DoorDash Q4 2025: The Meituan Referendum and the Digital Shelf

Q4 confirmed DoorDash’s franchise strength (orders +32%, GOV +39%, cohorts still accelerating), even as margins compressed and guidance missed. The market’s Meituan framing is consensus, but DoorDash’s true comp is Zomato/Blinkit: same stage, same playbook, harder environment. If grocery hits breakeven, CPG ads become the margin engine; if not, the stock is structurally capped.