Operating Profit Margin
since 2020
Calculation
DoorDash, Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Income (loss) from operations1 | ÷ | Revenue1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 5.27% | = | 100 | × | 723) | ÷ | 13,717) |
| Dec 31, 2024 | -0.35% | = | 100 | × | (38) | ÷ | 10,722) |
| Dec 31, 2023 | -6.71% | = | 100 | × | (579) | ÷ | 8,635) |
| Dec 31, 2022 | -17.07% | = | 100 | × | (1,124) | ÷ | 6,583) |
| Dec 31, 2021 | -9.25% | = | 100 | × | (452) | ÷ | 4,888) |
| Dec 31, 2020 | -15.11% | = | 100 | × | (436) | ÷ | 2,886) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 US$ in millions
The operating profit margin exhibited significant volatility between 2020 and 2025. Initially negative, the margin demonstrated improvement over the period, culminating in a positive value by 2025. This evolution is closely tied to the performance of income from operations and revenue growth.
- Operating Profit Margin Trend
- In 2020, the operating profit margin stood at -15.11%. This figure worsened to -17.07% in 2022, representing the lowest point in the observed period. A gradual recovery began in 2023, with the margin improving to -6.71%. This positive trend continued into 2024, reaching -0.35%, indicating near breakeven operational profitability. By 2025, the operating profit margin had turned positive, reaching 5.27%, signifying a substantial shift towards profitability.
- Relationship to Income from Operations
- The operating profit margin’s negative values between 2020 and 2024 directly correlate with the negative income from operations reported during those years. The substantial losses in 2022, reflected in the -17.07% margin, coincide with the largest operational loss of -$1,124 million. The transition to positive income from operations in 2025, reaching $723 million, is the primary driver of the positive operating profit margin achieved that year.
- Relationship to Revenue
- Revenue consistently increased throughout the period, from $2,886 million in 2020 to $13,717 million in 2025. However, revenue growth alone did not translate into profitability until 2025. The increasing revenue base, coupled with the improvement in operational income, was necessary to achieve a positive operating profit margin. The margin’s improvement suggests increasing operational efficiency or improved cost management as revenue scaled.
The observed trend indicates a period of investment and operational losses followed by a path towards profitability. The company appears to have reached a point where revenue growth is now contributing to positive operational results, as evidenced by the 2025 operating profit margin.
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Comparison to Competitors
DoorDash, Inc., operating profit margin, long-term trends, comparison to competitors
| DoorDash, Inc. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Dec 31, 2025 | 5.27% | 20.78% | 32.79% | 16.23% | 46.10% | 7.90% |
| Dec 31, 2024 | -0.35% | 23.00% | 31.83% | 16.94% | 45.19% | 14.95% |
| Dec 31, 2023 | -6.71% | 15.31% | 27.31% | 15.78% | 45.68% | 16.32% |
| Dec 31, 2022 | -17.07% | 21.45% | 29.85% | 13.44% | 40.42% | 14.32% |
| Dec 31, 2021 | -9.25% | 7.17% | 22.78% | 10.67% | 44.59% | 16.77% |
| Dec 31, 2020 | -15.11% | -106.27% | -9.28% | 4.85% | 38.13% | 6.64% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).