AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 18/10/2026
Moat44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Large demonstrated participation supports a merchant-consumer network advantage, but the causal feedback is issuer-described and relative superiority is unproven. Easy merchant exit limits its strength.
durability · 2/4 · Substantial marketplace participation across reporting periods and the time required to build a network support persistence. Multihoming and short, nonexclusive merchant contracts weaken protection; no exceptional duration is demonstrated.
customer dependency · 1/4 · The audience is valuable to merchants, but short termination notice, nonexclusivity and consumers' propensity to shift on price, quality and selection demonstrate fragile dependency.
erosion resilience · 2/4 · Continued large-scale demand and improved cash generation support resilience so far. Imitation, multihoming and actual country closures limit confidence in protection across markets. Prospective risks are not treated as realized platform-wide erosion.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · Membership fee reductions and promotional acquisition are disclosed, but no net realized commission, delivery fee, subscription price or comparable price-change outcome is supplied. These structures constrain pricing power without establishing the realized pricing trajectory.
retention · 2/4 · Assessed indirectly from substantial active ordering and membership participation across periods. This supports ongoing engagement, but includes new accounts, trials, partnerships and broader marketplace coverage; it does not establish cohort retention or tolerance of higher prices. Multihoming weakens stickiness.
margin resilience · 2/4 · Positive GAAP earnings, steady annual free cash flow and subsequent quarterly cash-flow and Adjusted EBITDA growth support mixed evidence of economic resilience. The passages lack comparable margin ratios and price-cost attribution, while Adjusted EBITDA excludes substantial costs; resilience cannot be credited specifically to pricing.
contractual freedom · 2/4 · DoorDash sets pricing strategies and can revise methodologies, supporting some discretion. Merchant exit rights and nonexclusivity constrain enforcement of unfavorable terms. The supplied passages do not establish unrestricted contractual repricing rights or complete regulatory fee constraints.
Predictability96
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 3.89
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 5.85
Financial strength—
Missing required inputs: debtFcfGrade, netDebtEbitGrade, interestCoverageGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- currentRatioGrade
- 52.48
- Current ratio (x)
- 1.41
Capital allocation—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- 4.77
- 3-year average SBC / revenue (%)
- 10.17
- cashConversionGrade
- 0.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual cash generation and executed repurchases demonstrate funding capacity and capital deployment. Office impairment and country-closure charges show costs of earlier commitments. Acquisition returns, comprehensive dilution and buyback value creation are unestablished, supporting a mixed assessment.
incentive alignment · 2/4 · Actual equity-heavy executive pay, multiyear vesting, CEO stock-price-based award vesting and clawback and trading restrictions support alignment. Most outstanding RSUs lack performance conditions beyond the CEO award; stock-price exposure does not establish operating-value alignment, and concentrated voting control limits accountability.
execution · 3/4 · Two consecutive profitable years, substantial marketplace activity, $1.8 billion annual free cash flow in both 2024 and 2025, and stronger second-quarter 2026 cash generation demonstrate strong execution. Demand evidence is aggregate and partly reflects broader coverage; restructuring shows uneven geographic outcomes.
governance · 2/4 · An actual independent audit committee, serving lead independent director and disclosed compensation safeguards provide oversight. Majority founder voting control and combined CEO-chair roles reduce outside shareholder influence. Possible future use of governance exemptions is not treated as current adoption.
Evidence
An increase in merchants attracts more consumers to our platform and an increase in consumers attracts more merchants.
Risk factors: merchant-consumer network feedback · Filed 05/08/2026
This network takes time to build and may grow slower than we expect or slower than it has grown in the past.
Risk factors: time required to build the network · Filed 05/08/2026
common stockholders. Adjusted EBITDA: Improved to $2.8 billion in 2025, compared to $1.9 billion in 2024.* Free Cash Flow: Our strong free cash flow held steady in 2025 with $1.8 billion compared to the same amount in 2024.* DashPass: Finished 2025 with over 35 million members of our DashPass, Wolt+, and Deliveroo Plus programs.** Monthly Active Users: In December 2025, over 56 million monthly active users utilized our Marketplaces to discover, engage with, and purchase goods from merchants in their community.*** *Please see the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on February 18, 2026, for a more detailed discussion of our fiscal year 2025 financial results DoorDash, Inc.
2026 proxy: 2025 financial and marketplace operating achievements · Filed 20/04/2026
**Based on the number of paid, trial, and partnership member accounts for the relevant membership programs, measured as of December 31, 2025.
2026 proxy: membership account definition · Filed 20/04/2026
***Based on the number of individual consumer accounts that have completed an order on the DoorDash Marketplace, Wolt Marketplace, and Deliveroo Marketplace (our "Marketplaces") in the past month, measured as of December 31, 2025.
2026 proxy: monthly active user definition and marketplace coverage · Filed 20/04/2026
In December 2024, our Marketplaces served over 42 million monthly active users2 and, as of December 31, 2024, we had over 22 million DashPass and Wolt+ members.
Business: December 2024 active users and membership · Filed 14/02/2025
Partner merchants may generally terminate their agreements with us by providing us at least 7 or 30 days advance notice and such agreements do not generally provide for any exclusivity.
Risk factors: merchant termination notice and nonexclusivity · Filed 14/02/2025
Consumers have a propensity to shift based on cost, quality, and selection and could use more than one local commerce platform; independent contractors who provide delivery services could use multiple platforms concurrently as they attempt to maximize earnings; and merchants could prefer to use the local commerce platform that offers the lowest commission rates and adopt more than one platform to maximize their volume of orders.
Risk factors: price sensitivity and multihoming across constituencies · Filed 05/08/2026
Our competitors may adopt certain of our platform features or may adopt innovations that merchants, consumers, or Dashers value more highly than ours, which would make our platform less attractive and more difficult to differentiate.
Risk factors: imitation and differentiation · Filed 05/08/2026
If we lose existing merchants, consumers, or Dashers that utilize our platform, fail to attract new merchants, consumers, or Dashers, or are forced to reduce our commission rate or make pricing or other concessions as a result of increased competition, our business, financial condition, and results of operations could be adversely affected.
Risk factors: possible competitive pricing concessions · Filed 05/08/2026
In addition to the harms listed above, a reclassification of Dashers that utilize our platform as independent contractors as employees would require us to significantly alter our existing business model and operations in order to continue to operate our platform in that jurisdiction, which would result in significant increased costs and could negatively impact our ability to attract and retain Dashers on our platform, which could have an adverse effect that is material to our business, financial condition, and results of operations.
Risk factors: consequences of potential worker reclassification · Filed 05/08/2026
For the three and six months ended June 30, 2026, the Company recorded $2 million and $50 million, respectively, in restructuring charges in connection with the restructuring activities, consisting of employee termination costs, and other costs related to the closure of operations in certain countries.
Financial statement notes: actual restructuring charges and country closures · Filed 05/08/2026
Our Marketplaces also offer our consumer membership programs, DashPass and Wolt+, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits.
Business: membership delivery and service fee reductions · Filed 14/02/2025
Additionally, many of our consumers initially access our platform to take advantage of certain promotions, such as discounts and other reduced fees.
Risk factors: consumer acquisition through promotions and reduced fees · Filed 14/02/2025
Our assessments about optimal pricing strategy may not be accurate and may not enable us to compete in the categories and regions in which we operate effectively.
Risk factors: pricing strategy and competitive effectiveness · Filed 05/08/2026
In addition, as the products and services on our platform change, we may need to revise our pricing methodologies.
Risk factors: ability to revise pricing methodologies · Filed 05/08/2026
In the second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.
MD&A: second-quarter 2026 Adjusted EBITDA growth and expense offsets · Filed 05/08/2026
In the second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025.
MD&A: second-quarter 2026 operating cash flow and free cash flow · Filed 05/08/2026
During the six months ended June 30, 2026, the Company repurchased 6.8 million shares of its Class A common stock at a weighted-average price of $155.25 per share for a total amount of $1.0 billion.
Common stock note: actual first-half 2026 repurchases · Filed 05/08/2026
As a result, the Company determined that the asset groups, which primarily consist of the related operating lease right-of-use assets and leasehold improvements, were impaired, and recognized an impairment charge of $83 million recorded as general and administrative expenses during the year ended December 31, 2024.
Lease note: actual 2024 office impairment · Filed 14/02/2025
Our named executive officers (other than our CEO) received an average of 96% of their pay (excluding All Other Compensation amounts) in the form of at-risk RSUs in 2025, which creates meaningful alignment between our executives and our stockholders.
Executive compensation: equity share of non-CEO named executive pay · Filed 20/04/2026
In 2025, the first and second tranches of the 2020 CEO Performance Award, representing 518,950 shares each, vested upon achievement of the first and second stock price targets of $187.60 and $226.80 per share, respectively, measured over a consecutive 180-day period prior to achievement.
Executive compensation: actual CEO performance award vesting in 2025 · Filed 20/04/2026
These equity awards generally vest quarterly over four years.
Executive compensation: general four-year equity vesting · Filed 20/04/2026
DoorDash, Inc. 35 2026 Proxy Statement Table of Contents Our Commitment to Best Practices Our compensation philosophy is strengthened through strong compensation governance practices: What We Do ü Maintain 100% independence among our compensation committee members ü Retain an independent compensation advisor who advises the compensation committee and provides no other services to the Company ü Align a significant portion of compensation for named executive officers to at-risk pay, and the value realized by our executives is based on our stock price performance over a multi-year period ü Conduct an annual review of named executive officer compensation and competitive market data ü Conduct an annual review of our compensation peer group for relevance ü Include double-trigger change in control arrangements ü Maintain a clawback policy to promote executive accountability ü Assess the risk-reward balance of our compensation programs to mitigate undue risks ü Limit other forms of compensation to benefits generally available to all employees or those relating to security expenses that we believe are reasonable, appropriate, and necessary to keep named executive officers safe What We Don't Do û No pension plans or supplemental retirement plans for named executive officers û No hedging or pledging of our stock by directors or employees û No excessive perquisites û No excise tax gross-ups upon a change in control û No guaranteed bonuses or other forms of incentive compensation DoorDash, Inc.
Executive compensation: committee independence, clawback and trading restrictions · Filed 20/04/2026
As a result of our multi-class common stock structure and the Voting Agreement, our Co-Founders collectively hold a majority of the voting power of our outstanding capital stock as of June 30, 2026, and Mr.
Governance risk factors: actual majority founder voting control at June 2026 · Filed 05/08/2026
DoorDash, Inc. 29 2026 Proxy Statement Table of Contents Report of the Audit Committee The audit committee is a committee of the board of directors comprised solely of independent directors as required by the Nasdaq listing rules and the rules and regulations of the SEC.
Audit committee report: actual independent committee composition · Filed 20/04/2026
Brown has served as one of our directors since August 2019 and Lead Independent Director since February 2021.
Director disclosures: serving lead independent director · Filed 20/04/2026
Mr. Xu currently serves as both the chairperson of our board of directors (our “Chair”) and as our Chief Executive Officer.
Board leadership: combined CEO and chair roles · Filed 20/04/2026
GAAP Net Income: Our second consecutive year with positive GAAP net income, with $935 million of GAAP net income attributable to DoorDash, Inc.
2026 proxy: second consecutive profitable year and 2025 GAAP net income · Filed 20/04/2026
We track certain operational metrics, including merchant, consumer, and Dasher counts, key business and non-GAAP metrics, such as Total Orders, Marketplace GOV, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow, and certain other metrics required by regulatory and administrative bodies, such as the monthly active recipients of our services in the EU (as required by Article 24(2) of the Digital Services Act), with internal systems and tools that are not independently verified by any third party and those operational metrics may differ from estimates or similar metrics published by third parties due to differences in sources, methodologies, or the assumptions on which we rely.
Risk factors: internal measurement and lack of independent verification of operating metrics · Filed 05/08/2026
common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.
MD&A: exclusions from Adjusted EBITDA · Filed 05/08/2026
There are no outstanding performance-based RSUs other than the 2020 CEO Performance Award.
Executive compensation: absence of other outstanding performance-based RSUs · Filed 20/04/2026
