Company Reports

DoorDash is the premier food and convenience delivery marketplace in North America, commanding approximately 65% of the total market. Its closest competitor, Uber Eats, holds roughly 30%. DoorDash expanded its global presence by acquiring Wolt in 2022, helping it enter markets in Europe and Asia to diversify geographically. As of December 2025, DoorDash boasts approximately 56 million monthly active users, facilitating 3.2 billion orders for the year, a record level of engagement on the marketplace network.

DoorDash is the premier food and convenience delivery marketplace in North America, commanding approximately 65% of the total market. Its closest competitor, Uber Eats, holds roughly 30%. DoorDash expanded its global presence with the acquisition of Wolt in 2022, which has successfully penetrated markets in Europe and Asia, diversifying the company geographically. As of December 2025, DoorDash boasts approximately 56 million monthly active users and recently facilitated 3.2 billion orders for the year, a record level of engagement on the marketplace network.

DoorDash delivered a solid second quarter with orders and revenue up 17% and 24%, respectively, excluding Deliveroo. Adjusted EBITDA rose 40% to $914 million. Strong consumer engagement, grocery growth, international expansion, and advertising demand supported the platform’s economics.

DoorDash shares rose after management highlighted record membership sign-ups in the first quarter and indicated that margins should increase throughout the year, excluding the impact of the Deliveroo acquisition. Actual results in the quarter were merely fine and the market rewarded the outlook.

DoorDash shares rose after fourth-quarter results exceeded management’s forecast for marketplace gross order value by 2% ($29.7 billion) and adjusted EBITDA by 4% ($780 million). First-quarter EBITDA guidance came in soft due to US winter storms.

DoorDash is the premier food and convenience delivery marketplace in North America, commanding approximately 65% of the total market. Its closest competitor, Uber Eats, holds roughly 30%. DoorDash expanded its global presence with the acquisition of Wolt in 2022, which has successfully penetrated markets in Europe and Asia, diversifying the company geographically. As of December 2025, DoorDash boasts approximately 56 million monthly active users and recently facilitated 3.2 billion orders for the year, a record level of engagement on the marketplace network.

DoorDash shares traded lower after the company reported mixed third-quarter results. It beat the midpoint of management's forecast for total gross order value on the marketplace and adjusted EBITDA but foreshadowed increased spending on technology.

DoorDash is the premier food and convenience delivery marketplace in North America and commands approximately 60% of the total market share. Its closest competitor, Uber Eats, holds roughly 30%. Dash expanded its global presence with the acquisition of Wolt in 2022, which has successfully penetrated markets in Europe and Asia, diversifying the company geographically. As of December 2024, Dash boasts approximately 42 million monthly active users and recently facilitated 2.5 billion orders for the year, a record level of engagement on the marketplace network.

DoorDash is up 9% in after-hours trading after reporting second-quarter earnings where it beat management guidance for gross order value by 3% at $24.2 billion, reaching the equivalent of full-year 2020 GOV. Total orders, frequency, and revenue per order also made all-time highs.

DoorDash is the premier food and convenience delivery marketplace in North America and commands approximately 60% of the total market share. Its closest competitor, Uber Eats, holds roughly 30%. Dash expanded its global presence with the acquisition of Wolt in 2022, which has successfully penetrated markets in Europe and Asia, diversifying the company geographically. As of December 2024, Dash boasts approximately 42 million monthly active users and recently facilitated 2.5 billion orders for the year, a record level of engagement on the marketplace network.

DoorDash is down around 7% in early trading after announcing first-quarter earnings where gross order value narrowly beat management guidance and net revenue missed FactSet analyst expectations for the first time in at least 4 years. Take rates also compressed from 13.5% to 13.1%.

On April 2, President Trump announced a sweeping set of tariffs that range from a 10% tax on every country to varying reciprocal tariffs on perceived bad actors. DoorDash, Uber, and Lyft are less reliant on foreign inputs, but highly reliant on consumer health, which could be affected.

DoorDash is the premier food and convenience delivery marketplace in North America and commands approximately 60% of the total market share. Its closest competitor, Uber Eats, holds roughly 30%. Dash expanded its global presence with the acquisition of Wolt in 2022, which has successfully penetrated markets in Europe and Asia, diversifying the company geographically. As of December 2024, Dash boasts approximately 42 million monthly active users and recently facilitated 2.5 billion orders for the year, a record level of engagement on the marketplace network.

Dash reported earnings that exceeded management guidance and expectations while continuing to strengthen key network effect metrics that support our narrow moat, such as total users, engagement (orders per monthly active user), and marketplace gross order value. We appreciate the continued progress in network effect strength and anticipate further runway from international and non-restaurant markets. Accordingly, we are raising our fair value estimate to $179 from $170.

DoorDash is the premier food and convenience delivery marketplace in North America and commands approximately 60% of the total market share. Its closest competitor, Uber Eats, holds roughly 30%. Dash expanded its global presence with the acquisition of Wolt in 2022, which has successfully penetrated markets in Europe and Asia, diversifying the company geographically. As of September 2024, Dash boasts approximately 40 million monthly active users and is on track to facilitate 2.5 billion orders for the year, a record level of engagement on the marketplace network.

We are transferring coverage of DoorDash, maintaining a narrow moat rating, and increasing our fair value estimate by 26% to $170 due to improving profitability and international and technological growth opportunities. While we view the stock as priced fairly by the market, Dash’s self-maintaining network effects and incremental data collection drive efficiency and engagement, reinforcing supply-demand dynamics and warranting the approximately 300% price/sales premium it trades at versus its peers.

DoorDash reported third-quarter results that combined solid top-line growth (up 25%) with a nice uptick in adjusted EBITDA (400 basis points to 20%). Sales growth was driven by both an increase in the gross order value, or GOV, and an expansion of the firm's advertising revenue.

We maintain our $135 fair value estimate for narrow-moat DoorDash following the firm’s solid second-quarter earnings. While growth in gross order value, or GOV, has decelerated in the first half of fiscal 2024, we expect a moderate recovery in the back half of the year as the firm benefits from increased growth in its grocery business. In the long term, we expect international opportunities, increased penetration in new verticals such as grocery, and an uptick in advertising sales to support top-line growth. With shares trading up sharply after the earnings report, we now view DoorDash as fairly valued.

We are lowering our fair value estimate to $135 per share from $155 following for first-quarter earnings for narrow-moat DoorDash. The second-quarter outlook suggests flat growth in gross order value and adjusted EBITDA. While not a trend, this increases the risk that growth is slowing. We have lowered our long-term growth forecasts, the main drivers of the decrease in our fair value estimate. We are still expecting the company to return to growth and margin expansion by the end of the year and be on a path to full-year profitability for 2025. On the positive side, the US grocery business continued to grow at over 100% year over year, and the international business also maintained its growth rate, so there is reason to believe DoorDash has a long runway.

DoorDash holds the number one position as an online food order aggregator in the US, ahead of Uber Technologies’ Uber Eats and Grubhub. The firm is at the early stages in trying to attract a larger piece of what we estimate could be $1 trillion worth of goods and services by 2025 to its platform. DoorDash benefits from the network effects between merchants, deliverers (or “dashers”), and consumers, plus intangible assets, in the form of data, which we believe together warrant our narrow moat rating.