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
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 ↗
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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 ↗