Doordash (DASH) Q4 2025 earnings

Doordash‘s stock dropped 10% after the food delivery platform issued disappointing fourth-quarter results and guidance as it ramps up its investments in new technology.

Here’s how the company did versus LSEG estimates:

• Earnings per share: 48 cents vs. 59 cents expected $0.59 Est.
• Revenue: $3.96 billion vs. $3.99 billion Est.

The company also forecast lackluster guidance for the first quarter. Doordash expects adjusted EBITDA between $675 million and $775 million versus a StreetAccount estimate of $802 million.

Estimates had significantly come down following the company’s disappointing third-quarter results.

Revenue for the period increased 38% from about $2.87 billion last year. The company said total orders grew 32% year over year to 903 million, while marketplace gross order value, which tracks the total dollar value of orders, jumped 39% to $29.7 billion.

In a letter to shareholders, CEO Tony Xu said Doordash is actively building new products and systems to enhance user experiences. One of those projects includes creating a single platform that integrates Doordash, Deliveroo and Wolt, which he called a “massive and expensive undertaking.”

“We could have made our codebase less malleable to incorporate AI,” he wrote. “These changes would have taken less time and cost a lot less to build. But that could lead to disastrous results for customers.”

Investors have been on edge about Doordash’s spending goals in recent months.

Last quarter, the company said it plans to shell out “several hundred million dollars” on its global tech platform and initiatives like autonomous delivery. The stock suffered its worst day ever.

At the time, Xu defended the Doordash’s spending and said the company has a good track record with business investments that support future growth.

Net income totaled $213 million, or 48 cents per share, up from $141 million, or 33 cents per share, a year ago.

The stock has plummeted more than 20% already in 2026.