Part I - Financial Information [Item 1. Financial Statements (Unaudited)](index=7&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents DoorDash's unaudited condensed consolidated financial statements, including balance sheets, operations, comprehensive income, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$16,950 million**, driven by restricted cash, goodwill, and intangibles, with liabilities rising from convertible notes | Metric | December 31, 2024 (in millions) | June 30, 2025 (in millions) | Change (in millions) | | :-------------------------------- | :------------------------------ | :-------------------------- | :------------------- | | Total Assets | $12,845 | $16,950 | +$4,105 | | Total Liabilities | $5,035 | $8,022 | +$2,987 | | Total Stockholders' Equity | $7,803 | $8,923 | +$1,120 | - Restricted cash increased significantly from **$190 million** to **$2,750 million**, primarily due to cash deposited in escrow for the Deliveroo acquisition[21](index=21&type=chunk)[111](index=111&type=chunk) - Goodwill increased from **$2,315 million** to **$3,529 million**, largely due to acquisitions, including SevenRooms and Symbiosys[21](index=21&type=chunk)[70](index=70&type=chunk) - Convertible notes, net, appeared as a new liability of **$2,721 million** as of June 30, 2025, from zero at December 31, 2024[21](index=21&type=chunk)[85](index=85&type=chunk) [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statements show a shift from net loss to net income in Q2 and H1 2025, driven by strong revenue growth and improved operational efficiency | Metric | Three Months Ended June 30, 2024 (in millions) | Three Months Ended June 30, 2025 (in millions) | Change (in millions) | YoY Growth | | :------------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------- | :--------- | | Revenue | $2,630 | $3,284 | +$654 | 25% | | Total costs and expenses | $2,831 | $3,121 | +$290 | 10% | | Income (loss) from operations | $(201) | $163 | +$364 | N/A | | Net income (loss) attributable to DoorDash, Inc. common stockholders | $(157) | $285 | +$442 | N/A | | Basic EPS | $(0.38) | $0.67 | +$1.05 | N/A | | Diluted EPS | $(0.38) | $0.65 | +$1.03 | N/A | | Metric | Six Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Change (in millions) | YoY Growth | | :------------------------------------------------ | :------------------------------------------- | :------------------------------------------- | :------------------- | :--------- | | Revenue | $5,143 | $6,316 | +$1,173 | 23% | | Total costs and expenses | $5,405 | $5,998 | +$593 | 11% | | Income (loss) from operations | $(262) | $318 | +$580 | N/A | | Net income (loss) attributable to DoorDash, Inc. common stockholders | $(180) | $478 | +$658 | N/A | | Basic EPS | $(0.44) | $1.13 | +$1.57 | N/A | | Diluted EPS | $(0.44) | $1.09 | +$1.53 | N/A | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Statements show a shift from comprehensive loss in 2024 to comprehensive income in 2025, driven by positive net income and foreign currency translation adjustments | Metric | Three Months Ended June 30, 2024 (in millions) | Three Months Ended June 30, 2025 (in millions) | Change (in millions) | | :------------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | :------------------- | | Net income (loss) including redeemable non-controlling interests | $(158) | $284 | +$442 | | Change in foreign currency translation adjustments | $(23) | $254 | +$277 | | Total other comprehensive income (loss) | $(24) | $254 | +$278 | | Comprehensive income (loss) attributable to DoorDash, Inc. common stockholders | $(181) | $539 | +$720 | | Metric | Six Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Change (in millions) | | :------------------------------------------------ | :------------------------------------------- | :------------------------------------------- | :------------------- | | Net income (loss) including redeemable non-controlling interests | $(183) | $476 | +$659 | | Change in foreign currency translation adjustments | $(93) | $366 | +$459 | | Total other comprehensive income (loss) | $(98) | $368 | +$466 | | Comprehensive income (loss) attributable to DoorDash, Inc. common stockholders | $(278) | $846 | +$1,124 | [Condensed Consolidated Statements of Redeemable Non-Controlling Interests and Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Redeemable%20Non-Controlling%20Interests%20and%20Stockholders%27%20Equity) Total stockholders' equity increased to **$8,923 million**, driven by net income, stock-based compensation, and other comprehensive income, partially offset by convertible note hedges | Metric | December 31, 2024 (in millions) | June 30, 2025 (in millions) | Change (in millions) | | :-------------------------------- | :------------------------------ | :-------------------------- | :------------------- | | Total Stockholders' Equity | $7,803 | $8,923 | +$1,120 | | Additional Paid-in Capital | $13,165 | $13,439 | +$274 |\ | Accumulated Deficit | $(5,255) | $(4,777) | +$478 | | Accumulated Other Comprehensive Income (Loss) | $(107) | $261 | +$368 | - Stock-based compensation contributed **$276 million** and **$332 million** to additional paid-in capital during the first and second quarters of 2025, respectively[36](index=36&type=chunk) - The company purchased convertible note hedges for **$680 million**, recorded as a reduction to additional paid-in capital[36](index=36&type=chunk)[99](index=99&type=chunk) - Issuance of warrants generated **$341 million** in additional paid-in capital[36](index=36&type=chunk)[96](index=96&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased, and financing activities significantly rose from convertible notes and warrants, offsetting increased cash used in investing for acquisitions | Metric | Six Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Change (in millions) | | :------------------------------------------ | :------------------------------------------- | :------------------------------------------- | :------------------- | | Net cash provided by operating activities | $1,083 | $1,139 | +$56 | | Net cash used in investing activities | $(219) | $(1,101) | -$882 | | Net cash provided by financing activities | $2 | $2,378 | +$2,376 | | Net increase in cash, cash equivalents, and restricted cash | $848 | $2,479 | +$1,631 | - Cash used in investing activities increased significantly, primarily due to **$1,173 million** for acquisitions, net of cash acquired, in the first six months of 2025[40](index=40&type=chunk)[230](index=230&type=chunk) - Financing activities were boosted by **$2,722 million** from the issuance of convertible notes and **$341 million** from warrants in 2025[40](index=40&type=chunk)[232](index=232&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's business model, accounting policies, revenue, acquisitions, goodwill, fair value, balance sheet components, convertible notes, commitments, common stock, income taxes, EPS, segment reporting, and derivatives [1. Organization and Description of Business](index=13&type=section&id=1.%20Organization%20and%20Description%20of%20Business) DoorDash empowers local economies via its DoorDash and Wolt Marketplaces in over 30 countries, and a Commerce Platform offering white-label delivery and software services - DoorDash operates two main offerings: DoorDash Marketplace and Wolt Marketplace, which provide integrated services for merchants including online presence, customer acquisition, order fulfillment, and payment processing[44](index=44&type=chunk) - The company also offers a Commerce Platform, with DoorDash Drive On-Demand and Wolt Drive as key white-label delivery fulfillment services[46](index=46&type=chunk) - Marketplaces compete on selection, convenience, quality, affordability, and service, and include consumer membership programs like DashPass and Wolt+[45](index=45&type=chunk) [2. Summary of Significant Accounting Policies](index=13&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) Financial statements adhere to GAAP for interim reporting, with management estimates for various items, and no material policy changes except for ASC 815 adoption and ASU 2024-03 evaluation - The company's unaudited condensed consolidated financial statements are prepared in accordance with GAAP and SEC requirements for interim reporting[47](index=47&type=chunk) - Management makes estimates and judgments for revenue recognition, credit losses, gift card breakage, asset useful lives, stock-based compensation, and other financial valuations[49](index=49&type=chunk) - A new accounting policy for derivative financial instruments (ASC 815) was adopted, recognizing gains/losses in earnings and cash flows in the same section as the related hedged item[51](index=51&type=chunk) [3. Revenue](index=14&type=section&id=3.%20Revenue) Revenue increased by **25%** in Q2 2025 and **23%** in H1 2025, driven by Marketplace GOV growth, improved logistics, advertising, and reduced refunds, with contract liabilities increasing | Geographic Area | Three Months Ended June 30, 2024 (in millions) | Three Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | | :---------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------------- | :------------------------------------------- | | United States | $2,318 | $2,829 | $4,540 | $5,485 | | International | $312 | $455 | $603 | $831 | | Total Revenue | $2,630 | $3,284 | $5,143 | $6,316 | | Contract Liabilities (in millions) | Six Months Ended June 30, 2025 | | :--------------------------------- | :----------------------------- | | Beginning balance | $396 | | Addition to contract liabilities | $1,695 | | Reduction of contract liabilities | $(1,670) | | Ending balance | $421 | | Deferred Contract Costs (in millions) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Beginning balance | $137 | $157 | | Addition to deferred contract costs | $40 | $54 | | Amortization of deferred contract costs | $(28) | $(36) | | Ending balance | $149 | $175 | [4. Acquisitions](index=16&type=section&id=4.%20Acquisitions) DoorDash completed two Q2 2025 acquisitions: SevenRooms for **$1,152 million** to enhance merchant tools and Symbiosys for **$121 million** to expand advertising, both generating goodwill and intangible assets - Acquired SevenRooms Inc. on June 13, 2025, for **$1,152 million** (cash and deferred cash consideration) to enhance merchant tools for reservations, table management, and customer relationship management[59](index=59&type=chunk)[60](index=60&type=chunk) - SevenRooms acquisition resulted in **$845 million** of goodwill, attributed to assembled workforce and anticipated synergies, and **$362 million** in intangible assets (existing technology, customer relationships, trade name)[61](index=61&type=chunk)[62](index=62&type=chunk) - Acquired Symbiosys Corp. on May 28, 2025, for **$121 million** (cash, deferred cash, and previously held equity) to expand offsite advertising capabilities[64](index=64&type=chunk) - Symbiosys acquisition generated **$102 million** of goodwill, primarily for anticipated synergies from expanding marketing channels, and **$19 million** in intangible assets (existing technology, customer relationships)[66](index=66&type=chunk) [5. Goodwill and Intangible Assets, Net](index=21&type=section&id=5.%20Goodwill%20and%20Intangible%20Assets%2C%20Net) Goodwill increased by **$968 million** from acquisitions and **$247 million** from foreign currency translation, reaching **$3,529 million**, while net intangible assets rose to **$890 million** | Metric | December 31, 2024 (in millions) | June 30, 2025 (in millions) | Change (in millions) | | :-------------------------------- | :------------------------------ | :-------------------------- | :------------------- | | Goodwill | $2,315 | $3,529 | +$1,214 | | Intangible Assets, Net | $510 | $890 | +$380 | - Acquisitions contributed **$968 million** to goodwill, and foreign currency translation added **$247 million** during the six months ended June 30, 2025[70](index=70&type=chunk) | Year Ending December 31, | Estimated Amortization Expense (in millions) | | :----------------------- | :------------------------------------------- | | Remainder of 2025 | $70 | | 2026 | $140 | | 2027 | $135 | | 2028 | $117 | | 2029 | $101 | | Thereafter | $327 | | Total | $890 | [6. Fair Value Measurements](index=22&type=section&id=6.%20Fair%20Value%20Measurements) Financial instruments at fair value totaled **$4,440 million**, primarily cash equivalents and marketable securities, including a **$69 million** deal-contingent forward for Deliveroo | Asset Category | December 31, 2024 (in millions) | June 30, 2025 (in millions) | | :--------------- | :------------------------------ | :-------------------------- | | Cash equivalents | $2,292 | $2,558 | | Short-term marketable securities | $1,322 | $1,098 | | Long-term marketable securities | $835 | $725 | | Deal-contingent forward | $0 | $69 | | Total | $4,449 | $4,440 | - The fair value of the Level 3 Deal-Contingent Forward was determined by comparing contractual foreign exchange rates to forward market rates, probability-weighted for acquisition likelihood and timing, and discounted[73](index=73&type=chunk) | Non-Marketable Equity Securities (in millions) | December 31, 2024 | June 30, 2025 | | :--------------------------------------------- | :---------------- | :------------ | | Initial cost basis | $450 | $451 | | Upward adjustments | $11 | $11 | | Downward adjustments (including impairment) | $(419) | $(421) | | Total carrying value | $42 | $41 | [7. Balance Sheet Components](index=24&type=section&id=7.%20Balance%20Sheet%20Components) Details composition of cash equivalents, marketable securities, prepaid expenses, property and equipment, and accrued expenses, noting increases in capitalized software and shifts in reserves | Asset Category (in millions) | December 31, 2024 | June 30, 2025 | | :--------------------------- | :---------------- | :------------ | | Cash equivalents | $2,292 | $2,558 | | Short-term marketable securities | $1,322 | $1,088 | | Long-term marketable securities | $835 | $725 | | Total | $4,449 | $4,371 | | Property and Equipment, net (in millions) | December 31, 2024 | June 30, 2025 | | :---------------------------------------- | :---------------- | :------------ | | Capitalized software and website development costs | $1,339 | $1,589 | | Total Property and equipment, net | $778 | $906 | | Accrued Expenses and Other Current Liabilities (in millions) | December 31, 2024 | June 30, 2025 | | :----------------------------------------------------------- | :---------------- | :------------ | | Litigation reserves | $160 | $190 | | Dasher and merchant payable | $1,136 | $1,018 | | Insurance reserves | $1,049 | $1,112 | | Contract liabilities | $396 | $421 | | Other | $383 | $550 | | Total | $4,049 | $4,273 | [8. Convertible Notes, Net](index=26&type=section&id=8.%20Convertible%20Notes%2C%20Net) DoorDash issued **$2.75 billion** in 0% Convertible Senior Notes due 2030, with **$2.72 billion** net proceeds, and used hedges and warrants to manage dilution and cash payments - Issued **$2.75 billion** aggregate principal amount of 0% Convertible Senior Notes due 2030 in May 2025, with net proceeds of approximately **$2.72 billion**[85](index=85&type=chunk) - The 2030 Notes are convertible at an initial rate of **3.425** shares of Class A common stock per **$1,000** principal amount, equivalent to an initial conversion price of approximately **$291.97** per share[88](index=88&type=chunk) - Entered into convertible note hedge transactions for **$680 million** to reduce potential dilution and sold warrants for **$341 million**, with the net cost recorded as a reduction to additional paid-in capital[95](index=95&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk) [9. Commitments and Contingencies](index=30&type=section&id=9.%20Commitments%20and%20Contingencies) DoorDash faces legal proceedings regarding Dasher classification and payroll taxes, holds **$692 million** in insurance collateral, and is acquiring Deliveroo for approximately **£2.8 billion**, with **$2.5 billion** in escrow - The company is under audit by the CA EDD for payroll tax liabilities related to Dasher classification, with an accrual recorded for the matter[101](index=101&type=chunk) - A lawsuit by the San Francisco District Attorney alleges misclassification of California Dashers as independent contractors, seeking restitutionary damages and a permanent injunction[102](index=102&type=chunk) - The proposed acquisition of Deliveroo plc for approximately **£2.8 billion** is expected to close in Q4 2025, with **$2.5 billion** in cash deposited in escrow to partially fund the consideration[110](index=110&type=chunk)[111](index=111&type=chunk) - A Bridge Term Loan Credit and Guaranty Agreement for up to **$2.85 billion** was entered into for the Deliveroo transaction, with commitments subsequently reduced and terminated by July 15, 2025[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) [10. Common Stock](index=33&type=section&id=10.%20Common%20Stock) DoorDash authorized a **$5.0 billion** share repurchase program but made no repurchases, with changes in stock option and RSU activity, and **$2.2 billion** in unrecognized stock-based compensation - A **$5.0 billion** share repurchase program was authorized in February 2025, but no shares were repurchased during the six months ended June 30, 2025[117](index=117&type=chunk) | Stock Options (in thousands, except per share) | December 31, 2024 | June 30, 2025 | | :--------------------------------------------- | :---------------- | :------------ | | Shares subject to Options Outstanding | 4,516 | 3,325 | | Weighted Average Exercise Price Per Share | $5.72 | $6.27 | | Aggregate Intrinsic Value | $732 | $799 | | RSUs (in thousands, except per share) | December 31, 2024 | June 30, 2025 | | :------------------------------------ | :---------------- | :------------ | | Unvested RSUs | 29,535 | 28,856 | | Granted | N/A | 7,113 | | Weighted Average Grant Date Fair Value Per Share (Granted) | N/A | $181.45 | - The first tranche of the CEO Performance Award (**518,950** shares) vested during the six months ended June 30, 2025, upon achieving a stock price target of **$187.60**[123](index=123&type=chunk) - Unrecognized stock-based compensation expense for unvested restricted stock and RSUs totaled **$2.2 billion** as of June 30, 2025, to be recognized over a weighted-average period of **2.37** years[124](index=124&type=chunk) [11. Income Taxes](index=35&type=section&id=11.%20Income%20Taxes) The company recorded a **$13 million** tax benefit in Q2 2025 and **$7 million** in H1 2025, primarily due to a U.S. valuation allowance release from acquisitions, and is evaluating new tax legislation | Income Tax (in millions) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Provision for (benefit from) income taxes | $1 | $(13) | $8 | $(7) | - The benefit from income taxes in 2025 was primarily due to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with acquisitions[126](index=126&type=chunk) - The company maintains a full valuation allowance on its net deferred tax assets, except for certain foreign jurisdictions, and regularly assesses their realizability[127](index=127&type=chunk) - The recently enacted U.S. tax reform legislation, the One Big Beautiful Bill Act, allows for immediate expensing of domestic R&D and certain capital expenditures, with the company evaluating its impact[196](index=196&type=chunk) [12. Net Income (Loss) per Share Attributable to DoorDash, Inc. Common Stockholders](index=36&type=section&id=12.%20Net%20Income%20(Loss)%20per%20Share%20Attributable%20to%20DoorDash%2C%20Inc.%20Common%20Stockholders) Net income per share significantly improved for basic and diluted measures in Q2 and H1 2025, reversing prior year losses, with calculations using the two-class method | EPS Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :--------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic EPS | $(0.38) | $0.67 | $(0.44) | $1.13 | | Diluted EPS | $(0.38) | $0.65 | $(0.44) | $1.09 | | Potentially Dilutive Securities Excluded (in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :------------------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Stock options to purchase common stock | 6,430 | — | 6,430 | — | | Unvested restricted stock and restricted stock units | 35,585 | 10,102 | 35,585 | 10,345 | | Convertible notes | — | 3,312 | — | 1,665 | | Warrants related to the issuance of convertible notes | — | 3,312 | — | 1,665 | | Total | 42,087 | 16,798 | 42,087 | 13,747 | [13. Segment Reporting](index=37&type=section&id=13.%20Segment%20Reporting) The company operates in one reportable segment, with the CODM reviewing consolidated financial information, and income from operations turning positive in 2025 - The company operates in one reportable segment, as the CODM reviews financial information on a consolidated basis for operating decisions and performance evaluation[133](index=133&type=chunk) | Metric (in millions) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $2,630 | $3,284 | $5,143 | $6,316 | | Income (loss) from operations | $(201) | $163 | $(262) | $318 | [14. Derivative](index=37&type=section&id=14.%20Derivative) DoorDash entered a deal-contingent foreign exchange forward for approximately **£2.8 billion** to hedge Deliveroo acquisition risk, resulting in a **$69 million** unrealized gain - A deal-contingent foreign exchange forward transaction was entered into on May 6, 2025, with a notional amount of approximately **£2.8 billion**, to hedge foreign exchange risk for the Deliveroo acquisition[134](index=134&type=chunk) - The derivative is an effective economic hedge but does not qualify for hedge accounting, with its fair value of **$69 million** recorded in Prepaid expenses and other current assets[134](index=134&type=chunk)[135](index=135&type=chunk) - An unrealized gain of **$69 million** was recognized during the three and six months ended June 30, 2025, reported in other income (expense), net[135](index=135&type=chunk) [15. Subsequent Events](index=38&type=section&id=15.%20Subsequent%20Events) Subsequent to June 30, 2025, DoorDash terminated Tranche B Commitments and deposited an additional **$1.32 billion** cash into escrow for the Deliveroo acquisition - On July 15, 2025, the Tranche B Commitments under the Bridge Credit Agreement were fully reduced and terminated[137](index=137&type=chunk) - An additional **$1.32 billion** in cash was deposited into the escrow account for the Deliveroo acquisition to maintain Cash Confirmation Requirements[137](index=137&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and results, highlighting key metrics, comparing Q2 and H1 2024/2025, and detailing non-GAAP measures, liquidity, capital resources, and critical accounting estimates [Overview](index=39&type=section&id=Overview) DoorDash aims to grow local economies by connecting merchants with consumers through its DoorDash and Wolt Marketplaces and a Commerce Platform with white-label delivery and software - DoorDash's mission is to grow and empower local economies by reducing friction in local commerce[139](index=139&type=chunk) - Primary offerings include the DoorDash Marketplace and Wolt Marketplace, operating in over **30** countries, and a Commerce Platform with services like DoorDash Drive and Wolt Drive[140](index=140&type=chunk)[142](index=142&type=chunk) - Marketplaces offer consumer membership programs (DashPass and Wolt+) to reduce transactional friction and provide advertising services to merchants[141](index=141&type=chunk) [Financial and Operational Highlights](index=40&type=section&id=Financial%20and%20Operational%20Highlights) DoorDash reported strong Q2 2025 growth, with Total Orders up **20%**, Marketplace GOV up **23%**, revenue up **25%**, and Adjusted EBITDA up **52.3%** to **$655 million** | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | YoY Growth | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :--------- | | Total Orders (in millions) | 635 | 761 | 20% | | Marketplace GOV (in billions) | $19.7 | $24.2 | 23% | | Revenue (in billions) | $2.63 | $3.284 | 25% | | Net Revenue Margin | 13.3% | 13.5% | +0.2 pp | | GAAP gross profit (in billions) | $1.195 | $1.608 | 34.6% | | Contribution Profit (in millions) | $825 | $1,147 | 39% | | Adjusted EBITDA (in millions) | $430 | $655 | 52.3% | - The increase in Total Orders was primarily driven by growth in consumers and average consumer engagement[145](index=145&type=chunk) - Net Revenue Margin improved due to better logistics efficiency, increased advertising revenue, and reduced credits/refunds as a percentage of Marketplace GOV[147](index=147&type=chunk) - Free Cash Flow for Q2 2025 was **$355 million**, down from **$451 million** in Q2 2024, negatively impacted by working capital timing expected to benefit H2 2025[155](index=155&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Revenue grew **25%** in Q2 2025 and **23%** in H1 2025, outpacing Marketplace GOV due to improved logistics, advertising, and reduced refunds, leading to positive income from operations and an income tax benefit | Metric (in millions) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | % Change | | :------------------- | :------------------------------- | :------------------------------- | :------- | | Revenue | $2,630 | $3,284 | 25% | | Cost of revenue (excl. D&A) | $1,385 | $1,616 | 17% | | Sales and marketing | $509 | $607 | 19% | | Research and development | $303 | $351 | 16% | | General and administrative | $494 | $388 | (21)% | | Depreciation and amortization | $140 | $159 | 14% | | Income (loss) from operations | $(201) | $163 | N/A | | Other income (expense), net | $(5) | $59 | N/A | | Provision for (benefit from) income taxes | $1 | $(13) | N/A | | Metric (as % of revenue) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | | :----------------------- | :------------------------------- | :------------------------------- | | Revenue | 100% | 100% | | Cost of revenue (excl. D&A) | 53% | 49% | | Sales and marketing | 19% | 18% | | Research and development | 12% | 11% | | General and administrative | 19% | 12% | | Income (loss) from operations | (8)% | 5% | - General and administrative expenses decreased by **$106 million** (**21%**) in Q2 2025, primarily due to an **$83 million** decrease in office lease impairment expenses and a **$55 million** decrease in legal, tax, and regulatory expenses[175](index=175&type=chunk) - Other income (expense), net, increased by **$64 million** in Q2 2025, primarily driven by a change in fair value of the Deal-Contingent Forward related to the Deliveroo acquisition[187](index=187&type=chunk) [Non-GAAP Financial Measures](index=50&type=section&id=Non-GAAP%20Financial%20Measures) DoorDash uses non-GAAP measures like Adjusted EBITDA, which increased to **$1,245 million** in H1 2025, to assess operating performance by excluding non-cash and non-recurring expenses - Non-GAAP measures are used to evaluate operating performance, identify trends, formulate business plans, and communicate with the board of directors[198](index=198&type=chunk) | Non-GAAP Metric (in millions) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :---------------------------- | :----------------------------- | :----------------------------- | | Adjusted Cost of Revenue | $2,624 | $3,027 | | Adjusted Sales and Marketing | $943 | $1,122 | | Adjusted Research and Development | $316 | $386 | | Adjusted General and Administrative | $459 | $536 | | Contribution Profit | $1,576 | $2,167 | | Adjusted Gross Profit | $2,519 | $3,289 | | Adjusted EBITDA | $801 | $1,245 | - Adjusted EBITDA increased to **$655 million** in Q2 2025 from **$430 million** in Q2 2024, driven by growth in Contribution Profit[153](index=153&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, DoorDash had **$5.7 billion** in liquidity and **$322 million** in funds held at payment processors, having issued **$2.75 billion** in convertible notes, with a **$5.0 billion** share repurchase program authorized | Liquidity (in millions) | June 30, 2025 | | :---------------------- | :------------ | | Cash and cash equivalents | $3,911 | | Short-term marketable securities | $1,088 | | Long-term marketable securities | $725 | | Total Liquidity | $5,724 | | Funds held at payment processors | $322 | - The company issued **$2.75 billion** in 0% Convertible Senior Notes due 2030 in May 2025, with net proceeds of approximately **$2.72 billion**, for general corporate purposes[221](index=221&type=chunk) - A **$5.0 billion** share repurchase program was authorized in February 2025, inclusive of a remaining **$876 million** from a prior program[223](index=223&type=chunk) - Future capital requirements are influenced by growth, ability to attract and retain users, platform development, and potential cash settlement obligations for the 2030 Notes[224](index=224&type=chunk)[226](index=226&type=chunk) [Critical Accounting Estimates](index=59&type=section&id=Critical%20Accounting%20Estimates) Financial statement preparation requires significant management estimates and judgments for revenue, credit losses, asset valuations, stock-based compensation, and loss contingencies, with no material changes since the 2024 10-K - Preparation of financial statements requires significant estimates and judgments in areas such as revenue recognition, allowances for credit losses, asset useful lives, and valuation of stock-based compensation[234](index=234&type=chunk) - No material changes to critical accounting estimates were reported since the Annual Report on Form 10-K for the year ended December 31, 2024[235](index=235&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) DoorDash faces market risks from interest rate fluctuations and foreign currency exchange rates, with its investment portfolio sensitive to interest rate changes and a deal-contingent forward hedging Deliveroo acquisition risk - The company's investment portfolio, primarily short-term fixed income securities, is subject to interest rate fluctuation risk, but a **100** basis point increase would not materially affect financial statements[237](index=237&type=chunk)[238](index=238&type=chunk) - Foreign currency exchange risk stems from international revenue and costs in multiple currencies (Euro, Canadian dollar, Israeli shekel, Australian dollar) and the GBP-denominated Deliveroo acquisition[242](index=242&type=chunk)[244](index=244&type=chunk) - A Deal-Contingent Forward contract with a notional amount of approximately **£2.8 billion** is used to manage foreign exchange risk for the Deliveroo acquisition, resulting in an unrealized gain of **$69 million** as of June 30, 2025[244](index=244&type=chunk) [Item 4. Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Disclosure controls and procedures were evaluated and deemed effective at a reasonable assurance level as of June 30, 2025[246](index=246&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[247](index=247&type=chunk) - Management acknowledges that control systems have inherent limitations and can only provide reasonable assurance, not absolute, against all errors and fraud[248](index=248&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) DoorDash is involved in various legal proceedings, including class actions and government investigations challenging Dasher classification, consumer protection lawsuits, and IP disputes, acknowledging potential material impact - The company faces ongoing legal challenges regarding the classification of Dashers as independent contractors, including putative class actions, representative actions (e.g., PAGA), and individual arbitration claims[254](index=254&type=chunk)[255](index=255&type=chunk) - An audit by the CA EDD for payroll tax liabilities resulted in a negative assessment, for which an accrual has been recorded, but the company intends to vigorously appeal[261](index=261&type=chunk) - The San Francisco District Attorney filed a lawsuit alleging misclassification of California Dashers as independent contractors, seeking restitutionary damages and a permanent injunction[255](index=255&type=chunk) - Legal proceedings can have an adverse impact due to defense and settlement costs, diversion of management resources, and potential harm to the business[256](index=256&type=chunk) [Item 1A. Risk Factors](index=65&type=section&id=Item%201A.%20Risk%20Factors) This section outlines numerous risks that could adversely affect DoorDash's business, including limited operating history, intense competition, reclassification of Dashers, cybersecurity, and regulatory complexities [Risk Factors Summary](index=65&type=section&id=Risk%20Factors%20Summary) DoorDash's business faces risks including limited operating history, potential for losses, intense competition, challenges in retaining users, Dasher reclassification, systems failures, acquisitions, international operations, and regulatory compliance - Key risks include a limited operating history, potential for increasing expenses and net losses, intense competition, and challenges in attracting and retaining users[264](index=264&type=chunk) - The reclassification of Dashers as employees, systems failures, and difficulties in integrating acquisitions pose significant threats[264](index=264&type=chunk) - International operations, adverse economic conditions, and various legal and regulatory matters, including worker classification and consumer fees, are also significant risks[264](index=264&type=chunk) - The multi-class common stock structure concentrates voting power with the CEO, Tony Xu, limiting other stockholders' influence[268](index=268&type=chunk) [Risks Related to Our Business and Operations](index=67&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Operations) The company's limited operating history, intense competition, challenges in retaining users, reliance on merchants, operational fluctuations, systems failures, acquisition integration, pricing models, brand reputation, and cybersecurity incidents pose significant business risks - The company has a limited operating history in an evolving industry, making future prospects difficult to evaluate and increasing the risk of not being successful[265](index=265&type=chunk)[266](index=266&type=chunk) - Despite recent net income, the company has a history of net losses and anticipates increasing expenses, making consistent profitability uncertain[267](index=267&type=chunk)[270](index=270&type=chunk) - Intense competition from other delivery companies, merchants with their own platforms, and large e-commerce players could adversely affect the business[274](index=274&type=chunk)[275](index=275&type=chunk) - Cybersecurity incidents, such as the August 2022 breach, pose ongoing risks of operational interruption, legal liability, and reputational harm[311](index=311&type=chunk)[313](index=313&type=chunk)[315](index=315&type=chunk) - International operations and expansion, including the pending Deliveroo acquisition, introduce additional costs and risks related to varying regulations, cultural norms, and competition[295](index=295&type=chunk)[297](index=297&type=chunk) [Risks Related to our Legal and Regulatory Environment](index=95&type=section&id=Risks%20Related%20to%20our%20Legal%20and%20Regulatory%20Environment) DoorDash faces significant legal and regulatory risks concerning Dasher classification, various tax liabilities, evolving global regulations on privacy, data protection, payment processing, and antitrust, and non-compliance with anti-corruption laws - Reclassification of Dashers as employees under U.S. federal or state law, or international laws (e.g., Finland, EU Platform Work Directive), could materially increase costs and require significant business model alterations[363](index=363&type=chunk)[364](index=364&type=chunk)[370](index=370&type=chunk) - The company is exposed to taxing authorities asserting improper collection or remittance of sales, use, gross receipts, or value-added taxes, potentially leading to substantial liabilities and penalties[380](index=380&type=chunk)[381](index=381&type=chunk) - Evolving global laws and regulations, including those related to worker classification, Dasher pay, merchant pricing, consumer fees, data privacy (e.g., GDPR, U.S. state laws), and antitrust, pose significant compliance risks and potential for legal claims[391](index=391&type=chunk)[394](index=394&type=chunk)[395](index=395&type=chunk)[402](index=402&type=chunk) - Non-compliance with anti-corruption, anti-bribery, and anti-money laundering laws (e.g., FCPA, EU directives) could result in significant legal fees, sanctions, and reputational damage[399](index=399&type=chunk) [Risks Related to our Dependence on Third Parties](index=118&type=section&id=Risks%20Related%20to%20our%20Dependence%20on%20Third%20Parties) DoorDash heavily relies on third-party insurance, payment processors, background check providers, and cloud infrastructure, with disruptions or insufficient coverage posing severe operational, liability, and reputational risks, alongside dependence on mobile operating systems - Reliance on a limited number of third-party insurance providers for operations-related risks means insufficient coverage or provider insolvency could adversely affect the business[407](index=407&type=chunk)[408](index=408&type=chunk) - Primary dependence on Stripe and PayPal for payment processing exposes the company to risks of service termination, regulatory non-compliance, and increased transaction fees[411](index=411&type=chunk)[414](index=414&type=chunk) - Reliance on third-party background check providers means inaccuracies or service disruptions could lead to unqualified Dashers, reputational harm, or regulatory/litigation exposure[415](index=415&type=chunk)[416](index=416&type=chunk) - The platform's operations depend on third-party software and services (e.g., AWS, Google Maps), and any interruptions or changes in terms could disrupt business[420](index=420&type=chunk)[421](index=421&type=chunk) - Dependence on mobile operating systems (Android, iOS) and application marketplaces means unfavorable placements or platform changes could reduce user growth and brand recognition[423](index=423&type=chunk)[424](index=424&type=chunk) [Risks Related to our Intellectual Property](index=124&type=section&id=Risks%20Related%20to%20our%20Intellectual%20Property) Success relies on protecting intellectual property, but unauthorized use or third-party infringement assertions could lead to costly litigation or licensing fees, while open-source software use carries risks of license non-compliance - Failure to adequately protect intellectual property (patents, trademarks, trade secrets) could lead to unauthorized use, disclosure, or confusingly similar branding, harming the business[428](index=428&type=chunk)[429](index=429&type=chunk) - The company faces risks of intellectual property infringement assertions by third parties, potentially resulting in substantial damages, costly litigation, or the need for unfavorable licensing agreements[431](index=431&type=chunk)[432](index=432&type=chunk) - Use of third-party open source software components carries risks of license non-compliance, which could require making proprietary source code publicly available or costly re-engineering[433](index=433&type=chunk)[434](index=434&type=chunk)[435](index=435&type=chunk) [Risks Related to Our Indebtedness and Liquidity](index=128&type=section&id=Risks%20Related%20to%20Our%20Indebtedness%20and%20Liquidity) Indebtedness could limit cash flow, increase vulnerability, and restrict operational flexibility, with risks of inability to raise funds for note repurchases or cash settlements, adverse accounting effects, counterparty risk, and difficulty in obtaining additional capital - Indebtedness, including **$2.75 billion** in 2030 Notes and a revolving credit facility, could limit cash flow, increase vulnerability to economic conditions, and restrict operational flexibility[436](index=436&type=chunk)[439](index=439&type=chunk) - The company may be unable to raise sufficient funds to repurchase 2030 Notes or pay cash amounts due upon conversion, potentially leading to default[438](index=438&type=chunk)[440](index=440&type=chunk) - The accounting method for 2030 Notes could adversely affect reported financial condition, potentially reclassifying long-term debt as current liability[441](index=441&type=chunk) - Counterparty risk exists for convertible note hedge transactions, and their failure could lead to adverse tax consequences and increased dilution[445](index=445&type=chunk) - Additional capital may be required for business growth, but financing might not be available on acceptable terms, if at all, potentially impairing growth and operations[446](index=446&type=chunk) [Risks Related to Ownership of our Class A Common Stock](index=132&type=section&id=Risks%20Related%20to%20Ownership%20of%20our%20Class%20A%20Common%20Stock) The multi-class stock structure concentrates voting power with CEO Tony Xu, limiting other stockholders' influence, while stock price volatility, substantial stock sales, lack of future dividends, and corporate provisions could adversely affect ownership - The multi-class common stock structure (Class A: **1** vote, Class B: **20** votes, Class C: **0** votes) and a voting agreement concentrate **55%** of voting power with the Co-Founders, primarily CEO Tony Xu, limiting other stockholders' influence[449](index=449&type=chunk)[451](index=451&type=chunk) - The trading price of Class A common stock may be volatile due to market fluctuations, company performance, analyst estimates, and sales by existing stockholders[456](index=456&type=chunk) - Sales of substantial amounts of Class A common stock, including those from equity compensation plans and 'sell-to-cover' for RSU tax liabilities, could depress the market price[358](index=358&type=chunk)[460](index=460&type=chunk)[462](index=462&type=chunk) - The company does not expect to pay dividends in the foreseeable future, requiring stockholders to rely on stock price appreciation for gains[474](index=474&type=chunk) - Delaware law and provisions in the company's charter and bylaws, such as a classified board and restrictions on stockholder actions, could make mergers or tender offers difficult[467](index=467&type=chunk)[470](index=470&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=142&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) DoorDash did not repurchase any Class A common stock under its **$5.0 billion** share repurchase program during the three months ended June 30, 2025 | Period | Total Number of Shares Purchased (in thousands) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs (in thousands) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions) | | :----------- | :-------------------------------------------- | :--------------------------- | :----------------------------------------------------------------------------------- | :----------------------------------------------------------------------------------------- | | April 1 - 30 | — | $— | — | $5,000 | | May 1 - 31 | — | $— | — | $5,000 | | June 1 - 30 | — | $— | — | $5,000 | | Total | — | | — | | - The company's board of directors authorized a **$5.0 billion** share repurchase program in February 2025, but no repurchases were made during the second quarter of 2025[475](index=475&type=chunk) [Item 3. Defaults Upon Senior Securities](index=142&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the current report [Item 4. Mine Safety Disclosures](index=142&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the current report [Item 5. Other Information](index=142&type=section&id=Item%205.%20Other%20Information) Several directors and executive officers adopted Rule 10b5-1 trading arrangements for Class A common stock sales, net of taxes upon RSU vesting, with durations extending until August 31, 2026 - Keith Yandell, Chief Business Officer, adopted a Rule 10b5-1 trading arrangement on May 28, 2025, for up to **42,533** shares of Class A common stock[478](index=478&type=chunk) - Prabir Adarkar, Chief Operating Officer and President, adopted a Rule 10b5-1 trading arrangement on June 3, 2025, for up to **275,609** shares of Class A common stock[479](index=479&type=chunk) - Gordon Lee, Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement on June 3, 2025, for up to **20,459** shares of Class A common stock[480](index=480&type=chunk) [Item 6. Exhibits](index=143&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of this Quarterly Report on Form 10-Q, including Deliveroo acquisition agreements, corporate governance documents, convertible note agreements, and executive officer certifications - Exhibits include the Rule **2.7** Announcement and Co-operation Agreement for the Deliveroo acquisition, as well as related irrevocable undertakings[483](index=483&type=chunk) - Corporate documents such as the Amended and Restated Certificate of Incorporation and Bylaws are filed[483](index=483&type=chunk) - Agreements for the **0%** Convertible Senior Notes due 2030, convertible note hedge confirmations, and warrant confirmations are included[483](index=483&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer (pursuant to Sections **302** and **906** of Sarbanes-Oxley Act) are provided[483](index=483&type=chunk) [Signatures](index=146&type=section&id=Signatures) The Quarterly Report on Form 10-Q was signed on August 6, 2025, by Tony Xu, CEO, and Ravi Inukonda, CFO, on behalf of DoorDash, Inc - The report was signed by Tony Xu, Chief Executive Officer, and Ravi Inukonda, Chief Financial Officer, on August 6, 2025[489](index=489&type=chunk)

Exhibit 99.1 In Q2 2025, we generated new quarterly records for Total Orders, Marketplace GOV, Revenue, and GAAP net income. In Q2 2025, we also celebrated passing 10 billion lifetime orders globally. We are proud of how far we have come and the work that has gone into building a platform that now serves hundreds of thousands of merchants, tens of millions of consumers, and millions of Dashers across over 30 countries every month. Our progress reflects our team's innovation, operational excellence, and hard ...

DoorDash, Inc. DASH will release earnings results for the second quarter, after the closing bell on Wednesday, Aug. 6. Analysts expect the San Francisco, California-based company to report quarterly earnings at 43 cents per share, versus a year-ago loss of 38 cents per share. DoorDash projects to report quarterly revenue at $3.16 billion, compared to $2.63 billion a year earlier, according to data from Benzinga Pro. On May 30, DoorDash announced the closing of upsized $2.75 billion offering of 0% convertibl ...

Core Insights - DoorDash (DASH) is expected to report its second-quarter 2025 results on August 6, with earnings estimated at 42 cents per share, unchanged over the past 30 days, compared to a loss of 38 cents per share in the same quarter last year. Revenue is projected at $3.16 billion, indicating a year-over-year increase of 20.29% [1][2]. Financial Performance Expectations - The earnings performance for DoorDash is anticipated to benefit from strong total orders and Marketplace Gross Order Value (GOV), with the latter expected to be between $23.3 billion and $23.7 billion, and a consensus estimate of $23.61 billion, reflecting a 19.80% year-over-year growth [2][8]. - Total orders are estimated at 751 million, suggesting an 18.26% year-over-year growth [3]. Strategic Developments - DoorDash's expanding partner base, including collaborations with Ibotta, Walmart Canada, Wegmans, Lyft, Warner Bros. Discovery's Max, and JPMorgan Chase, is expected to enhance total orders growth and broaden service offerings [3][8]. - The company's efforts to expand grocery offerings and improve user experience, along with increased adoption of the DashPass subscription service, are likely to boost customer loyalty and order frequency [4][8]. Market Dynamics - The increase in monthly active users, driven by both domestic and international markets, is expected to support top-line growth. However, DoorDash faces significant competition in the local food delivery logistics sector, which may impact growth [5][8]. Earnings Outlook - According to the Zacks model, DoorDash has a positive Earnings ESP of +3.03% and a Zacks Rank of 1 (Strong Buy), indicating a favorable outlook for an earnings beat [6].

Core Insights - Identifying stocks that deliver strong returns can be challenging, and evaluating a company's liquidity serves as a reliable indicator of financial health [1] - High liquidity stocks are in demand due to their potential for maximum returns, but caution is advised as excess liquidity may indicate underutilization of resources [3][4] Stock Recommendations - Four top-ranked stocks recommended for portfolio consideration include Roku, Inc. (ROKU), DoorDash, Inc. (DASH), Meta Platforms, Inc. (META), and Pagaya Technologies Ltd. (PGY) [2] Liquidity Measures - Current Ratio: Measures current assets relative to current liabilities; an ideal range is between 1 and 3 [5] - Quick Ratio: Indicates a company's ability to pay short-term obligations, with a desirable ratio of more than 1 [6] - Cash Ratio: The most conservative measure, focusing on cash and cash equivalents relative to current liabilities; a ratio greater than 1 is desirable but may indicate inefficiency [7] Screening Parameters - Asset Utilization: A measure of efficiency, calculated as total sales over the last 12 months divided by the average total assets; companies with a higher ratio than their industry are considered efficient [8] - Growth Score: A proprietary score added to ensure that liquid and efficient stocks have solid growth potential [9] Stock Performance Highlights - Roku, Inc. (ROKU): Leading TV streaming platform with a 17% year-over-year increase in Platform revenues to $881 million; The Roku Channel streaming hours up 84% year over year [12][13] - DoorDash, Inc. (DASH): Total orders increased 18% year over year to 732 million, with Marketplace GOV rising 20% to $23.1 billion [15][16] - Meta Platforms, Inc. (META): Advertising revenues increased 16.2% year over year to $41.39 billion; expects total revenues between $42.5 billion and $45.5 billion for Q2 2025 [18][19] - Pagaya Technologies Ltd. (PGY): Total revenues of $290 million increased 18% year over year; forecasted revenues between $290 million and $310 million for the current quarter [21][22]

格隆汇7月29日｜Truist证券将外卖配送平台DoorDash的目标股价从每股230美元上调至272美元。 ...

智通财经7月29日电，Truist证券将外卖配送平台DoorDash的目标股价从每股230美元上调至272美元。 ...

格隆汇7月29日｜德意志银行：将DoorDash(DASH.US)目标价从230美元上调至272美元。 ...

德意志银行：将DoorDash(DASH.N)目标股价从230美元上调至272美元。 ...

Founder-Run Companies Overview - Founder-run companies constitute less than 5% of the S&P 500 index but account for nearly 15% of the total index's market capitalization, highlighting their significant impact on the market [2] - Notable founder-led companies include NVIDIA, Amazon, Meta, Tesla, Berkshire Hathaway, and Netflix, with technology firms leading the market capitalization [2] Performance and Investment Potential - Founder-led companies have shown superior performance, with a Harvard Business Review study indicating a market-adjusted return of 12% over three years, compared to a negative 26% for companies with professional CEOs [6] - Current appealing stocks in the founder-run category include Netflix, Meta, DoorDash, and Robinhood Markets [6] Meta Platforms - Meta, with a market capitalization of $1.8 trillion, is the largest social media platform and has a first-mover advantage in social networking [8] - The company is focusing on AI tools to enhance business messaging and customer support, with expectations of reaching over 1 billion users with its AI assistant [9] - Meta is investing heavily in AI infrastructure and developing augmented reality technologies through partnerships, which will drive long-term growth [10] Netflix - Netflix, valued at $502.7 billion, transitioned from a DVD rental service to a leading streaming provider, supported by a diverse content portfolio [11][12] - The company is aggressively investing in original content to maintain its market position against competitors like Disney+ and Apple TV+ [13] - Netflix's 2025 revenue projections range from $43.5 billion to $44.5 billion, with an operating margin of 29% [15] Robinhood Markets - Robinhood, with a market capitalization of $92.5 billion, is expanding its services internationally, including tokenized U.S. stocks for EU investors [16][17] - The company operates nine business lines, each generating over $100 million in annualized revenues, and aims to diversify its revenue streams [18] - Robinhood is focused on becoming a global player, expanding into the Asia-Pacific region, and currently holds a Zacks Rank 1 [19] DoorDash - DoorDash, valued at $105.9 billion, is the largest food delivery platform in the U.S. with a 56% market share [20][21] - The company is enhancing its logistics efficiency and advertising contributions, which are positively impacting its margins [21] - DoorDash is pursuing international expansion through acquisitions and partnerships to strengthen its market position [21]