DoorDash

Evidence of pricing levers: (1) Net revenue margin of 13.4% of GOV in 2025 and rising contribution margins show improved monetization per order; (2) advertising surpassed a $1B run-rate, a structurally high-margin revenue stream; (3) membership lowers elasticity and supports higher effective pricing.

Offsets: Local laws are pushing platform fees higher to offset mandated pay floors, especially in NYC and Seattle, raising political and churn risk. DoorDash explicitly raised NYC fees in April 2026; Seattle also saw added service fees in 2024–2025. These actions demonstrate some pass-through ability but also highlight sensitivity to regulation.

Net: Healthy but constrained pricing power with significant latent upside from ads and retail/grocery categories, tempered by regulatory ceilings and consumer price sensitivity.