DoorDash, Inc. (DASH): Business Model Canvas [Dec-2025 Updated]

You're digging into the financials of this delivery platform, and honestly, the story isn't just about dropping off dinner anymore; it's about logistics mastery and a surprisingly profitable advertising engine. We're talking about a business that commands over 60% of US consumer delivery spend, fueled by a massive Dasher network and a sticky DashPass base, all while scaling its high-margin ad revenue past an annualized run-rate of over $1 billion as of late 2025. Before you model out the next quarter, you need to see the nine core building blocks that make this model tick-from its proprietary AI routing to its B2B drive services-so let's map out the full Business Model Canvas below.

DoorDash, Inc. (DASH) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that let DoorDash, Inc. (DASH) function as the local commerce platform it aims to be as of late 2025. These partnerships are the engine driving scale, selection, and new revenue streams.

The foundation remains the vast network of restaurants. By Q3 2025, DoorDash partnered with close to 1 million merchants across over 40 countries, a significant increase from the 590,000 partnered restaurants reported in 2024. Honestly, the U.S. restaurant category itself showed accelerating year-over-year growth in Q3 2025, the highest rate in over three years. This scale translates directly into economic activity; in Q3 2025, DoorDash generated nearly $24 billion in combined sales for merchants and earnings for Dashers, with projections to exceed $100 billion in 2026.

The push beyond food is heavily reliant on retail and grocery partners. DoorDash is aggressively targeting the $1.7 trillion grocery market. You see this in major moves like the expanded, nationwide relationship with The Kroger Co. announced in September 2025, giving customers access to Kroger's full assortment. Plus, they recently added partners like Family Dollar in November 2025 to broaden access to everyday essentials. This diversification is gaining traction; in Q2 2025, over 25% of DoorDash's global monthly active users ordered from these new verticals.

The last-mile delivery itself depends on the independent contractor base. As of the end of 2024, DoorDash had more than 7 million active Dashers. These Dashers, along with merchants, are part of the massive economic flow through the platform, earning nearly $24 billion in Q3 2025 alongside merchant sales. If onboarding takes 14+ days, churn risk rises, which is a constant operational consideration for this flexible workforce.

Strategic acquisitions in 2025 have been about buying scale and technology to cement the platform vision. The purchase of UK-based Deliveroo in May 2025 for approximately $3.85 billion immediately expanded DoorDash's operational reach to over 40 countries. Simultaneously, the $1.2 billion acquisition of SevenRooms, a hospitality technology platform, signals a move to own the full-stack local commerce experience, offering tools for reservations and customer engagement beyond just delivery. This follows the earlier, massive $8.1+ billion acquisition of Wolt.

To fund growth and enhance merchant value, DoorDash is leaning hard into advertising partnerships. The Wolt Ads division alone was reportedly generating over $1 billion annually as of 2025. To expand this, DoorDash acquired ad-tech startup Symbiosys for $175 million in June 2025. This is complemented by a multi-year retail media partnership established with Criteo in October 2025. Analysts project this ad revenue could reach $2.6 billion by 2027.

Here's a quick look at the scale of the major 2025 strategic moves:

Partner/Acquisition Target	Date of Announcement (2025)	Financial Amount	Strategic Goal
Deliveroo	May	$3.85 billion	International expansion to 40+ countries
SevenRooms	May	$1.2 billion	Enhance merchant tools (CRM, reservations)
Symbiosys	June	$175 million	Expand advertising inventory and offsite capabilities

The key external relationships driving the platform's current state include:

• National and local grocers, with Q2 2025 seeing 25% of global MAUs order from new verticals.
• The advertising ecosystem, where the company established a retail media partnership with Criteo in October 2025.
• The independent contractor base, exceeding 7 million active Dashers in 2024.
• The expanded merchant base, nearing 1 million partners globally in Q3 2025.

Finance: draft 13-week cash view by Friday.

DoorDash, Inc. (DASH) - Canvas Business Model: Key Activities

You're looking at the core engine room of DoorDash, Inc. (DASH)-the activities that turn their platform into billions in revenue. Honestly, it's a high-volume, complex operation where every second counts.

Developing and maintaining the core logistics platform (Deep Red AI).

The backbone here is the proprietary system, Deep Red AI, which handles dispatch, routing, and batching for millions of orders daily. While specific 2025 performance metrics for the AI aren't public, the investment reflects its importance; for context, Adjusted Research & Development expenses increased year-over-year in Q3 2025, reaching $215 million.

This system is critical for efficiency, balancing supply and demand across the platform, which saw 776 million Total Orders in the third quarter of 2025.

Aggressive international expansion and platform integration.

DoorDash, Inc. (DASH) has been spending capital to secure global footprint. The acquisition of Deliveroo in May 2025 cost approximately £2.9 billion (or about $3.9 billion), extending operations to over 40 countries total. This follows the earlier acquisition of Wolt, which cost over $8 billion and immediately added 23 additional markets, primarily in Europe.

The company is clearly focused on scaling its subscriber base globally, reporting 26 million DashPass and Wolt+ subscribers as of 2025.

Sales and management of the high-margin advertising business.

This is where the unit economics get a serious lift. Advertising revenue is a key driver for margin expansion, which saw the Net Revenue Margin climb to 13.8% in Q3 2025, up from 13.5% in the prior year period. The advertising segment is scaling fast; the Wolt Ads division alone had already exceeded $1 billion annually as of June 2025, partly due to strategic adtech acquisitions.

The company spent $576 million on GAAP Sales & Marketing in Q3 2025, a figure that includes investment in growing this higher-margin stream.

Merchant and Dasher recruitment and support.

Keeping the marketplace stocked with both supply (Dashers) and demand sources (Merchants) is a constant activity. The sheer scale of the network is impressive, though the latest partner count is from the end of 2024.

Here's a snapshot of the network scale:

• The company reported 46.3 million active users as of 2025.
• The merchant base stood at 590,000 partnered restaurants and grocery shops by the end of 2024.
• The platform supports a vast gig economy workforce, with over 7 million Dashers earning more than $18 billion in 2024.

Executing B2B logistics via DoorDash Drive.

DoorDash Drive is the white-label logistics service, a critical activity for diversifying revenue away from the core, often thin-margin, B2C delivery business. This B2B play leverages the existing logistics infrastructure for other businesses needing instant delivery. While specific 2025 volume or revenue for DoorDash Drive isn't broken out in the latest reports, its strategic importance is highlighted by its role in building a more resilient financial foundation.

The overall Marketplace Gross Order Value (GOV) growth supports the underlying logistics capability, with Q3 2025 GOV reaching $25.0 billion.

You need to see the top-line results from the most recent quarter to understand the scale of these activities:

Metric	Q3 2025 Value	Year-over-Year Change
Revenue	$3.4 billion	27% Increase
Marketplace GOV	$25.0 billion	25% Increase
Total Orders	776 million	21% Increase
Adjusted EBITDA	$754 million	41% Increase
GAAP Net Income	$244 million	51% Increase

The company's forward-looking guidance for Q4 2025 Marketplace GOV is projected to be between $28.9 billion and $29.5 billion, with Adjusted EBITDA expected in the range of $710 million to $810 million.

Finance: draft 13-week cash view by Friday.

DoorDash, Inc. (DASH) - Canvas Business Model: Key Resources

You're looking at the engine room of DoorDash, Inc. (DASH), the assets that let them command the market. Honestly, it's less about the app interface and more about the complex systems running underneath that keep the whole operation moving efficiently. These are the things that are genuinely hard for a competitor to replicate quickly.

The core of the operation is the proprietary logistics technology and intelligent routing algorithms. DoorDash Labs developed the Autonomous Delivery Platform, an AI-enabled system designed to match every order with the best delivery method-be it a Dasher, a robot, or a drone. They are actively leveraging AI models to enhance search, personalization, and operational efficiency across the board. For instance, they introduced the SmartScale hardware, which uses predictive modeling to verify order contents, cutting missing item claims by up to 30%. That's real operational leverage.

Next up is the large, flexible network of Dashers. This network is the physical backbone, facilitating the massive volume the company moves. In Q3 2025 alone, DoorDash processed 776 million Total Orders. To keep this network sharp, DoorDash maintains programs like WeDash, where every DoorDash employee, including executives, completes deliveries one day a month to bring real-world insights back into the product development cycle. The scale of work powered by this network is immense; Dashers have earned over $80 billion through the platform.

The market position itself is a key resource. DoorDash maintains a dominant US market share, over 60% of consumer spend. Some data from mid-2025 suggested this share was as high as 67%. This scale gives them significant negotiating power and a massive installed user base to cross-sell new services to.

The sheer volume of transactions generates substantial user data for personalization and ad targeting. This data fuels high-margin revenue streams. The company's advertising revenue has already surpassed an annualized run rate of over $1 billion. This is a direct monetization of the user and merchant data flowing through the platform.

Finally, the balance sheet provides the necessary fuel for continued investment and M&A. Here's a quick look at the financial standing as of the end of Q3 2025:

Metric	Amount
Q3 2025 Revenue	$3.4 billion
Q3 2025 Marketplace GOV	$25.0 billion
Q3 2025 Cash and Cash Equivalents (as of Sept 30, 2025)	$3.279 billion
Q3 2025 Adjusted EBITDA	$754 million

The company reported cash and cash equivalents of $3.279 billion on September 30, 2025. This liquidity, combined with the Q3 2025 revenue of $3.4 billion, supports ongoing strategic investments in technology and market consolidation, like the recent acquisition of Deliveroo.

To summarize the technological and data assets:

• AI-enabled Autonomous Delivery Platform for routing.
• SmartScale hardware reducing missing items by up to 30%.
• Data used to enhance search and personalization.
• Advertising revenue run rate exceeding $1 billion annually.
• Employee participation in deliveries via WeDash program.

Finance: draft 13-week cash view by Friday.

DoorDash, Inc. (DASH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers, merchants, and Dashers choose DoorDash, Inc. over the competition as of late 2025. The numbers show a clear market leader, but the value proposition has to keep evolving to maintain that edge.

Customers: Unmatched selection and fast, reliable delivery

For consumers, the value proposition centers on having almost anything delivered quickly from a massive selection of local options. DoorDash, Inc. commands an unprecedented 68% market share in the U.S. food delivery industry as of 2025. This scale translates directly into choice and speed.

The platform served 42 million monthly active users placing at least one order in December 2024. In the third quarter of 2025, Total Orders increased 21% Y/Y to 776 million. Reliability is quantified by speed; the fastest average delivery time recorded in 2024 was 26 minutes and 24 seconds.

Merchants: Outsourced logistics and expanded customer reach

Merchants gain access to a vast customer base and a ready-made logistics network. DoorDash, Inc. partnered with close to 600,000 merchants, including restaurants and grocery markets, as of 2024. The platform is a significant revenue driver; in Q3 2025, DoorDash, Inc. generated nearly $24 billion in combined sales for merchants and earnings for Dashers. The company projects this figure to exceed $100 billion in 2026.

The value delivered to merchants can be seen in the platform's scale and efficiency:

Metric	Value (Latest Reported)	Context
Marketplace Gross Order Value (Q3 2025)	$25.0 billion	Quarterly total value of orders processed
Revenue (Q3 2025)	$3.4 billion	Quarterly revenue, up 27% Y/Y
Partnered Merchants (2024)	Around 600,000	Total number of businesses on the platform
Projected Combined Sales (2026)	Well over $100 billion	Forward-looking projection for merchant sales and Dasher earnings

Dashers: Flexible, independent work and clear earnings structure

For Dashers, the proposition is flexible earning potential without the constraints of traditional employment. DoorDash, Inc. supported a massive delivery workforce, having more than 8 million active couriers (Dashers) in 2024. These Dashers collectively earned over $18 billion in total annual earnings in 2024. The Q3 2025 report noted nearly $24 billion generated in combined sales for merchants and earnings for Dashers.

Key earning and engagement statistics for Dashers include:

• Dashers in 2024 earned over $18 billion collectively.
• The Net Revenue Margin improvement in Q3 2025 was partly due to a reduction in Dasher costs as a percentage of Marketplace GOV.
• The platform offers flexible earning opportunities for its contracted drivers.

DashPass: Free delivery and exclusive perks for a monthly fee

DashPass is the loyalty and recurring revenue engine, offering tangible savings for frequent users. As of Q4 2024, DoorDash, Inc. had 22 million DashPass subscribers. Another report suggests 26 million subscribers for DashPass and Wolt+ as of 2025. The monthly fee for the service is $9.99 per month.

The value proposition for subscribers is direct cost reduction. Customers using DashPass save between US$4 and 5 on an average eligible order. This subscription service is highly adopted, with an eMarketer survey showing 12% of U.S. adults were DashPass members as of June 2024, outpacing competitors.

Finance: review the Q4 2025 guidance for Marketplace GOV of $28.9-$29.5 billion to model subscription spend impact next week.

DoorDash, Inc. (DASH) - Canvas Business Model: Customer Relationships

You're managing relationships across millions of users and hundreds of thousands of merchants; the key is knowing where to automate and where to lean in with human effort. For DoorDash, Inc. (DASH), the customer relationship strategy is heavily weighted toward digital self-service, but with clear, high-value tiers for partners.

Automated, self-service platform via mobile app.

The vast majority of customer interactions are handled through the automated mobile app experience. This platform supports the scale necessary to process massive transaction volumes. In the third quarter of 2025, Total Orders reached 776 million, all flowing through this digital interface. Marketplace Gross Order Value (GOV) for that same quarter hit $25.0 billion. This scale demands automation for everything from order placement to payment processing.

The platform's reach is significant, with 46.3 million active users as of late 2025. This massive user base relies on the app for convenience and choice. To keep them engaged, the platform drives personalization through new category adoption; in December 2024, over 25% of Monthly Active Users (MAUs) ordered from at least one of the new vertical categories, up from over 20% in December 2023.

High-touch support for top-tier merchants and enterprise clients.

DoorDash, Inc. (DASH) segments its merchant relationships based on the commission tier they select, which directly correlates to the level of built-in support and marketing visibility they receive. This tiered structure helps manage the high-touch requirements for partners who drive the most value or require more operational assistance. Honestly, the Premier tier is where you see the most dedicated relationship investment.

Here's how the merchant relationship tiers break down based on the delivery commission structure as of 2025:

Merchant Plan	Delivery Commission Rate	Pickup Commission Rate	Key Relationship Feature
Basic	15%	6%	Reach customers nearby; Highest customer delivery fee
Plus	25%	6%	Reach customers farther away; Access to DashPass members
Premier	30%	6%	Maximize sales; Automatic ads; Growth Guarantee

The Premier plan is definitely the high-touch offering, including a Growth Guarantee: if the restaurant receives 20 or fewer orders in a month across Pickup and Delivery, DoorDash will refund the delivery commission for that month. Furthermore, Premier partners receive a $200 credit toward professional food photography and a 35% discount on the Commerce Platform Pro package.

DashPass subscription model for loyalty and retention.

The DashPass subscription is the primary engine for building predictable, recurring revenue and fostering deep customer loyalty. This model directly addresses the low loyalty issue common in the gig economy by incentivizing repeat use. As of late 2025, there are 26 million subscribers to DashPass and Wolt+. This is up from over 22 million exiting 2024.

The value proposition is clear, and the financial impact on engagement is substantial. Subscribers pay $9.99 per month or $96 annually for benefits like $0 delivery fees on eligible orders. The data shows these members are highly valuable; they order twice as often and spend 2.5x more than non-subscribers. This focus on subscription growth is key to improving the Customer Lifetime Value (LTV) relative to the Customer Acquisition Cost (CAC).

In-app personalization and targeted promotions.

DoorDash, Inc. (DASH) uses the data gathered from its automated platform to drive targeted promotions and expand customer engagement beyond the core restaurant vertical. This strategy helps increase the overall spend per user. For instance, the company cited strong growth in monthly active users and DashPass members, as well as growing delivery demand in surprising categories like home improvement and beauty in Q3 2025.

The platform uses in-app visibility to drive merchant success, which is a key part of the relationship. The Premier merchant tier, for example, gets automatic ads run on its behalf at no extra cost. The overall investment in marketing to attract and retain these users is significant; GAAP Sales and Marketing expense in Q3 2025 was $576 million. The goal is to use these personalized nudges-whether it's a promotion for a new vertical or preferred placement for a top-tier merchant-to keep the customer within the DoorDash ecosystem.

DoorDash, Inc. (DASH) - Canvas Business Model: Channels

You're looking at how DoorDash, Inc. (DASH) gets its value proposition-fast, local commerce fulfillment-into the hands of its customers, and this is a multi-pronged approach as of late 2025. The core remains digital, but the expansion into logistics-as-a-service and dark stores shows a clear evolution beyond just restaurant delivery.

DoorDash mobile application and website

The primary channel is the consumer-facing mobile application and the corresponding website. This is where the vast majority of the action happens, driving the Marketplace Gross Order Value (GOV). For the third quarter ending September 30, 2025, the platform processed a total of 776 million Total Orders. The Marketplace GOV for that same quarter hit $25.0 billion, which translated to $3.4 billion in Revenue for DoorDash, Inc. (DASH). The efficiency of this channel is reflected in the Net Revenue Margin, which stood at 13.8% in Q3 2025, an improvement from prior periods, partly due to increasing contribution from advertising revenue.

The stickiness of this channel is heavily reliant on the subscription tier, DashPass, which also now includes Wolt+ benefits internationally. As of the end of 2025, DoorDash, Inc. (DASH) reported having 26 million subscribers across DashPass and Wolt+. This subscription base is key to driving engagement, as DashPass members provide growing value to merchant partners. The network of partners accessible through this channel is substantial, with close to 600,000 merchants utilizing the platform as of 2024, a number DoorDash, Inc. (DASH) continues to grow.

Here's a quick look at the Q3 2025 scale for the core Marketplace channel:

Metric	Value (Q3 2025)
Total Orders	776 million
Marketplace GOV	$25.0 billion
Revenue	$3.4 billion
Net Revenue Margin	13.8%

DoorDash Drive (B2B logistics solution)

DoorDash Drive is the channel that monetizes the logistics network outside of the consumer marketplace. This is the Business-to-Business (B2B) arm, where DoorDash, Inc. (DASH) fulfills deliveries for other businesses using its fleet of Dashers. While specific revenue figures for DoorDash Drive were not broken out separately in the Q3 2025 results, its existence is critical to leveraging the existing Dasher network for higher utilization and new revenue streams. This channel helps merchants grow their businesses by providing the delivery infrastructure without needing to manage the entire process themselves.

International platforms like Wolt and Deliveroo

International expansion is a major channel strategy, primarily executed through the acquisition and integration of Wolt, and the more recent, massive acquisition of Deliveroo. DoorDash, Inc. (DASH) completed the acquisition of the UK-based food delivery service Deliveroo in May 2025 for approximately $3.9 billion, dramatically expanding its global footprint. Wolt, acquired in 2022, already operates in over 20 countries across Europe and Asia, and its integration is key to achieving global feature velocity.

The Deliveroo integration is expected to contribute significantly to profitability, with management forecasting approximately $45 million in Adjusted EBITDA contribution for Q4 2025, and an expected $200 million contribution in 2026. This international segment, which includes Wolt and the newly integrated Deliveroo operations (excluding Hong Kong, which ended in April 2025), is central to the company's vision of building a single global tech stack.

The international channel's reach and expected financial impact include:

• Wolt operates in over 20 countries.
• Deliveroo acquisition cost was $3.9 billion (May 2025).
• Deliveroo expected Q4 2025 Adjusted EBITDA contribution: ~$45 million.
• Deliveroo expected 2026 Adjusted EBITDA contribution: ~$200 million.

DashMart fulfillment centers for grocery and convenience

The DashMart channel represents DoorDash, Inc. (DASH)'s move into micro-fulfillment logistics for non-restaurant verticals like grocery and convenience. These fulfillment centers are designed to handle the entire process, from inventory management to picking, packing, and delivery by Dashers, which increases efficiency by requiring little onboarding expertise from merchants. This channel is a focus for multi-year investment, with management citing it as foundational for 2026 plans. The expansion in this area is evidenced by the October 1, 2025, launch of Kroger, America's largest grocer, onto the platform, making nearly 2,700 Kroger stores accessible through DoorDash, Inc. (DASH) channels, including DashMart Fulfillment Services.

This strategy aims to deepen integration into consumers' daily lives beyond just meals. The growth in new verticals, including grocery and retail partnerships, is a deliberate channel diversification effort to capture more of the local commerce spend. If onboarding takes 14+ days, churn risk rises, so the DashMart model is designed to streamline this for high-volume partners like Kroger.

Finance: draft 13-week cash view by Friday.

DoorDash, Inc. (DASH) - Canvas Business Model: Customer Segments

You're looking at the core groups DoorDash, Inc. (DASH) serves to keep that massive logistics engine running. It's not just about people ordering food; it's a three-sided marketplace, and each side has its own distinct needs.

The broadest group is the mass market consumers seeking on-demand convenience. As of December 2024, DoorDash had more than 42 million monthly active users placing at least one order across its marketplaces, which include DoorDash and Wolt. By Q1 2025, this figure grew to 42 million active users, showing continued penetration. To be fair, a significant portion of users are in lower-income brackets, with approximately 34.8% of U.S. households earning under $25,000 annually using the service. This suggests accessibility is a key driver for this segment.

Next, you have the highly engaged, high-frequency users-the DashPass subscribers. The prompt mentioned over 22 million in 2024, and the data confirms this, showing over 22 million members exiting 2024. By Q1 2025, the DashPass subscription program reached 22 million members, a strong indicator of loyalty. This segment is crucial because they drive repeat business; for instance, 12% of U.S. adults were DashPass members as of June 2024, outpacing similar services from competitors.

The supply side is anchored by merchants, which includes local, regional, and national restaurant chains, plus the newer non-restaurant retail and grocery merchants. DoorDash, Inc. maintained a commanding position, claiming a 67% market share in the U.S. food delivery market as of March 2024. By the end of 2024, the platform partnered with close to 600,000 merchants in total, up from 550,000 in 2023. These merchants helped generate nearly $60 billion in sales for them in 2024. The expansion into new verticals means this merchant count isn't just restaurants; thousands of new grocery stores were added in 2024 alone.

The final, essential segment is the independent delivery drivers, the Dashers. DoorDash, Inc. had more than 8 million active delivery couriers in 2024. These Dashers collectively earned over $18 billion in total annual earnings that same year. While the U.S. still has a large pool, with 2 million monthly active Dashers reported in 2023, the sheer scale of 8 million globally in 2024 shows the massive gig economy workforce DoorDash, Inc. supports.

Here's a quick look at the scale of these primary customer groups as of late 2024/early 2025 data:

Customer Segment	Key Metric	Latest Reported Figure	Year/Period
Consumers (MAUs)	Monthly Active Users	46.3 million	2025 (as of Q1 2025)
Subscribers	DashPass & Wolt+ Members	22 million	End of 2024
Merchants	Total Partnered Locations	600,000	2024
Dashers	Active Couriers	8 million	2024
Dashers	Total Annual Earnings	Over $18 billion	2024

You can see the platform is designed to keep these groups engaged simultaneously. For instance, the focus on subscription members is a direct lever to increase consumer order frequency, which in turn drives more delivery opportunities for Dashers and more volume for merchants. The platform's success hinges on balancing the needs of these distinct groups, especially as they expand beyond just restaurants.

The key user demographics for the consumer side include:

• Younger demographics (18-44) prioritizing speed and digital convenience.
• Users spanning a wide income spectrum.
• Consumers who use third-party apps first for 34% of their food orders in the U.S.

If onboarding for new Dashers takes 14+ days, churn risk rises, defintely. Finance: draft 13-week cash view by Friday.

DoorDash, Inc. (DASH) - Canvas Business Model: Cost Structure

You're looking at the major outflows for DoorDash, Inc. as of late 2025. These are the costs that eat into the revenue generated from Marketplace GOV and DashPass subscriptions.

Dasher pay and incentives remain the single largest variable cost component, though the company has noted reduced Dasher costs contributing to margin expansion. In the third quarter of 2025, DoorDash generated nearly $24 billion in combined sales for merchants and earnings for Dashers. This massive flow of funds to the delivery fleet represents the core variable expense that scales directly with order volume.

Sales and marketing expenses for customer acquisition (CAC) show a clear push for efficiency, even as spending rises year-over-year. For the third quarter ending September 30, 2025, GAAP sales and marketing expense was reported at $576 million, which was up 19% year-over-year. However, the adjusted figure, which strips out certain compensation effects, was $542 million, representing 2.3% of Marketplace GOV for the quarter.

Technology and R&D for platform development is a significant fixed-to-semi-fixed cost, reflecting the ongoing investment in the global AI-native tech platform. In Q3 2025, GAAP research and development expense was $355 million, a 23% increase year-over-year. The adjusted R&D figure for the same quarter was $215 million, which represented 1.4% of Marketplace GOV.

Stock-based compensation is a non-cash expense that remains material to the overall cost base. DoorDash, Inc. expects the full-year 2025 stock-based compensation expense to be approximately $1.1 billion, though earlier guidance in Q1 2025 suggested a range of $1.1 billion to $1.2 billion. To be fair, the trailing twelve months ending September 30, 2025, showed a higher figure of $2.626B, defintely showing the variability of this metric.

General and administrative (G&A) overhead covers the corporate infrastructure supporting the platform. GAAP general and administrative expense in Q3 2025 hit $400 million, up 27% year-over-year. The adjusted G&A for the quarter was lower at $299 million, making up 1.6% of Marketplace GOV.

Here's a quick look at the Q3 2025 expense components we can quantify, showing the difference between GAAP and the adjusted view management often emphasizes:

Expense Category	GAAP Expense (Q3 2025)	Adjusted Expense (Q3 2025)
Sales and Marketing	$576 million	$542 million
Research and Development	$355 million	$215 million
General and Administrative	$400 million	$299 million
Expected Full Year 2025 Stock-Based Comp.	N/A	$1.1 billion (Guidance)

The total operating expenses for the twelve months ending September 30, 2025, reached $11.942B. You can see the breakdown of the major controllable operating costs below:

• Sales and Marketing (TTM ending Jun 30, 2025): $2.22B
• Research and Development (TTM ending Jun 30, 2025): $1.24B
• General and Administrative (TTM ending Jun 30, 2025): $1.36B

Finance: draft 13-week cash view by Friday.

DoorDash, Inc. (DASH) - Canvas Business Model: Revenue Streams

You're looking at the core ways DoorDash, Inc. pulls in cash as of late 2025. It's a multi-pronged approach, moving beyond just taking a cut of the food delivery; the high-margin advertising business is now a major component, which is helping lift the overall Net Revenue Margin to 13.8% as of the third quarter of 2025.

The foundation remains the take-rate from marketplace transactions. For the quarter ending September 30, 2025, Marketplace Gross Order Value (GOV) hit $25.0 billion, with Total Orders reaching 776 million. This volume flows into the primary revenue sources below.

Merchant commission fees are tiered based on the partnership level a restaurant selects:

Plan Tier	Delivery Commission Rate	Pickup Commission Rate (2025)
Basic Plan	15% of order value	6% of order value
Plus Plan	25% of order value	6% of order value
Premier Plan	30% of order value	6% of order value

Customer delivery and service fees are variable charges passed directly to the end-user to cover logistics and platform usage. These fees fluctuate based on distance, order size, and whether the customer is a DashPass member.

Subscription revenue from DashPass and Wolt+ is a growing, predictable stream. As of the third quarter of 2025, DoorDash, Inc. reported a subscription base of 26 million members across DashPass and Wolt+.

Advertising revenue has scaled significantly, becoming a high-margin profit machine. The annualized run-rate for this segment surpassed $1 billion recently. This advertising stream, which includes on-platform and off-site ads, directly contributed to the Q3 2025 total revenue of $3.4 billion.

DoorDash Drive B2B logistics fees represent the revenue generated when third parties use the Dasher network for their own fulfillment needs. This is charged as a flat fee per order, though the exact fee structure varies by contract and volume.

Here are some key financial context points from Q3 2025:

• Total Revenue: $3.4 billion.
• Marketplace Gross Order Value (GOV): $25.0 billion.
• Total Orders: 776 million.
• GAAP Gross Profit: $1.7 billion.

Finance: draft 13-week cash view by Friday.