DoorDash Q3 2025 earnings: revenue up 27%, ad business tops $1B run rate
DoorDash's sales, orders and profit all grew faster than a year earlier, helped by its ads business and the newly closed Deliveroo deal.
| Q3 2025 | Reported |
|---|---|
| EPS | $0.55 |
| Revenue | $3.45B |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Revenue grew 27% from a year earlier to $3.4 billion, and net income rose to $244 million (55 cents per share) from $162 million in the same quarter last year.
- Total orders placed on the platform climbed 21% year-over-year to 776 million, and Marketplace GOV (the total dollar value of all orders, delivery fees and tips) rose 25% to $25.0 billion — both grew faster than in recent quarters.
- Adjusted EBITDA, a cash-profitability measure that strips out non-cash and one-time items, was $754 million, up 41% from a year ago, showing the core delivery business is generating more cash per order as it scales.
- The advertising business — where restaurants and brands pay to promote listings — crossed $1 billion in annualized revenue, and management said demand from advertisers currently exceeds the ad space DoorDash makes available.
- The company completed its roughly $3.9 billion acquisition of British delivery company Deliveroo on October 2, 2025, extending DoorDash’s international footprint into new markets.
- Trailing-twelve-month margins remained thin in absolute terms but improved from a year earlier: net profit margin was 5.29% and operating margin was 4.48%, reflecting a business still investing heavily in growth even as profitability builds.
- For the fourth quarter, DoorDash guided to Marketplace GOV of $28.9-$29.5 billion and Adjusted EBITDA of $710-$810 million, implying continued growth into the holiday season.
- Management named three priorities for the year ahead: building a single global technology platform, developing new products such as autonomous delivery and merchant CRM tools, and expanding DashMart fulfillment services.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $3.4B | $2.7B | +27.3% |
| Net income | $244M | $162M | +50.6% |
| Free cash flow | $808M | $499M | +61.9% |
| Diluted EPS | $0.55 | $0.38 | +44.7% |
| Operating margin | 7.5% | 4.0% | +3.5 pts |
| Net margin | 7.1% | 6.0% | +1.1 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
DoorDash Inc closed at $238.00 on Nov 5, 2025, the last session before the report, and at $204.31 on Nov 7, 2025, the first session after it — -14.2% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call