DoorDash, Inc. Q4 FY2025 earnings call

• Europe: Leading position in many countries, growing faster outside the U.S. with Deliveroo and Wolt showing strong growth and improving unit economics.
• Investments: Global tech stack investment progress with majority in 2026 and some in 2027, investment in autonomy and merchant services for long-term free cash flow maximization, building the operating system for local commerce.
• Autonomous delivery: Orchestration of different vehicles (land and air) with real live deliveries in some markets, figuring out use cases for pragmatic impact.
• Storefront and software: Integration of SevenRooms speeding up venue addition, tech stack investment to improve velocity and efficiency of feature rollout.

In Europe, DoorDash is the leading player in many countries, with fast growth in markets like Deliveroo and Wolt, outpacing U.S. growth in some aspects. The U.S. restaurant business has strong performance, and new verticals like grocery and retail are growing rapidly, with unit economics expected to turn positive in the second half. The global tech stack investment is ongoing with progress made, and investments in autonomy and merchant services are expanding.

Full year 2026 EBITDA margin expected to be slightly up compared to 2025, excluding ROO and ROO to produce about $200 million of EBITDA. Investment in global tech stack majority in 2026, some in 2027. New verticals expected to be gross profit positive in second half, international ex ROO to be contribution profit positive in second half.

Q: On competitive intensity globally and specifically in Europe, and investments.

A: Tony discussed strong position in Europe with Deliveroo and Wolt growing fast. Ravi said 2026 EBITDA margin expected to be up, investment in global tech stack, autonomy, merchant services for long-term free cash flow.

Q: On deliveries related to longer distance and higher effort, e-commerce landscape.

A: Tony talked about building operating system for local commerce, investing in DashMart, DashLink, autonomous vehicles, Dashers having more choice in orders.

Q: On agentic commerce.

A: Tony viewed new technologies as new forms of top-of-funnel channels, DoorDash solving end-to-end job for customers, partnerships with AI systems as channel partners.

Q: On autonomous delivery platform, U.S. restaurant unit economics.

A: Tony talked about orchestration of autonomous vehicles, Ravi said U.S. restaurant business margin improvement lower this year due to lower pace, DashPass impact.

Q: On grocery competition, Q1 margins.

A: Tony said no impact on grocery growth, Ravi talked about Q1 EBITDA impact from ROO investment, winter storms, Dasher seasonality.

Q: On Deliveroo learnings, tech platform.

A: Tony said lots of opportunities to improve across Deliveroo, tech platform investment to improve velocity and efficiency.

Q: On DashPass, Storefront software.

A: Tony talked about DashPass having long runway, Storefront software with SevenRooms speeding up venue addition.

Q: On cohort data, tech stack timing.

A: Ravi talked about strong core U.S. restaurant growth from cohort data, tech stack majority work done in 2026.

Q: On AVs use case, EBITDA cadence.

A: Tony said AVs can be used in suburbs, Ravi said full year EBITDA margin expected up, second half higher than first half.

Q: On costs, grocery customer evolution.

A: Ravi said OpEx expected to be 2% of GOV, Tony said grocery customers evolving with larger baskets.

Q: On GOV growth framework.

A: Ravi said GOV growth strong with existing and new consumers, MAU and order frequency growth.

Q: On merchants adjacencies, Ads.

A: Tony talked about merchants adjacencies in local commerce, Ads business growing fast with Symbiosis and Smart Campaigns.

Q: On grocery retail unit economics, long-term profitability.

A: Ravi said grocery retail unit economics to be positive in second half from continued execution, long-term as large business with strong free cash flow.

Q: On Deliveroo order growth.

A: Tony said shipping improvements to product led to faster order growth in Deliveroo, with many opportunities ahead