
The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. No liability associated with such indemnifications was recorded as of December 31, 2025 and June September 30, 2026.
1 unchanged paragraph
The Company is required to maintain collateral in connection with certain insurance policies, which can be held in a combination of cash, surety bonds, and letters of credit. As of June September 30, 2026, the Company had $ 582 254 million of collateral outstanding in the form of surety bonds, and as well as $ 243 million letters of credit issued under the Credit Agreement (as defined below) in connection with the insurance collateral requirement.
1 unchanged paragraph
Subsequent to June 30, 2026, the Company entered into an amendment agreement pursuant to which its Existing Credit Agreement was amended and restated in its entirety. See " Disclosure in lieu of reporting on a Current Report on Form 8-K " under Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information.
In November 2019, the Company entered into a revolving credit and guaranty agreement, which, as previously most recently amended and restated on April 26, 2024 August 5, 2026 (the "Existing "Credit Agreement"), provided provides for an unsecured revolving credit facility of up to $ 800 million, 2.0 billion, with a letter of credit sublimit of $ 600 800 million, maturing on April 26, 2029. August 5, 2031. Loans under the revolving credit facility bore bear interest at the Company's option, at (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds effective rate or a composite overnight bank borrowing rate plus 0.50 %, or (C) an adjusted Term Secured Overnight Financing Rate ("Term SOFR") for a one-month interest period plus 1.00 %, or (ii) an adjusted Term SOFR (based on an interest period of one, three, or six months) plus a an initial margin equal to of 1.00 %, subject to potential step-downs to 0.875 % or 0.750 % based on certain of the Company's ratings as specified in the Credit Agreement (the "Company's Applicable Ratings"). The Company was is also obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, administration fees, and an unused commitment fee of ranging from 0.08 % to 0.10 %, based on the Company's Applicable Ratings. The Company's obligations under the revolving credit facility were are not guaranteed by certain any of its domestic subsidiaries. meeting materiality thresholds set forth in The Credit Agreement The credit agreement contained contains customary affirmative covenants and customary negative covenants, including covenants that restricted limit or restrict the Company's ability and Company and/or certain of its subsidiaries' ability to, among other things, incur subsidiary indebtedness, grant incur liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of the assets of the Company and its subsidiaries, taken as undergo certain fundamental changes, in each case, subject to customary exceptions for a whole, make investments and loans, credit facility of this size and engage in certain transactions with affiliates. type. The Company was is also required to maintain compliance with a maximum senior net leverage ratio of 3.50 to 1.00, measured quarterly, determined in accordance with the terms of the Credit Agreement.
As of December 31, 2025 and June September 30, 2026, the Company was in compliance with the covenants under the Credit Agreement. As of December 31, 2025 and June September 30, 2026, no revolving loans were outstanding under the credit facility.
In addition to the letters of credit maintained in connection with the insurance collateral requirement, the Company also maintains letters of credit established primarily for real estate leases and insurance policies. As of December 31, 2025 and June September 30, 2026, the Company had $ 106 million and $ 171 379 million of issued letters of credit outstanding, respectively, of which $ 61 million and $ 117 327 million, respectively, were issued from the Existing Credit Agreement.
2 unchanged paragraphs
Grubhub Campus Dining Transaction
On September 1, 2026, concurrent with an investment described in Note 6 - "Fair Value Measurements", the Company entered into a definitive agreement with Grubhub Holdings Inc. to acquire Grubhub Campus Dining for approximately $ 300 million in cash, subject to customary adjustments. Grubhub Campus Dining, which was originally formed through Grubhub Inc.'s acquisition of Tapingo Ltd. ("Tapingo"), is a provider of campus dining solutions serving colleges and universities across the United States. The transaction, which comprises Grubhub Campus Dining and its underlying Tapingo technology, is expected to close by the first half of 2027, subject to certain customary closing conditions and regulatory review.
1 unchanged paragraph
In February 2025, the Company 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 the Company in February 2024. During the three months ended June September 30, 2026, the Company repurchased 5.7 million did not repurchase any shares of its Class A common stock at a weighted-average price of $ 156.88 per under the share for a total amount of $ 887 million. repurchase program. During the six nine months ended June September 30, 2026, the Company repurchased 6.8 million shares of its Class A common stock at a weighted-average price of $ 155.25 per share for a total amount of $ 1.0 billion. The shares were retired immediately upon repurchase.
5 unchanged paragraphs
Unvested restricted stock as of June September 30, 2026 —
6 unchanged paragraphs
Exercised ( 343 ) $ 4.30 $ 63
Balance as of June 30, 2026 2,067 $ 7.10 2.00 $ 367
Exercisable as of June 30, 2026 2,067 $ 7.10 2.00 $ 367
Vested and expected to vest as of June 30, 2026 2,067 $ 7.10 2.00 $ 367
Exercised ( 744 ) $ 4.53 $ 150
Cancelled and forfeited ( 1 ) $ 13.50 12.09
Balance as of September 30, 2026 1,666 $ 7.67 1.97 $ 293
Exercisable as of September 30, 2026 1,666 $ 7.67 1.97 $ 293
Vested and expected to vest as of September 30, 2026 1,666 $ 7.67 1.97 $ 293
The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The aggregate intrinsic value of stock options exercised during the six nine months ended June September 30, 2025 and 2026 was $ 220 398 million and $ 63 150 million, respectively. There were no stock options granted during the six nine months ended June September 30, 2025 and 2026.
3 unchanged paragraphs
Granted 9,611 $ 187.56
Vested ( 4 ) $ 131.30
Vested and settled ( 5,364 ) $ 125.43
Forfeited ( 1,472 ) $ 169.16
Unvested RSUs as of June 30, 2026 26,732 $ 4,933
Granted 10,448 $ 188.84
Vested ( 5 ) $ 133.99
Vested and settled ( 7,666 ) $ 131.36
Forfeited ( 2,268 ) $ 171.30
Unvested RSUs as of September 30, 2026 24,470 $ 4,491
The aggregate intrinsic value disclosed in the above table is based on the closing stock price of the Company's Class A common stock on the Nasdaq Stock Market as of the respective period-end dates. The weighted-average fair value per share of RSUs granted during the six nine months ended June September 30, 2025 and 2026 was $ 181.45 188.89 and $ 187.56 188.84 , respectively.
2 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Sales and marketing 33 35 59 58
Research and development 141 189 257 302
General and administrative 71 77 131 134
Three Months Ended September 30, Nine Months Ended September 30,
Cost of revenue, exclusive of depreciation and amortization $ 37 39 $ 48 39 $ 70 109 $ 83 122
Sales and marketing 27 29 86 87
Research and development 132 145 389 447
General and administrative 60 55 191 189
1 unchanged paragraph
Total stock-based compensation expense $ 282 258 $ 349 268 $ 517 775 $ 580 848
In November 2020, the Company's board of directors approved the grant of 10,379,000 performance-based RSUs to the Company's Chief Executive Officer (the "CEO Performance Award"), of which 9,341,100 remain eligible to vest as of June September 30, 2026. The CEO Performance Award vests upon the satisfaction of a service condition and achievement of certain stock price goals. As of June September 30, 2026, there was no remaining unrecognized stock-based compensation expense related to the CEO Performance Award.
As of June September 30, 2026, there was $ 2.8 2.5 billion of unrecognized stock-based compensation expense related to unvested RSUs. The Company expects to recognize this expense over the remaining weighted-average period of 2.74 2.69 years.
1 unchanged paragraph
The Company recorded a $ 13 5 million benefit from income taxes and $ 8 19 million provision for income taxes for the three months ended June September 30, 2025 and 2026, respectively. The Company recorded a $ 7 2 million benefit from income taxes and $ 16 35 million provision for income taxes for the six nine months ended June September 30, 2025 and 2026, respectively. The benefit from income taxes for 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the year, offset by federal and state income taxes resulting from pre-tax book and foreign income in the U.S. tax expenses. The provision for income taxes for 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes.
The Company regularly assesses the realizability of its deferred tax assets and establishes a valuation allowance if it is more-likely-than-not that some, or all, of its deferred tax assets will not be realized in the future. The Company evaluates and weighs all available evidence, both positive and negative, including its historic operating results, future reversals of existing deferred tax liabilities, as well as projected future taxable income. Changes in earnings performance and future earnings projections, among other factors, may cause the Company to adjust the valuation allowance on deferred tax assets, which could materially impact the income tax expense in the period the Company determines that these factors have changed. As of June September 30, 2026, the Company maintains a full valuation allowance on its net deferred tax assets except for certain foreign jurisdictions.
2 unchanged paragraphs
The Company computes net income per share attributable to DoorDash, Inc. common stockholders using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock share equally in the Company's net income and losses. The computations of diluted net income per share of Class A common stock for the three and six nine months ended June September 30, 2025 and 2026 do not assume the conversion of Class B common stock to Class A common stock because including such shares would have an anti-dilutive effect.
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
2 unchanged paragraphs
Net income including redeemable non-controlling interests 267 17 188 11 448 28 361 21
Three Months Ended June 30, Six Months Ended June 30,
Net income including redeemable non-controlling interests $ 229 $ 14 $ 439 $ 26 $ 677 $ 42 $ 800 $ 47
Less: Net loss attributable to redeemable non-controlling interests ( 1 ) — ( 1 ) — ( 2 3 ) — ( 2 3 ) —
Net income attributable to DoorDash, Inc. common stockholders 268 17 189 11 450 28 363 21 $ 230 $ 14 $ 440 $ 26 $ 680 $ 42 $ 803 $ 47
Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 400,108 25,005 410,064 24,361 398,041 25,237 410,510 24,414 404,125 24,786 410,247 24,162 400,091 25,085 410,421 24,329
Basic net income per share attributable to DoorDash, Inc. common stockholders $ 0.67 0.57 $ 0.67 0.57 $ 0.46 1.07 $ 0.46 1.07 $ 1.13 1.70 $ 1.13 1.70 $ 0.88 1.96 $ 0.88 1.96
Three Months Ended September 30, Nine Months Ended September 30,
2 unchanged paragraphs
Weighted-average effect of potentially dilutive securities 13,264 — 4,920 — 13,702 — 5,909 —
Net income attributable to DoorDash, Inc. common stockholders 268 17 189 11 450 28 363 21 $ 230 $ 14 $ 440 $ 26 $ 680 $ 42 $ 803 $ 47
Weighted-average number of shares outstanding used to compute basic net income per share attributable to DoorDash, Inc. common stockholders 400,108 25,005 410,064 24,361 398,041 25,237 410,510 24,414 404,125 24,786 410,247 24,162 400,091 25,085 410,421 24,329
Weighted-average effect of potentially dilutive securities 12,901 — 5,905 — 13,435 — 5,908 —
Weighted-average number of shares outstanding used to compute diluted net income per share attributable to DoorDash, Inc. common stockholders 413,372 25,005 414,984 24,361 411,743 25,237 416,419 24,414 417,026 24,786 416,152 24,162 413,526 25,085 416,329 24,329
Diluted net income per share attributable to DoorDash, Inc. common stockholders $ 0.65 0.55 $ 0.65 0.55 $ 0.46 1.06 $ 0.46 1.06 $ 1.09 1.65 $ 1.09 1.65 $ 0.87 1.93 $ 0.87 1.93
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Unvested restricted stock and restricted stock units 10,102 17,968 10,345 14,750
Three Months Ended September 30, Nine Months Ended September 30,
Unvested restricted stock and restricted stock units 9,893 10,347 10,194 13,282
2 unchanged paragraphs
Total 16,798 36,878 13,747 33,660
Total 28,803 29,257 18,822 32,192
1 unchanged paragraph
For the three and six nine months ended June September 30, 2026, the Company recorded $ 2 1 million and $ 50 51 million, respectively, in restructuring charges in connection with the restructuring activities, consisting of employee termination costs, and other costs related to the closure of operations in certain countries. These expenses are included in restructuring charges in the Company's condensed consolidated statements of operations, and unpaid amounts are included in accrued expenses and other current liabilities on its condensed consolidated balance sheets. The Company expects that most cash payments and expenses related to the restructuring activities will be substantially completed by the end of 2026.
The following table summarizes the components of, and changes in, the accrued restructuring charges for the six nine months ended June September 30, 2026 (in millions):
1 unchanged paragraph
Restructuring charges incurred during the period 32 33 18 50 51
1 unchanged paragraph
Balance as of June 30, 2026 $ 7 $ 2 $ 9
Balance as of September 30, 2026 $ 3 $ 1 $ 4
For the six nine months ended June September 30, 2025, there were $ 1 2 million in restructuring charges from certain restructuring activities. As of June September 30, 2025, the liabilities related to these restructuring activities were immaterial.
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Revenue $ 3,284 $ 4,454 $ 6,316 $ 8,490
Depreciation and amortization 159 295 311 564
Stock-based compensation 282 349 517 580
2 unchanged paragraphs
and 33 more changes in the filing
MD&A 283 changes
1 unchanged paragraph
DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.
3 unchanged paragraphs
We were incorporated in Delaware in 2013 as Palo Alto Delivery Inc. In 2015, we changed our name to DoorDash, Inc. and, on September 18, 2026, we completed our conversion from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada. Our principal executive offices are located at 303 2nd Street, South Tower, 8th Floor, San Francisco, California 94107.
2 unchanged paragraphs
Three Months Ended June September 30,
1 unchanged paragraph
Total Orders 761 970
Marketplace GOV $ 24,244 $ 33,078
Marketplace GOV Y/Y growth 23 % 36 %
Revenue $ 3,284 $ 4,454
Total Orders 776 993
Total Orders Y/Y growth 20 21 % 27 28 %
Marketplace GOV $ 25,015 $ 33,941
Revenue Marketplace GOV Y/Y growth 25 % 36 %
Revenue $ 3,446 $ 4,616
Revenue Y/Y growth 27 % 34 %
Net Revenue Margin 13.5 13.8 % 13.5 13.6 %
GAAP gross profit $ 1,608 1,689 $ 2,223 2,311
GAAP gross profit as a % of Marketplace GOV 6.6 6.8 % 6.7 6.8 %
1 unchanged paragraph
Contribution Profit as a % of Marketplace GOV 4.7 5.1 % 5.0 5.2 %
GAAP net income attributable to DoorDash, Inc. common stockholders $ 285 244 $ 200 466
GAAP net income attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV 1.2 1.0 % 0.6 1.4 %
Adjusted EBITDA as a % of Marketplace GOV 2.7 3.0 % 2.8 3.1 %
3 unchanged paragraphs
In the second third quarter of 2026, Total Orders increased to 970 993 million, or 27% 28% growth compared to the same quarter of 2025. The increase in Total Orders was driven primarily by growth in the number of consumers and the acquisition of Deliveroo plc ("Deliveroo").
1 unchanged paragraph
In the second third quarter of 2026, Marketplace GOV increased to $33.1 $33.9 billion, or 36% growth compared to the same quarter of 2025, driven primarily by growth in Total Orders and an increase in average order value 3 on our Marketplaces.
1 unchanged paragraph
In the second quarter of 2026, Net Revenue Margin was 13.5%, consistent with the same quarter of 2025.
In the third quarter of 2026, Net Revenue Margin decreased to 13.6% from 13.8% in the same quarter of 2025, primarily due to the acquisition of Deliveroo. In the third quarter of 2026, fees charged to consumers as a percentage of Marketplace GOV decreased compared to the same quarter of 2025 and were offset by increased contribution from advertising revenue and reductions in discounts and promotions as a percentage of Marketplace GOV.
1 unchanged paragraph
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.
2 unchanged paragraphs
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.
In the second third quarter of 2026, Contribution Profit increased to $1.6 $1.8 billion, compared to $1.1 $1.3 billion in the same quarter of 2025, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.
2 unchanged paragraphs
In the second third quarter of 2026, Adjusted EBITDA increased to $914 million $1.1 billion from $655 $754 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.
1 unchanged paragraph
In the second third quarter of 2026, we generated net cash provided by operating activities of $944 $994 million and Free Cash Flow of $742 $787 million, up from $504 $871 million and $355 $723 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities, partially offset by increases in purchases of property and equipment and capitalized software and website development costs .
2 unchanged paragraphs
Three Months Ended June 30, Six Months Ended June 30,
Revenue $ 3,284 $ 4,454 $ 6,316 $ 8,490
Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2026 2025 2026
Revenue $ 3,446 $ 4,616 $ 9,762 $ 13,106
1 unchanged paragraph
Sales and marketing 607 821 1,193 1,567
Research and development 351 535 657 933
General and administrative 388 538 720 970
Cost of revenue, exclusive of depreciation and amortization shown separately below 1,616 2,107 3,116 4,099 1,687 2,171 4,803 6,270
Sales and marketing 576 765 1,769 2,332
Research and development 355 499 1,012 1,432
General and administrative 400 426 1,120 1,396
1 unchanged paragraph
Restructuring charges — 2 1 50
Total costs and expenses 3,121 4,298 5,998 8,183
Income from operations 163 156 318 307
Interest income, net 49 35 98 69
Other income, net 59 16 53 22
Income before income taxes 271 207 469 398
Three Months Ended June 30, Six Months Ended June 30,
Sales and marketing 33 35 59 58
Research and development 141 189 257 302
General and administrative 71 77 131 134
Restructuring charges 1 1 2 51
Total costs and expenses 3,188 4,174 9,186 12,357
Income from operations 258 442 576 749
Interest income, net 71 37 169 106
Other income (expense), net (81) 5 (28) 27
Income before income taxes 248 484 717 882
Provision for (benefit from) income taxes (13) 8 (7) 16 5 19 (2) 35
Net income including redeemable non-controlling interests 284 199 476 382 243 465 719 847
Less: net loss attributable to redeemable non-controlling interests (1) (1) (2) (2) (3) (3)
Net income attributable to DoorDash, Inc. common stockholders $ 285 244 $ 200 466 $ 478 722 $ 384 850 (1) Costs and expenses included stock-based compensation expense as follows:
Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2026 2025 2026
Cost of revenue, exclusive of depreciation and amortization $ 37 39 $ 48 39 $ 70 109 $ 83 122
Sales and marketing 27 29 86 87
Research and development 132 145 389 447
General and administrative 60 55 191 189
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Cost of revenue $ 60 $ 124 $ 114 $ 224
Sales and marketing 28 81 56 161
Research and development 65 82 130 163
General and administrative 6 8 11 16
Total depreciation and amortization $ 159 $ 295 $ 311 $ 564
Total stock-based compensation expense $ 282 258 $ 349 268 $ 517 775 $ 580 848 (2) Depreciation and amortization related to the following:
Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2025 2026 2025 2026
Cost of revenue $ 70 $ 134 $ 184 $ 358
Sales and marketing 27 82 83 243
Research and development 67 88 197 251
General and administrative 5 8 16 24
Total depreciation and amortization $ 169 $ 312 $ 480 $ 876
1 unchanged paragraph
Three Months Ended June 30, Six Months Ended June 30,
Three Months Ended September 30, Nine Months Ended September 30,
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and 203 more changes in the filing
Market risk 3 changes
3 unchanged paragraphs
Based on our investment portfolio balance as of June September 30, 2026, a hypothetical 100 basis point increase in interest rates would not have materially affected our condensed consolidated financial statements. We currently do not hedge these interest rate exposures.
1 unchanged paragraph
The aggregate carrying value of our non-marketable equity investments was $124 $264 million as of June September 30, 2026. Adjustments or impairments are recorded in other income (expense), net in the condensed consolidated statements of operations and establish a new carrying value for the investment.
3 unchanged paragraphs
We have experienced and will continue to experience fluctuations in our net income or loss as a result of transaction gains or losses related to revaluing and ultimately settling certain asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded. Foreign currency gains and losses were immaterial for the three and six nine months ended June September 30, 2026. Based on our foreign currency exposures from monetary assets and liabilities as of June September 30, 2026, we estimated that a 10% change in exchange rates against the U.S. dollar would not have resulted in a material gain or loss.
2 unchanged paragraphs
Controls and procedures 2 changes
1 unchanged paragraph
Our management, with the participation of our principal executive officer and principal financial officer (together, our "certifying officers"), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our certifying officers have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of June September 30, 2026.
1 unchanged paragraph
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and 1 more change in the filing
Risk factors 54 changes
85 unchanged paragraphs
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44 unchanged paragraphs
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27 unchanged paragraphs
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and 54 more changes in the filing
Unregistered sales of stock 7 changes
1 unchanged paragraph
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and 7 more changes in the filing
Other information 5 changes
1 unchanged paragraph
and 5 more changes in the filing
Exhibits 22 changes
3 unchanged paragraphs
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and 22 more changes in the filing
Unchanged: Financial Statements (Unaudited), Notes to the financial statements, Note 2: Summary of Significant Accounting Policies, Defaults on senior securities, Mine Safety Disclosures
Only in the earlier filing: 01 Results of Operations and Financial Condition, 03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
- The filing includes unaudited financial statements and exhibits.
- It also contains forward-looking statements about the company's future performance and risks.
2 of 2 claims matched the filing text.
From the filing's financial data, not stated in its text
From this 10-Q's financial data (XBRL) for the quarter ended September 30, 2026
- The company's net margin was 10.1%, with a 34.0% year-over-year revenue increase.
From the filing
Item 1. Financial Statements (Unaudited)
Item 1.1 1Financial Statements (Unaudited)1
5
Condensed Consolidated Balance Sheets
5
Condensed Consolidated Statements of Operations
6
Condensed Consolidated Statements of Comprehensive Income (Loss)
7
Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Stockholders' Equity
8
Condensed Consolidated Statements of Cash Flows
10
Notes to Condensed Consolidated Financial Statements
11
Item 6. Exhibits
Signatures
90
2
Table of Contents
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws2, 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," "will," "should," "expect," "plan," "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, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
• our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, financial and operational metrics, our ability to determine reserves, and our ability to maintain or increase long-term profitability;
• our business and growth strategy and plans, including our ability to successfully execute on such strategy and plans;
• the sufficiency of our cash, cash equivalents, and investments to meet our liquidity needs;
• the demand for our platform or for local commerce platforms in general;
• our ability to attract and retain merchants, consumers, and the independent contractors who use our platform to generate earnings ("Dashers 1 ");
• our ability to effectively manage costs related to Dashers;
• our ability to develop new offerings, services, and features, and bring them to market in a timely and cost-effective manner and make enhancements to our platform;
• our ability to compete with existing and new competitors in existing and new markets and offerings;
• our expectations regarding outstanding li
Item 1. Financial Statements
Item 1. Financial Statements
DOORDASH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts which are reflected in thousands, and per share data)
(Unaudited)
December 31,
2025 September 30,
2026
Assets
Current assets:
Funds held at payment processors 587 660
Accounts receivable, net 1,108 1,212
Prepaid expenses and other current assets 1,169 1,206
Operating lease right-of-use assets 437 449
Liabilities, Redeemable Non-controlling Interests and Stockholders' Equity
Current liabilities:
Accrued expenses and other current liabilities 5,645 5,954
Convertible notes, net
Commitments and contingencies (Note 9)
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