Filing Flows › DoorDash (DASH) › Q4 2025
DoorDash (DASH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
DoorDash (DASH) reported revenue of $4.0B for the fourth quarter 2025 (Q4 2025), +38% from a year earlier and +15% from the quarter before. Operating margin was 3.7%, net earnings $213M (5.4% of revenue).
DoorDash, Q4 2025: revenue $4.0B (+38% year over year), operating margin 3.7%, net earnings $213M, operating cash flow $421M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | +15% | +38% |
| Operating profit | $147M | -43% | +26% |
| Net earnings | $213M | -12% | +53% |
| Operating cash flow | $421M | -52% | -19% |
| Free cash flow | $367M | -55% | -24% |
What changed
Revenue was $4.0B in Q4 2025, up 38% year over year and up 15% from the previous quarter.
Operating profit was $0.15B, a 3.7% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 3% reached operating profit, below the 4% margin then. Total costs grew 38% against revenue growth of 38%. The fastest-growing cost line was Other operating costs (+89%). Net earnings were $0.21B, up 51% year over year. The effective tax rate was 4.1%. Non-operating items added $0.07B, 34% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.42B (down 19% year over year), 198% of net earnings. Non-cash charges added back $0.27B of depreciation and amortization and $0.28B of share-based compensation. Working capital and other items used $0.34B. Capital expenditures of $0.05B left free cash flow of $0.37B.
Questions
What was DoorDash's revenue in the fourth quarter 2025?
DoorDash (DASH) reported revenue of $4.0B for the fourth quarter 2025 (Q4 2025), +38% from a year earlier and +15% from the quarter before.
Was DoorDash profitable in the fourth quarter 2025?
Operating profit was $147M (3.7% of revenue) and net earnings $213M.
Source: DoorDash 10-K on SEC EDGAR.