DoorDash Pops While Talabat Drops
Swiggy slows down, Big 3 near $10B
2025 earnings season is still in full swing, and we’ve got plenty to learn from as platforms, retailers and restaurants the world over open their books. Let's dig in!
Today:
DoorDash Revenue Soars 38%
Not So Fast: Swiggy Shutters Snacc
Chart Time | Growth Across the Board
Talabat Spending Woes Sink Stock
FINANCE | DoorDash Revenue Hits $13.7 Billion
DoorDash continued to grow in 2025, with Q4 revenue up 38% to $3.96 billion, and the full year figure coming in at $13.7B. Q4 orders were up 32% to 903 million, while GOV climbed 39% to $29.7B (besting growth at IC and UE,) implying that AOV ticked up nicely. The company logged $935 million in profit for the year, up nicely from $123M the year prior. DoorDash is predicting GOV of $31.0-31.8 billion for Q1, but CEO Tony Xu’s Letter to Stockholders paints a picture of even bigger growth on the back of local commerce, autonomous systems and tighter integration between DD, Wolt and Deliveroo. The stock popped 9.9% off of the news.
The Big Picture: DoorDash has a complex web of parts, with different elements growing at varying speeds. While the company doubled advertising partners in six months thanks to its Symbioisys acquisition, net revenue margins still fell 0.5 percentage points as it integrated Deliveroo’s weaker biz. While grocery and retail is still in the red, the company expects it to be profitable soon: 30% of U.S. MAUs and nearly 30% of global engaged with those categories in December; Yipit data shows DoorDash as the country’s leading third party marketplace for G&R by order volume.
EVENTS | New Delivery Bots Head to Curbivore: April 16 & 17
Our annual conference focused on the future of delivery, mobility and autonomy is just around the corner: Curbivore returns to Downtown LA on April 16 & 17. We’re pleased to announce our latest partners — true innovators driving the industry forward. Meet Bot Auto, Robotis, Indigo Tech, Rideshare Carz, RoboDock and Neubility: and join them in person in Apri to see the technologies reshaping our streets.
Q-COMMERCE | Swiggy Shutters Snacc
Indian delivery giant Swiggy shut down Snacc, its quick-commerce sub-brand, after only one year on the market. “While the product market fit was emerging, the broader economics made it challenging to scale. We want to concentrate all our energies on innovation that drives stronger long term potential. In line with this, we have taken this decision,” noted the company in an internal email. Snacc was a standalone app — since deleted from the Google and Apple stores — offering 15 minute deliveries from central commissaries. Swiggy still operates Bolt, offering 10-minute fulfillment from restaurants, and Instacafe, which dawdles along at a 15-minute speed.
The Big Picture: The hyper fast commerce world continues to retrench, as remaining players like Getir get absorbed into larger delivery brands. While India is one of the top remaining markets for the concept, it’s still a money loser: competitor Zomato’s Bistro brand lost Rs 150 crore ($16.5M USD) in three quarters, off of just Rs 20 crore in rev. While the company’s recent quarter saw q-commerce GOV grow by an explosive 103.2% YoY, that slowed to 13.0% QoQ, the company lost around $117 million for the quarter, necessitating these cutbacks.
CHART TIME | Convenience Economy Hungry for More Growth
With 2025 earnings season wrapping up, one thing is clear: consumers loooove delivery. Revenue from Instacart, Uber Eats and DoorDash is just shy of $10 billion, up a whopping 31% YoY. And that’s just for those three companies, no mention of the JETs, Delivery Heros, Meituans et al of the world. As this industry keeps gobbling up dollars, we’ll be here to track its rise…
FINANCE | Continued Spending Worries Talabat Investors
Despite strong growth, Talabat stockholders sold off sharply after the Middle Eastern delivery biggie predicted that continued investments would burn cash and shrink margins. The company is targeting $150M in new investments for 2026, with two thirds going towards Talabat Mart (groceries, dark stores) and its Talabat Pro loyalty program, while the remaining spend will grow its core restaurant delivery business. Adjusted EBITDA margins are now projected to come in at 4.4-4.8%, down from 6.5% last year. The company’s Dubai-listed stock is down about 22% since the earnings release, while majority owner Delivery Hero has also fallen.
The Big Picture: The bad mood comes despite an impressive 2025, with GMV up 27% to $9.4 billion for the year, while revenue climbed 31% and profit grew 23%. All the internal indicators are also pointing up: active partners, riders, multi-vertical customers, premium subscribers and ad revenue.
A Few Good Links
OMF releases SMART Curb Collaborative Final Report. Foodora pulls out of Finland. Wonder-owned Relay pulls out of NYC, citing rising costs. Breadfast raises $50M for grocery deliveries in Egypt. Meituan warns of $3.5B loss. Avride launches on-bot advertising. Wendy’s profit falls 44.2%. Landing partners with Gopuff to serve aparthotels. Chipotle stock falls 37% after same store sales drop. Neolix hits 100 million kilometers of autonomous deliveries. Uber unveils Autonomous Solutions. Shareholders revolt against Fat Brands CEO. Subway to retool overly generous loyalty program. Toast targets QSR. Domino’s income jumps 7.2% as pizza giant gains market share. Ovation raises $3M from customers. Love’s to add 1.5k truck parking spots. After Supreme Court slap down, Trump to try 10% global tariffs. Will importers get their tariffs refunded? Sprouts sales pop 14%. Blizzard cripples northeastern logistics. JET reveals top global ordering trends: Poland’s top customer ordered 705 times last year. Walmart Q4 revenue climbs 5.6% and ecommerce grows 24% as Amazon overtakes it as world’s largest company by revenue. Low cost grocers penetrate market. Abu Dhabi pushes electric delivery mopeds.
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