DOORDASH, INC.

Red flags

• Free cash flow was flat at $1.8 billion in 2025 even as GAAP net income increased to $935 million, because higher operating cash flow was offset by increased property, equipment, and software investment.
• Weighted-average diluted shares increased to 440 million in 2025 from 393 million in 2023, reducing per-share participation in the company’s growth.
• The company issued $2.75 billion of 0% convertible notes due 2030; the initial conversion price is approximately $291.97 per share, creating potential future dilution if the stock appreciates above that level.
• The allowance for credit losses rose to $45 million in 2025 from $22 million in 2024, while current-period expected credit-loss provision increased to $37 million from $15 million.
• DoorDash has recorded an accrual for the California Employment Development Department assessment concerning Dasher classification; the ultimate resolution remains uncertain.
• The multi-class structure and voting agreement concentrate voting power with co-founder and CEO Tony Xu, limiting ordinary shareholders’ influence.