Tearsheet

DoorDash (DASH)


Market Price (7/14/2026): $189.55 | Market Cap: $82.5 BilInvestor Relations Sector: Consumer Discretionary | Industry: Specialized Consumer Services

DoorDash (DASH)


Market Price (7/14/2026): $189.55
Market Cap: $82.5 Bil
Sector: Consumer Discretionary
Industry: Specialized Consumer Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.4 Bil

Low stock price volatility
Vol 12M is 46%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Last-Mile Delivery, Show more.

Expensive valuation multiples
P/SPrice/Sales ratio is 5.6x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 107x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x, P/EPrice/Earnings or Price/(Net Income) is 89x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1%

Short seller report
Culper Research report on 10/23/2025.

Key risks
DASH key risks include [1] legal and regulatory battles over its driver classification model and alleged anti-competitive practices, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 2.4 Bil
2 Low stock price volatility
Vol 12M is 46%
3 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, and E-commerce & DTC Adoption. Themes include Online Marketplaces, Last-Mile Delivery, Show more.
4 Expensive valuation multiples
P/SPrice/Sales ratio is 5.6x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 107x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x, P/EPrice/Earnings or Price/(Net Income) is 89x
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.1%
6 Short seller report
Culper Research report on 10/23/2025.
7 Key risks
DASH key risks include [1] legal and regulatory battles over its driver classification model and alleged anti-competitive practices, Show more.

DASH in ETFs

Weight = DASH's share of each fund

SPY0.11%
VOO0.09%
IVV0.11%
VTI0.08%
ITOT0.10%
QQQ0.34%
QQQM0.34%
IWB0.10%
+32 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

DoorDash (DASH) stock has gained about 25% since 3/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Results and Optimistic Q2 2026 Guidance Fueled Investor Confidence.

DoorDash reported robust fiscal Q1 2026 earnings on May 6, 2026, significantly exceeding analyst expectations. The company announced a 27% year-over-year (YoY) increase in Total Orders to 933 million, a 37% YoY rise in Marketplace Gross Order Volume (GOV) to $31.6 billion, and a 33% YoY revenue growth to $4.0 billion. Adjusted EBITDA also grew by 28% YoY, reaching $754 million, and diluted earnings per share (EPS) of $0.42 surpassed consensus estimates of $0.36 or $0.37. Furthermore, DoorDash provided an upbeat outlook for fiscal Q2 2026, projecting Marketplace GOV between $32.4 billion and $33.4 billion and adjusted EBITDA in the range of $770 million to $870 million, which exceeded prior consensus expectations and indicated continued strong operational performance.

2. Strategic Expansion into New Verticals and Key Partnerships Broadened Market Reach and Growth Potential.

DoorDash continued to diversify its offerings beyond restaurant delivery through key partnerships and expansion into new categories during the period. Approximately 30% of monthly active users (MAUs) were already ordering from non-restaurant verticals, which are trending towards gross profit positivity in the second half of 2026. Notable partnerships and initiatives included integrating over 9,000 Dollar Tree stores for on-demand delivery effective May 28, 2026, and expanding into the on-demand auto parts category with AutoParts.com on June 24, 2026. Additionally, DoorDash launched SNAP/EBT grocery delivery to nearly 2,700 Kroger stores nationwide on May 1, 2026, further enhancing its grocery footprint. These strategic moves are anticipated to increase order frequency and boost overall total order volume by expanding the platform's utility to consumers.

Show more
Updated on 7/1/2026

DoorDash (DASH) stock has gained about 25% since 3/31/2026 because of the following key factors:

1. Strong Q1 2026 Financial Results and Optimistic Q2 2026 Guidance Fueled Investor Confidence.

DoorDash reported robust fiscal Q1 2026 earnings on May 6, 2026, significantly exceeding analyst expectations. The company announced a 27% year-over-year (YoY) increase in Total Orders to 933 million, a 37% YoY rise in Marketplace Gross Order Volume (GOV) to $31.6 billion, and a 33% YoY revenue growth to $4.0 billion. Adjusted EBITDA also grew by 28% YoY, reaching $754 million, and diluted earnings per share (EPS) of $0.42 surpassed consensus estimates of $0.36 or $0.37. Furthermore, DoorDash provided an upbeat outlook for fiscal Q2 2026, projecting Marketplace GOV between $32.4 billion and $33.4 billion and adjusted EBITDA in the range of $770 million to $870 million, which exceeded prior consensus expectations and indicated continued strong operational performance.

2. Strategic Expansion into New Verticals and Key Partnerships Broadened Market Reach and Growth Potential.

DoorDash continued to diversify its offerings beyond restaurant delivery through key partnerships and expansion into new categories during the period. Approximately 30% of monthly active users (MAUs) were already ordering from non-restaurant verticals, which are trending towards gross profit positivity in the second half of 2026. Notable partnerships and initiatives included integrating over 9,000 Dollar Tree stores for on-demand delivery effective May 28, 2026, and expanding into the on-demand auto parts category with AutoParts.com on June 24, 2026. Additionally, DoorDash launched SNAP/EBT grocery delivery to nearly 2,700 Kroger stores nationwide on May 1, 2026, further enhancing its grocery footprint. These strategic moves are anticipated to increase order frequency and boost overall total order volume by expanding the platform's utility to consumers.

3. Positive Analyst Sentiment and Upgraded Price Targets Bolstered Investor Confidence.

Despite some initial price target adjustments following the Q1 2026 earnings, analyst sentiment remained largely positive, with many firms maintaining "Buy" or "Strong Buy" ratings for DoorDash. The consensus price targets from analysts ranged from approximately $240.59 to $258.88, suggesting significant upside potential from the stock's trading levels in Q2 2026. Analysts cited sustained platform growth across key verticals, ongoing technology stack improvements, and strong advertising performance as reasons for their bullish outlook.

4. Strategic Investments in Technology and Autonomous Delivery Signaled Long-Term Efficiency and Margin Expansion.

DoorDash's ongoing investment of "several hundred million dollars" in new products and technology throughout 2026, including a $100 million reinvestment in its global tech platform, was increasingly viewed positively by the market. These investments are aimed at consolidating international operations into a single global platform and advancing autonomous delivery systems like the "Dot" ground robot and drone partnerships. While incurring near-term costs, these initiatives are seen as critical for structurally lowering per-order delivery costs, improving operational efficiency, and driving sustained margin expansion in the long term, ultimately contributing to a more favorable investor perception of the company's future profitability.

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Stock Movement Drivers

Fundamental Drivers

The 26.3% change in DASH stock from 3/31/2026 to 7/13/2026 was primarily driven by a 28.3% change in the company's P/E Multiple.
(LTM values as of)33120267132026Change
Stock Price ($)150.15189.5726.3%
Change Contribution By: 
Total Revenues ($ Mil)13,71714,7217.3%
Net Income Margin (%)6.8%6.3%-7.7%
P/E Multiple69.589.128.3%
Shares Outstanding (Mil)433435-0.6%
Cumulative Contribution26.3%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/13/2026
ReturnCorrelation
DASH26.3% 
Market (SPY)15.2%30.5%
Sector (XLY)6.5%38.1%

Fundamental Drivers

The -16.3% change in DASH stock from 12/31/2025 to 7/13/2026 was primarily driven by a -20.8% change in the company's P/E Multiple.
(LTM values as of)123120257132026Change
Stock Price ($)226.48189.57-16.3%
Change Contribution By: 
Total Revenues ($ Mil)12,63514,72116.5%
Net Income Margin (%)6.8%6.3%-7.9%
P/E Multiple112.689.1-20.8%
Shares Outstanding (Mil)429435-1.5%
Cumulative Contribution-16.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/13/2026
ReturnCorrelation
DASH-16.3% 
Market (SPY)10.2%39.1%
Sector (XLY)-2.6%44.0%

Fundamental Drivers

The -23.1% change in DASH stock from 6/30/2025 to 7/13/2026 was primarily driven by a -70.9% change in the company's P/E Multiple.
(LTM values as of)63020257132026Change
Stock Price ($)246.51189.57-23.1%
Change Contribution By: 
Total Revenues ($ Mil)11,24114,72131.0%
Net Income Margin (%)3.0%6.3%108.6%
P/E Multiple306.489.1-70.9%
Shares Outstanding (Mil)421435-3.2%
Cumulative Contribution-23.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/13/2026
ReturnCorrelation
DASH-23.1% 
Market (SPY)22.3%37.3%
Sector (XLY)7.4%38.1%

Fundamental Drivers

The 148.1% change in DASH stock from 6/30/2023 to 7/13/2026 was primarily driven by a 105.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237132026Change
Stock Price ($)76.42189.57148.1%
Change Contribution By: 
Total Revenues ($ Mil)7,16214,721105.5%
P/S Multiple4.25.634.6%
Shares Outstanding (Mil)390435-10.3%
Cumulative Contribution148.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/13/2026
ReturnCorrelation
DASH148.1% 
Market (SPY)75.0%50.7%
Sector (XLY)39.8%49.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DASH Return4%-67%103%70%35%-15%34%
Peers Return5%-31%42%38%10%10%71%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
DASH Win Rate50%25%58%67%67%43% 
Peers Win Rate54%38%52%63%52%60% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
DASH Max Drawdown-47%-71%-22%-29%-33%-36% 
Peers Max Drawdown-23%-44%-23%-22%-29%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: UBER, CART, AMZN, WMT, TGT. See DASH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/13/2026 (YTD)

How Low Can It Go

EventDASHS&P 500
2025 US Tariff Shock
  % Loss-23.5%-18.8%
  % Gain to Breakeven30.7%23.1%
  Time to Breakeven60 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-17.3%-9.5%
  % Gain to Breakeven20.9%10.5%
  Time to Breakeven6 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.2%-6.7%
  % Gain to Breakeven11.4%7.1%
  Time to Breakeven6 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-70.4%-24.5%
  % Gain to Breakeven237.5%32.4%
  Time to Breakeven728 days427 days

Compare to UBER, CART, AMZN, WMT, TGT

In The Past

DoorDash's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventDASHS&P 500
2025 US Tariff Shock
  % Loss-23.5%-18.8%
  % Gain to Breakeven30.7%23.1%
  Time to Breakeven60 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-70.4%-24.5%
  % Gain to Breakeven237.5%32.4%
  Time to Breakeven728 days427 days

Compare to UBER, CART, AMZN, WMT, TGT

In The Past

DoorDash's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About DoorDash (DASH)

DoorDash, Inc. operates a leading logistics platform designed to connect three key parties: merchants, consumers, and delivery personnel (known as "dashers"). Its core function is to facilitate on-demand delivery services, primarily for food but also expanding into other retail categories, by providing the technological infrastructure and an extensive delivery network.

The company's primary offering is the DoorDash Marketplace, which provides a comprehensive suite of services for merchants. This marketplace helps businesses acquire new customers, manage deliveries, gain insights, process payments, and receive customer support. Beyond its direct marketplace, DoorDash also offers DoorDash Drive, a white-label logistics service allowing businesses to utilize DoorDash's delivery network under their own brand. Additionally, DoorDash Storefront provides merchants with tools to create their own branded e-commerce platforms for on-demand consumer access.

DoorDash serves a diverse set of customers: merchants seeking to expand their reach and delivery capabilities, consumers looking for convenient on-demand delivery of goods, and individuals ("dashers") seeking flexible earning opportunities. Geographically, DoorDash operates extensively across the United States and has a growing international presence, tapping into the global market for last-mile logistics and e-commerce delivery.

AI Analysis | Feedback

Here are 1-3 brief analogies for DoorDash:

  • Uber for local delivery of food and goods

  • A localized Amazon for on-demand delivery from restaurants and stores

AI Analysis | Feedback

```html
  • DoorDash Marketplace: A logistics platform connecting consumers, merchants, and dashers, offering services like customer acquisition, delivery, and payment processing to merchants.
  • DoorDash Drive: A white-label logistics service that enables merchants to utilize DoorDash's delivery network for orders placed directly through their own channels.
  • DoorDash Storefront: An e-commerce solution that allows merchants to create their own online stores, providing consumers with on-demand access to their products.
```

AI Analysis | Feedback

DoorDash (symbol: DASH) primarily serves individual consumers across various categories, facilitating on-demand delivery of goods from a wide array of merchants. While DoorDash provides significant services and tools to its merchant partners, the platform's core revenue and daily operations are driven by the large volume of individual consumer orders.

The major categories of customers that DoorDash serves are:

  1. Restaurant Food Delivery Customers: These are individuals who use the DoorDash platform to browse menus and order prepared meals from local and national restaurants, opting for convenient delivery to their specified location.
  2. Grocery and Convenience Shoppers: This category includes consumers who utilize DoorDash for on-demand delivery of groceries, convenience store items, alcohol, and other retail goods from a variety of stores partnered with the platform.
  3. DashPass Subscribers: A segment of highly engaged individual customers who pay a recurring subscription fee for benefits such as $0 delivery fees and reduced service fees on eligible orders, indicating frequent and loyal usage of DoorDash's services.

AI Analysis | Feedback

  • Amazon.com, Inc. (AMZN)
  • Stripe
  • Alphabet Inc. (GOOGL)

AI Analysis | Feedback

Tony Xu, Chief Executive Officer and Co-Founder

Tony Xu is a co-founder of DoorDash and has served as its Chief Executive Officer and a director since May 2013. Prior to co-founding DoorDash, Mr. Xu held key roles at Matrix Partners, Square, eBay, and McKinsey & Company. He has served on the board of directors of Meta Platforms, Inc. since January 2022. His background in business development and strategy was instrumental in DoorDash's growth, and his mother's experience as a restaurant worker inspired the company's mission.

Ravi Inukonda, Chief Financial Officer

Ravi Inukonda joined DoorDash in November 2018 as Vice President of Finance and Strategy and has served as Chief Financial Officer since March 2023. Before joining DoorDash, Mr. Inukonda was the Head of Finance for Uber Eats from November 2015 to November 2018. He also held positions as Vice President at Accel-KKR, a technology-focused private equity firm, and Battery Ventures, and worked in investment banking at Goldman Sachs. His experience includes roles with private equity firms and in investment banking.

Prabir Adarkar, Chief Operating Officer and President

Prabir Adarkar has served as DoorDash's Chief Operating Officer and President since March 2023, and previously served as Chief Financial Officer from August 2018 until March 2023. Prior to DoorDash, he served as Vice President of Finance (Head of Strategic Finance) at Uber Technologies, Inc. from September 2015 to August 2018. From July 2008 to September 2015, he was with The Goldman Sachs Group, Inc., where he served as Vice President, Technology, Media & Telecommunications Investment Banking.

Andy Fang, Co-Founder and Head of LaunchPad

Andy Fang is a co-founder of DoorDash and has served as Head of LaunchPad, the company's new software products team, since November 2022. He previously served as Chief Technology Officer from May 2013 to February 2019 and subsequently as Head of Consumer Engineering until November 2022. He co-founded DoorDash with Tony Xu and Stanley Tang while they were students at Stanford University. His early career included a software engineering internship at Facebook.

Stanley Tang, Co-Founder and Head of DoorDash Labs

Stanley Tang is a co-founder of DoorDash and has served as Head of DoorDash Labs, the internal robotics and automation organization, since November 2017. He previously held the role of Chief Product Officer from May 2013 to November 2017. Before co-founding DoorDash, Mr. Tang was a Software Engineer at Meta Platforms, Inc. (Facebook). He also achieved recognition as an Amazon bestselling author at the age of 14 with his book "eMillions".

AI Analysis | Feedback

Here are the key risks to DoorDash's business:

1. Rising Labor and Regulatory Costs, including Worker Classification

DoorDash faces significant risks from rising labor costs, particularly due to minimum wage increases for delivery and grocery services in various cities, which could negatively impact its margins. A major ongoing challenge is the regulatory scrutiny surrounding the classification of its Dashers as independent contractors. If Dashers are reclassified as employees under federal or state law, DoorDash's business model and operations would need significant alterations, potentially increasing costs and affecting its ability to attract and retain Dashers. An increase in Dasher costs per order has also been noted due to seasonality, investments in system capacity, and annual cost increases in regulated markets.

2. Intensifying Competition and Consumer Demand Sensitivity

The company operates in a highly competitive delivery ecosystem with rivals such as Uber Eats and Grubhub, leading to pressures from promotional activities and potential market share erosion. Additionally, DoorDash is susceptible to consumer demand sensitivity, especially in an uncertain macroeconomic environment, which could impact consumer spending on delivery services and affect the company's financial results.

3. Execution Risks of New Initiatives and International Expansion, and Maintaining Profitability

DoorDash is making substantial investments in new ventures like autonomous drone delivery, robotics initiatives, and expanding its international presence, notably through acquisitions such as Deliveroo. There are inherent risks in the execution of these initiatives, including potential delays, technical issues, regulatory challenges, and difficulties in integrating operations across different countries. If cost synergies do not materialize or local market differences are underestimated, these investments may not yield the expected returns. While DoorDash has achieved profitability, maintaining and increasing it amidst these aggressive investment plans and ongoing cost pressures remains a significant risk.

AI Analysis | Feedback

The increasing trend of merchants, particularly large restaurant chains and grocery stores, investing heavily in and promoting their own direct online ordering platforms, mobile applications, and in-house delivery capabilities. This strategic shift aims to reduce their reliance on third-party aggregators like DoorDash due to high commission fees and a desire to own the customer relationship and data. While DoorDash offers services like Storefront and Drive to mitigate this, the broader movement towards merchant disintermediation poses an emerging threat by potentially reducing order volume and profitability for DoorDash's core marketplace business as merchants seek to bypass the aggregator model and engage directly with consumers.

AI Analysis | Feedback

DoorDash (DASH) operates within several significant addressable markets for its main products and services:

  • DoorDash Marketplace (Online Food Delivery): The global online food delivery market was valued at approximately $319.99 billion in 2025 and is projected to grow to about $728.83 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 9.58% during that period. Another estimate places the global market at $257.43 billion in 2025, expanding to around $694.65 billion by 2035, with a CAGR of 10.44% from 2026 to 2035. In the United States, the online food delivery market is expected to reach approximately $93.36 billion by 2030, with a CAGR of 9.6% from 2025 to 2030.
  • New Verticals (Grocery and Retail Delivery): DoorDash is actively expanding into new verticals such as grocery, convenience, and other retail deliveries. While a specific total addressable market (TAM) for these combined new verticals was not provided, the online grocery and convenience delivery segment is growing rapidly, advancing at a CAGR of 14.18% between 2026 and 2031. In 2025, DoorDash became the leading third-party marketplace in order volume across grocery and retail in the U.S.
  • DoorDash Drive (White-Label Logistics Service): DoorDash Drive, the company's white-label logistics service, operates within the broader last-mile delivery market. The global last-mile delivery market was valued at approximately $201 billion in 2025 and is projected to grow at a 12% compound annual rate through 2029.

For DoorDash Storefront, a service that enables merchants to offer consumers on-demand access to e-commerce, a specific addressable market size could not be definitively identified.

AI Analysis | Feedback

Here are 3-5 expected drivers of future revenue growth for DoorDash (DASH) over the next 2-3 years:

  1. Expansion into New Verticals: DoorDash is aggressively diversifying its services beyond restaurant delivery into high-growth categories such as grocery, convenience, alcohol, and general retail. The company has forged partnerships with major grocers and retailers, seeing significant growth in order volume and customer acquisition within these new segments.
  2. International Expansion and Strategic Acquisitions: DoorDash is strategically expanding its global footprint, primarily through acquisitions like Wolt and Deliveroo. International markets have shown faster growth rates compared to domestic operations and are anticipated to be substantial contributors to future revenue and profitability, despite some market consolidations.
  3. Growth in DashPass Subscriptions and Enhanced Customer Engagement: The DashPass subscription program remains a critical driver for increasing customer retention and order frequency across all verticals. DoorDash continues to expand its customer base and boost engagement from existing users by improving selection and quality across its diverse offerings.
  4. Expansion of Advertising Revenue Streams: DoorDash is actively growing its advertising business, which is enhancing its net revenue margin. The company achieved a $1 billion annualized ad revenue run rate in Q2 2025, indicating that advertising will continue to be a meaningful contributor to overall revenue.
  5. Investment in Technology and Operational Efficiency: Strategic investments in a unified global technology platform, autonomous delivery initiatives, and advanced merchant services are expected to drive long-term revenue growth. These technological advancements aim to improve efficiency, speed, and enable the launch of new services, thereby strengthening DoorDash's competitive position and profitability.

AI Analysis | Feedback

Share Repurchases

  • DoorDash authorized a $400 million share buyback program in May 2022, primarily to offset dilution from employee stock compensation.
  • In 2023, the company repurchased $750 million of its Class A common stock, completing a previous authorization.
  • A new share repurchase program of up to $1.1 billion was authorized in February 2024, with $224 million repurchased in 2024 and approximately $881 million remaining as of July 2024. In February 2025, DoorDash authorized a new $5.0 billion repurchase program, inclusive of the remaining amount from the 2024 program.

Share Issuance

  • DoorDash became a public company in December 2020 through an initial public offering (IPO), raising $3.37 billion by offering 33,000,000 shares of its Class A common stock at $102.00 per share.
  • The number of shares outstanding has increased year-over-year, from approximately 0.34 billion in 2021 to 0.43 billion in 2024, and 0.44 billion in 2025.
  • In May 2025, DoorDash closed an offering of $2.75 billion aggregate principal amount of 0% convertible senior notes due 2030, with net proceeds of approximately $2.72 billion used for general corporate purposes, including potential acquisitions and share repurchases, and to fund a hedge against share dilution.

Outbound Investments

  • In November 2021, DoorDash acquired the Finnish technology company Wolt for over $8.1 billion (equivalent to €7 billion), significantly expanding its international presence in Europe and Asia.
  • DoorDash led a $750 million Series B funding round for Flink, an instant grocery delivery startup, in December 2021.
  • In May 2025, DoorDash acquired the UK-based food delivery company Deliveroo for $3.9 billion, further expanding its reach in Europe, Asia, and the Middle East, and also acquired the hospitality technology platform SevenRooms for $1.2 billion in cash.

Capital Expenditures

  • DoorDash's capital expenditures were $129 million in 2021, $176 million in 2022, $123 million in 2023, and $104 million in 2024.
  • Capital expenditures are estimated to have peaked at $235 million for the latest twelve months ending September 2025, and are forecast at $257 million for the fiscal year 2025.
  • The primary focus of capital expenditures includes investing in business expansion, strategic initiatives, a new global tech platform, rolling out fresh products, and integrating acquisitions. The business model is considered capital-light.

Better Bets vs. DoorDash (DASH)

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Peer Comparisons

Peers to compare with:

Financials

DASHUBERCARTAMZNWMTTGTMedian
NameDoorDash Uber Tec.MaplebearAmazon.c.Walmart Target  
Mkt Price189.5774.2648.28247.31114.78134.77124.78
Mkt Cap82.5152.411.62,656.9914.761.2117.5
Rev LTM14,72153,6873,864742,776725,305106,37780,032
Op Inc LTM7686,26057185,42230,1834,7805,520
FCF LTM1,7529,799882-2,47212,5523,0312,392
FCF 3Y Avg1,6947,25275221,34613,5183,7165,484
CFO LTM2,39010,126941148,53140,8927,0038,564
CFO 3Y Avg2,1447,522814120,52737,9467,3347,428

Growth & Margins

DASHUBERCARTAMZNWMTTGTMedian
NameDoorDash Uber Tec.MaplebearAmazon.c.Walmart Target  
Rev Chg LTM31.0%18.3%11.8%14.2%5.9%0.5%13.0%
Rev Chg 3Y Avg27.2%16.6%-12.3%5.3%-0.9%12.3%
Rev Chg Q33.1%14.5%13.6%16.6%7.3%6.7%14.0%
QoQ Delta Rev Chg LTM7.3%3.2%3.3%3.6%1.7%1.5%3.2%
Op Inc Chg LTM329.1%62.4%25.5%19.2%1.8%-16.8%22.3%
Op Inc Chg 3Y Avg173.9%135.9%-108.4%12.8%10.9%108.4%
Op Mgn LTM5.2%11.7%14.8%11.5%4.2%4.5%8.4%
Op Mgn 3Y Avg0.6%8.1%-13.8%10.2%4.2%5.1%4.7%
QoQ Delta Op Mgn LTM-0.1%1.0%1.4%0.3%-0.0%-0.4%0.2%
CFO/Rev LTM16.2%18.9%24.4%20.0%5.6%6.6%17.5%
CFO/Rev 3Y Avg18.7%16.0%23.3%18.1%5.5%6.9%17.0%
FCF/Rev LTM11.9%18.3%22.8%-0.3%1.7%2.8%7.4%
FCF/Rev 3Y Avg14.9%15.4%21.5%3.5%2.0%3.5%9.2%

Valuation

DASHUBERCARTAMZNWMTTGTMedian
NameDoorDash Uber Tec.MaplebearAmazon.c.Walmart Target  
Mkt Cap82.5152.411.62,656.9914.761.2117.5
P/S5.62.83.03.61.30.62.9
P/Op Inc107.524.320.231.130.312.827.3
P/EBIT107.528.520.222.527.312.624.9
P/E89.117.823.829.340.217.726.5
P/CFO34.515.012.317.922.48.716.5
Total Yield1.1%5.6%4.2%3.4%3.3%9.0%3.8%
Dividend Yield0.0%0.0%0.0%0.0%0.8%3.4%0.0%
FCF Yield 3Y Avg2.6%4.8%7.7%1.1%2.1%6.2%3.7%
D/E0.00.10.00.10.10.30.1
Net D/E-0.00.0-0.10.00.10.30.0

Returns

DASHUBERCARTAMZNWMTTGTMedian
NameDoorDash Uber Tec.MaplebearAmazon.c.Walmart Target  
1M Rtn25.9%7.9%17.1%3.7%-5.2%-0.3%5.8%
3M Rtn18.8%2.7%20.8%3.1%-7.7%15.4%9.3%
6M Rtn-11.8%-12.3%15.2%0.3%-2.3%29.5%-1.0%
12M Rtn-21.2%-22.2%0.6%9.9%22.6%34.9%5.3%
3Y Rtn125.8%65.9%43.3%83.6%130.0%15.0%74.8%
1M Excs Rtn22.1%4.8%13.7%0.5%-8.2%1.9%3.4%
3M Excs Rtn14.0%-4.9%12.8%-6.5%-19.5%1.4%-1.8%
6M Excs Rtn-24.0%-23.8%3.6%-8.2%-6.7%20.7%-7.4%
12M Excs Rtn-40.1%-42.6%-20.0%-8.4%2.3%14.6%-14.2%
3Y Excs Rtn75.9%6.0%-27.1%22.3%56.1%-55.3%14.2%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment13,71710,7228,635  
Marketplaces and Platform Services   6,5834,888
Total13,71710,7228,6356,5834,888


Operating Income by Segment
$ Mil202520242023
Single Segment723-38-579
Total723-38-579


Net Income by Segment
$ Mil202520242023
Single Segment935123-558
Total935123-558


Price Behavior

Price Behavior
Market Price$189.57 
Market Cap ($ Bil)82.5 
First Trading Date12/09/2020 
Distance from 52W High-32.7% 
   50 Days200 Days
DMA Price$168.48$196.92
DMA Trenddownup
Distance from DMA12.5%-3.7%
 3M1YR
Volatility51.9%46.2%
Downside Capture10.02158.22
Upside Capture75.8594.58
Correlation (SPY)31.2%37.9%
DASH Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta1.651.071.141.411.401.39
Up Beta4.123.461.861.601.391.52
Down Beta2.121.531.201.281.681.33
Up Capture183%43%90%98%94%275%
Bmk +ve Days11244067140429
Stock +ve Days10203053122393
Down Capture0%-14%45%156%139%106%
Bmk -ve Days10172358112321
Stock -ve Days11213372129357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DASH
DASH-20.5%46.1%-0.35-
Sector ETF (XLY)5.5%18.7%0.1539.6%
Equity (SPY)20.8%12.6%1.2338.1%
Gold (GLD)20.0%27.9%0.649.3%
Commodities (DBC)27.6%18.9%1.16-10.5%
Real Estate (VNQ)13.3%13.9%0.6611.2%
Bitcoin (BTCUSD)-44.8%42.7%-1.2826.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DASH
DASH0.0%54.2%0.21-
Sector ETF (XLY)5.9%23.9%0.2159.0%
Equity (SPY)13.0%17.1%0.5954.3%
Gold (GLD)17.0%18.3%0.756.5%
Commodities (DBC)7.8%19.5%0.294.7%
Real Estate (VNQ)2.9%18.9%0.0636.9%
Bitcoin (BTCUSD)13.6%53.5%0.4427.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with DASH
DASH-0.3%57.0%0.21-
Sector ETF (XLY)12.7%22.1%0.5254.9%
Equity (SPY)15.4%17.9%0.7350.5%
Gold (GLD)11.3%16.1%0.576.4%
Commodities (DBC)6.3%18.0%0.285.4%
Real Estate (VNQ)5.1%20.7%0.2133.1%
Bitcoin (BTCUSD)57.7%66.2%0.9820.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity21.4 Mil
Short Interest: % Change Since 615202611.9%
Average Daily Volume5.8 Mil
Days-to-Cover Short Interest3.7 days
Basic Shares Quantity435.4 Mil
Short % of Basic Shares4.9%

Earnings Returns History

Updated 6/12/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20262.0%-11.3%-6.6%
2/18/20261.6%-0.2%-8.1%
11/5/2025-17.5%-17.4%-5.3%
8/6/20255.0%-1.5%-4.4%
5/6/2025-7.4%-6.5%7.2%
2/11/20254.0%10.4%-7.7%
10/30/20240.9%9.3%16.3%
8/1/20248.3%15.3%19.0%
...
SUMMARY STATS   
# Positive14910
# Negative81312
Median Positive4.5%15.0%12.4%
Median Negative-7.5%-6.5%-7.9%
Max Positive22.1%24.9%37.5%
Max Negative-17.5%-17.6%-28.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20262.0%-11.3%-6.6%
2/18/20261.6%-0.2%-8.1%
11/5/2025-17.5%-17.4%-5.3%
8/6/20255.0%-1.5%-4.4%
5/6/2025-7.4%-6.5%7.2%
2/11/20254.0%10.4%-7.7%
10/30/20240.9%9.3%16.3%
8/1/20248.3%15.3%19.0%
5/1/2024-10.3%-11.3%-13.6%
2/15/2024-8.1%-3.6%2.6%
11/1/202315.7%15.0%27.2%
8/2/2023-0.6%-4.2%-2.2%
5/4/20230.1%7.0%10.4%
2/16/2023-7.6%-17.6%-11.3%
11/3/20228.3%24.9%11.8%
8/4/2022-1.3%-4.3%-28.4%
5/5/2022-1.4%-10.3%-4.4%
2/16/202210.7%5.8%13.1%
11/9/202111.6%22.2%-14.1%
8/12/20213.5%-3.3%10.9%
5/13/202122.1%18.6%37.5%
2/25/20211.6%-10.1%-19.7%
SUMMARY STATS   
# Positive14910
# Negative81312
Median Positive4.5%15.0%12.4%
Median Negative-7.5%-6.5%-7.9%
Max Positive22.1%24.9%37.5%
Max Negative-17.5%-17.6%-28.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/18/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/14/202510-K
09/30/202410/30/202410-Q
06/30/202408/01/202410-Q
03/31/202405/01/202410-Q
12/31/202302/20/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/18/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/14/202510-K
09/30/202410/30/202410-Q
06/30/202408/01/202410-Q
03/31/202405/01/202410-Q
12/31/202302/20/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202103/01/202210-K
09/30/202111/10/202110-Q
06/30/202108/13/202110-Q
03/31/202105/14/202110-Q
12/31/202003/05/202110-K
09/30/202012/09/2020424B4

Recent Forward Guidance

Updated 7/8/2026

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Marketplace GOV32.40 Bil32.90 Bil33.40 Bil4.8% Higher NewGuidance: 31.40 Bil for Q1 2026
Q2 2026 Adjusted EBITDA770.00 Mil820.00 Mil870.00 Mil13.1% Higher NewGuidance: 725.00 Mil for Q1 2026
Q2 2026 Dasher gas relief program cost 50.00 Mil    
2026 Deliveroo Adjusted EBITDA Contribution 200.00 Mil 0 AffirmedGuidance: 200.00 Mil for 2026
2026 Stock-based compensation expense1.30 Bil1.35 Bil1.40 Bil0 AffirmedGuidance: 1.35 Bil for 2026
2026 Depreciation and amortization expense1.10 Bil1.15 Bil1.20 Bil0 AffirmedGuidance: 1.15 Bil for 2026
2026 Amortization of acquired intangible assets 450.00 Mil    

Prior: Q4 2025 Earnings Reported 2/18/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Marketplace GOV31.00 Bil31.40 Bil31.80 Bil7.5% Higher NewActual: 29.20 Bil for Q4 2025
Q1 2026 Adjusted EBITDA675.00 Mil725.00 Mil775.00 Mil-4.6% Lower NewActual: 760.00 Mil for Q4 2025
2026 Deliveroo Adjusted EBITDA Contribution 200.00 Mil 0 AffirmedGuidance: 200.00 Mil for 2026
2026 Stock-based compensation expense1.30 Bil1.35 Bil1.40 Bil22.7% Higher NewActual: 1.10 Bil for 2025
2026 Depreciation and amortization expense1.10 Bil1.15 Bil1.20 Bil64.3% Higher NewActual: 700.00 Mil for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Marketplace GOV28.90 Bil29.20 Bil29.50 Bil19.4% Higher NewGuidance: 24.45 Bil for Q3 2025
Q4 2025 Adjusted EBITDA710.00 Mil760.00 Mil810.00 Mil4.1% Higher NewGuidance: 730.00 Mil for Q3 2025
Q4 2025 Deliveroo contribution to Adjusted EBITDA 45.00 Mil    
2025 Stock-based compensation expense 1.10 Bil 4.8% RaisedGuidance: 1.05 Bil for 2025
2025 Depreciation and amortization expense 700.00 Mil 2.9% RaisedGuidance: 680.00 Mil for 2025
2026 Deliveroo contribution to Adjusted EBITDA 200.00 Mil    

Insider Activity

Updated 7/10/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell7102026188.0419,0953,590,63347,469,502Form
2Tang, StanleySee footnoteSell7072026191.1923,125  Form
3Fang, AndySee footnoteSell7062026185.025,000  Form
4Brown, Shona LDirectSell6302026177.06582103,0495,516,481Form
5Fang, AndySee footnoteSell6262026180.005,000  Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell7102026188.0419,0953,590,63347,469,502Form
2Tang, StanleySee footnoteSell7072026191.1923,125  Form
3Fang, AndySee footnoteSell7062026185.025,000  Form
4Brown, Shona LDirectSell6302026177.06582103,0495,516,481Form
5Fang, AndySee footnoteSell6262026180.005,000  Form
6Still, AshleySee footnoteSell6122026153.581,164178,767412,362Form
7Kovac, MilanDirectBuy6082026146.53202,931284,561Form
8Kovac, MilanDirectBuy6082026165.34203,307317,783Form
9Tang, StanleySee footnoteSell6042026157.6723,125  Form
10Yandell, KeithCHIEF BUSINESS OFFICERDirectSell5282026155.342,643410,57612,599,394Form
11Adarkar, PrabirPRESIDENT AND COODirectSell5282026155.2521,7393,375,042148,899,312Form
12Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell5272026160.792,743441,04720,615,851Form
13Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell5272026160.792,204354,38114,382,183Form
14Fang, AndyDirectSell5222026155.591,164181,1046,875,278Form
15Tang, StanleyDirectSell5222026155.591,592247,6966,517,426Form
16Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell5222026155.597,6901,196,47220,375,649Form
17Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell5222026155.5919,5053,034,74441,615,122Form
18Adarkar, PrabirPRESIDENT AND COODirectSell5222026155.5917,1262,664,600151,047,164Form
19Yandell, KeithCHIEF BUSINESS OFFICERDirectSell5222026155.594,227657,67013,030,339Form
20Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell5222026155.592,910452,76113,948,620Form
21Tang, StanleySee footnoteSell5062026173.9723,125  Form
22Adarkar, PrabirPRESIDENT AND COODirectSell4222026188.3410,0001,883,368158,895,650Form
23Brown, Shona LDirectSell4172026175.001,250218,7505,206,600Form
24Tang, StanleyDirectSell4062026150.001,692253,8002,891,850Form
25Tang, StanleySee footnoteSell4062026150.0021,433  Form
26Adarkar, PrabirPRESIDENT AND COODirectSell3252026158.9710,0001,589,744134,123,224Form
27Brown, Shona LDirectSell3112026176.611,250220,7635,475,263Form
28Tang, StanleyDirectSell3062026176.861,676296,4133,708,879Form
29Tang, StanleySee footnoteSell3062026176.7721,449  Form
30Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell3042026175.1616,5782,903,86931,075,495Form
31Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell3022026176.192,173382,86114,512,066Form
32Yandell, KeithCHIEF BUSINESS OFFICERDirectSell2272026172.604,018693,5059,931,550Form
33Adarkar, PrabirPRESIDENT AND COODirectSell2262026165.5624,7604,099,215139,677,605Form
34Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell2262026165.505,013829,65214,176,564Form
35Tang, StanleyDirectSell2242026175.50907159,1753,974,458Form
36Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell2242026175.508,3461,464,69015,912,573Form
37Adarkar, PrabirPRESIDENT AND COODirectSell2242026175.5015,6922,753,883150,652,435Form
38Yandell, KeithCHIEF BUSINESS OFFICERDirectSell2242026175.504,928864,84410,803,358Form
39Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell2242026175.502,693472,61114,836,256Form
40Fang, AndyDirectSell2242026175.50908159,3503,355,835Form
41Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell2242026175.5015,4432,710,18533,865,288Form
42Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell2202026175.001,017177,97536,472,100Form
43Brown, Shona LDirectSell2112026181.281,250226,6005,846,643Form
44Tang, StanleySee footnoteSell2042026209.0145,410  Form
45Fang, AndySee footnoteSell2042026209.0310,000  Form
46Adarkar, PrabirPRESIDENT AND COODirectSell1222026204.5915,0003,068,869178,839,384Form
47Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell1162026215.141,017218,79744,837,758Form
48Brown, Shona LDirectSell1132026222.331,250277,9127,448,500Form
49Still, AshleyDirectSell1062026229.806314,477526,472Form
50Fang, AndySee footnoteSell1062026222.5230,000  Form
51Tang, StanleySee footnoteSell1062026222.5345,410  Form
52Adarkar, PrabirPRESIDENT AND COODirectSell12232025234.5730,0007,037,101205,044,710Form
53Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell12232025231.971,425330,55742,691,063Form
54Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell12222025230.0016,6673,833,410345,000Form
55Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell12112025230.0016,6673,833,410345,000Form
56Brown, Shona LDirectSell12112025224.991,250281,2387,818,852Form
57Still, AshleyDirectSell12032025205.586212,746483,935Form
58Fang, AndySee footnoteSell12032025215.005,000  Form
59Tang, StanleySee footnoteSell12032025205.0745,410  Form
60Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell12032025204.482,159441,47217,837,199Form
61Fang, AndySee footnoteSell12032025204.9525,000  Form
62Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell12012025200.001,000200,00017,878,200Form
63Lin, Alfred SC US/E Expansion Fund I Management, L.P.Buy11282025199.01125,00024,876,739102,302,506Form
64Lin, Alfred SC US/E Expansion Fund I Management, L.P.Buy11282025193.81389,04775,400,41175,400,411Form
65Yandell, KeithCHIEF BUSINESS OFFICERDirectSell11262025192.783,972765,70612,817,087Form
66Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell11262025192.7912,6102,431,08035,600,955Form
67Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell11262025189.601,425270,18037,402,771Form
68Adarkar, PrabirPRESIDENT AND COODirectSell11262025187.3624,4894,588,196163,774,729Form
69Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell11262025187.354,436831,06918,550,675Form
70Tang, StanleyDirectSell11242025196.041,253245,6374,617,506Form
71Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell11242025196.049,3281,828,68320,281,360Form
72Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell11242025196.0416,2503,185,67538,796,038Form
73Adarkar, PrabirPRESIDENT AND COODirectSell11242025196.0415,9603,128,821174,206,105Form
74Yandell, KeithCHIEF BUSINESS OFFICERDirectSell11242025196.044,973974,91713,812,923Form
75Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell11242025196.042,705530,29117,720,345Form
76Fang, AndyDirectSell11242025196.041,252245,4413,926,662Form
77Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell11242025196.04288,41056,540,36545,489,499Form
78Brown, Shona LDirectSell11122025206.531,250258,1627,435,493Form
79Still, AshleyDirectSell11062025239.666315,099579,019Form
80Fang, AndySee footnoteSell11052025244.3930,000  Form
81Tang, StanleySee footnoteSell11052025244.3945,410  Form
82Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell10222025263.861,425376,00056,504,827Form
83Adarkar, PrabirPRESIDENT AND COODirectSell10162025272.3224,9686,799,265247,695,783Form
84Brown, Shona LDirectSell10142025277.471,250346,84010,336,400Form
85Brown, Shona LDirectSell10082025280.00825231,00010,780,560Form
86Still, AshleyDirectSell10062025268.906216,672666,603Form
87Fang, AndySee footnoteSell10032025268.2030,000  Form
88Tang, StanleySee footnoteSell10032025268.2345,410  Form
89Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell10032025268.2434,1669,164,607139,604,271Form
90Adarkar, PrabirPRESIDENT AND COODirectSell10012025270.6030,0008,117,927247,474,185Form
91Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell9262025266.161,425379,27857,163,716Form
92Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell9172025258.2651,25013,235,835387,390Form
93Brown, Shona LDirectSell9112025254.631,250318,28610,013,784Form
94Still, AshleyDirectSell9052025243.996315,371619,979Form
95Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell9052025250.002,924731,00028,195,500Form
96Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell9042025250.5017,0834,279,236375,745Form
97Tang, StanleySee footnoteSell9042025243.3145,410  Form
98Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell9042025243.3234,1678,313,657364,986Form
99Yandell, KeithCHIEF BUSINESS OFFICERDirectSell9042025243.1618,0344,385,19318,342,234Form
100Fang, AndySee footnoteSell9042025243.3230,000  Form
101Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell8292025248.371,846458,49122,128,774Form
102Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell8282025247.2213,8913,434,19853,251,458Form
103Adarkar, PrabirPRESIDENT AND COODirectSell8272025245.8241,88110,295,344224,817,353Form
104Yandell, KeithCHIEF BUSINESS OFFICERDirectSell8272025245.845,2881,300,02422,978,076Form
105Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell8262025246.674,3861,081,87628,540,705Form
106Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell8222025238.19291,40369,408,32654,555,954Form
107Sherringham, TiaGENERAL COUNSEL AND SECRETARYDirectSell8222025238.199,4222,244,19028,604,252Form
108Tang, StanleyDirectSell8222025238.191,263300,8285,908,670Form
109Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell8222025238.1916,4173,910,30854,422,766Form
110Adarkar, PrabirPRESIDENT AND COODirectSell8222025238.1916,1263,840,997220,662,746Form
111Fang, AndyDirectSell8222025238.191,263300,8285,069,066Form
112Yandell, KeithCHIEF BUSINESS OFFICERDirectSell8222025238.195,0241,196,64723,521,828Form
113Lee, Gordon SCHIEF ACCOUNTING OFFICERDirectSell8222025238.192,733650,96221,661,084Form
114Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell8192025250.5417,0834,279,898130,391,202Form
115Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell8192025247.7834,1678,465,898128,957,085Form
116Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell8132025255.8951,25013,114,330133,177,624Form
117Brown, Shona LDirectSell8132025258.191,250322,73810,476,576Form
118Fang, AndySee footnoteSell8112025275.7450,000  Form
119Brown, Shona LDirectSell8112025272.001,650448,80011,376,944Form
120Still, AshleyDirectSell8062025251.496315,844654,880Form
121Tang, StanleySee footnoteSell8052025247.1145,410  Form
122Fang, AndySee footnoteSell8052025247.0430,000  Form
123Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell7292025250.284,0421,011,628130,257,706Form
124Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell7292025250.0230,1247,531,663130,123,950Form
125Brown, Shona LDirectSell7292025250.00825206,25010,869,250Form
126Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell7292025244.781,425348,81259,947,846Form
127Adarkar, PrabirPRESIDENT AND COODirectSell7282025243.0230,0007,290,729229,063,540Form
128Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell7172025236.8034,1678,090,784123,243,148Form
129Brown, Shona LDirectSell7112025244.991,250306,23810,853,547Form
130Still, AshleyDirectSell7032025238.146214,765635,119Form
131Xu, TonyCHIEF EXECUTIVE OFFICERDirectSell7032025240.6634,1678,222,464125,248,964Form
132Fang, AndySee footnoteSell7032025240.6630,000  Form
133Tang, StanleySee footnoteSell7032025240.6945,410  Form
134Inukonda, RaviCHIEF FINANCIAL OFFICERDirectSell7022025247.0020,0004,940,00060,645,910Form
135Adarkar, PrabirPRESIDENT AND COODirectSell7012025240.4730,0007,213,963226,651,651Form
136Brown, Shona LDirectSell7012025240.00825198,00010,932,480Form

Investor Activity (13F)

Updated Jul 14, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SC US (TTGP), LTD.$4.7 Bil51.3%36Hold13F
Long Walk Management LP$42.4 Mil12.3%11TRIM -24.3%13F
Khrom Capital Management LLC$101.9 Mil9.3%14New13F
Scge Management, L.P.$239.3 Mil7.3%21Hold13F
Newlands Management Operations LLC$1.1 Bil6.9%16Hold13F
Luxor Capital Group, LP$43.2 Mil6.8%38TRIM -40.4%13F
Durable Capital Partners LP$642.0 Mil6.6%37ADD +19.5%13F
PointState Capital LP$274.8 Mil6.4%44ADD +235.4%13F
Foxhaven Asset Management, LP$201.8 Mil6.3%14ADD +33.9%13F
WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST$450.4 Mil5.6%21Hold13F
RDST Capital LLC$55.5 Mil5.3%20ADD +176.7%13F
Headwater Capital Co Ltd$31.5 Mil5.1%15New13F
Ashe Capital Management, LP$40.1 Mil5.0%7New13F
Soma Equity Partners LP$68.0 Mil5.0%20TRIM -5.6%13F
Exane Asset Management$22.2 Mil4.5%32ADD +222.6%13F
Nellore Capital Management LLC$32.4 Mil4.1%11ADD +7.5%13F
Sands Capital Alternatives, LLC$16.7 Mil4.0%21ADD +16.3%13F
Stony Point Capital LLC$48.6 Mil3.9%31Hold13F
Greenoaks Capital Partners LLC$75.1 Mil3.3%10New13F
Spyglass Capital Management LLC$44.8 Mil3.2%25ADD +10.2%13F
Tairen Capital Ltd$27.2 Mil2.9%44ADD +346.5%13F
Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group$7.5 Mil2.9%28Hold13F
Islander Capital Partners, L.P.$6.8 Mil2.7%15New13F
Crosslink Capital Inc$25.4 Mil2.5%21ADD +15.9%13F
BWCP, LP$15.1 Mil2.3%27ADD +95.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
D1 Capital Partners L.P.$215.8 Mil1.9%44New13F
Khrom Capital Management LLC$101.9 Mil9.3%14New13F
Greenoaks Capital Partners LLC$75.1 Mil3.3%10New13F
Ashe Capital Management, LP$40.1 Mil5.0%7New13F
Headwater Capital Co Ltd$31.5 Mil5.1%15New13F
Avala Global LP$29.9 Mil1.4%22New13F
Fernbridge Capital Management LP$12.5 Mil0.8%17New13F
Islander Capital Partners, L.P.$6.8 Mil2.7%15New13F
Proem Advisors LLC$5.0 Mil1.7%29New13F
Tairen Capital Ltd$27.2 Mil2.9%44ADD +346.5%13F
PointState Capital LP$274.8 Mil6.4%44ADD +235.4%13F
Exane Asset Management$22.2 Mil4.5%32ADD +222.6%13F
RDST Capital LLC$55.5 Mil5.3%20ADD +176.7%13F
BWCP, LP$15.1 Mil2.3%27ADD +95.0%13F
Foxhaven Asset Management, LP$201.8 Mil6.3%14ADD +33.9%13F
Durable Capital Partners LP$642.0 Mil6.6%37ADD +19.5%13F
Sands Capital Alternatives, LLC$16.7 Mil4.0%21ADD +16.3%13F
Crosslink Capital Inc$25.4 Mil2.5%21ADD +15.9%13F
Spyglass Capital Management LLC$44.8 Mil3.2%25ADD +10.2%13F
Nellore Capital Management LLC$32.4 Mil4.1%11ADD +7.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Lone Pine Capital LLC$573.0 Mil4.2%32ExitedDec 31, 202513F
Owl Creek Asset Management, L.P.$26.6 Mil3.2%30ExitedDec 31, 202513F
Alta Park Capital, LP$18.3 Mil2.2%34ExitedDec 31, 202513F
Luxor Capital Group, LP$43.2 Mil6.8%38TRIM -40.4%Mar 31, 202613F
Long Walk Management LP$42.4 Mil12.3%11TRIM -24.3%Mar 31, 202613F
Benchstone Capital Management LP$16.1 Mil1.9%38TRIM -9.1%Mar 31, 202613F
Kinetic Partners Management, LP$29.6 Mil1.7%49TRIM -6.2%Mar 31, 202613F
Soma Equity Partners LP$68.0 Mil5.0%20TRIM -5.6%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
SC US (TTGP), LTD.$4.7 Bil51.3%36Hold13F
Newlands Management Operations LLC$1.1 Bil6.9%16Hold13F
Durable Capital Partners LP$642.0 Mil6.6%37ADD +19.5%13F
WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST$450.4 Mil5.6%21Hold13F
PointState Capital LP$274.8 Mil6.4%44ADD +235.4%13F
Scge Management, L.P.$239.3 Mil7.3%21Hold13F
D1 Capital Partners L.P.$215.8 Mil1.9%44New13F
Foxhaven Asset Management, LP$201.8 Mil6.3%14ADD +33.9%13F
Khrom Capital Management LLC$101.9 Mil9.3%14New13F
Greenoaks Capital Partners LLC$75.1 Mil3.3%10New13F
Soma Equity Partners LP$68.0 Mil5.0%20TRIM -5.6%13F
RDST Capital LLC$55.5 Mil5.3%20ADD +176.7%13F
Stony Point Capital LLC$48.6 Mil3.9%31Hold13F
Spyglass Capital Management LLC$44.8 Mil3.2%25ADD +10.2%13F
Luxor Capital Group, LP$43.2 Mil6.8%38TRIM -40.4%13F
Long Walk Management LP$42.4 Mil12.3%11TRIM -24.3%13F
Ashe Capital Management, LP$40.1 Mil5.0%7New13F
Nellore Capital Management LLC$32.4 Mil4.1%11ADD +7.5%13F
Headwater Capital Co Ltd$31.5 Mil5.1%15New13F
Avala Global LP$29.9 Mil1.4%22New13F
Kinetic Partners Management, LP$29.6 Mil1.7%49TRIM -6.2%13F
Tairen Capital Ltd$27.2 Mil2.9%44ADD +346.5%13F
Crosslink Capital Inc$25.4 Mil2.5%21ADD +15.9%13F
Exane Asset Management$22.2 Mil4.5%32ADD +222.6%13F
Skye Global Management LP$22.2 Mil0.5%44Hold13F
Core Cache Last Updated: 7/13/2026