DoorDash vs Instacart: Revenue, Profit and Business Model
DoorDash reported $13.7B of revenue in FY2025 and $935M of net income. Instacart reported $3.7B of revenue in FY2025 and $447M of net income.
Latest financial snapshot
Financial summary
DoorDash
DoorDash has moved from a loss-making growth story to a profitable one. Revenue rose from $8.64 billion in 2023 to $10.72 billion in 2024 and $13.72 billion in 2025, while GAAP net income went from a loss in 2023 to $123 million in 2024 and $935 million in 2025. In Q2 2026, revenue grew 36% to $4.45 billion, Marketplace GOV rose 36% to $33.1 billion and adjusted EBITDA increased 40% to $914 million, but GAAP net income declined to $200 million because of higher spending on R&D, Deliveroo and new initiatives. Management guided Q3 2026 GOV of $33 billion to $34 billion and adjusted EBITDA of $950 million to $1.1 billion.
Instacart
Instacart turned from heavy losses to steady profit after its 2023 IPO. Revenue grew from $3.04 billion in 2023 to $3.38 billion in 2024 and $3.74 billion in 2025. GAAP net income was $457 million in 2024 and $447 million in 2025; 2025 absorbed the $60 million FTC settlement and higher legal and regulatory costs. In Q2 2026 net income was $111 million, adjusted EBITDA $313 million (up 19%), and free cash flow $480 million; the company repurchased $325 million of stock that quarter and guided Q3 2026 GTV to $10.30-10.55 billion.
Revenue and profit by year
DoorDash
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $13.7B | $935M | 6.8% | +27.9% | Source |
| FY2024 | $10.7B | — | 0.0% | +24.2% | Source |
| FY2023 | $8.6B | — | 0.0% | — | Source |
Where the revenue comes from
DoorDash
- Marketplace FeesMajority
Fees from merchants and consumers on DoorDash, Wolt, and Deliveroo marketplace orders.
- Advertising and PromotionsGrowing
Merchant and brand advertising products that monetize consumer traffic and purchase intent.
- DashPass and Subscriptions
Recurring
Subscription revenue from consumers who pay for delivery and service benefits.
- Commerce Platform and Drive
Strategic
White-label delivery, merchant tools, and software services, including capabilities expanded by SevenRooms.
Instacart
- Transaction Revenue72
Customer delivery and service fees, Instacart+ membership, and retailer fees; $746 million in Q2 2026.
- Advertising & Other28
Sponsored products and off-platform CPG campaigns plus enterprise services; $297 million in Q2 2026.
Business model and strategy
DoorDash
How it makes money
DoorDash runs a three-sided marketplace. Consumers pay delivery and service fees (or a DashPass membership at $9.99 a month in the U.S.), merchants pay commissions that ranged from 15% to 30% under its U.S. Basic, Plus and Premier plans, and independent Dashers are paid per delivery plus 100% of tips.
Growth strategy
DoorDash's growth strategy is to become the default local-commerce layer for every category, not just restaurants. That means grocery and convenience (including its own DashMart stores), retail partners, international scale through Wolt and Deliveroo, higher-margin advertising, the DashPass and Wolt+ membership programs, and merchant software such as SevenRooms.
Competitive advantage
DoorDash's advantage is local density. It expanded early into suburbs and smaller U.S. cities where rivals were thin, so it built the deepest merchant selection and Dasher coverage in many markets. Dense markets mean faster deliveries and more batching, which lowers cost per order and makes DashPass more valuable, which in turn raises order frequency.
Instacart
How it makes money
Instacart earns money two ways. Transaction revenue (about 72% of Q2 2026 revenue, $746 million) comes from customer delivery and service fees, Instacart+ membership fees, and fees retailers pay for orders and enterprise services.
Growth strategy
Growth levers in 2026 are more monthly active customers, no-markup partner pricing, enterprise ecommerce (Storefront Pro powers 380+ retailer sites), in-store tech (Caper Carts, FoodStorm, and the 2026 Arpalus computer-vision acquisition), ads partnerships such as Pinterest, and AI tools such as an in-app assistant and Agentic Analytics for retailers.
Competitive advantage
Instacart's edge is depth in grocery specifically: catalog and inventory integrations with thousands of retail banners, replacement models for out-of-stock items, and closed-loop purchase data that lets advertisers measure sales lift. Its enterprise products (Storefront Pro, Caper Carts, FoodStorm, Carrot Ads) make it a technology vendor to grocers rather than only a delivery app.
Questions about DoorDash vs Instacart
Which company has higher revenue — DoorDash, Inc. or Maplebear Inc. (Instacart)?
DoorDash, Inc. reported $13.7B (FY2025), while Maplebear Inc. (Instacart) reported $3.7B (FY2025). By last reported revenue, DoorDash, Inc. is the larger business, with Maplebear Inc. (Instacart) reporting a smaller revenue base.
What is the market cap of DoorDash, Inc. vs Maplebear Inc. (Instacart)?
DoorDash, Inc.'s market capitalisation stands at $81.3B, while Maplebear Inc. (Instacart)'s is $10.5B. DoorDash, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Maplebear Inc. (Instacart).
Which is more financially efficient — DoorDash, Inc. or Maplebear Inc. (Instacart)?
DoorDash, Inc. generates $437k / employee in revenue per employee, while Maplebear Inc. (Instacart) generates $1.10M / employee. Maplebear Inc. (Instacart) shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do DoorDash, Inc. and Maplebear Inc. (Instacart) make money?
DoorDash, Inc. and Maplebear Inc. (Instacart) generate revenue in fundamentally different ways. DoorDash, Inc.: DoorDash runs a three-sided marketplace. Maplebear Inc. (Instacart): Instacart earns money two ways.
Which company is valued higher relative to revenue — DoorDash, Inc. or Maplebear Inc. (Instacart)?
On a price-to-sales (P/S) basis, DoorDash, Inc. trades at 5.9x P/S and Maplebear Inc. (Instacart) at 2.8x P/S. DoorDash, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Maplebear Inc. (Instacart). A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is DoorDash, Inc. bigger than Maplebear Inc. (Instacart)?
By last reported revenue, DoorDash, Inc. ($13.7B (FY2025)) is the larger company compared to Maplebear Inc. (Instacart) ($3.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the DoorDash vs Instacart overview