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DASHDoorDash

Consumer discretionary · Business Services · Nasdaq
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The 10-K against last year's

299 changes: 50 added, 55 removed, 184 reworded, 10 quiet changes

10-K Feb 18, 2026 vs Feb 14, 2025
Risk FactorsRedline ↓
23.0%
of the text changed · 32,452 words now
20.1%
of the text changed · 9,279 words now
Legal ProceedingsRedline ↓
14.9%
of the text changed · 1,247 words now
Accounting PoliciesRedline ↓
11.6%
of the text changed · 6,711 words now

10-K 0001792789-26-000013 (2026-02-18) vs 10-K 0001628280-25-005715 (2025-02-14)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 221 words changed in this paragraph; it is 56% similar to last year's version.
We have also launched, and may in the future launch, changes to the rates and fee structures for Dashers that utilize our platform, which may not ultimately be successful in attracting and retaining Dashers and may result in negative publicity or damage to our reputation. Changes to our pay models have resulted in, and in the future may result in, negative publicity related to perceptions of its complexity, inconsistency in earnings for Dashers, and lack of flexibility in the ways consumers can leave tips, any of which may negatively impact our ability to attract and retain merchants, consumers, and Dashers. For example, we increased the amount we paid to Dashers per order when we changed our pay model in September 2019, but this also caused less consistency in earnings across deliveries in some cases. In addition, in June 2023, we announced an option for Dashers in most cities to earn a guaranteed hourly rate while delivering. We change our Dasher pay models models, including changes to rate and fee structures, from time to time based on a variety of factors, including as a result of legal and regulatory changes and expansion into new categories and geographies. In particular, new or amended laws and regulations have required, and could in the future require, us to make changes to our Dasher pay models, or make other changes to our platform, that decrease the flexibility provided to Dashers in certain jurisdictions, which jurisdictions. These and other changes to our pay models have resulted in, and in the future may also impact our ability to cost-effectively attract or retain Dashers. result in, negative publicity, including as a result of perceptions of complexity, inconsistency in earnings for Dashers, and lack of flexibility in the ways consumers can leave tips. Our current Dasher pay models, any changes made in response to new laws and regulations, and any future changes to our pay models or our ability to cost-effectively attract and retain Dashers, could result in an increase to the fees we charge to consumers, which in turn could affect our ability to attract and retain consumers, and could adversely affect our business, financial condition, and results of operations.

Source: Item 1A, 10-K 0001792789-26-000013 vs Item 1A, 10-K 0001628280-25-005715

MD&A 179 words changed in this paragraph; it is 58% similar to last year's version.
Our future capital requirements will depend on many factors, including, but not limited to to, our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, and the timing and extent of spending for policy and worker classification initiatives. initiatives, and the occurrence of certain conditions triggering the 2030 Notes' conversion feature or our repurchase of some or all of the 2030 Notes. Unless earlier repurchased, redeemed or converted, the 2030 Notes will mature on May 15, 2030. Before November 15, 2029, noteholders will have the right to convert the 2030 Notes only upon the occurrence of certain events. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either in cash or in a combination of cash and shares of our Class A common stock, provided that, at least the principal amount of the 2030 Notes being converted will be paid in cash, which could adversely affect our liquidity. Further, we have in the past entered into, and may in the future enter into into, arrangements to acquire or invest in businesses, products, services, and technologies. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.

Source: Item 7, 10-K 0001792789-26-000013 vs Item 7, 10-K 0001628280-25-005715

Accounting Policies 141 words changed in this paragraph; it is 31% similar to last year's version.
In November 2024, December 2023, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Accounting Standards Update 2023-09, “Income Taxes (Topic 740): Improvements to Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which Tax Disclosures” (“ASU 2023-09”). The amendment requires disclosure, additional income tax disclosure. Specifically, it requires public entities, on an annual and interim basis, to provide disclosure of specified information about certain costs and expenses defined categories in the notes to financial statements. income tax rate reconciliation, as well as disclosure of income taxes paid, disaggregated by jurisdiction. ASU 2024-03 will be 2023-09 is effective for fiscal years annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. 2024. The Company is currently evaluating adopted ASU 2023-09 on a prospective basis for the impact year ended December 31, 2025. Refer to Note 12 – "Income Taxes” of these notes to the adoption of this guidance on its Company's consolidated financial statements and disclosures. for further information.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001792789-26-000013 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001628280-25-005715

Legal Proceedings 73 words changed in this paragraph; it is 82% similar to last year's version.
We are currently involved in putative class actions, representative actions, such as those brought under California Labor Code Private Attorneys General Act (“PAGA”) PAGA, and individual claims claims, both in court as well as arbitration arbitration, and other matters challenging the classification of Dashers on our platform as independent contractors. Various other Dashers have challenged or threatened to challenge, and may challenge in the future, their classification on our platform, platform as an independent contractor under U.S. federal and state and international law, seeking monetary, injunctive, or other relief. We are currently involved in a number of such actions filed by individual Dashers, with many additional claims threatened, including those brought in, or compelled pursuant to our independent contractor agreement to, individual arbitration. In addition, in June 2020, the San Francisco District Attorney filed an action in the Superior Court of California, County of San Francisco, alleging that we misclassified California Dashers as independent contractors as opposed to employees in violation of the California Labor Code and the California Unfair Competition Law, among other allegations. This action is seeking both restitutionary damages was resolved in September 2025 for $2 million and a permanent injunction that would bar us from continuing to classify California Dashers as independent contractors. It is a reasonable possibility that a loss may be incurred; however, the possible range of losses is not estimable given the status of the case. no injunctive relief.

Source: Item 3, 10-K 0001792789-26-000013 vs Item 3, 10-K 0001628280-25-005715

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of DASH's Risk Factors and MD&A, 10-K 2026-02-18 against 10-K 2025-02-14. Each links to the text at sec.gov.

AddedRisk Factors
•the impact of acquired technologies and businesses and our ability to successfully integrate acquired technologies and businesses into our own;

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
•difficulties integrating and realizing the anticipated benefits of new business models, lines of business, and adjacent technologies from acquisitions into our operations;

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
•increased difficulty achieving profitability, operating leverage and scale as a result of continued expansion across jurisdictions rather than concentrated growth in fewer jurisdictions;

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
Our reliance on third-party vendors, contractors, and SaaS providers creates additional cybersecurity risks. Many of our critical business operations depend on external providers for hosting, cloud services, data analytics, customer support, and other key functions. If these third parties experience a cybersecurity incident, fail to implement adequate security measures, misconfigure their systems, or otherwise do not comply with our security, privacy, or contractual requirements, our systems and data could be exposed to unauthorized access, loss, or misuse, resulting in significant operational disruption, regulatory scrutiny, financial losses, or reputational harm.

Read it in 10-K 2026-02-18 at sec.gov ↗

Show the other 14
AddedRisk Factors
existing seasonal trends that we experience may become more pronounced and contribute to greater fluctuations in our results of operations as we continue to scale and our growth slows. As such, we may not accurately forecast our results of operations and we may not be able to adjust our spending quickly enough if our revenue is less than expected, causing our results of operations to fail to meet our expectations or the expectations of investors.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
at companies we acquire, which involves significant time and resources, and any failure to do so could impact our ability to meet our financial reporting obligations.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
that our estimated insurance reserves are inadequate, we may be required to increase such reserves at the time of the determination, which could result in an increase to our net loss in the period in which the shortfall is determined and negatively impact our business, financial condition, and results of operations.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
Several other jurisdictions where we operate have adopted or may be considering, or in the future may consider, adopting legislation, or we may propose or support legislation, ballot initiatives, other legislative processes, or voluntary agreements

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
We use the below financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors. These factors include, but are not limited to, those highlighted in this Annual Report on Form 10-K, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued investment in our non-U.S. operations, in our global technology platform, and to increase system capacity for Dashers and in support of longer distance and higher effort deliveries. Certain of these and other factors may not be within our control.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
Interest income, net primarily consists of interest earned on our cash, cash equivalents, and investments, net of interest costs, as well as interest earned on cash held in escrow under the Escrow Agreement as defined in Note 10 - "Commitments and Contingencies" included in Part II, Item 8, "Notes to Consolidated Financial Statements" of this Annual Report on Form 10-K.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
In 2025, the income tax expense decreased by $32 million compared to 2024. The decrease in income tax expense was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the SevenRooms Inc. and Symbiosys Corp. acquisitions, as well as the enactment of the One Big Beautiful Bill Act that occurred during the year.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
2024 and 2025, no revolving loans were outstanding and $112 million and $61 million of letters of credit were issued under our revolving credit facility, respectively.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
We have generated significant operating losses from our operations as reflected in our accumulated deficit of $4.3 billion as of December 31, 2025. We have historically funded our operations from cash from operations as well as the issuance of equity securities, including in our initial public offering in December 2020. We have also completed debt financings, such as our recent issuance of $2.75 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “2030 Notes”) in May 2025. We intend to use the net proceeds from the 2030 Notes for general corporate purposes. For additional information regarding the 2030 Notes, see Note 9 - "Convertible Notes, Net" included in Part II, Item 8, "Notes to Consolidated Financial Statements" of this Annual Report on Form 10-K.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
We account for our business combinations using the acquisition method of accounting, which requires, among other things, allocation of the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed at their estimated fair values on the acquisition date. The excess of the fair value of purchase consideration over the values of these identifiable assets and liabilities is recorded as goodwill. When determining the fair value of assets acquired and liabilities assumed, we make significant estimates and assumptions, especially with respect to intangible assets. Our estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. Acquisition costs, such as legal and consulting fees, are expensed as incurred.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
We are subject to income taxes in the U.S. and in many foreign jurisdictions. Significant judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets that are not more-likely-than-not to be realized. The determination of the realizability of deferred tax assets requires significant judgment in assessing the likelihood of future tax consequences and evaluation of all available evidence in accordance with applicable accounting guidance. In completing our assessment of realizability of our deferred tax assets, we consider our history of losses measured at pre-tax income (loss) adjusted for permanent book-tax differences on a jurisdictional basis, volatility in actual earnings, excess tax benefits related to stock-based compensation in recent prior years, and impacts of the timing of reversal of existing temporary differences. We also rely on our assessment of the Company’s projected future results of business operations, including uncertainty in future operating results relative to historical results, volatility in the market price of our common stock and its performance over time, variable macroeconomic conditions impacting our ability to forecast future taxable income, and changes in business that may affect the existence and magnitude of future taxable income. Our valuation allowance assessment is based on our best estimate of future results considering all available information.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
Furthermore, significant judgment is required in evaluating our tax positions. In the ordinary course of business, there are many transactions and calculations for which the ultimate tax result is uncertain. As a result, we recognize the effect of this uncertainty on our tax attributes or taxes payable in light of our estimates of the eventual outcome. These effects are recognized when, despite our belief that our tax return positions are supportable, we believe that it is more-likely-than-not that some of those positions may not be fully sustained upon review by tax authorities. We are required to file income tax returns in the U.S. and various foreign jurisdictions, many of which are unclear, uncertain, and lack authoritative interpretive guidance. Such returns are subject to audit by the various federal, state and local, and foreign taxing authorities, who may disagree with respect to our tax positions. We believe that our consideration is adequate for all open audit years based on our assessment of many factors, including past experience and interpretations of tax law. We review and update our estimates each quarter in light of changing facts and circumstances, such as the closing of a tax audit, the lapse of a statute of limitations or a change in estimate. This review could result in a change in our income tax expense. Similarly, to the extent that the final tax outcome of these matters differs from our estimates, as may be adjusted, such differences may impact income tax expense in the period in which such determination is made.

Read it in 10-K 2026-02-18 at sec.gov ↗

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