AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 31/10/2026
Moat44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Large marketplace participation, acquisition-excluded order growth and mature-cohort engagement support a current merchant-consumer network advantage. The causal feedback remains issuer-described and relative superiority is unproven; easy switching limits protection.
durability · 2/4 · Participation across reporting periods and the time required to build the network support persistence. Nonexclusive merchant relationships and multihoming weaken durability; exceptional long-term protection is not demonstrated.
customer dependency · 1/4 · The audience attracts ongoing demand, but industry switching is easy and merchants can generally leave on 7 or 30 days' notice without exclusivity. Repeat engagement does not establish strong dependence on DoorDash.
erosion resilience · 2/4 · Acquisition-excluded order growth and continued mature-cohort engagement show resilience so far. Realized competitive pricing pressure and country-closure charges temper that evidence. Potential imitation and classification changes remain risks rather than demonstrated platform-wide erosion.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Competition has led DoorDash to change commission rates, fees or incentives and promotions, with disclosed negative financial effects. This supports weak realized pricing power. Q2 net revenue margin was flat year over year at 13.5%, but that aggregate ratio does not isolate prices or offset the concession evidence.
retention · 2/4 · Reported growth in mature U.S. restaurant cohort order rates and grocery and retail cohort engagement supports demonstrated repeat demand. Order rate combines retention and frequency, so it does not establish a retention percentage or broad tolerance of higher fees. Multihoming and membership measurement qualifications constrain the assessment.
margin resilience · 2/4 · Q2 GAAP gross margin increased to 49.9% from 49.0% a year earlier, and cash generation improved. However, Q2 GAAP net income declined to $200 million from $285 million, and Q1 Adjusted EBITDA relative to GOV declined year over year. Resilience is mixed and cannot be attributed specifically to pricing.
contractual freedom · 2/4 · Actual changes to commissions, fees and incentives, together with discussion of revising pricing methodologies, establish practical pricing discretion. Short, nonexclusive merchant contracts and easy switching constrain its exercise. Full contractual repricing rights and regulatory limits are not supplied.
Predictability96
5 consecutive published 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
- observedAnnualPeriods
- 5.00
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, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. 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, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; 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. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. 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 annual and quarterly cash generation and $1.0 billion of first-half 2026 repurchases demonstrate funding and deployment capacity. SevenRooms required $1.152 billion of consideration, while office impairment and country closures show costs of earlier commitments. Acquisition returns, net dilution and repurchase value creation remain unestablished.
incentive alignment · 2/4 · Actual equity-heavy executive pay, multiyear vesting, CEO stock-price award vesting and a post-vesting holding requirement support alignment. Clawback and trading restrictions add safeguards. Other outstanding RSUs lack performance conditions, and stock-price exposure does not itself demonstrate operating-value alignment.
execution · 3/4 · Two consecutive profitable years, substantial cash generation, acquisition-excluded order growth and mature-cohort engagement demonstrate strong execution. Customer outcomes are partly assessed through indirect operating evidence. Lower Q2 GAAP net income and country closures show uneven outcomes; future global-platform benefits are not credited as achieved.
governance · 2/4 · An actual independent audit committee and disclosed compensation safeguards support oversight. Combined CEO-chair roles and 54.2% voting control constrain outside shareholder influence; controlling holders exercised written consent to approve Nevada reincorporation. The supplied disclosure does not establish completed conversion or resulting legal effects.
Evidence
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.
2024 Form 10-K, MD&A overview, 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.
2024 Form 10-K, risk factors, merchant termination and nonexclusivity · Filed 14/02/2025
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.
2024 Form 10-K, leases note, office impairment · Filed 14/02/2025
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.
June 2026 Form 10-Q, common stock note, executed first-half repurchases · Filed 05/08/2026
The acquisition date fair value of the consideration transferred for SevenRooms was $1,152 million, which consisted of the following (in millions):
Fair Value
Cash
$
902
Deferred cash consideration
250
Total consideration
$
1,152
As of June 30, 2026, the Company had settled $217 million in deferred cash consideration, with $33 million remaining to be settled in future periods.
June 2026 Form 10-Q, SevenRooms acquisition consideration and deferred payments · Filed 05/08/2026
Such competitive pressures have led us, and may lead us in the future, to change our commission rates and fees or change our incentives, discounts, and promotions to remain competitive.
June 2026 Form 10-Q, competition risk, realized commission, fee and incentive changes · Filed 05/08/2026
Such efforts have negatively affected, and will likely continue to negatively affect, our financial performance, and there is no guarantee that such efforts will be successful.
June 2026 Form 10-Q, competition risk, realized adverse financial effects · Filed 05/08/2026
It is relatively easy to switch between offerings in our industry.
June 2026 Form 10-Q, competition risk, ease of switching · Filed 05/08/2026
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.
June 2026 Form 10-Q, competition risk, consumer shifting and multihoming · Filed 05/08/2026
An increase in merchants attracts more consumers to our platform and an increase in consumers attracts more merchants.
June 2026 Form 10-Q, network risk, merchant-consumer feedback assertion · 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.
June 2026 Form 10-Q, network risk, time required to build participation · 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.
June 2026 Form 10-Q, competition risk, potential feature imitation · 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.
June 2026 Form 10-Q, worker-classification risk and potential business-model costs · 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.
June 2026 Form 10-Q, restructuring charges and country closures · Filed 05/08/2026
In addition, as the products and services on our platform change, we may need to revise our pricing methodologies.
June 2026 Form 10-Q, pricing risk, potential revision of pricing methodologies · 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.
June 2026 Form 10-Q, MD&A, second-quarter operating cash flow and free cash flow · Filed 05/08/2026
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.
June 2026 Form 10-Q, operational and non-GAAP metric measurement limitations · Filed 05/08/2026
Furthermore, Mr. Xu must hold any after-tax shares that are issued to him pursuant to the award for at least two years following the date the portion of the award vests.
April 2026 proxy, CEO performance award, after-tax share holding requirement · Filed 20/04/2026
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.
April 2026 proxy, 2025 financial, membership and active-user highlights · 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.
April 2026 proxy, membership measurement footnote · 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.
April 2026 proxy, active-user measurement and marketplace coverage footnote · Filed 20/04/2026
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.
April 2026 proxy, actual 2025 executive equity compensation mix · 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.
April 2026 proxy, actual CEO performance-award vesting in 2025 · Filed 20/04/2026
These equity awards generally vest quarterly over four years.
April 2026 proxy, equity award vesting periods · 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.
April 2026 proxy, compensation governance, clawback and trading restrictions · Filed 20/04/2026
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.
April 2026 proxy, audit committee report, actual committee independence · 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.
April 2026 proxy, combined CEO and board 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.
April 2026 proxy, second consecutive profitable year and 2025 GAAP net income · Filed 20/04/2026
There are no outstanding performance-based RSUs other than the 2020 CEO Performance Award.
April 2026 proxy, outstanding performance-based RSU limitation · Filed 20/04/2026
31,
2026
Jun. 30,
2026
Total Orders
761
776
903
933
970
Total Orders Y/Y growth
20
%
21
%
32
%
27
%
27
%
Marketplace GOV
$
24,244
$
25,015
$
29,683
$
31,604
$
33,078
Marketplace GOV Y/Y growth
23
%
25
%
39
%
37
%
36
%
Revenue
$
3,284
$
3,446
$
3,955
$
4,036
$
4,454
Revenue Y/Y growth
25
%
27
%
38
%
33
%
36
%
Net Revenue Margin
13.5
%
13.8
%
13.3
%
12.8
%
13.5
%
GAAP gross profit
$
1,608
$
1,689
$
1,911
$
1,944
$
2,223
GAAP gross profit as a % of Marketplace GOV
6.6
%
6.8
%
6.4
%
6.2
%
6.7
%
Contribution Profit
$
1,147
$
1,268
$
1,405
$
1,380
$
1,641
Contribution Profit as a % of Marketplace GOV
4.7
%
5.1
%
4.7
%
4.4
%
5.0
%
GAAP net income attributable to DoorDash, Inc.
August 2026 earnings release, quarterly orders, revenue and GOV-based margin comparisons · Filed 05/08/2026
common stockholders was $200 million in Q2 2026, a decrease from $285 million in Q2 2025 and an increase from $184 million in Q1 2026.
August 2026 earnings release, second-quarter GAAP net income comparison · Filed 05/08/2026
Gross profit
$
1,608
$
1,689
$
1,911
$
1,944
$
2,223
Gross Margin
49.0
%
49.0
%
48.3
%
48.2
%
49.9
%
Less: Sales and marketing
(607)
(576)
(707)
(746)
(821)
Add: Depreciation and amortization related to cost of revenue
60
70
109
100
124
Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing
70
67
66
58
83
Add: Allocated overhead included in cost of revenue and sales and marketing
16
18
26
24
32
Contribution Profit
$
1,147
$
1,268
$
1,405
$
1,380
$
1,641
Contribution Margin
34.9
%
36.8
%
35.5
%
34.2
%
36.8
%
Three Months Ended
(In millions, except percentages)
Jun.
August 2026 earnings release, GAAP gross margin and contribution profit reconciliation · Filed 05/08/2026
We expect to begin seeing benefits from our new global technology platform once it is fully rolled out, which we currently expect to be in the first half of 2027.
August 2026 earnings release, expected timing of global technology platform benefits · Filed 05/08/2026
grocery and retail categories in Q1 2026 than in any previous quarter, drove initial engagement among our newer cohorts that increased Y/Y,6 and drove strong Y/Y growth in order rates among our mature cohorts.
May 2026 earnings release, U.S. grocery and retail cohort engagement results · Filed 06/05/2026
4 Order rate for any given cohort and time period is calculated by multiplying retention by average order frequency for the stated cohort and time period.
May 2026 earnings release, cohort order-rate definition · Filed 06/05/2026
Excluding the acquisition of Deliveroo, Total Orders increased 16% Y/Y in Q1 2026.
May 2026 earnings release, first-quarter orders excluding Deliveroo acquisition · Filed 06/05/2026
Adjusted EBITDA as a percentage of Marketplace GOV was 2.4% in Q1 2026, down from 2.6% in each of Q1 2025 and Q4 2025.
May 2026 earnings release, first-quarter Adjusted EBITDA as percentage of GOV · Filed 06/05/2026
1 Metrics include Deliveroo beginning on October 2, 2025, its acquisition date.
February 2026 earnings release, acquisition inclusion date for Deliveroo metrics · Filed 18/02/2026
In our U.S. restaurant category in Q4 2025, we drove double-digit Y/Y growth in the number of new consumers,4 as well as continued strong growth in order rates5 among every mature cohort.6 This helped drive Y/Y growth in Marketplace GOV in the U.S.
February 2026 earnings release, U.S. restaurant mature-cohort order-rate results · Filed 18/02/2026
(the “Company”) holding at least a majority of the voting power of the Company’s outstanding shares of capital stock entitled to vote adopted resolutions by written consent in lieu of a meeting of stockholders to approve the reincorporation of the Company from the State of Delaware to the State of Nevada by conversion (the “Nevada Reincorporation”).
August 11, 2026 Form 8-K, written-consent approval of Nevada reincorporation · Filed 11/08/2026
As of the close of business on August 6, 2026, the Consenting Stockholders together held 25,884 shares of Class A common stock and 24,215,044 shares of Class B common stock, representing approximately 54.2% of the voting power of the outstanding shares of capital stock of the Company entitled to vote.
August 11, 2026 Form 8-K, consenting stockholders' voting power as of August 6 · Filed 11/08/2026
In accordance with Rule 14c-2 under the Securities Exchange Act of 1934, as amended, the Company plans to effectuate the Nevada Reincorporation no earlier than twenty (20) calendar days after the commencement of mailing of the Schedule 14C to all holders of record of the Company’s voting capital stock as of the close of business on August 6, 2026.
August 11, 2026 Form 8-K, planned timing conditions for Nevada reincorporation · Filed 11/08/2026
