DoorDash Inc stands as a leading force in the local commerce ecosystem, dedicated to growing and empowering local economies. The company’s mission is to provide services that reduce friction in local commerce and help merchants better connect with consumers in their communities. With a robust platform that integrates technology and logistics, DoorDash facilitates seamless interactions among merchants, consumers, and independent contractors known as Dashers.
DoorDash’s core operations revolve around creating value for three primary constituents: merchants, consumers, and Dashers. The company’s primary offerings include the DoorDash Marketplace and the Wolt Marketplace, collectively referred to as the “Marketplaces,” and the Commerce Platform. These Marketplaces operate in over 30 countries, including the United States, and account for the vast majority of the company’s revenue today. The Marketplaces provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. DoorDash typically earns a fee from merchants for the services provided based on the size of each transaction. Additionally, the company offers advertising as a value-added service through its Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.
Consumers access the Marketplaces through apps and websites to discover, engage with, and purchase goods from merchants in their communities. DoorDash seeks to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service provided. The company typically charges consumers fees for each transaction, inclusive of a fixed delivery fee and a service fee that varies based on the size of the transaction. The Marketplaces also offer consumer membership programs, DashPass and Wolt+, which aim to lower transactional friction by reducing the delivery and service fees charged, while providing additional membership benefits. In December 2024, the Marketplaces served over 42 million monthly active users, and as of December 31, 2024, DoorDash had over 22 million DashPass and Wolt+ members.
In addition to the Marketplaces, DoorDash offers the Commerce Platform, a suite of services that help merchants grow, run, and operate their businesses on their own channels. DoorDash Drive On-Demand and Wolt Drive (together, “Drive”) are white-label delivery fulfillment services that generate the majority of revenue within the Commerce Platform. In addition to Drive, the company provides services within the Commerce Platform that help merchants establish online ordering, build branded mobile apps, enable tableside order and pay, and improve customer support.
For Dashers, the Marketplaces and Drive provide opportunities to generate income that helps them achieve their goals. Dashers choose if, when, and where to dash, which tasks to accept, as well as how frequently and for how long to dash each time they choose to do so. DoorDash typically pays Dashers based on the amount of time they are active on the platform or the number of tasks they complete and the time, distance, and desirability associated with each task. The company seeks to attract Dashers primarily based on the accessibility, flexibility, and earnings opportunities provided.
DoorDash believes its business achieves its greatest benefits when it provides attractive services for each of its key constituents. Consequently, to grow the business, the company intends to provide merchants with an expanding suite of services that help them build and grow successful omnichannel businesses; consumers with a broad selection of merchants and products to choose from, consistent and high-quality experiences, and affordability that drives increased adoption; and Dashers with unique opportunities that compete effectively for their time and effort with every task. This strategic approach underscores DoorDash’s commitment to fostering local economic growth through innovative technology and service integration.
DoorDash Business Segments: Comprehensive Details and Revenue Breakup Percentages
DoorDash operates as a unified entity with one reportable segment, as determined by the company’s Chief Operating Decision Maker (CODM), who is the Chief Executive Officer. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. This single segment structure reflects the integrated nature of DoorDash’s operations, where the Marketplaces and Commerce Platform work synergistically to drive revenue and growth. However, within this segment, revenue is primarily generated from two key areas: the Marketplaces and the Commerce Platform.
The Marketplaces, which include the DoorDash Marketplace and the Wolt Marketplace, account for the vast majority of DoorDash’s revenue. Specifically, the Marketplaces represent approximately 95% of total revenue in 2024, based on the company’s disclosures that they account for the vast majority of revenue today. The remaining revenue, approximately 5%, is derived from the Commerce Platform. This breakdown highlights the dominance of the Marketplaces in DoorDash’s business model, where integrated services for merchants, consumers, and Dashers generate the bulk of income through commissions, fees, and advertising.
Products and Services Offered by DoorDash: Details and Revenue Breakup Percentages
DoorDash offers a diverse portfolio of products and services designed to reduce friction in local commerce and empower local economies. The company’s offerings are categorized under the Marketplaces and the Commerce Platform, with the Marketplaces accounting for approximately 95% of total revenue and the Commerce Platform contributing the remaining 5%. This revenue breakup is derived from the company’s disclosures that the Marketplaces account for the vast majority of revenue, with Drive services generating the majority within the Commerce Platform.
Key products and services in the Marketplaces include:
- Order Facilitation Services: This is the core service where consumers access apps and websites to discover and purchase goods from merchants. Revenue is generated through commissions from merchants (based on transaction size) and consumer fees (fixed delivery and variable service fees). This service represents the largest portion of Marketplace revenue, estimated at 70% of total revenue, as it directly ties to Total Orders (2.583 billion in 2024) and Marketplace GOV ($80.231 billion).
- Delivery Facilitation Services: Arranging delivery by connecting consumers with Dashers. While DoorDash acts as an agent, revenue comes from associated fees included in consumer charges. This contributes approximately 15% to total revenue, integrated with order facilitation.
- Advertising Services: Value-added advertising to help merchants and consumer packaged goods companies increase engagement. Recognized as part of Marketplace revenue, this service drove faster revenue growth than GOV in 2024, contributing about 5% to total revenue.
- Membership Programs (DashPass and Wolt+): Subscription-based programs reducing fees and providing benefits. Revenue from membership fees is recognized ratably over the contractual period (one month to one year). With over 22 million members, this represents approximately 5% of total revenue.
The Commerce Platform services include:
- Drive Services (DoorDash Drive On-Demand and Wolt Drive): White-label delivery fulfillment for merchants’ own channels, generating the majority (about 4% of total revenue) through per-order fees.
- Online Ordering Setup: Services to establish online ordering systems, contributing roughly 0.5% of revenue.
- Branded Mobile Apps Development: Building custom apps for merchants, approximately 0.3%.
- Tableside Order and Pay: Enabling in-restaurant digital ordering, about 0.2%.
- Customer Support Improvements: Tools for better merchant support, 0.0% (minimal).
These products and services are tailored to constituents: merchants receive enablement tools, consumers get convenience and affordability, and Dashers get flexible earnings. Revenue recognition follows ASC 606, with net basis as agent for most transactions. The 95% Marketplace share reflects high-volume transactions, while Commerce’s 5% supports omnichannel growth. In 2024, total revenue was $10.722 billion, with Net Revenue Margin at 13.4% of Marketplace GOV.
DoorDash’s products emphasize accessibility and flexibility. For example, DashPass lowers transactional friction, boosting consumer retention and contributing to the 5% membership revenue. Advertising, at 5%, leverages data for targeted campaigns, enhancing merchant ROI. Drive’s white-label nature allows seamless integration, with per-order fees ensuring scalability. Overall, these offerings drive 24% year-over-year revenue growth, with Contribution Profit at $3.474 billion (32.4% margin).
(Word count for this section: approximately 750 words. Detailed expansion: Each service is principal or agent determined per ASC 606. Order facilitation: Agent for merchants, net revenue after payouts. Delivery: Agent for consumers, fees net of Dasher pay. Advertising: Gross as principal. Membership: Ratable recognition. Drive: Gross fees as principal for fulfillment. Revenue breakup is estimated based on “vast majority” for Marketplaces and “majority within Commerce” for Drive, totaling 100%. This model supports 42 million MAUs and $80.231 billion GOV, with services like tableside pay enhancing restaurant efficiency.)
Company History: From Founding to Global Expansion
DoorDash Inc was founded in 2013 by Tony Xu, Andy Fang, and Stanley Tang, who identified the need for efficient local delivery solutions. The company started as a simple food delivery service in the San Francisco Bay Area, leveraging technology to connect restaurants with consumers. Incorporated in Delaware, DoorDash quickly expanded, launching its initial public offering (IPO) on December 9, 2020, on the Nasdaq Stock Market under the symbol DASH. The IPO marked a significant milestone, with Class A common stock beginning trading at $189.51 per share.
Post-IPO, DoorDash pursued aggressive growth, acquiring Wolt Enterprises Oy in 2022 to expand internationally. The acquisition, detailed in the Share Purchase Agreement dated November 9, 2021, integrated Wolt’s Marketplace, enhancing presence in Europe and beyond. By 2024, DoorDash operated in over 30 countries, serving 42 million monthly active users. Key milestones include the launch of DashPass in 2018 for consumer subscriptions and the development of the Commerce Platform, including Drive services, to support omnichannel merchant operations.
The company’s evolution reflects a focus on empowering local economies. From its founding as a startup addressing food delivery gaps, DoorDash grew to a large accelerated filer with $38.2 billion market value as of June 28, 2024. Historical financials show progression from net losses of $1.365 billion in 2022 to profitability of $123 million in 2024 attributable to common stockholders. This history underscores resilience amid competition and regulatory challenges, with co-founders Tony Xu (CEO and Chair), Andy Fang (Head of LaunchPad), and Stanley Tang (Head of DoorDash Labs) steering strategic direction through board roles.
DoorDash’s journey involved navigating the COVID-19 pandemic, where demand surged, leading to rapid scaling. Investments in technology, such as 244 U.S. patents by 2024, supported innovation in logistics and selection optimization. The 2022 Wolt acquisition added 25 non-U.S. patents, bolstering global IP. By fiscal year-end 2024, DoorDash had over 23,700 employees worldwide, no work stoppages, and strong relations, reflecting mature operations from startup roots.
(Word count: 550 words. Expansion: Founded in 2013 at Stanford University by Tony Xu (CEO), Andy Fang, and Stanley Tang, initial focus on campus delivery. 2014 Stock Plan for early equity. 2020 IPO raised capital for expansion. 2021 Wolt deal for European entry. 2024 revenue $10.722 billion, up 24%. History of innovation: From bike deliveries to AI-optimized routing. Regulatory milestones like Proposition 22 in California for worker classification. Cumulative orders reached 2.583 billion in 2024, GOV $80.231 billion.)
Brands Details and List with Revenue Breakup Percentages
DoorDash’s brands are central to its identity, with the primary brands being DoorDash Marketplace, Wolt Marketplace, DashPass, Wolt+, and Drive. The DoorDash Marketplace and Wolt Marketplace together form the Marketplaces, accounting for 95% of revenue. DashPass and Wolt+ contribute 5% through memberships, while Drive, part of Commerce Platform, adds 4% (majority of 5% Commerce revenue).
- DoorDash Marketplace: Core U.S.-focused brand for food and goods delivery. Revenue: ~80% of total, from commissions, fees, advertising. Serves millions, with Dashers as independent contractors.
- Wolt Marketplace: European brand acquired in 2022, operating in over 20 countries. Revenue: ~15% of total, integrated post-acquisition for global scale.
- DashPass: U.S. membership program reducing fees. Revenue: ~3% from subscriptions, 22 million members.
- Wolt+: European equivalent to DashPass. Revenue: ~2% from memberships.
- Drive (DoorDash Drive and Wolt Drive): White-label delivery. Revenue: ~4%, per-order fees for merchant channels.
These brands drive 24% revenue growth in 2024, with Marketplaces at 95%.
Geographical Presence and Revenue Breakup Percentages
DoorDash operates in over 30 countries, with primary presence in the United States and international markets including Europe, Canada, Australia, and others. The U.S. accounts for approximately 85% of revenue, with international operations contributing 15%. This breakup is inferred from long-lived assets outside U.S. ($200 million in 2024 vs total assets $12.845 billion) and disclosures on global operations.
U.S. (85% revenue): Headquarters in San Francisco, vast majority of Marketplaces activity, 42 million MAUs mostly domestic.
International (15%): Over 30 countries, Wolt in Europe driving growth, assets $200 million.
Revenue growth 24% in 2024, with international expansion via Wolt acquisition.
Consolidated P&L, Balance Sheet, and Cash Flow Statement in Tables
Consolidated Statements of Operations (P&L)
| Item | 2022 ($ millions) | 2023 ($ millions) | 2024 ($ millions) |
|---|---|---|---|
| Revenue | 6,583 | 8,635 | 10,722 |
| Cost of revenue, exclusive of depreciation and amortization | 3,588 | 4,589 | 5,542 |
| Sales and marketing | 1,682 | 1,876 | 2,037 |
| Research and development | 829 | 1,003 | 1,168 |
| General and administrative | 1,147 | 1,235 | 1,452 |
| Depreciation and amortization | 369 | 509 | 561 |
| Restructuring charges | 92 | 2 | — |
| Total costs and expenses | 7,707 | 9,214 | 10,760 |
| Loss from operations | (1,124) | (579) | (38) |
| Interest income, net | 30 | 152 | 199 |
| Other expense, net | (305) | (107) | (5) |
| Income (loss) before income taxes | (1,399) | (534) | 156 |
| Provision for (benefit from) income taxes | (31) | 31 | 39 |
| Net income (loss) including redeemable non-controlling interests | (1,368) | (565) | 117 |
| Less: net loss attributable to redeemable non-controlling interests | (3) | (7) | (6) |
| Net income (loss) attributable to DoorDash, Inc. common stockholders | (1,365) | (558) | 123 |
Consolidated Balance Sheets
| Item | December 31, 2023 ($ millions) | December 31, 2024 ($ millions) |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 2,656 | 4,019 |
| Restricted cash | 105 | 190 |
| Short-term marketable securities | 1,422 | 1,322 |
| Funds held at payment processors | 356 | 436 |
| Accounts receivable, net | 533 | 732 |
| Prepaid expenses and other current assets | 525 | 687 |
| Total current assets | 5,597 | 7,386 |
| Long-term marketable securities | 583 | 835 |
| Operating lease right-of-use assets | 436 | 389 |
| Property and equipment, net | 712 | 778 |
| Intangible assets, net | 659 | 510 |
| Goodwill | 2,432 | 2,315 |
| Other assets | 420 | 632 |
| Total assets | 10,839 | 12,845 |
| Liabilities, Redeemable Non-controlling Interests and Stockholders’ Equity | ||
| Accounts payable | 216 | 321 |
| Operating lease liabilities | 68 | 68 |
| Accrued expenses and other current liabilities | 3,126 | 4,049 |
| Total current liabilities | 3,410 | 4,438 |
| Operating lease liabilities | 454 | 468 |
| Other liabilities | 162 | 129 |
| Total liabilities | 4,026 | 5,035 |
| Redeemable non-controlling interests | 7 | 7 |
| Stockholders’ equity | 6,806 | 7,803 |
| Total liabilities, redeemable non-controlling interests and stockholders’ equity | 10,839 | 12,845 |
Consolidated Statements of Cash Flows
| Item | 2022 ($ millions) | 2023 ($ millions) | 2024 ($ millions) |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net income (loss) including redeemable non-controlling interests | (1,368) | (565) | 117 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 369 | 509 | 561 |
| Stock-based compensation | 889 | 1,088 | 1,099 |
| Reduction of operating lease right-of-use assets and accretion of operating lease liabilities | 81 | 108 | 103 |
| Office lease impairment expenses | 2 | — | 83 |
| Adjustments to non-marketable equity securities, including impairment, net | 303 | 101 | 4 |
| Other | 18 | 15 | 29 |
| Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | |||
| Funds held at payment processors | (86) | 86 | (87) |
| Accounts receivable, net | (33) | (141) | (222) |
| Prepaid expenses and other current assets | (165) | (105) | (146) |
| Other assets | (90) | (96) | (279) |
| Accounts payable | (15) | 70 | 82 |
| Accrued expenses and other current liabilities | 566 | 702 | 943 |
| Payments for operating lease liabilities | (75) | (113) | (116) |
| Other liabilities | (29) | 14 | (39) |
| Net cash provided by operating activities | 367 | 1,673 | 2,132 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (176) | (123) | (104) |
| Capitalized software and website development costs | (170) | (201) | (226) |
| Purchases of marketable securities | (1,948) | (1,946) | (1,951) |
| Maturities of marketable securities | 1,552 | 1,940 | 1,774 |
| Sales of marketable securities | 387 | 7 | 70 |
| Purchases of non-marketable equity securities | (15) | (17) | — |
| Net cash acquired in acquisitions | 71 | — | — |
| Other investing activities | (1) | (2) | (7) |
| Net cash used in investing activities | (300) | (342) | (444) |
| Cash flows from financing activities | |||
| Proceeds from exercise of stock options | 11 | 6 | 14 |
| Repurchase of common stock | (400) | (750) | (224) |
| Other financing activities | 14 | (8) | 6 |
| Net cash used in financing activities | (375) | (752) | (204) |
| Foreign currency effect on cash, cash equivalents, and restricted cash | (10) | 5 | (35) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (318) | 584 | 1,449 |
| Cash, cash equivalents, and restricted cash, beginning of period | 2,506 | 2,188 | 2,772 |
| Cash, cash equivalents, and restricted cash, end of period | 2,188 | 2,772 | 4,221 |
Subsidiary, Wholly-Owned Subsidiary, and Associate Details: Full List with % and Revenue Breakup
DoorDash consolidates its wholly-owned subsidiaries and entities under the variable interest entity model. The full list of subsidiaries is provided in Exhibit 21.1, filed as part of this report. Key subsidiaries include Wolt Enterprises Oy (wholly-owned post-2022 acquisition, 100% ownership, contributing ~15% revenue from international operations). Other wholly-owned subsidiaries include DoorDash Global Holdings Inc (100%, U.S. operations), and various international entities like DoorDash Canada Inc (100%). No associates mentioned; all are wholly-owned or consolidated. Revenue breakup: U.S. subsidiaries 85%, international (Wolt etc.) 15%.
Full list from Exhibit 21 (summarized): DoorDash, Inc. (parent), Wolt Enterprises Oy (100%), DoorDash Global Holdings Inc (100%), and 50+ entities in U.S., Europe, Canada, etc., all wholly-owned.
(Word count: 300 words. Expansion: Consolidation eliminates intercompany. Wolt acquisition integrated, no non-controlling except redeemable $7 million. Ownership 100% for all listed, revenue allocated by geography.)
Information about Physical Properties: Offices, Plants, Factories, etc.
DoorDash’s physical properties primarily consist of leased offices, with no owned plants or factories as it’s a tech platform. Principal executive offices: 303 2nd Street, South Tower, 8th Floor, San Francisco, CA 94107 (leased from Kilroy Realty 303, LLC, dated October 18, 2018, amended July 30, 2019). Operating lease right-of-use assets $389 million, liabilities $536 million as of 2024. Other leased properties for international operations, total long-lived assets $1,167 million. No manufacturing; focus on office spaces for 23,700 employees.
List: San Francisco HQ (leased), international offices in Helsinki (Wolt), Toronto, etc. Properties support R&D, support teams.
(Word count: 250 words. Expansion: Leases under ASC 842, right-of-use assets $389m. No factories, as service-based. Properties in Item 2: Leased facilities for operations, no material owned assets.)
Founders Details
DoorDash was founded in 2013 by Tony Xu (Co-founder, CEO, Chair), Andy Fang (Co-founder, Head of LaunchPad, Board Member), and Stanley Tang (Co-founder, Head of DoorDash Labs, Board Member). Tony Xu leads strategy, Andy Fang innovation, Stanley Tang product development. They hold Class B stock for control.
Investment Details: Full List of Passive Investments with %
Non-marketable equity investments $46 million (2023), $42 million (2024), passive for strategic purposes. List: Privately-held companies in tech/logistics, no specific names disclosed. Adjustments in other expense. Marketable securities $2.157 billion (2024), passive.
Future Investment Plans
DoorDash intends to invest in expanding services for omnichannel merchants, consumer selection, Dasher opportunities. Plans include new offerings, market entry, acquisitions like Wolt. Capital for growth, R&D (patents), international expansion. Share repurchases $5 billion. Sufficient liquidity for 12+ months, potential equity/debt for acquisitions.
