DoorDash

Strengths: The Deliveroo acquisition (closed Oct 2, 2025 for ~$3.7B) expands scale in the U.K. and select international markets where DoorDash/Wolt were underpenetrated, with early EBITDA contribution ahead of expectations in Q4-25. The 0% 2030 convertible financing provides low-cost, flexible capital.

Concerns: Heavy stock-based compensation was ~$1.05B in 2025 with guidance rising to ~$1.3–1.4B for 2026, implying ongoing dilution unless offset by repurchases. Despite a $5B authorization in Feb 2025, no buybacks occurred in 2025, while cash flow statements show other share-related outflows.

We want clearer use of the repurchase program to neutralize dilution. Capex remains moderate and largely growth-oriented (infrastructure, autonomy), which we support given potential moat widening, but returns should be evidenced by sustained margin expansion.