Key Partners
- Dashers / couriers — fulfillment backbone (Dashers expected to remain primary for a long time — company narrative).
- Restaurants, grocery, and retail merchants on Marketplace.
- Wolt and Deliveroo brands for international local commerce.
- SevenRooms + first-party digital ordering merchant partners.
- Payment processors and insurers clearing / covering deliveries.
- Cities & regulators (worker classification, fee rules).
Key Activities
- Marketplace matching, pricing, routing, and ETA reliability.
- Grow orders (970M Q2) and Marketplace GOV (FACT IR).
- Operate DashPass / Wolt+ / Deliveroo Plus memberships.
- Expand grocery, retail, reservations, and merchant software.
- Integrate Deliveroo; build global technology platform.
- Invest in AI product features and autonomy (Dot / Air).
Key Resources
- 970M Q2 Total Orders; $33.078B Marketplace GOV (FACT IR).
- Dasher logistics network (primary fulfillment — company narrative).
- Merchant catalogs — restaurants + grocery/retail + reservations.
- App, routing, AI Ask assistant, ads, and payments stack.
- DashPass membership as retention / frequency resource.
- Cash generation — Q2 FCF $742M; TTM FCF $2.139B (FACT).
Value Propositions
- On-demand restaurant delivery with competitive ETAs.
- Grocery and retail local commerce to the door.
- DashPass — $9.99/mo or $96/yr US membership perks (FACT).
- Reservations + discovery via marketplace / SevenRooms.
- Merchant growth — marketplace demand + digital ordering + ads.
- Autonomy optionality (Dot / DoorDash Air) — company narrative.
Customer Relationships
- Self-serve consumer accounts and in-app support.
- DashPass membership auto-renew relationship (FACT Help).
- Cohort pattern — older cohorts → higher DashPass + order rates (FACT IR).
- Dasher earning apps and incentives.
- Merchant storefront, ads, and SevenRooms tools.
- Priority support for DashPass subscribers (FACT Help).
Channels
- Primary — DoorDash / Caviar mobile apps + web.
- Wolt and Deliveroo branded marketplaces internationally.
- App stores and brand/performance marketing (S&M $821M Q2).
- DashPass signup surfaces (FACT Help).
- Dasher acquisition apps/campaigns.
- Merchant onboarding + SevenRooms / digital ordering portals.
Customer Segments
- Consumers ordering restaurants, grocery, retail (970M Q2 orders — FACT).
- DashPass members ($9.99/$96 US — FACT; no count invented).
- Dashers / couriers as supply-side users.
- Restaurants and grocery/retail merchants.
- Merchants on digital ordering (>150k) and SevenRooms.
- International consumers via Wolt / Deliveroo.
Cost Structure
- Cost of revenue ex-D&A $2.107B Q2’26; 6.4% of GOV (FACT).
- S&M $821M (2.5% of GOV); R&D $535M (1.6%) (FACT).
- G&A $538M (1.6% of GOV); D&A $295M (FACT).
- Contribution Profit $1.641B; 5.0% of GOV (FACT).
- Income from operations $156M; GAAP net income $200M (FACT).
- No invented Dasher incentive tables or city P&Ls.
Revenue Streams
- Q2 revenue $4.454B on $33.078B Marketplace GOV; NRM 13.5% (FACT).
- DashPass US $9.99/mo or $96/yr (FACT Help).
- Adj. EBITDA $914M (2.8% of GOV); Contrib. Profit $1.641B (FACT).
- Merchant software — digital ordering >150k merchants; +40% Y/Y rev (FACT).
- Q2 FCF $742M; TTM FCF $2.139B (FACT).
- Q3’26 GOV outlook $33–34B; Adj. EBITDA $950M–$1.1B (FACT).