DASH Q3 2025 Earnings

Call Details

• Call Title: DoorDash, Inc. Q3 2025 Earnings Call
• Date: November 5, 2025 at 10:00 PM UTC
• Management Team:
  • Wes Twigg (Head of Investor Relations)
  • Tony Xu (Co-founder, Chair, and Chief Executive Officer)
  • Ravi Inukonda (Chief Financial Officer)

Call Summary

Financial Performance

• Company reported growth acceleration for the fourth straight quarter according to prepared remarks.
• Deliveroo contribution to consolidated EBITDA was stated as $200M for the period mentioned on the call.
• The ads business reached a one-billion-dollar annualized revenue milestone as the fastest business to do so in company history.
• New verticals were described as the fastest-growing segment with improving unit economics on a sequential and year-over-year basis.
• The company reported record DashPass subscriber levels internationally and growth in subscription metrics for both U.S. and international markets.
• Ravi reaffirmed that underlying incremental margin performance has averaged above 7% over prior multi-quarter periods and that trend continues.

Guidance

• Ravi expects EBITDA margins for the existing business, including planned investments and excluding Deliveroo, to be up slightly compared to 2025.
• No specific dollar amount for the several-hundred-million incremental investments for 2026 was disclosed on the call.
• No quarterly or full-year 2026 revenue guidance was provided during the call.
• The company reiterated its historical discipline to invest when growth and unit economics outperform expectations as the guiding capital allocation principle.
• Ravi stated that investments will be evaluated on IRR and payback metrics consistent with prior capital allocation philosophy.
• Management stated that commercialization readiness for certain initiatives (autonomy, DashMart Fulfillment Services) is targeted in 2026 but is multi-year in scale.