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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.

RemovedRisk Factors
•We have a limited operating history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful;

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
We have a limited operating history in an evolving industry, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
We launched operations in 2013 and we have since frequently expanded our platform features and services, expanded into new categories, changed our pricing methodologies, and entered new geographies. This limited operating history and our evolving business make it difficult to evaluate our future prospects and the risks and challenges we may encounter. These risks and challenges include our ability to:

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
•anticipate and respond to macroeconomic changes and changes in the jurisdictions in which we operate, including with respect to inflation and other fluctuations in prices such as gasoline and food costs;

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
If we fail to address the risks and difficulties that we face, including those associated with the challenges listed above as well as those described elsewhere in this “Risk Factors” section, our business, financial condition, and results of operations could be adversely affected. Further, because we have relatively limited historical financial data and operate in a rapidly evolving market, any predictions about our future results of operations may not be as accurate as they would be if we had a longer operating history or operated in a more predictable market. If our assumptions regarding these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks successfully, our results of operations could differ materially from our expectations and our business, financial condition, and results of operations could be adversely affected.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
In addition, the stock-based compensation expense related to our restricted stock units ("RSUs") and other outstanding equity awards will result in increased expenses in future periods. As of December 31, 2024, we had $1.6 billion of unrecognized stock-based compensation expense related to RSUs and other outstanding equity awards.

Read it in 10-K 2025-02-14 at sec.gov ↗

Show the other 15
RemovedRisk Factors
Our business has grown rapidly during various periods since our founding. Our past revenue growth rate, growth in demand for our offerings, and financial performance should not necessarily be considered indicative of our future performance. You should not rely on our revenue or key business metrics for any previous quarterly or annual period as any indication of our revenue, revenue growth, key business metrics, or key business metrics growth in future periods.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedRisk Factors
Many of our competitors are well capitalized and may offer discounted services, lower merchant commission rates and consumer fees, greater incentives for merchants joining their platforms and independent contractors who provide delivery

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
We use the following financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions:

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Free Cash Flow increased to $1.8 billion in 2024 from $1.3 billion in 2023, driven primarily by an increase in net cash provided by operating activities.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
In 2024, the income tax expense increased by $8 million compared to 2023. The increase in income tax expense was primarily driven by U.S. pre-tax book income and the resulting increase in U.S. cash tax liabilities, partially offset by losses in foreign jurisdictions for which a tax benefit can be realized.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
Beginning with fiscal year 2024, we now present net income (loss) attributable to DoorDash, Inc. common stockholders as the most comparable GAAP measure to Adjusted EBITDA and we have changed our presentation of the reconciliation of Adjusted EBITDA to reconcile Adjusted EBITDA to net income (loss) attributable to DoorDash, Inc. common stockholders. We believe this is an important measure used by investors to assess the health and performance of our operations and that this presentation better reflects the comparison of that performance to the most comparable GAAP measure impacting DoorDash stockholders. We are continuing to show both net income (loss) attributable to DoorDash, Inc.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
common stockholders and net income (loss) including redeemable non-controlling interests so that investors can easily compare our historical presentations. The presentation for the years ended December 31, 2022 and 2023 have been conformed to this presentation.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
In February 2024, we announced the authorization of a share repurchase program for the repurchase of shares of our Class A common stock, in an aggregate amount up to $1.1 billion. As of December 31, 2024, approximately $876 million remained available under the repurchase authorization.

Read it in 10-K 2025-02-14 at sec.gov ↗

RemovedMD&A
estimates. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows could be affected.

Read it in 10-K 2025-02-14 at sec.gov ↗

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