[I own DoorDash stocks and I may change my opinion anytime. This is not investment advice and please do your own due diligence.]

DoorDash published its 2025 Q1 results earlier this month. Similar to the prior few quarters, DoorDash’s GOV exceeded almost all sell-side estimates and its AEBITDA landed within the range of its own guidance. The business continues to enjoy strong momentum, as reflected in its retention, order frequency, and market share. Thanks to the fundamentally human nature of “we have to eat” and “we like convenience,” DoorDash’s business so far has not been impacted by the ever-shifting macro environment.