DoorDash's Revenue Strengthens: Is Marketplace GOV the Catalyst?

DoorDash DASH is benefiting from the robust growth in its Marketplace GOV, driven by strong demand across platforms. In the third quarter of 2025, Marketplace GOV increased 25% year over year to $25 billion. The figure beat the consensus mark by 1.84%.

In the third quarter of 2025, revenues increased 27.3% year over year to $3.45 billion. The net revenue margin rose to 13.8% from 13.5%. Growth was driven by the year-over-year increase in Marketplace GOV.

Another factor influencing Marketplace GOV is DoorDash’s ability to attract new customers while retaining existing ones.  The company has been successful in acquiring new users across various categories, including restaurants, grocery, and retail.  The expansion into new verticals and retail categories also plays a significant role in boosting Marketplace GOV. 

DoorDash has been actively adding new partners, which include Waymo, Kroger, McDonald’s, and Ace Hardware. These partnerships have acted as a catalyst for growth, significantly broadening DoorDash’s reach and enhancing its service offerings.

DoorDash aims for steady growth in Marketplace GOV. As the company keeps improving and investing in its platform, Marketplace GOV will remain a key growth driver of its financial performance. For the fourth quarter of 2025, DoorDash expects Marketplace GOV to be between $28.9 billion and $29.5 billion.

DASH Faces Stiff Competition

DoorDash is constantly battling for market share with other local food delivery logistics platforms such as Uber Technologies UBER, online delivery platform Uber Eats, and Maplebear CART, which is doing business as Instacart. As competition intensifies, companies are seeking new ways to differentiate themselves and expand their market presence.

Uber Technologies is benefiting from the boom in its Delivery business. Uber Technologies’ delivery business performed well in the third quarter of 2025, with segmental revenues growing 27% year over year on a constant-currency basis. Gross bookings from the Delivery segment in the September quarter rose 24% year over year on a constant-currency basis to $23.3 billion.

Maplebear, doing business as Instacart, reported a Gross Transaction Value of $9.170 billion compared with the year-ago Gross Transaction Value of $8.303 billion, reflecting 10.4% growth in the third quarter of 2025.  Maplebear’s growth was fueled by a 14% year-over-year increase in orders, reaching 83.4 million. This highlights Maplebear’s strong presence and competitive edge in the online delivery market.

DASH’s Share Price Performance, Valuation, and Estimates

DoorDash’s shares have rallied 16.9% in the year-to-date period, underperforming the Zacks Internet - Services industry’s rise of 50.7% and the broader Zacks Computer & Technology sector’s growth of 27%.

DASH Stock's Performance

DoorDash shares are currently overvalued, as suggested by its Value Score of F.  In terms of the trailing 12-month Price/Book ratio, DASH is trading at 8.84, higher than the Internet - Services industry’s 7.72X.

DASH Valuation

For 2025, the Zacks Consensus Estimate for earnings is pegged at $2.25 per share, indicating an 8.5% decline over the past 30 days. The figure implies a year-over-year increase of 675.86%.

DoorDash, Inc. Price and Consensus

DoorDash, Inc. price-consensus-chart | DoorDash, Inc. Quote

DoorDash currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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