DoorDash Shares Drop 32% While Q4 Orders Rise 32% to 903M
DoorDash shares have declined 32.2% over the trailing six months, lagging peers while Amazon and Uber fell 7.2% and 22% respectively. Fourth-quarter orders rose 32% year-over-year to 903 million and marketplace GOV jumped 39% to $29.7 billion, supported by partnerships with McDonald’s, OpenAI and major retailers.
1. Stock Performance Decline
DoorDash shares have declined 32.2% over the trailing six months, underperforming Amazon’s 7.2% drop and Uber’s 22% loss in the same period. The underperformance reflects intense competition in local food delivery logistics and pressure on market share.
2. Operational and Partnership Highlights
In the fourth quarter of 2025, DoorDash processed 903 million orders, up 32% year-over-year, and marketplace gross order value climbed 39% to $29.7 billion. Expanded partnerships with McDonald’s, OpenAI, Kroger, Family Dollar, Old Navy and Ace Hardware have diversified offerings, including ChatGPT grocery ordering and McDonald’s.com integration.
3. Guidance and Valuation
For the first quarter of 2026, marketplace GOV is projected between $31.0 billion and $31.8 billion, with revenue expected to reach $4.13 billion (up 36.2% year-over-year) and earnings estimated at $0.42 per share (down 4.6% year-over-year). Shares trade at a 7.64 price/book ratio versus the industry’s 7.55, indicating stretched valuation.
4. Competitive Landscape and Outlook
DoorDash faces mounting competition from Amazon Prime’s fast delivery and Uber Eats’ growing delivery revenues, which reached $4.89 billion in Q4 2025 on 26% gross bookings growth. Investors are advised to consider valuation risks, margin pressures and DoorDash’s Zacks Rank #3 (Hold) before accumulating shares.