Company profile
SEC EDGAR ↗- Industry
- Services-Business Services, NEC
- Listed
- Nasdaq: DASH
- Incorporated
- DE
- Headquarters
- San Francisco, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $13.7B
- Net income
- $935.0M
- Total assets
- $19.7B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $13.7B | $935.0M | $19.7B |
| FY2024 | $10.7B | $123.0M | $12.8B |
| FY2023 | $8.63B | −$558.0M | $10.8B |
| FY2022 | $6.58B | −$1.37B | $9.79B |
| FY2021 | $4.89B | −$468.0M | $6.81B |
| FY2020 | $2.89B | −$461.0M | $6.35B |
Reported fiscal years from SEC filings (10-K/A) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
One verified Decision Case on DoorDash, and the casebook each one belongs to.
| Fork date | Decision type | What DoorDash chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2018 | The Flywheel | Launch paid subscription giveaway | reached an all-time high in Q2 2025 (2025) | Read the story → | The Flywheel Casebook → |
Run one of these yourself
The decisions DoorDash faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Growth & PortfolioThe FlywheelWhat does your loop actually return, and how much of it is left?See the pack →Growth & PortfolioThe Market EntryHow fast can this actually be done?See the pack →
The analyses
The Money Machine · Business Model
DoorDash Barely Makes a Dime Moving Food. That Was Always the Plan.
Everyone thinks DoorDash profits by driving your dinner across town. Its own filings say the delivery layer ran a 6.4% gross spread in Q4 2024 — and management credits the margin turn to advertising, not logistics. The food is the bait. The money is somewhere else.
7 min
The Flywheel · Moat & Competition
DoorDash Drew Its Own Flywheel. The Diagram Forgot to Mention the $5.3 Billion It Took to Spin.
DoorDash put three interlocking flywheel diagrams in its IPO prospectus and reached 60.7% of U.S. delivery by 2024. But it carried a $5.3 billion accumulated deficit into its first profitable year - the loop is real, but it isn't free.
7 min
The Flywheel · Moat & Competition
How a $96-a-Year Subscription Carried DoorDash to Its First Full-Year GAAP Profit
DoorDash trades per-order profit for a $96-a-year subscription that grew from zero to 22 million members in six years. The same giveaway that should bleed it turned its first full-year GAAP profit and a 60% share lead.
7 min
The Market-Entry Gambit · Growth & Portfolio
DoorDash Won the Suburbs First. It Just Didn't Plan To.
The clean story says DoorDash chose suburbs to dodge a crowded city fight with Uber Eats. But Uber Eats didn't exist yet, the founders were biking orders in Palo Alto off a Google Voice number, and Tony Xu himself rejects the masterstroke version.
7 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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