Episode Details
Back to EpisodesDoorDash (DASH) Q4-25 earnings: The $4B record, the cash flow crash & a risky tech rebuild
Description
DoorDash proved it can buy growth as revenue hit $4.0B, but a 65% collapse in Free Cash Flow shows the Deliveroo integration is getting messy even as the stock rallies.
In ~10 minutes:
* Revenue surges 15% QoQ ($347M from Deliveroo)
* Free Cash Flow drops to $254M on deal costs 📉
* The high-risk plan to merge 3 apps onto 1 code base
* Grocery unit economics set to turn positive in 2H 2026
* Why the stock ripped +14% despite weak Q1 guidance
Management is officially rebuilding the plane in mid-air, rewriting the entire platform to unify DoorDash, Wolt, and Deliveroo. It’s an expensive bet on efficiency that investors are surprisingly willing to fund.
DoorDash Inc. (DASH) | Q4 FY2025
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