DoorDash, Inc.DASH
DoorDash, Inc. Revenue Disclosure
Revenue
Disaggregated Revenue Information
All revenue recognized during the periods presented was related to the Company's core business, which is primarily composed of the Company's Marketplaces and Commerce Platform.
Revenue by geographic area is determined based on the address of the merchant, or in the case of the Company's membership products, the address of the consumer. Revenue by geographic area was as follows (in millions):
Year Ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| United States | $ | 7,781 | $ | 9,403 | $ | 11,460 | |||||||||||
International(1) | 854 | 1,319 | 2,257 | ||||||||||||||
| Total revenue | $ | 8,635 | $ | 10,722 | $ | 13,717 | |||||||||||
(1)No individual country outside the United States represented 10% or more of total consolidated revenue for the periods presented.
Contract Liabilities
The timing of revenue recognition may differ from the timing of invoicing to or collections from customers. The Company’s contract liabilities balance, which is included in accrued expenses and other current liabilities on the consolidated balance sheets, is primarily composed of unredeemed gift cards, prepayments received from consumers and merchants, certain consumer credits as well as other transactions for which the revenue is recognized over time. A summary of activities related to contract liabilities for the year ended December 31, 2025 was as follows (in millions):
| Year Ended December 31, 2025 | |||||
| Beginning balance | $ | 396 | |||
| Addition to contract liabilities | 3,835 | ||||
Reduction of contract liabilities(1)(2) | (3,684) | ||||
| Ending balance | $ | 547 | |||
(1)Gift cards and certain consumer credits can be redeemed through the Marketplaces. When they are redeemed, revenue is recognized on a net basis as the difference between the amounts collected from consumers less amounts remitted to merchants and Dashers for those transactions. Therefore, the amount recognized as revenue related to the reduction of gift cards and certain consumer credits is less than the amount presented in the table above. Net revenue associated with gift cards and certain consumer credits is not tracked by the Company as it is impracticable to do so.
(2)Included in the beginning balance of contract liabilities was $228 million associated with unearned prepayments received by the Company, all of which was recognized as revenue during the year ended December 31, 2025. The ending balance of unearned prepayments is expected to be recognized as revenue in 12 months or less.
Deferred Contract Costs
Deferred contract costs represent direct and incremental costs incurred to acquire or fulfill the Company’s contracts, consisting of sales commissions and costs related to merchant onboarding, which the Company expects to recover. Deferred contract costs are amortized on a straight-line basis over the expected period of benefit, which the Company determined by considering historical attrition rates and other factors. Deferred contract costs are recorded in prepaid expenses and other current assets and other assets on the consolidated balance sheets. Amortization of deferred contract costs related to sales commissions is recognized in sales and marketing expense and amortization of deferred contract costs related to merchant onboarding is recognized in cost of revenue, exclusive of depreciation and amortization in the consolidated statements of operations. A summary of activities related to deferred contract costs was as follows (in millions):
Year Ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Beginning balance | $ | 100 | $ | 137 | $ | 157 | |||||||||||
Addition to deferred contract costs | 82 | 80 | 111 | ||||||||||||||
| Amortization of deferred contract costs | (45) | (60) | (77) | ||||||||||||||
| Ending balance | $ | 137 | $ | 157 | $ | 191 | |||||||||||
| Deferred contract costs, current | $ | 51 | $ | 64 | $ | 79 | |||||||||||
| Deferred contract costs, non-current | 86 | 93 | 112 | ||||||||||||||
| Total deferred contract costs | $ | 137 | $ | 157 | $ | 191 | |||||||||||
Allowance for Credit Losses
The allowance for credit losses related to accounts receivable and changes were as follows (in millions):
| Year Ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Beginning balance | $ | 20 | $ | 17 | $ | 22 | |||||||||||
Current-period provision for expected credit losses | 8 | 15 | 37 | ||||||||||||||
| Write-offs charged against the allowance | (11) | (10) | (14) | ||||||||||||||
| Ending balance | $ | 17 | $ | 22 | $ | 45 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 5, 2021 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.