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DoorDash is dashing sharply higher following its Q4 report, highlighted by reaccelerating growth and solid profitability. The company delivered its strongest top-line growth since 1Q23, aided in part by the recent acquisition of Deliveroo, which closed on October 2, 2025.

• Revs jumped 37.7% yr/yr to $3.96 bln, in-line with analyst expectations and marking its fastest growth rate since 1Q23.
• Total orders increased 32% yr/yr to 903 mln, a sharp acceleration from 21% growth in Q3 and 20% in Q2. Marketplace GOV rose 39% yr/yr to $29.68 bln, exceeding prior guidance.
• Adjusted EBITDA climbed 38% yr/yr to $780 mln, landing at the high end of prior guidance. Q1 adjusted EBITDA guidance of $675-775 mln reflects normal seasonality, as Q1 is typically the slowest quarter of the year.
• The acquisition of Deliveroo for £2.90 bln (approximately $3.90 bln) expands DoorDash's footprint across Europe, Asia, and the Middle East. Outside the US, growth is running faster than domestic trends, although the US delivered two of its fastest-growing quarters in the past four years during 2025.
• Retail and grocery continue to gain traction, with 30% of US monthly active users ordering from non-restaurant categories.

Briefing.com Analyst Insight:

DoorDash delivered an impressive quarter with clear signs of reacceleration, though investors should recognize that the Deliveroo acquisition meaningfully contributed to the step-up in growth. Even so, order trends, GOV expansion, and EBITDA performance point to strong underlying momentum. Importantly, adjusted EBITDA came in at the high end of guidance, reinforcing confidence in operating leverage despite ongoing investments.

Management is leaning into that momentum with plans to spend several hundred mln dollars in incremental investments in 2026 to unify its three platforms — DoorDash, Deliveroo, and Wolt — and transition toward a more AI-native operating model. While these investments could pressure margins in 2026, the strategic goal is ambitious: to position DoorDash as the operating system for local commerce. International markets represent a key growth driver, particularly in Europe, where management feels well positioned post-Deliveroo. Meanwhile, the non-restaurant opportunity remains significant, as only 30% of US MAUs currently order outside restaurant categories. Converting more users into multi-category customers could be a powerful long-term growth lever.