DoorDash Logs Gains in Q4
For its fourth quarter ended Dec. 31, 2024, DoorDash reported that total orders increased 19% year over year to 685 million, and that marketplace GOV (the total dollar value of orders completed on its marketplaces, including taxes, tips and any applicable consumer fees) increased 21% year over year to $21.3 billion. Revenue rose 25% year over year to $2.9 billion and net revenue margin increased to 13.5%, from 13.1% in Q4 2023.
The growth in total orders was driven by growth in consumers and in average consumer engagement, according to DoorDash, while the revenue increase was driven primarily by growth in marketplace GOV and in advertising revenue.
DoorDash’s GAAP gross profit was $1.4 billion in Q4 2024, up 34% year over year and 7% quarter over quarter. GAAP gross profit as a percentage of marketplace GOV was 6.4% in Q4 2024, up from 5.8% in Q4 2023 and consistent with 6.4% in Q3 2024.
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In 2024, the San Francisco-based company grew revenue 24% year over year, generated its first full year of positive GAAP net income and helped generate almost $60 billion in sales for local merchants in 30-plus countries and more than $18 billion in earnings for Dashers. “These results were the output of several years of outstanding execution against a consistent set of principles,” DoorDash said. “We are pleased with our performance throughout 2024 and excited about our potential to increase our scale, profitability and impact on local economies in 2025 and beyond.”
According to the company, efficiency improvements, along with its growing scale, allowed it to boost investments across the business “to build new and better products, expand [its] selection, improve [its] quality.” and reach more consumers in more places. In 2024, this helped DoorDash achieve 20% year-over-year growth in marketplace GOV and 24% year-over-year growth in revenue, while also generating $123 million of net income attributable to DoorDash Inc. common stockholders and $1.9 billion of adjusted EBITDA.
Improvements to merchant selection, the variety of categories offered and quality in its marketplaces helped increase monthly active users (MAUs) to an all-time high of 42 million-plus in December 2024, up from more than 37 million in December 2023. Those same improvements also helped push the number of DashPass and Wolt+ members to 22 million-plus at the end 2024, up from over 18 million in the year-ago period.
In the United States, MAUs increased at a double-digit pace year over year throughout 2024, with increased average order frequency. In new verticals, the company added thousands of new grocery stores to its U.S. marketplace in 2024, while also expanding selection and improving key quality metrics in other new verticals categories. However, the combination of increased MAUs and higher average order frequency drove year-over-year growth in total orders from the company’s international marketplaces that was well ahead of its U.S. marketplace.
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“We exited 2024 with good momentum,” DoorDash noted. “Entering 2025, we plan to continue to focus on creating incremental improvements in operational efficiency and reinvesting back into the business to increase our scale and expand our long-term profit potential. We believe we have clear pathways for investment in several areas of our business that we believe will allow us to generate strong returns and compound our value and impact. At the same time, the total scope of local commerce is still well beyond what we serve today and we are exploring a number of new initiatives that we hope will develop into valuable services for consumers, merchants and Dashers.”
In terms of general trends through 2025, the company currently expects adjusted EBITDA as a percentage of marketplace GOV to increase from Q1 to Q2 and again from Q2 to Q3.
