tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

Consumer discretionary · Business Services · Nasdaq

DASHDoorDash

Compare with peers → Embed
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.

RewordedRisk Factors
Laws, regulations, and standards In addition, we are or may become subject to more broadly applicable laws governing issues such as worker classification or our relationship with Dashers more generally (for example, those concerning Dasher pay and insurance requirements), classification, labor and employment, anti-discrimination, food safety, alcoholic beverages and other highly regulated products, online payments, gratuities, merchant pricing and commissions, text messaging, subscriptions and membership products, intellectual property, data retention, privacy, data protection, data transfers and sharing, cybersecurity, privacy, age verification, AI and automated decision-making technology, consumer protection, consumer fees, antitrust, background checks, website and mobile application accessibility, environmental sustainability and related disclosures, and tax and other government-imposed fees are often complex, subject to change, and subject to varying interpretations, in many cases due to their lack of specificity. fees.

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

RewordedRisk Factors
As a result, regulatory and administrative bodies may enact new laws or promulgate new regulations that are adverse to our business, or they may view matters or interpret laws and regulations differently than they have in the past in a manner adverse to our business, including by changing employment-related laws, mandating specific earnings standards or other requirements for Dashers, requiring businesses like ours to maintain specific auto insurance coverage, or by regulating or capping the commissions businesses like ours agree to with merchants or the fees that we may charge consumers. business.

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

RewordedRisk Factors
We have launched, and may in the future launch, new pricing strategies and initiatives, including Dasher or consumer loyalty programs, such as our membership products like DashPass and Wolt+, or modify existing pricing methodologies or methodologies, the way in which fees, taxes, or similar items are presented on our platform, or our policies with respect to refunds and credits, any of which may not ultimately be successful in attracting and retaining merchants, consumers, or Dashers and which may result in lower commissions or fees, which could adversely affect our business, financial condition, and results of operations.

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

RewordedRisk Factors
Our failure, or the failure by our vendors, merchants, or Dashers on our platform, to comply with applicable laws or regulations or any other actual or asserted obligations relating to privacy, data protection, or cybersecurity, or any compromise of security that results in unauthorized access to, or use or release of personal data or other data relating to merchants, consumers, Dashers, or other individuals, or the perception of privacy concerns or that any of the foregoing types of failure or compromise has occurred, could damage our reputation and brand, discourage new and existing merchants, consumers, and Dashers from using our platform, or result in fines, investigations, or proceedings by governmental agencies and private claims and litigation, any of which could adversely affect our business, financial condition, and results of operations.

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

RewordedRisk Factors
In addition, mobile operating system and browser providers, such as Apple and Google, have announced changes from time to time announce changes, as well as future plans plans, to restrict or limit the ability of certain practices that application developers like us to collect and might currently or in the future use certain data about users of in connection with our platform, including practices that may be applicable to merchants, consumers, and Dashers.

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

RewordedRisk Factors
Our As a result of our international operations and our plans for investment in non-U.S. jurisdictions subject us (both organically and inorganically), we have experienced, and expect to experience in the future, a number of risks and we may not be successful in our international operations for a variety of reasons, risks, including:

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

RewordedRisk Factors
Through this offering offering, we act as a service provider to a bank and are contractually bound to adhere to certain banking or financial regulations that could subject us to regulatory review, proceedings, or audits pursuant to federal or state laws, as well as the risk of contractual breach and indemnification.

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

RewordedRisk Factors
In addition, if If merchants on our platform were to cease operations, temporarily or permanently, or face financial distress or other business disruption, or if our relationships with merchants on our platform deteriorate, we may not be able to provide consumers with sufficient merchant selection. selection, which may cause us to lose consumers or cause consumers to use our services less frequently.

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

Show the other 16
RewordedRisk Factors
Changes These and other changes to our pay models have resulted in, and in the future may result in, negative publicity related to publicity, including as a result of 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. tips.

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

RewordedRisk Factors
These and similar events have resulted in losses in revenue in the past and in the future could result in significant losses of revenue and may revenue, harm our brand and reputation. reputation, and adversely affect our ability to attract and retain merchants, consumers, and Dashers, including through users seeking other offerings during any periods of unavailability.

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

RewordedRisk Factors
If we fail to address the foregoing risks or other problems encountered in connection with our past or future acquisitions of, and investments in, businesses, technologies, services, intellectual property, and other assets, arrangements, and investments, or if we fail to successfully integrate or otherwise realize the benefits of such acquisitions or investments, our business, reputation, financial condition, and results of operations could be adversely affected.

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

RewordedRisk Factors
These activities include food tampering, inappropriate or unsanitary food preparation, handling, or delivery, dangerous or unlawful vehicular operation, assault, battery, theft, unauthorized use and various types of credit and debit cards or bank accounts, registering consumer, merchant, or Dasher accounts with us using stolen personal information or altered identification documents, additional forms of fraud, identity theft, and other misconduct.

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

RewordedMD&A
This primarily consisted of net income including redeemable non-controlling interests of $117 $932 million, adjusted for non-cash stock-based compensation expense of $1.1 billion, non-cash depreciation and amortization expense of $561 $747 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $103 $118 million, amortization of deferred contract costs of $77 million non-cash office lease impairment expenses of $83 $11 million, and other net non-cash expenses of $33 $20 million, as well as $136 partially offset by $525 million net inflows outflows from changes in operating assets and liabilities liabilities, primarily driven by increases in our accounts receivable, net, prepaid expenses and other current assets, other assets and funds held by payment processors, as well as payments for operating lease liabilities, partially offset by an increase in our accrued expenses, partially offset by increases in other assets, accounts receivable, net, and prepaid expenses and other current assets. accounts payable.

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

RewordedMD&A
Year Ended December 31, (in millions, except percentages) 2022 2023 2024 2025 Total Orders 1,736 2,161 2,583 3,172 Total Orders Y/Y growth 25 % 24 % 20 % 23 % Marketplace GOV $ 53,414 $ 66,771 $ 80,231 $ 102,018 Marketplace GOV Y/Y growth 27 % 25 % 20 % 27 % Revenue $ 6,583 $ 8,635 $ 10,722 $ 13,717 Revenue Y/Y growth 35 % 31 % 24 % 28 % Net Revenue Margin 12.3 12.9 % 12.9 13.4 % 13.4 % GAAP gross profit $ 2,824 $ 3,860 $ 4,979 $ 6,686 GAAP gross profit as a % of Marketplace GOV 5.3 % 5.8 % 6.2 % 6.6 % Contribution Profit(1) $ 1,567 $ 2,482 $ 3,474 $ 4,840 Contribution Profit as a % of Marketplace GOV 2.9 % 3.7 % 4.3 % 4.7 % GAAP net income (loss) attributable to DoorDash, Inc. common stockholders $ (1,365) $ (558) $ 123 $ 935 GAAP net income (loss) attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV (2.6) % (0.8) % 0.2 % 0.9 % Adjusted EBITDA(1) $ 361 $ 1,190 $ 1,900 $ 2,779 Adjusted EBITDA as a % of Marketplace GOV 0.7 % 1.8 % 2.4 % 2.7 % Weighted-average diluted shares outstanding 371 393 430 440

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

RewordedMD&A
Net loss attributable to redeemable non-controlling interests (3) (7) (6) (3) Net income (loss) including redeemable non-controlling interests $ (1,368) $ (565) $ 117 $ 932 Certain legal, tax, and regulatory settlements, reserves, and expenses(1) 72 162 180 135 Transaction-related costs 68 2 7 105 Office lease impairment expenses — 83 11 Restructuring charges 2 — 83 Restructuring charges 92 2 — Inventory write-off related to restructuring 2 — — Provision for (benefit from) income taxes (31) 31 39 7 Interest income, net (30) (152) (199) (211) Other (income) expense, net(2) 305 net 107 5 (5) Stock-based compensation expense and certain payroll tax expense(3) 880 expense 1,094 1,107 1,056 Depreciation and amortization expense 369 509 561 747 Adjusted EBITDA $ 361 $ 1,190 $ 1,900 $ 2,779

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

RewordedMD&A
Cash used in investing activities was $342 million $4.4 billion for 2023, 2025, which primarily consisted of cash paid for acquisitions, net of cash acquired, of $4.2 billion, purchases of marketable securities investments of $1.9 $1.4 billion, purchases of property and equipment of $123 $257 million, cash outflows for capitalized software and website development costs of $201 $348 million, and purchases of non-marketable equity securities investments of $17 $47 million, and net cash paid upon settlement of deal-contingent forward of $24 million, partially offset by proceeds from the sales and maturities of marketable securities investments of $1.9 $1.8 billion.

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

RewordedMD&A
Year Ended December 31, (in millions) 2022 2023 2024 2025 Revenue $ 6,583 $ 8,635 $ 10,722 $ 13,717 Costs and expenses:(1) Cost of revenue, exclusive of depreciation and amortization shown separately below 3,588 4,589 5,542 6,738 Sales and marketing 1,682 1,876 2,037 2,476 Research and development 829 1,003 1,168 1,431 General and administrative 1,147 1,235 1,452 1,600 Depreciation and amortization(2) 369 509 561 747 Restructuring charges 92 2 — 2 Total costs and expenses 7,707 9,214 10,760 Loss 12,994 Income (loss) from operations (1,124) (579) (38) 723 Interest income, net 30 152 199 211 Other expense, income (expense), net (305) (107) (5) 5 Income (loss) before income taxes (1,399) (534) 156 939 Provision for (benefit from) income taxes (31) 31 39 7 Net income (loss) including redeemable non-controlling interests (1,368) (565) 117 932 Less: net loss attributable to redeemable non-controlling interests (3) (7) (6) (3) Net income (loss) attributable to DoorDash, Inc. common stockholders $ (1,365) $ (558) $ 123 $ 935

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

RewordedMD&A
Year Ended December 31, (in millions) 2022 2023 2024 Cost of revenue, exclusive of depreciation and amortization $ 3,588 $ 4,589 $ 5,542 Adjusted to exclude the following Stock-based compensation expense and certain payroll tax expense (103) (140) (153) (155) Allocated overhead (32) (32) (35) Inventory write-off related to restructuring (2) — — (46) Adjusted cost of revenue $ 3,451 $ 4,417 $ 5,354 $ 6,537

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

RewordedMD&A
Year Ended December 31, (in millions) 2022 2023 2024 2025 Cost of revenue, exclusive of depreciation and amortization $ 3,588 $ 4,589 $ 5,542 $ 6,738 Adjusted to exclude the following Stock-based compensation expense and certain payroll tax expense (103) (140) (153) Allocated overhead (32) (32) (35) Inventory write-off related to restructuring (2) — — Adjusted cost of revenue $ 3,451 $ 4,417 $ 5,354 following:

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

RewordedMD&A
These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model, model and a settlement entered into in connection with an initiative to serve underrepresented communities, pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls, and (iv) donations as part of our relief efforts in connection with the COVID-19 pandemic and Russia's invasion of Ukraine. controls.

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

RewordedMD&A
These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model, model and a settlement entered into in connection with an initiative to serve underrepresented communities, pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls, and (iv) donations as part of our relief efforts in connection with the COVID-19 pandemic and Russia's invasion of Ukraine. controls.

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

RewordedMD&A
Other expense, income (expense), net primarily consists of adjustments to non-marketable equity securities, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency. currency and loss on the settlement of the deal-contingent forward contract (the "Deal-Contingent Forward") that we entered into with Bank of America, N.A. which settled upon the closing of the Deliveroo acquisition.

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

RewordedMD&A
Year Ended December 31, (In millions) 2022 2023 2024 2025 Net cash provided by operating activities $ 367 $ 1,673 $ 2,132 $ 2,431 Net cash used in investing activities (300) (342) (444) (4,391) Net cash used in provided by (used in) financing activities (375) (752) (204) 2,360 Foreign currency effect on cash, cash and cash equivalents, and restricted cash (10) and cash equivalents 5 (35) 60 Net increase (decrease) in cash, cash and cash equivalents, and restricted cash $ (318) and cash equivalents $ 584 $ 1,449 $ 460

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

RewordedMD&A
Cost of revenue, exclusive of depreciation and amortization shown separately below 54% 53% 52% 49% Sales and marketing 26% 22% 19% 18% Research and development 13% 12% 11% 10% General and administrative 17% 14% 14% 12% Depreciation and amortization 6% 5% 6% 5% Restructuring charges 1% —% —% —% Total costs and expenses 117% 107% 101% Loss 95% Income (loss) from operations (17)% (7)% (1)% 5% Interest income, net 1% 2% 2% 2% Other expense, income (expense), net (5)% (1)% —% —% Income (loss) before income taxes (21)% (6)% 1% 7% Provision for (benefit from) income taxes —% —% —% Net income (loss) including redeemable non-controlling interests (21)% (6)% 1% 7% Less: net loss attributable to redeemable non-controlling interests —% —% —% Net income (loss) attributable to DoorDash, Inc. common stockholders (21)% (6)% 1% 7%

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

Next Related parties →