DoorDash

DoorDash exhibits tollbooth-like traits on local commerce: multi-category frequency, sticky memberships, and broad geographic spread. 2025 revenue grew 28% to $13.7B; Total Orders and GOV rose 23% and 27% respectively.

Guidance for 2026 calls for Adjusted EBITDA as a percent of GOV to be slightly higher ex-Deliveroo, despite stepped-up investments, suggesting continued operating leverage over time. Risk considerations: Category and promo cycles can affect near-term order growth, and regulatory mandates can alter take-home profitability.

However, diversification into grocery/retail and international (16% of revenue in 2025) improves durability vs single-category exposure.