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Consumer Discretionary · NASDAQ: DASH

DoorDash: how the business works

DoorDash runs delivery apps that connect consumers with local restaurants and stores and the couriers who deliver, earning $13.7 billion of revenue in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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DoorDash, Inc. · San Francisco, California · Founded 2013

Updated for Q3 FY2026 · checked

Revenue, FY2025
$13.7B
Operating income, FY2025
$723M
Net income, FY2025
$935M
Countries, Dec 31, 2025
Over 40
Employees, Dec 31, 2025
Over 31,400

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

DoorDash in 5 points

  1. 1 · What it sells

    DoorDash runs the DoorDash, Wolt and Deliveroo delivery apps in over 40 countries, plus delivery software for merchants, earning $13.7 billion of revenue in FY2025 on $102.0 billion of Marketplace GOV, a company measure of order value.

    More: what it sells

  2. 2 · Who pays it

    DoorDash does not split revenue between the merchants, consumers and advertisers who pay it; by merchant location, 83.5% of FY2025 revenue came from the US and 16.5% from other countries.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, DoorDash kept $6.7 as net income, which included $216 million of interest and other income, while operating income was $5.3 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    DoorDash reports a single segment and no profit by app or country; company-wide operating income was $723 million in FY2025 and $442 million in Q3 FY2026.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    DoorDash agreed on Oct 28, 2026 to buy Instacart at an equity value of about $17 billion, at least 75% in cash, backed by a $13.0 billion bridge loan commitment, while its only borrowings at Sep 30, 2026 were $2.7 billion of convertible notes.

    More: the one thing to watch

Sources: From DoorDash's FY2025 10-K, Q3 FY2026 10-Q and earnings release, and the Oct 29, 2026 Instacart 8-K · checked

See the full receipt and the management scorecard below

Sources (5)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of DoorDash's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

DoorDash · FY2025

Receipt for every $100

Where $100 of DoorDash's money went in FY2025
Cost of revenue$48.4
Sales and marketing$17.8
Research and development$10.3
General and administrative, and restructuring$11.5
Depreciation and amortization$5.4
Kept as net income$6.7
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Of every $100 that came in during FY2025 (revenue $13,717 million + interest and other income $216 million = $13,933 million). Cityfort calculation from FY2025 10-K. Income tax of $7 million, less a $3 million loss taken by minority holders, is under $0.1 per $100, so it has no line. Revenue is already after Dasher pay, refunds and promotions.

Sources (1)
Next: The business in one line

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02The business in one line

What does DoorDash do?

Merchants and consumers pay DoorDash fees to arrange orders and deliveries; after Dashers are paid, most of the money goes on order handling, support and marketing, and what's left is profit.

  • DoorDash counts only its fees as revenue, after paying Dashers: $13.7 billion in FY2025, on $102.0 billion of Marketplace GOV, a company measure of order value.
  • Net income was $935 million in FY2025, after losses in FY2021 to FY2023. Deliveroo, bought on Oct 2, 2025, lifted international revenue to 22.3% of the total in the first nine months of 2026.
Next: Who pays it

03Who pays it

Who pays DoorDash?

  • Merchants

    Not disclosed

    Restaurants, grocers and other stores pay a commission at an agreed rate on the value of each order, and per-order fees when Drive delivers orders from their own channels.

  • Consumers

    Not disclosed

    People ordering pay a fixed delivery fee and a service fee that varies with order size, or a membership fee for lower fees.

  • Advertisers

    Not disclosed

    Merchants and consumer packaged goods companies buy ads shown in the Marketplaces.

How spread out the customers are

DoorDash does not split revenue between merchants, consumers and advertisers, and the filings read name no single large customer. By merchant location, the US was 83.5% of FY2025 revenue and other countries 16.5%; no single other country reached 10%. Other countries rose to 22.3% in the first nine months of 2026, after Deliveroo.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does DoorDash make money?

More orders on the same apps spread fixed costs, so operating income per $100 of revenue rose as orders grew.

Total Orders, a company measure, rose from 1,736 million in FY2022 to 3,172 million in FY2025. Sales and marketing fell from $25.55 to $18.05 per $100 of revenue, and general and administrative costs from $17.42 to $11.66. Deliveroo added amortization from Q4 FY2025.

Operating income per $100 of revenue

−$17.1$5.3

FY2022 to FY2025

  1. Consumers order from local merchants in the app
  2. Merchants pay a fee based on each order's size
  3. Dashers are paid per task to deliver
  4. More orders bring more merchants and more selection
  5. Ads and memberships add revenue on the same orders
  6. Technology and overhead costs spread across more orders

↺ Step 6 feeds back into step 1.

Sources (2)
Next: How has it done

05The numbers · Consolidated · US$

How has DoorDash done?

Revenue

$13.7BFY2025

Revenue rose every year from $4.9 billion in FY2021 to $13.7 billion in FY2025; Deliveroo is included from Oct 2, 2025, so growth from Q4 FY2025 is not like for like.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$4.9B
FY2022$6.6B
FY2023$8.6B
FY2024$10.7B
FY2025$13.7B
Q1 FY2024$2.5B
Q2 FY2024$2.6B
Q3 FY2024$2.7B
Q4 FY2024$2.9B
Q1 FY2025$3.0B
Q2 FY2025$3.3B
Q3 FY2025$3.4B
Q4 FY2025$4.0B
Q1 FY2026$4.0B
Q2 FY2026$4.5B
Q3 FY2026$4.6B

Net profit

$935MFY2025

Net income went from a $1.4 billion loss in FY2022 to $935 million in FY2025, a year in which stock-based compensation of $1,051 million was larger than net income.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$468M−$1.39
FY2022−$1.4B−$3.68
FY2023−$558M−$1.42
FY2024$123M$0.29
FY2025$935M$2.13
Q1 FY2024−$23M−$0.06
Q2 FY2024−$157M−$0.38
Q3 FY2024$162M$0.38
Q4 FY2024$141M$0.33
Q1 FY2025$193M$0.44
Q2 FY2025$285M$0.65
Q3 FY2025$244M$0.55
Q4 FY2025$213M$0.48
Q1 FY2026$184M$0.42
Q2 FY2026$200M$0.46
Q3 FY2026$466M$1.06

Profit kept per $100 of revenue

$6.8FY2025

Operating income per $100 of revenue went from a $17.1 loss in FY2022 to $5.3 in FY2025, and net income per $100 reached $6.8.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY2021−9.6%−6.1%
FY2022−20.7%−11.5%
FY2023−6.5%−0.8%
FY20241.1%4.9%
FY20256.8%10.7%

Free cash flow

$2.2BFY2025

Free cash flow (cash from operations minus equipment purchases) rose from $191 million in FY2022 to $2.2 billion in FY2025; stock-based compensation, paid in shares, was 7.7% to 13.5% of revenue each year.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$692M$129M$563M
FY2022$367M$176M$191M
FY2023$1.7B$123M$1.6B
FY2024$2.1B$104M$2.0B
FY2025$2.4B$257M$2.2B
See all yearly numbers
DoorDash annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$4.9B−$296M−$468M−$1.39$692M$129M$563M
FY2022$6.6B−$755M−$1.4B−$3.68$367M$176M$191M
FY2023$8.6B−$70M−$558M−$1.42$1.7B$123M$1.6B
FY2024$10.7B$523M$123M$0.29$2.1B$104M$2.0B
FY2025$13.7B$1.5B$935M$2.13$2.4B$257M$2.2B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; DoorDash's fiscal year is the calendar year, so Q3 FY2026 is July–September 2026). Net profit is the share belonging to the company's owners.

Download DoorDash's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (18)
Next: What they said, and what happened

06Who runs it

Who runs DoorDash, and did they deliver?

  • Tony Xu

    Co-founder, Chief Executive Officer and Chair · since 2013

    Director since 2013. FY2025 total pay $431,864, with no stock awards, about 12 times the median employee's $36,373. Holds or directs 55.5% of votes.

  • Ravi Inukonda

    Chief Financial Officer · since 2023

    Since March 2023; earlier VP of Finance and Strategy at DoorDash.

  • Prabir Adarkar

    Chief Operating Officer and President · since 2023

    Since March 2023; CFO from August 2018 to March 2023.

  • Keith Yandell

    Chief Business Officer · since 2022

    Since January 2022.

  • Tia Sherringham

    General Counsel and Secretary · since 2022

    Since January 2022.

  • Shona Brown

    Lead Independent Director · since 2021

    Director since 2019; re-elected on Jun 10, 2026.

What they said, and what happened

4 delivered · 3 too early to tell

  1. Said on Nov 5, 2025

    DoorDash guided Q4 FY2025 Marketplace GOV of $28.9–29.5 billion and Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. of $710–810 million.

    What happened

    Reported Marketplace GOV of $29.7 billion, above the range, and Adjusted EBITDA of $780 million, within it. GAAP net income was $213 million.

    Delivered

  2. Said on Feb 18, 2026

    DoorDash guided Q1 FY2026 Marketplace GOV of $31.0–31.8 billion and Adjusted EBITDA of $675–775 million.

    What happened

    Reported Marketplace GOV of $31.6 billion and Adjusted EBITDA of $754 million, both within the ranges. GAAP net income was $184 million.

    Delivered

  3. Said on May 6, 2026

    DoorDash guided Q2 FY2026 Marketplace GOV of $32.4–33.4 billion and Adjusted EBITDA of $770–870 million.

    What happened

    Reported Marketplace GOV of $33.1 billion, within the range, and Adjusted EBITDA of $914 million, above it. GAAP net income was $200 million.

    Delivered

  4. Said on Aug 5, 2026

    DoorDash guided Q3 FY2026 Marketplace GOV of $33.0–34.0 billion and Adjusted EBITDA of $950 million to $1.1 billion.

    What happened

    Reported Marketplace GOV of $33.9 billion and Adjusted EBITDA of $1,060 million, both within the ranges. GAAP net income was $466 million.

    Delivered

  5. Said on May 6, 2026

    DoorDash said it expected Deliveroo to contribute about $200 million of Adjusted EBITDA, a company measure, in 2026.

    What happened

    Full-year 2026 results are not out yet. Deliveroo revenue was $1,110 million in the first nine months of 2026.

    Too early to tell

  6. Said on Oct 29, 2026

    DoorDash guided Q4 FY2026 Marketplace GOV of $35.4–36.4 billion and Adjusted EBITDA of $900 million to $1.1 billion.

    What happened

    DoorDash had not announced the results date at Nov 6, 2026.

    Too early to tell

  7. Said on Oct 29, 2026

    DoorDash said it expects the Instacart deal to close at the end of 2027 or in the first half of 2028, and that it is targeting a capital structure that keeps investment-grade ratings.

    What happened

    The deal has not closed. It needs Instacart shareholder approval, US antitrust clearance and approvals in Canada and Israel.

    Too early to tell
Sources (9)
Next: What could go wrong

07What could go wrong

What could go wrong for DoorDash?

  • Debt

    The Instacart deal and new borrowing

    DoorDash agreed on Oct 28, 2026 to buy Instacart for $65.00 a share, an equity value of about $17 billion, at least 75% in cash. JPMorgan committed a bridge loan of up to $13.0 billion; DoorDash's only borrowings at Sep 30, 2026 were $2.7 billion of convertible notes. DoorDash would owe Instacart a $1.25 billion fee if the deal ends in certain cases where antitrust conditions are not met.

    Watch Shareholder and antitrust approvals, the financing DoorDash raises, and debt in each 10-Q.

  • Regulation

    Whether Dashers count as employees

    Dashers are mostly independent contractors. DoorDash faces putative class actions and representative actions, such as under California's PAGA, and agency audits challenging this, including a California payroll tax assessment from January 2023. Litigation reserves rose from $263 million at Dec 31, 2025 to $412 million at Sep 30, 2026, including accruals for audits of delivery worker pay rules.

    Watch The legal proceedings note and litigation reserves in each 10-Q.

  • Governance

    Founder voting control

    Class B shares carry 20 votes each, so Tony Xu held or directed 55.5% of votes at Mar 1, 2026 and can decide most shareholder votes. For Instacart, DoorDash may instead issue non-voting Class C shares if it first lists them and pays a dividend of at least 0.5 Class C share per Class A and B share; nothing has been decided.

    Watch Any Class C listing or dividend, and the votes table in each proxy.

  • Competition

    Competition in delivery

    The FY2025 10-K calls local food delivery fragmented and intensely competitive. It names Amazon, Uber Eats, Prosus and Delivery Hero, plus merchants' own ordering and delivery. It says competition could force lower consumer prices, higher Dasher incentives or lower merchant commissions.

    Watch Net Revenue Margin and sales and marketing per $100 of revenue each quarter.

  • Execution

    Deliveroo and other acquisitions

    DoorDash bought SevenRooms for $1,152 million in June 2025 and Deliveroo for $3,724 million in October 2025. Goodwill and intangible assets reached $7.4 billion at Sep 30, 2026, up from $2.8 billion at Dec 31, 2024. Other countries were 22.3% of revenue in the first nine months of 2026, adding currency exposure.

    Watch Deliveroo revenue and any impairment in each 10-Q.

  • Other

    Stock-based pay

    Stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $1,051 million in FY2025, more than net income of $935 million, and 7.7% to 13.5% of revenue each year from FY2021. DoorDash said on Oct 29, 2026 that it expects about $1.2 billion in FY2026. Shares outstanding rose from 419.7 million at Dec 31, 2024 to 436.0 million at Oct 26, 2026, despite $1,049 million of buybacks in 2026.

    Watch Stock-based compensation and share count in each 10-Q.

  • Other

    A short record of profit

    DoorDash had net losses from FY2021 to FY2023, including $1,365 million in FY2022. Its FY2025 10-K lists a history of net losses and the risk that it may not sustain profitability among its main risk factors.

    Watch Operating income next to net income each quarter.

Sources (7)
Next: Supporters vs. critics

08Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Revenue rose every year from $4.9 billion in FY2021 to $13.7 billion in FY2025.
  • Operating income went from a $1.1 billion loss in FY2022 to $723 million in FY2025, and was $442 million in Q3 FY2026 alone.
  • Free cash flow (cash from operations minus equipment purchases) was $2.2 billion in FY2025.
  • Marketplace GOV and Adjusted EBITDA, company measures, came in within or above DoorDash's ranges in each of the four quarters from Q4 FY2025 to Q3 FY2026.
  • Cash and short-term investments exceeded convertible notes by $3.3 billion at Sep 30, 2026.

What critics point to

  • Stock-based compensation of $1,051 million in FY2025 was more than net income of $935 million.
  • Revenue growth of 34% in Q3 FY2026 was 23% without Deliveroo, which DoorDash bought on Oct 2, 2025.
  • The Instacart deal, about $17 billion of equity value, comes with a $13.0 billion bridge loan commitment.
  • Tony Xu held or directed 55.5% of votes at Mar 1, 2026 through Class B shares with 20 votes each.
  • Litigation reserves rose from $263 million at Dec 31, 2025 to $412 million at Sep 30, 2026.
Next: What to watch next

09What to watch next

What should you watch next at DoorDash?

Next event

Q4 FY2026 results

Date not announced yet.

  • Q4 FY2026 against DoorDash's outlook

    DoorDash's Oct 29, 2026 outlook was Marketplace GOV of $35.4–36.4 billion and Adjusted EBITDA of $900 million to $1.1 billion, both company measures. The Q4 FY2025 release came on Feb 18, 2026.

  • Instacart approvals and financing

    Watch the Instacart shareholder vote, US antitrust review, approvals in Canada and Israel, and any notes DoorDash sells to replace the $13.0 billion bridge commitment.

  • Cash flow timing

    DoorDash said on Oct 29, 2026 that it expects the year-end timing of payments to merchants to lower its reported FY2026 Free Cash FlowCash from operations minus spending on buildings and equipment. Learn more, a company measure, by $700–800 million.

Next: Key dates

10Key dates

What are the key dates for DoorDash?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for DoorDash
EventDateSource
Instacart acquisition: closingNot closed. DoorDash said on Oct 29, 2026 that it expects closing at the end of 2027 or in the first half of 2028, after approvals.Not yet statedPress release on the Instacart agreement (Form 8-K, Exhibit 99.1); Earnings release for Q3 2026 (Form 8-K, Exhibit 99.1)
Grubhub Campus Dining acquisition: closingAgreed Sep 1, 2026 for about $300 million in cash. The Q3 FY2026 10-Q says closing is expected by the first half of 2027.Not yet statedForm 10-Q for Q3 fiscal 2026
0% convertible senior notes due$2.75 billion principal, issued May 30, 2025.Form 10-Q for Q3 fiscal 2026; Form 8-K: 0% convertible senior notes due 2030
Revolving credit line maturesUp to $2.0 billion, amended Aug 5, 2026; no loans drawn at Sep 30, 2026.Form 10-Q for Q3 fiscal 2026
Sources (4)
Next: Key facts

11Key facts

Key facts about DoorDash

What does DoorDash do?
DoorDash runs the DoorDash, Wolt and Deliveroo apps, where consumers order from restaurants and stores and independent couriers called Dashers deliver. It also sells delivery and ordering software to merchants. DoorDash had $13.7 billion of revenue in FY2025, operations in over 40 countries and over 31,400 employees at Dec 31, 2025.
How does DoorDash make money?
DoorDash makes most of its money from commissions that merchants pay on each order and from delivery and service fees that consumers pay. It also earns membership fees from DashPass, Wolt+ and Deliveroo Plus, advertising and per-order fees for Drive deliveries. Revenue is counted after Dasher pay, refunds and promotions: $13.7 billion in FY2025.
What is DoorDash's business model?
DoorDash's business model is a marketplace: merchants sell through its apps, consumers order, and Dashers deliver as independent contractors. In FY2025 DoorDash's Marketplace GOV, a company measure of order value including taxes, tips and fees, was $102.0 billion, and its GAAP revenue was $13.7 billion, or 13.4% of that order value.
Is DoorDash profitable?
Yes, in recent years. DoorDash's net income was $935 million in FY2025 and $123 million in FY2024, after net losses from FY2021 to FY2023, including a $1.4 billion loss in FY2022. Operating income was $723 million in FY2025 and $442 million in Q3 FY2026.
What is DoorDash's revenue by segment?
DoorDash reports a single segment and does not split revenue by app or offering. By merchant location, DoorDash's FY2025 revenue was $11.5 billion from the US (83.5%) and $2.3 billion from other countries (16.5%), and no single other country reached 10%.
How much revenue does Deliveroo bring DoorDash?
Deliveroo, which DoorDash bought on Oct 2, 2025 for total consideration of $3.7 billion, added $1,110 million of revenue in the first nine months of 2026 and $365 million in Q3 FY2026. DoorDash's total Q3 FY2026 revenue was $4.6 billion.
How many DashPass members does DoorDash have?
DoorDash had over 35 million members of DashPass, Wolt+ and Deliveroo Plus at Dec 31, 2025. Members pay a fee for lower delivery and service fees. DoorDash's apps had over 56 million monthly active users in December 2025.
What is DoorDash's Commerce Platform?
DoorDash's Commerce Platform sells services to merchants for their own channels, led by Drive, which delivers orders taken on a merchant's own website or app for a per-order fee. It also covers online ordering, branded apps and reservations through SevenRooms, bought in June 2025 for $1,152 million. DoorDash does not report Commerce Platform revenue separately.
Who owns DoorDash?
DoorDash co-founder and CEO Tony Xu held or directed 55.5% of DoorDash's votes at Mar 1, 2026, through Class B shares with 20 votes each. Among Class A holders, The Vanguard Group reported 9.7%, entities affiliated with Sequoia Capital 7.7% and BlackRock 5.8%, as listed in DoorDash's 2026 proxy.
Is DoorDash buying Instacart?
DoorDash agreed on Oct 28, 2026 to buy Maplebear Inc. (Instacart) for $65.00 per Instacart share, an equity value of about $17 billion, at least 75% in cash. The deal had not closed at Nov 6, 2026 and needs Instacart shareholder and regulatory approvals.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does DoorDash sell?

DoorDash sells a way to get food and goods from nearby merchants to your door. Its apps take the order, a Dasher delivers it, and DoorDash keeps fees. FY2025 revenue was $13.7 billion.

  • Marketplaces: DoorDash, Wolt and Deliveroo

    Apps where consumers order from restaurants, grocers and other stores in over 40 countries. Merchants pay a fee based on order size; consumers pay a delivery fee and a service fee. Over 56 million monthly active users in December 2025.

  • Memberships (over 35 million members)

    DashPass, Wolt+ and Deliveroo Plus: consumers pay a membership fee for lower delivery and service fees, at Dec 31, 2025.

  • Advertising

    Merchants and consumer packaged goods companies pay for ads inside the Marketplaces. DoorDash does not report ad revenue separately.

  • Commerce Platform (Drive and merchant software)

    Drive delivers orders from a merchant's own website or app for a per-order fee. Other tools cover online ordering, branded apps, reservations (SevenRooms) and tableside order and pay.

What it does

  • Does: Takes orders in its apps and arranges delivery by Dashers, most of them independent contractors
  • Does: Charges merchants a commission and consumers delivery and service fees
  • Does: Sells ads and memberships
  • Does: Sells some products from inventory it manages itself (DashMart), as its Q3 FY2026 release describes

What it does not do

  • Does not: Does not count the full order value as revenue: revenue is fees after Dasher pay, refunds and promotions
  • Does not: Does not report revenue by app or offering, only US versus other countries
  • Does not: Does not own Instacart: the deal agreed on Oct 28, 2026 has not closed
  • Does not: Has never paid a dividend
Sources (1)
13How the money flows

13How the money flows · FY2025

How does money flow through DoorDash?

Money in

  • Revenue (fees after Dasher pay, refunds and promotions)$13.7B
  • Interest and other income, net$216M

The company

DoorDash

$13.9B came in

Money out

  • Cost of revenue (payment processing, insurance, support, onboarding, technology infrastructure)$6.7B
  • Sales and marketing$2.5B
  • Research and development$1.4B
  • General and administrative, and restructuring$1.6B
  • Depreciation and amortization$747M
  • Income tax ($7 million), less a $3 million loss taken by minority holders$4M
  • Net income for DoorDash's shareholders$935M
  1. DoorDash recorded $13.7 billion of revenue in FY2025, after paying Dashers and giving refunds and promotions. Interest and other income added $216 million.
  2. Cost of revenue took $6.7 billion: payment processing, insurance, support, onboarding and technology infrastructure.
  3. Sales and marketing took $2.5 billion, research and development $1.4 billion, and general and administrative costs $1.6 billion.
  4. After $747 million of depreciation and amortization, operating income was $723 million.
  5. With interest and other income, pre-tax income was $939 million; after $7 million of tax, net income for DoorDash's shareholders was $935 million.
Sources (1)
14What it needs to run

14What it needs to run

What does DoorDash need to run?

  • Dashers

    Over 9 million people delivered through DoorDash in 2025 and earned over $20 billion in total. Most are independent contractors who choose when and where to work.

  • Payments and insurance

    Cost of revenue includes card processing charges and insurance. At Sep 30, 2026 DoorDash had $254 million of surety bonds and $243 million of letters of credit as insurance collateral.

  • Technology and people

    Over 31,400 employees at Dec 31, 2025. Research and development cost $1,431 million in FY2025.

Sources (2)
15Where it sells

15Where it sells · FY2025

Where does DoorDash sell?

  • United States84%
  • Other countries (no single country 10% or more; 22.3% in the first nine months of 2026)17%
Sources (2)
16Competitors and what protects it

16Competitors and what protects it

Who does DoorDash compete with?

DoorDash's FY2025 10-K calls local food delivery, its largest category, fragmented and intensely competitive. It names rivals but states no market share.

  • Uber (Uber Eats)

    NYSE: UBER

    Named by DoorDash's FY2025 10-K as an on-demand delivery competitor.

  • Amazon

    NASDAQ: AMZN

    Named by the 10-K as an on-demand delivery competitor.

  • Prosus

    Named by the 10-K as an on-demand delivery competitor.

  • Delivery Hero

    Named by the 10-K as an on-demand delivery competitor, with other local incumbents.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Order volume4 of 5

    DoorDash handled 3,172 million orders in FY2025, up from 1,736 million in FY2022, with over 56 million monthly active users in December 2025.

  • Memberships3 of 5

    Over 35 million DashPass, Wolt+ and Deliveroo Plus members at Dec 31, 2025. DoorDash said on Oct 29, 2026 that DashPass growth helped cut US restaurant transaction fees per order by 9% over two years.

  • Software for merchants2 of 5

    The Commerce Platform covers Drive delivery, online ordering, branded apps and SevenRooms reservations. DoorDash does not report its revenue separately.

Weak spot

Many rivals, including merchants themselves

The FY2025 10-K names Amazon, Uber Eats, Prosus and Delivery Hero, and says DoorDash also competes with merchants' own ordering platforms and delivery fleets, and with phone and take-out orders.

Sources (3)
17Where growth could come from

17Where growth could come from

Where could DoorDash's growth come from?

DoorDash said on Oct 29, 2026 that it expected Q4 FY2026 Marketplace GOV of $35.4–36.4 billion and Adjusted EBITDA of $900 million to $1.1 billion. Both are company measures. It also expected FY2026 stock-based compensation of about $1.2 billion.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • Core marketplaces

    Working

    Marketplace GOV +36% (23% without Deliveroo), Q3 FY2026

    Marketplace GOV, a company measure, reached $33.9 billion in Q3 FY2026. Revenue rose 34% to $4.6 billion, or 23% without Deliveroo, as the company stated it.

    Status: Working, on track against what the company said.

  • Grocery and retail

    Working

    US order value growing over twice as fast as US restaurants, Q3 FY2026

    DoorDash said on Oct 29, 2026 that US grocery and retail Marketplace GOV grew at more than double the pace of US restaurants. It gives no dollar figure for the category.

    Status: Working, on track against what the company said.

  • Deliveroo and international

    New

    $1,110M revenue, 9M FY2026

    Deliveroo joined on Oct 2, 2025. Other countries rose from 16.5% of revenue in FY2025 to 22.3% in the first nine months of 2026. DoorDash said in May 2026 it expected about $200 million of Adjusted EBITDA from Deliveroo in 2026.

    Status: New, recently announced.

  • Advertising

    Working

    Revenue not reported separately

    DoorDash's FY2025 10-K says revenue grew faster than Marketplace GOV partly because of a rising contribution from advertising.

    Status: Working, on track against what the company said.

  • Reservations and merchant software

    Early

    US reservations +340% quarter on quarter, Q3 FY2026

    DoorDash bought SevenRooms in June 2025. It said US restaurant reservations through its marketplace grew over 340% from Q2 FY2026 in existing areas.

    Status: Early, too early to judge.

  • Instacart

    New

    Not closed

    Agreed on Oct 28, 2026 at $65.00 per Instacart share, an equity value of about $17 billion. DoorDash expects closing at the end of 2027 or in the first half of 2028.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (6)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q3 FY2026

What do DoorDash's own measures show?

Adjusted (non-GAAP) figures, Marketplace GOV and Total Orders are DoorDash's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Revenue, FY2025

    $13.7B

    Company's own measure: Marketplace GOV, FY2025

    $102.0B

    Total dollar value of orders on DoorDash's marketplaces, including taxes, tips and consumer fees such as membership fees. It leaves out Commerce Platform orders. It is not DoorDash's revenue.

  • Official (GAAP): Revenue, Q3 FY2026

    $4.6B

    Company's own measure: Marketplace GOV, Q3 FY2026

    $33.9B

    Up 36%, or 23% without Deliveroo, as the company stated it; revenue rose 34%, or 23% without Deliveroo. DoorDash said on Oct 29, 2026 that it intends to stop giving figures without Deliveroo from Q4 FY2026.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Net Revenue Margin, FY2025

    13.4%

    Revenue divided by Marketplace GOV: 13.4% in FY2024 and FY2025, up from 11.7% in FY2021.

  • Official (GAAP): Net income, FY2025

    $935M

    Company's own measure: Adjusted EBITDA, FY2025

    $2.8B

    Leaves out stock-based compensation and related payroll tax ($1,056 million), depreciation and amortization ($747 million), certain legal, tax and regulatory items ($135 million), deal costs ($105 million), restructuring, impairments, interest, other income and tax.

  • Official (GAAP): Net income, Q3 FY2026

    $466M

    Company's own measure: Adjusted EBITDA, Q3 FY2026

    $1.1B

    Same definition. Stock-based compensation and related payroll tax ($269 million) and depreciation and amortization ($312 million) were the largest items left out.

  • Official (GAAP): Gross profit, FY2025

    $6.7B

    Company's own measure: Contribution Profit, FY2025

    $4.8B

    Gross profit minus sales and marketing, adding back depreciation, amortization, stock-based compensation and allocated overhead in cost of revenue and sales and marketing.

  • Official (GAAP): Cash from operations, FY2025

    $2.4B

    Company's own measure: Free Cash Flow (company definition), FY2025

    $1.8B

    DoorDash subtracts equipment purchases ($257 million) and capitalized software and website costs ($348 million). This page's free cash flow subtracts only equipment: $2,174 million.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Total Orders, Q3 FY2026

    993 million

    Orders completed on DoorDash's marketplaces and Commerce Platform, up 28%, or 17% without Deliveroo, as the company stated it. FY2025: 3,172 million.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (3)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does DoorDash have?

At Sep 30, 2026 DoorDash's cash and short-term investments of $6.0 billion exceeded its $2.7 billion of convertible notes by $3.3 billion; the notes equal about 1.3 years of FY2025 free cash flow.
  • Total debt$2.7B
  • Cash and investments$6.0B
  • Net cash (cash minus debt)$3.3B
  • Net worth (shareholders' money)$10.7B
Debt to equity
0.25×
$ of debt for every $1 of shareholders' money
  • Debt is the carrying value of the $2.75 billion 0% convertible notes due May 15, 2030, which pay no regular cash interest. Net cash of $3,254 million is a Cityfort calculation from the Q3 FY2026 10-Q (cash and short-term investments minus the notes); it was $2,782 million at Dec 31, 2025 (Cityfort calculation from the FY2025 10-K).
  • Not counted as cash: $805 million of long-term investments, $301 million of restricted cash and $660 million of funds held at payment processors. Operating lease liabilities of $570 million are not counted as debt.
  • A $2.0 billion revolving credit line, amended Aug 5, 2026 and maturing Aug 5, 2031, had no loans drawn at Sep 30, 2026; $327 million of letters of credit were issued from it.
  • For Instacart, JPMorgan committed on Oct 28, 2026 to a 364-day bridge loan of up to $13.0 billion. It is a commitment, not money borrowed; DoorDash expects to replace it with cash on hand and permanent financing before closing.
  • Interest income, net, was $211 million in FY2025, so interest cover is not shown.
Sources (4)
20Who owns it

20Who owns it · ownership as of Mar 1, 2026

Who owns DoorDash?

Tony Xu controls the votes: Class A has one vote a share, Class B has 20, and no Class C shares (no votes) are issued. At Mar 1, 2026, 15 directors and officers together had 44.9% of votes and about 5.3% of shares (the 5.3% is a Cityfort calculation from the 2026 proxy statement, counting options exercisable within 60 days).
Officers and directors (as a group), shares
5.3%
Officers and directors (as a group), votes
44.9%

Shares vs votes by class

DoorDash has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes46.2%
  • Class B common stock: share of all votes53.8%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
DoorDash share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares on Oct 26, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)4121Public and institutional investors; trades on Nasdaq as DASH94.5%46.2%Yes
Class B common stock (Shares on Oct 26, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover. Class B had 20 holders of record at Dec 31, 2025.)2420Co-founders Tony Xu, Andy Fang and Stanley Tang and their affiliates; Tony Xu directs the votes of the founders' shares5.5%53.8%No
Holders of 5% or more
DoorDash holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Tony Xu, co-founder, CEO and Chair (% of Class B he owns)43.3%55.5%Mar 1, 2026S2011,099,103 Class B shares of his own (24.0% of votes). Under a voting agreement he also directs Class B shares held by Andy Fang, Stanley Tang and their permitted entities (32.3% of votes), for 55.5% in total.
Andy Fang, co-founder and director (% of Class B)24.1%–Mar 1, 2026S205,903,889 Class B shares; Tony Xu directs their votes, so they are counted in his 55.5%.
Stanley Tang, co-founder and director (% of Class B)14.9%–Mar 1, 2026S203,651,639 Class B shares; Tony Xu directs their votes.
The Vanguard Group (% of Class A)9.7%4.4%May 7, 2025S2039,828,909 Class A shares, from a Schedule 13G/A of May 7, 2025, as listed in the proxy. The proxy adds that a Mar 26, 2026 filing described an internal realignment after which Vanguard no longer beneficially owns these shares, and its units may report separately.
Entities affiliated with Sequoia Capital (% of Class A)7.7%3.5%Nov 28, 2025S2031,712,420 Class A shares, from a Form 4 of Nov 28, 2025, as listed in the proxy. Director Alfred Lin is a Sequoia partner.
BlackRock, Inc. (% of Class A)5.8%2.7%Apr 23, 2025S2024,007,000 Class A shares, from a Schedule 13G of Apr 23, 2025, as listed in the proxy.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (3)
21What it does with profit

21What it does with profit

What does DoorDash do with its profit?

DoorDash has never declared or paid a dividend and does not anticipate one. A $5.0 billion buyback authorization from February 2025 had about $4.0 billion left at Oct 28, 2026. Class A and B shares still rose from 419.7 million at Dec 31, 2024 to 436.0 million at Oct 26, 2026. Stock-based compensation was $1,051 million in FY2025.

  • Buyback · Dec 31, 2022

    Repurchases of Class A shares in FY2022

    $400M

  • Buyback · Dec 31, 2023

    Repurchases of Class A shares in FY2023

    $750M

  • Buyback · Dec 31, 2024

    Repurchases of Class A shares in FY2024 (none in FY2025)

    $224M

  • Buyback · Sep 30, 2026

    Repurchases in the first nine months of 2026: 6.8 million shares at an average of $155.25; none in Q3

    $1.0B

  • Money raised · May 30, 2025

    0% convertible senior notes due 2030 (net proceeds about $2.72 billion)

    $2.8B

  • Money raised · Aug 5, 2026

    Revolving credit line raised to $2.0 billion from $800 million, maturing 2031; undrawn at Sep 30, 2026

    $2.0B

  • Money raised · Oct 28, 2026

    Bridge loan commitment from JPMorgan for the Instacart deal; a commitment, not drawn

    $13.0B

Sources (5)
22Governance signals

22Governance signals

What do DoorDash's governance filings show?

Auditor
KPMG LLP, since 2018
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
DoorDash's 2026 proxy lists one related-party agreement beyond pay: a 2020 investors' rights agreement giving holders including Kleiner and Sequoia Capital entities registration rights. It ended in December 2025. Directors John Doerr and Alfred Lin are or were affiliated with those firms.
Credit rating
Not checked for this page

Flags to know about

  • disclosure

    Credit ratings not named in the filings read

    The 10-K, 10-Qs and Instacart 8-K read for this page name no rating agency, rating or outlook. DoorDash said on Oct 29, 2026 that it "is targeting a capital structure that will maintain investment-grade ratings".

  • other

    Founder voting control

    Class B shares carry 20 votes each. Tony Xu held or directed 55.5% of votes at Mar 1, 2026. The board is staggered: directors are elected in three classes for three-year terms.

  • other · Sep 18, 2026

    Moved from Delaware to Nevada

    DoorDash changed its state of incorporation from Delaware to Nevada on Sep 18, 2026. Its 8-K says the business, management, offices and assets did not change.

  • regulatory

    Dasher pay and classification audits

    The Q3 FY2026 10-Q says agencies are investigating or auditing Dasher classification and pay, consumer protection, privacy and tax. California's Employment Development Department issued a payroll tax assessment in January 2023 for amounts it found owed on behalf of Dashers due to their classification as independent contractors; DoorDash says Dashers are properly classified and that it intends to appeal. Litigation reserves were $412 million at Sep 30, 2026.

  • other

    Shares as loan collateral

    DoorDash's insider trading policy bars directors and employees from hedging and from using shares as collateral. The proxy ownership footnotes disclose none used as collateral.

  • disclosure

    What DoorDash does not report

    DoorDash reports one segment. The filings read give no revenue or profit by app, offering or advertising, and no revenue split between merchants and consumers.

  • other

    Pay vote

    At the Jun 10, 2026 annual meeting, 801.4 million votes were cast for executive pay and 28.9 million against. KPMG was ratified as auditor for FY2026.

Sources (6)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for DoorDash on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: DoorDash's Class A shares closed at $179.92 on Nasdaq. Times 436.0 million Class A and Class B shares (Oct 26, 2026) that is a market value of about $78.4 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover); unlisted Class B shares are counted at the Class A price. P/E is price ÷ earnings per share: 74.3 on $2.42 of diluted EPS for the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). P/B is market value ÷ stockholders' equity of $10.7 billion. EV/EBITDA is market value minus net cash ($75.2 billion) ÷ operating income plus depreciation and amortization for the same four quarters ($2.0 billion).

Share price
$179.92
Market value (market cap)
$78.4B
P/E
74.3×
P/B
7.3×
EV/EBITDA
36.9×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 435.98 million ($179.92 × 435.98 million shares ≈ $78.4B). Source: Form 10-Q for Q3 fiscal 2026; Form 10-K for fiscal year 2025; Proxy statement (DEF 14A) for the June 10, 2026 annual meeting

Source: DASH historical prices, Nasdaq (close Nov 5, 2026: $179.92); Form 10-Q for Q3 fiscal 2026; Earnings release for Q3 2026 (Form 8-K, Exhibit 99.1) and 3 more

Sources (10)
24How it got here

24How it got here

How did DoorDash get here?

  1. 2013

    Milestone

    Founded

    Incorporated in Delaware in 2013 as Palo Alto Delivery Inc.; renamed DoorDash, Inc. in 2015.

  2. 2020

    Milestone

    Listed on the NYSE

    DoorDash's Class A shares began trading on the New York Stock Exchange on Dec 9, 2020.

  3. 2022

    Business-model change

    Bought Wolt, net loss of $1.4 billion

    DoorDash bought Finland's Wolt on May 31, 2022, adding apps outside the US; goodwill rose from $316 million to $2,370 million. FY2022 net loss was $1,365 million.

  4. 2023

    Milestone

    Moved to Nasdaq

    The shares moved from the NYSE to the Nasdaq Global Select Market on Sep 27, 2023.

  5. 2024

    Milestone

    Net income turned positive

    Net income for DoorDash's shareholders was $123 million in FY2024, after losses in FY2021 to FY2023.

  6. 2025

    Business-model change

    SevenRooms and Deliveroo

    DoorDash issued $2.75 billion of convertible notes in May, bought SevenRooms in June and completed its purchase of UK-based Deliveroo on Oct 2, 2025.

  7. 2026

    Milestone

    Reincorporated in Nevada

    DoorDash moved its state of incorporation from Delaware to Nevada on Sep 18, 2026.

  8. 2026

    Business-model change

    Agreement to buy Instacart

    Agreed on Oct 28, 2026 and announced Oct 29, at $65.00 per Instacart share; not closed.

Sources (9)

25Sources and changes

Where every number on this page comes from

Sources (26 documents)
  1. S1Form 10-K for fiscal year 2025 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2026
  2. S3Form 10-K for fiscal year 2023 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2024
  3. S4Form 10-K for fiscal year 2022 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2023
  4. S5Form 10-Q for Q3 fiscal 2026 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
  5. S6Form 10-Q for Q2 fiscal 2026 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  6. S7Form 10-Q for Q1 fiscal 2026 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
  7. S8Form 10-Q for Q3 fiscal 2025 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
  8. S9Form 10-Q for Q2 fiscal 2025 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
  9. S10Form 10-Q for Q1 fiscal 2025 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
  10. S11Earnings release for Q3 2026 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  11. S12Earnings release for Q2 2026 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  12. S13Earnings release for Q1 2026 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
  13. S14Earnings release for Q4 and full year 2025 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2026
  14. S15Earnings release for Q3 2025 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2025
  15. S16Earnings release for Q2 2025 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
  16. S17Earnings release for Q1 2025 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2025
  17. S18Earnings release for Q4 and full year 2024 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2025
  18. S19Earnings release for Q3 2024 (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2024
  19. S20Proxy statement (DEF 14A) for the June 10, 2026 annual meeting · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
  20. S21Form 8-K: merger agreement with Maplebear Inc. (Instacart) and bridge commitment letter · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  21. S22Press release on the Instacart agreement (Form 8-K, Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  22. S23Form 8-K: reincorporation from Delaware to Nevada · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 18, 2026
  23. S24Form 8-K: results of the 2026 annual meeting · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 12, 2026
  24. S25Form 8-K: Deliveroo acquisition completed (with Exhibit 99.1) · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 2, 2025
  25. S26Form 8-K: 0% convertible senior notes due 2030 · DoorDash, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 2, 2025
  26. S30DASH historical prices, Nasdaq (close Nov 5, 2026: $179.92) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). The Q4 FY2026 results date has not been announced. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.