DoorDash (DASH) Q4-25 earnings: The $4B record, the cash flow crash & a risky tech rebuild

DoorDash proved it can buy growth as revenue hit $4.0B, but a 65% collapse in Free Cash Flow shows the Deliveroo integration is getting messy even as the stock rallies.In ~10 minutes:* Revenue surges 15% QoQ ($347M from Deliveroo)* Free Cash Flow drops to $254M on deal costs 📉* The high-risk plan to merge 3 apps onto 1 code base* Grocery unit economics set to turn positive in 2H 2026* Why the stock ripped +14% despite weak Q1 guidanceManagement is officially rebuilding the plane in mid-air, rewriting the entire platform to unify DoorDash, Wolt, and Deliveroo. It’s an expensive bet on efficiency that investors are surprisingly willing to fund.DoorDash Inc. (DASH) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.