DoorDash is worth $100 billion thanks to dominating U.S. restaurant delivery. A much larger opportunity is starting to come into view
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A string of recent acquisitions point to the ambitions of the company which posted its first ever profit last year and is due to report its latest financial results on Wednesday.
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August 6, 2025
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Fortune
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·DoorDashDoorDash is worth $100 billion thanks to dominating U.S. restaurant dery
A much larger opportunity is starting to come into viewBy Jason Del ReyBy Jason Del Rey CorrespondentJason Del Rey CorrespondentJason Del Rey is a nology correspondent at Fortune and a co-chair of the Fortune Brainstorm and Fortune Brainstorm AI conferences.SEE FULL BIO DoorDash CEO Tony XuDavid Paul Morris/Bloomberg via Getty ImagesAs DoorDash reports its financial results on Thursday, it’s that the 12-year-old company has dominated the restaurant dery wars in the U.S. over Uber Eats and Grubhub, owning somewhere around two-thirds of the market thanks in part to its prescient move into the suburbs that was supercharged by Covid-19 lockdowns
That market lead alone has encouraged investors to bid up its stock price to more than $250 a and a market cap north of $108 billion as of Tuesday
All in, DoorDash s have more than doubled over the past year
And considering that DoorDash 2024 with its first-ever annual fit, the San Francisco-based company led by founder Tony Xu appears well positioned to continue thriving in the U.S. food dery
But if you look at DoorDash’s investment and M&A activity this year, you’ll see the signs of a company that has quietly laid the foundation for a much grander ambition beyond restaurant dery in the U.S
And if it’s successful–still a big if–DoorDash will someday be known as much more central to the nological fabric of restaurants and other local retailers around the globe than it is today
In May, the company announced a double whammy of two posed acquisitions: one, a nearly $4 billion deal for Deroo, which would give DoorDash a Top 3 meal dery in the UK, and a combined presence in more than 40 countries – with the intent of turning DoorDash’s core restaurant dery operation into a truly global one (DoorDash previously acquired Finland-based Wolt in 2022 for around $8 billion in an all-stock deal.) The other acquisition was a $1.2 billion deal for the hospitality software company SevenRooms, which makes software ducts aimed at helping restaurants, hotels, and other hospitality es manage bookings, reservations, and their customer relationships
The decision to buy SevenRooms was led by Parisa Sadrzadeh, a former rising star at Amazon whose mandate when hired at DoorDash last year was to expand the company’s suite of software tools, called DoorDash Commerce Platform, that help brick-and-mortar restaurants and retailers grow and manage their es inside their physical locations in addition to any dery operations. “While DoorDash solved a massive blem for merchants during the pandemic…introducing a dery capability to many who had never considered doing it before,” Sadrzadeh told Fortune in May, “[another] challenge up being how do you grow my actual volume in my physical store because those are my most fitable consumers.” Weeks after announcing the pair of May acquisitions, DoorDash continued the buying spree by announcing a $175 million acquisition of the advertising nology startup Symbiosys, which is designed to help brands and retailers who advertise on the DoorDash app also reach DoorDash customers on other platforms around the web
DoorDash said that its ad crossed $1 billion in annualized revenue in 2024
Online advertising es have increasingly become key fit engines for online retailers and marketplaces
While DoorDash doesn’t break out financial results for its ad , analysts have estimated that it carries a much larger fit margin than its core dery
In the background, DoorDash has continued to aggressively go after other types of consumer spending too, signing dery partnerships with retailers big and small across grocery, pharmacy, pet, sporting goods, and alcohol too
Taken together, DoorDash is laying out an ambitious vision – it’ll take time to judge if it’s too ambitious and distracting or as prescient as its suburban dery move – to become a much more comprehensive nology player to restaurants and other brick-and-mortar retailers across the globe
At the same time, even with a market cap of $100 billion-plus, the company still has potential for considerable growth within its core of restaurant dery in around the world. “If you took our oldest area of exploration, U.S. restaurants…we’re still single-digit percentages of the U.S. restaurant industry sales,” CEO Xu said on an earnings call earlier this year. “If you look at globally, that number would be even smaller.” Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America
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