SAN FRANCISCO, February 11, 2025–(BUSINESS WIRE)–DoorDash, Inc. (NASDAQ: DASH) today announced its financial results for the quarter and fiscal year ended December 31, 2024. In addition to our financial results below, our annual letter to shareholders is available on the DoorDash investor relations website at http://ir.doordash.com.
Our approach to building DoorDash is based on a mix of deep commitment to our customers, focus on improving our operational efficiency, belief in the value of scale, and ambition to do much more for local economies in the future than we do today. In 2024, we grew revenue 24% year-over-year (Y/Y), generated our first full year of positive GAAP net income, and helped generate nearly $60 billion in sales for local merchants in over 30 countries and over $18 billion in earnings for Dashers. These results were the output of several years of outstanding execution against a consistent set of principles. We are pleased with our performance throughout 2024 and excited about our potential to increase our scale, profitability, and impact on local economies in 2025 and beyond.
Fourth Quarter 2024 Key Financial Metrics
- Total Orders increased 19% Y/Y to 685 million and Marketplace GOV increased 21% Y/Y to $21.3 billion.
- Revenue increased 25% Y/Y to $2.9 billion and Net Revenue Margin increased to 13.5% from 13.1% in Q4 2023.
- GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was $141 million compared to $(154) million in Q4 2023, and Adjusted EBITDA increased to $566 million from $363 million in Q4 2023.
| Three Months Ended | ||||||||||||||||||||
| (in millions, except percentages) | Dec. 31,2023 | Mar. 31,2024 | Jun. 30,2024 | Sept. 30,2024 | Dec. 31,2024 | |||||||||||||||
| Total Orders | 574 | 620 | 635 | 643 | 685 | |||||||||||||||
| Total Orders Y/Y growth | 23 | % | 21 | % | 19 | % | 18 | % | 19 | % | ||||||||||
| Marketplace GOV | $ | 17,639 | $ | 19,239 | $ | 19,711 | $ | 20,002 | $ | 21,279 | ||||||||||
| Marketplace GOV Y/Y growth | 22 | % | 21 | % | 20 | % | 19 | % | 21 | % | ||||||||||
| Revenue | $ | 2,303 | $ | 2,513 | $ | 2,630 | $ | 2,706 | $ | 2,873 | ||||||||||
| Revenue Y/Y growth | 27 | % | 23 | % | 23 | % | 25 | % | 25 | % | ||||||||||
| Net Revenue Margin | 13.1 | % | 13.1 | % | 13.3 | % | 13.5 | % | 13.5 | % | ||||||||||
| GAAP gross profit | $ | 1,026 | $ | 1,129 | $ | 1,195 | $ | 1,283 | $ | 1,372 | ||||||||||
| GAAP gross profit as a % of Marketplace GOV | 5.8 | % | 5.9 | % | 6.1 | % | 6.4 | % | 6.4 | % | ||||||||||
| Contribution Profit | $ | 689 | $ | 751 | $ | 825 | $ | 930 | $ | 968 | ||||||||||
| Contribution Profit as a % of Marketplace GOV | 3.9 | % | 3.9 | % | 4.2 | % | 4.6 | % | 4.5 | % | ||||||||||
| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders | $ | (154 | ) | $ | (23 | ) | $ | (157 | ) | $ | 162 | $ | 141 | |||||||
| GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV | (0.9 | )% | (0.1 | )% | (0.8 | )% | 0.8 | % | 0.7 | % | ||||||||||
| Adjusted EBITDA | $ | 363 | $ | 371 | $ | 430 | $ | 533 | $ | 566 | ||||||||||
| Adjusted EBITDA as a % of Marketplace GOV | 2.1 | % | 1.9 | % | 2.2 | % | 2.7 | % | 2.7 | % | ||||||||||
| Weighted-average diluted shares outstanding | 399 | 405 | 410 | 428 | 433 | |||||||||||||||
Operational Highlights
Our mission is to grow and empower local economies. We repeat this statement often because we believe it is important to remind ourselves and others of our ambition, the vast duration and surface area it encompasses, and the importance of our work to merchants, consumers, and Dashers in the communities we serve.
In 2024, as in all years, one of our goals was to create greater efficiency through improved order-level execution and scale, and then invest much of that back into improving and expanding our products and services in order to increase our future impact and profit potential. In 2024, we improved unit economics in our U.S. restaurant category, our U.S. new verticals categories, and in our international marketplaces. These efficiency improvements, along with our growing scale, allowed us to increase investments across our business to build new and better products, expand our selection, improve our quality, and reach more consumers in more places. In 2024, this helped us drive 20% Y/Y growth in Marketplace GOV and 24% Y/Y growth in revenue, while also generating $123 million of net income attributable to DoorDash, Inc. common stockholders and $1.9 billion of Adjusted EBITDA.
Improvements to merchant selection, the breadth of categories we offer, and quality on our Marketplaces helped drive monthly active users (MAUs1) to an all-time high of over 42 million in December 2024, up from over 37 million in December 2023. The same improvements also helped drive the number of DashPass and Wolt+ members to over 22 million exiting 2024, up from over 18 million exiting 2023. In December 2024, over 25% of our MAUs ordered from at least one of our new verticals categories, up from over 20% in December 2023.
In our U.S. marketplace, MAUs increased at a double-digit pace Y/Y throughout 2024, with increased average order frequency.2 Y/Y growth in Marketplace GOV from the U.S. restaurant category was relatively consistent throughout 2024, with Q4 being our strongest quarter of growth for the year. In new verticals, we added thousands of new grocery stores to our U.S. marketplace in 2024, while also expanding selection in our other new verticals categories. At the same time, we continued to improve a number of key quality metrics in our new verticals categories in the U.S.; in 2024, these improvements helped attract more new users to our new verticals categories, increased order frequency within the categories, and drove average basket sizes higher.
Across our international marketplaces, we increased merchant selection by over 25% Y/Y in 2024, with substantial increases in selection in our restaurant and new verticals categories. This helped us attract more new consumers to our international marketplaces in 2024 than in any previous year, which drove strong Y/Y growth in MAUs throughout 2024. Improvements to our product and increased adoption of DashPass and Wolt+ drove increased average order frequency in our international marketplaces in 2024. The combination of increased MAUs and increased average order frequency drove Y/Y growth in Total Orders from our international marketplaces that was well ahead of our U.S. marketplace.
We exited 2024 with good momentum. Entering 2025, we plan to continue to focus on creating incremental improvements in operational efficiency and reinvesting back into the business to increase our scale and expand our long-term profit potential. We believe we have clear pathways for investment in several areas of our business that we believe will allow us to generate strong returns and compound our value and impact. At the same time, the total scope of local commerce is still well beyond what we serve today and we are exploring a number of new initiatives that we hope will develop into valuable services for consumers, merchants, and Dashers.
| _______________ |
| 1 Based on the number of individual consumer accounts that have completed an order on our Marketplaces in the month of measurement. |
| 2 Calculated as the total number of orders placed on our Marketplaces divided by the number of individual consumer accounts that have completed an order on our Marketplaces in the period of measurement. |
Financial Performance
In Q4 2024, Total Orders increased 19% Y/Y to 685 million and Marketplace GOV increased 21% Y/Y to $21.3 billion. Y/Y growth in Total Orders was driven by growth in consumers and growth in average consumer engagement.
Revenue was $2.9 billion in Q4 2024, up 25% Y/Y. The Y/Y increase was driven primarily by growth in Marketplace GOV and growth in advertising revenue. Net Revenue Margin was 13.5% in Q4 2024, compared to 13.1% in Q4 2023 and 13.5% in Q3 2024.
GAAP cost of revenue, exclusive of depreciation and amortization, was $1.5 billion in Q4 2024, up 18% Y/Y and 6% quarter-over-quarter (Q/Q). GAAP cost of revenue, exclusive of depreciation and amortization, increased Y/Y and Q/Q primarily due to an increase in Total Orders and Marketplace GOV. As a percentage of Marketplace GOV, GAAP cost of revenue, exclusive of depreciation and amortization, was 6.8% in Q4 2024, down slightly from 7.0% in Q4 2023 and 6.9% in Q3 2024, due primarily to lower insurance costs as a percentage of Marketplace GOV.
GAAP gross profit was $1.4 billion in Q4 2024, up 34% Y/Y and 7% Q/Q. GAAP gross profit as a percentage of Marketplace GOV was 6.4% in Q4 2024, up from 5.8% in Q4 2023 and consistent with 6.4% in Q3 2024.
GAAP sales and marketing expense was $541 million in Q4 2024, up 18% Y/Y and 12% Q/Q. On a Y/Y and Q/Q basis, the increase in GAAP sales and marketing expense was driven primarily by an increase in advertising expense. As a percentage of Marketplace GOV, GAAP sales and marketing expense was 2.5% in Q4 2024, down from 2.6% in Q4 2023 and up from 2.4% in Q3 2024.
In Q4 2024, GAAP research and development expense was $297 million, up 17% Y/Y and 3% Q/Q. The Y/Y and Q/Q increases in GAAP research and development expense were driven primarily by increases in personnel-related compensation expenses. As a percentage of Marketplace GOV, GAAP research and development expense was 1.4% in Q4 2024, consistent with 1.4% in Q4 2023 and 1.4% in Q3 2024.
GAAP general and administrative expense was $324 million in Q4 2024, largely consistent with $320 million in Q4 2023 and up 3% from $315 million in Q3 2024. The Q/Q increase was driven primarily by an increase in legal, tax, and regulatory expenses. As a percentage of Marketplace GOV, GAAP general and administrative expense was 1.5% in Q4 2024, down from 1.8% in Q4 2023 and 1.6% in Q3 2024.
GAAP net income (loss) attributable to DoorDash, Inc. common stockholders was $141 million in Q4 2024, compared to $(154) million in Q4 2023 and $162 million in Q3 2024.
Q4 2024 Adjusted EBITDA reached an all-time high of $566 million compared to $363 million for Q4 2023 and $533 million in Q3 2024. Adjusted EBITDA as a percentage of Marketplace GOV was 2.7% in Q4 2024, compared to 2.1% in Q4 2023 and 2.7% in Q3 2024.
In Q4 2024, we generated operating cash flow of $518 million and Free Cash Flow of $420 million. In 2024, we generated operating cash flow of $2.1 billion and Free Cash Flow of $1.8 billion.
In February 2024, our board of directors authorized the repurchase of up to $1.1 billion of our Class A common stock. In 2024, we repurchased a total of 2.1 million shares of our Class A common stock for $224 million under the February 2024 authorization. In February 2025, our board of directors authorized the repurchase of up to $5.0 billion of our Class A common stock, which is inclusive of the remaining $876 million under the previous share repurchase authorization. We may or may not repurchase any portion of our total authorization.
Financial Outlook
| Period | Marketplace GOV | Adj. EBITDA |
| Q1 2025 | $22.6 billion – $23.0 billion | $550 million – $600 million |
In terms of general trends through 2025, we currently expect Adjusted EBITDA as a percentage of Marketplace GOV to increase from Q1 to Q2 and again from Q2 to Q3.
Based on our current outlook and assuming a stock price in line with recent trading levels, we expect:
- 2025 stock-based compensation expense of approximately $1.1 billion to $1.2 billion,
- 2025 depreciation and amortization expense of approximately $580 million to $600 million.
Our outlook assumes that key foreign currency rates remain relatively stable at current levels. Our outlook also anticipates significant levels of ongoing investment in new categories and international markets. We caution investors that consumer spending in any of our geographies could be weaker relative to our outlook, which could drive results below our expectations. Additionally, our increasing international exposure heightens risks associated with operating in foreign markets, including geopolitical and currency risks. Changes in the international operating environment could negatively impact results versus our current outlook.
We have not provided GAAP net income (loss) attributable to DoorDash, Inc. common stockholders outlook or a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a result of the uncertainty regarding, and the potential variability of, reconciling items such as legal, tax, and regulatory expenses and other items. Accordingly, a reconciliation of Adjusted EBITDA outlook to GAAP net income (loss) attributable to DoorDash, Inc. common stockholders is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results. We have provided historical reconciliations of GAAP to non-GAAP measures in tables at the end of this release. For more information regarding the non-GAAP financial measures discussed in this release, please see “Non-GAAP Financial Measures” below.