Revenue growth accelerated to 35.6% YoY in 2026Q2, with gross margin expanding to 52.7% and operating margin reaching 10.1%, reflecting strong operating leverage.
DoorDash, Inc. (DASH) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 15.89B | 13.72B | 10.72B | 8.63B | 6.58B | 4.89B | 2.89B | 885M | 291M |
| Revenue Growth % | 33.59% | 27.93% | 24.17% | 31.17% | 34.68% | 69.37% | 226.1% | 204.12% | - |
| Cost of Goods Sold | 7.72B | 6.74B | 5.54B | 4.59B | 3.59B | 2.34B | 1.37B | 523M | 228M |
| COGS % of Revenue | - | 49.12% | 51.69% | 53.14% | 54.5% | 47.83% | 47.4% | 59.1% | 78.35% |
| Gross Profit | 8.17B | 6.98B | 5.18B | 4.05B | 3B | 2.55B | 1.52B | 362M | 63M |
| Gross Margin % | 51.41% | 50.88% | 48.31% | 46.86% | 45.5% | 52.17% | 52.6% | 40.9% | 21.65% |
| Gross Profit Growth % | - | 34.73% | 28.03% | 35.09% | 17.45% | 67.98% | 319.34% | 474.6% | - |
| Operating Expenses | 7.16B | 6.26B | 5.22B | 4.63B | 4.12B | 3B | 1.95B | 978M | 273M |
| OpEx % of Revenue | - | 45.61% | 48.67% | 53.56% | 62.57% | 61.42% | 67.71% | 110.51% | 93.81% |
| Selling, General & Admin | 4.7B | 4.08B | 3.49B | 3.11B | 2.83B | 2.42B | 1.51B | 839M | 213M |
| SG&A % of Revenue | - | 29.72% | 32.54% | 36.03% | 42.97% | 49.43% | 52.43% | 94.8% | 73.2% |
| Research & Development | 1.71B | 1.43B | 1.17B | 1B | 829M | 430M | 321M | 107M | 51M |
| R&D % of Revenue | - | 10.43% | 10.89% | 11.62% | 12.59% | 8.8% | 11.12% | 12.09% | 17.53% |
| Other Operating Expenses | 4M | 749M | 561M | 511M | 461M | 156M | 120M | 32M | 9M |
| Operating Income | 1.01B | 723M | -38M | -579M | -1.12B | -452M | -436M | -616M | -210M |
| Operating Margin % | 6.34% | 5.27% | -0.35% | -6.71% | -17.07% | -9.25% | -15.11% | -69.6% | -72.16% |
| Operating Income Growth % | - | 2002.63% | 93.44% | 48.49% | -148.67% | -3.67% | 29.22% | -193.33% | - |
| EBITDA | 2.01B | 1.47B | 523M | -70M | -755M | -296M | -316M | -584M | -201M |
| EBITDA Margin % | 12.63% | 10.72% | 4.88% | -0.81% | -11.47% | -6.06% | -10.95% | -65.99% | -69.07% |
| EBITDA Growth % | 77.3% | 181.07% | 847.14% | 90.73% | -155.07% | 6.33% | 45.89% | -190.55% | - |
| D&A (Non-Cash Add-back) | 1B | 747M | 561M | 509M | 369M | 156M | 120M | 32M | 9M |
| EBIT | 869M | 942M | 156M | -577M | -1.03B | -449M | -426M | -666M | -203M |
| Net Interest Income | 148M | 211M | 199M | 152M | 30M | -11M | -25M | 18M | 6M |
| Interest Income | 148M | 211M | 199M | 152M | 32M | 3M | 7M | 18M | 7M |
| Interest Expense | 0 | 0 | 0 | 0 | 2M | 14M | 32M | 0 | 1M |
| Other Income/Expense | -139M | 216M | 194M | 45M | -275M | -11M | -22M | -50M | 6M |
| Pretax Income | 868M | 939M | 156M | -534M | -1.4B | -463M | -458M | -666M | -204M |
| Pretax Margin % | 5.46% | 6.85% | 1.46% | -6.18% | -21.25% | -9.47% | -15.87% | -75.25% | -70.1% |
| Income Tax | 27M | 4M | 39M | 31M | -31M | 5M | 3M | 1M | 0 |
| Effective Tax Rate % | 3.11% | 0.43% | 25% | -5.81% | 2.22% | -1.08% | -0.66% | -0.15% | 0% |
| Net Income | 840M | 935M | 123M | -558M | -1.36B | -468M | -461M | -667M | -204M |
| Net Margin % | 5.29% | 6.82% | 1.15% | -6.46% | -20.74% | -9.57% | -15.97% | -75.37% | -70.1% |
| Net Income Growth % | 7.55% | 660.16% | 122.04% | 59.12% | -191.67% | -1.52% | 30.88% | -226.96% | - |
| Net Income (Continuing) | 841M | 935M | 117M | -565M | -1.37B | -468M | -461M | -667M | -204M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 11M | 13M | 7M | 7M | 14M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.91 | 2.13 | 0.29 | -1.42 | -3.68 | -1.39 | -7.39 | -15.44 | -4.67 |
| EPS Growth % | 6.37% | 634.48% | 120.42% | 61.41% | -164.86% | 81.2% | 52.14% | -230.62% | - |
| EPS (Basic) | - | 2.19 | 0.30 | -1.42 | -3.68 | -1.39 | -7.39 | -15.44 | -4.67 |
| Diluted Shares Outstanding | 439.35M | 439.69M | 430.24M | 392.95M | 371.41M | 336.85M | 62.39M | 43.25M | 44.3M |
| Basic Shares Outstanding | 434.43M | 427.04M | 411.55M | 392.95M | 371.41M | 336.85M | 62.39M | 43.19M | 43.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DASH stock.
For fiscal year 2025, DoorDash, Inc. (DASH) reported total revenue of $13.72B. This represents a 4613.7% increase compared to $291.0M in 2018.
DoorDash, Inc. (DASH) is profitable, generating $935.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.
DoorDash, Inc. (DASH) reported an operating income of $723.0M, resulting in an operating profit margin of 5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
DoorDash, Inc. (DASH) generated $6.98B in gross profit for the year, representing a gross profit margin of 50.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and labor cost pressures
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates
DoorDash's revenue grew 35.6% YoY in 2026Q2, up from 24.9% in 2025Q2, indicating accelerating top-line momentum. According to the latest quarterly report, this acceleration appears driven by sustained order growth and expansion into adjacent verticals.
The sequential acceleration from 24.9% to 35.6% YoY growth suggests that the company is gaining traction beyond core restaurant delivery, likely in grocery and retail. This pace outpaces Uber's 18.3% growth, reinforcing DoorDash's market share gains. However, the sustainability of this growth depends on consumer spending and competitive responses, which investors should monitor.
Gross Margin Expansion Nears Ceiling
Gross margin improved to 52.7% in 2026Q2 from 47.3% in 2024Q2, a 540 basis point expansion. As reported in financial statements, this reflects improved logistics efficiency and higher take rates, though structural limits may cap further gains.
The steady climb from 47.1% to 52.7% indicates that DoorDash is extracting more value per order, likely through better batching and reduced incentive costs. However, the cost of revenue remains heavily tied to Dasher compensation, which could face upward pressure from regulatory minimum pay mandates. Thus, further margin expansion may be limited without significant autonomous delivery breakthroughs.
Operating Leverage Emerges
Operating income swung from a -$201M loss in 2024Q2 to a $451M profit in 2026Q2, with operating margin expanding from -7.6% to 10.1%. Based on reported figures, this demonstrates significant operating leverage as revenue scales.
The dramatic improvement in operating margin, despite rising R&D and SG&A costs, suggests that fixed costs are being spread over a larger revenue base. R&D and SG&A grew at a slower pace than revenue, indicating disciplined cost control. However, the recent spike in R&D to $535M in 2026Q2 warrants monitoring, as it may signal increased investment in new initiatives that could pressure margins if not offset by revenue growth.
Profitability Boosted by Non-Operating Items
Net income of $200M in 2026Q2 exceeds operating income of $451M, implying a net margin of 4.5% versus operating margin of 10.1%. This discrepancy suggests significant non-operating income, likely from interest on cash reserves, as per the income statement.
The fact that net income is lower than operating income in 2026Q2 is unusual; typically, net income is lower due to taxes and interest expense. Here, the net margin is less than half the operating margin, indicating a large tax provision or other deductions. This could be due to one-time items or changes in tax rates. Investors should scrutinize the tax line and other non-operating items to assess the sustainability of reported EPS.
Cost Structure Remains Variable
COGS, primarily Dasher pay, consumes roughly 47% of revenue, while SG&A and R&D together account for about 43% of revenue in 2026Q2. As reported in the latest financials, this high variable cost structure leaves margins sensitive to labor costs.
The cost of revenue as a percentage of revenue has declined from 52.9% in 2024Q2 to 47.3% in 2026Q2, indicating improved efficiency. However, SG&A and R&D combined have remained relatively stable around 43-45% of revenue, suggesting that the company is not yet achieving economies of scale in these areas. The recent increase in R&D spending may signal a strategic shift toward long-term investments, but it could also pressure near-term profitability if not managed carefully.
Regulatory and Competitive Risks Loom
Despite strong growth, DoorDash faces risks from minimum pay mandates in NYC and Seattle, which could raise costs and pressure margins. Additionally, the unknown EPS result against an estimate of $1.06 suggests potential earnings volatility, as per recent disclosures.
The implementation of minimum pay rules in key markets may force DoorDash to increase consumer fees, potentially dampening order volume and growth. Furthermore, the company's heavy reliance on stock-based compensation (SBC) of $349M in 2026Q2, which is 78% of operating income, indicates that reported profitability is significantly inflated by non-cash charges. If SBC were excluded, the true cash earnings would be much lower, raising questions about the quality of earnings. Short-sellers might argue that the market is overvaluing a business with thin cash margins and regulatory overhangs.