DASH Total Order Growth Picks Up: Is the Growth Thesis Strengthening?

DoorDash DASH is benefiting from a large customer base and strong growth in average consumer engagement, which has enhanced its order volume. In the third quarter of 2025, total orders increased 21% year over year to 776 million.

The company’s ability to attract new customers also played a vital role in boosting total orders. Dash remains the leader in acquiring new customers across multiple categories, including restaurants, grocery, and retail, which has further fueled total order growth. The addition of major grocers like Kroger and partnerships with local retailers have expanded the company’s reach and provided customers with more options.

Growth in total orders for DoorDash was also driven by an increase in monthly active users (MAUs) and the expansion of membership programs like DashPass and Wolt+. DashPass and Wolt+ subscriptions reached record levels during the third quarter of 2025, further contributing to growth.

DoorDash is consistently investing in expanding its partner base to provide express grocery delivery for consumers, a new offering that cements its position further among other on-demand delivery platforms. This has further boosted DoorDash’s total orders.

In October, DASH announced a partnership with Waymo to test an autonomous delivery service in Metro Phoenix. They also introduced a limited-time $10 Waymo ride promotion for DashPass members in Los Angeles, San Francisco and Phoenix. The service will begin with DashMart deliveries and will expand later this year as part of DoorDash’s Autonomous Delivery Platform initiative.

DoorDash Faces Rising 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 Amazon AMZN. As competition intensifies, companies are seeking new ways to differentiate themselves and expand their market presence.

Amazon’s Prime membership program is a cornerstone of its delivery ecosystem, offering unparalleled convenience and speed to millions of customers worldwide. Prime members benefit from fast and free delivery options, including same-day and next-day delivery, which have become increasingly faster over the years. In 2025, Amazon is on track to deliver at its fastest speeds ever for Prime members globally, with innovations like three-hour delivery rolling out in select U.S. cities.

Uber Technologies is benefiting from the boom in its Delivery business through its online delivery platform Uber Eats. In the third quarter of 2025, Uber Technologies' Delivery segment increased 29% year over year on a reported basis and 27% on a constant currency basis to $4.47 billion. Gross bookings from the Delivery segment rose 25% year over year on a reported basis and 24% on a constant currency basis to $23.32 billion.

DASH’s Share Price Performance, Valuation, and Estimates

DoorDash’s shares have rallied 12.2% in the year-to-date period, underperforming the Zacks Internet - Services industry’s rise of 54.1% and the broader Zacks Computer & Technology sector’s growth of 21.1%.

DASH Stock 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 8.54, higher than the industry’s 7.31X.

Price/Book

For 2025, the Zacks Consensus Estimate for earnings is pegged at $2.25 per share, indicating a 9.27% decrease 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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