DoorDash, Inc.

Previous wording

Our primary offerings include the DoorDash Marketplace and the Wolt Marketplace (our "Marketplaces"), and our Commerce Platform. Our Marketplaces operate in over 30 countries across the globe and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.

Current wording

As of September 30, 2025, our primary offerings included the DoorDash Marketplace and the Wolt Marketplace (together with all other marketplaces that we operate from time to time, our "Marketplaces"), and our Commerce Platform. On October 2, 2025, we completed our acquisition of Deliveroo plc ("Deliveroo") in order to strengthen our position as a leading global platform in local commerce and enable us to better serve businesses, consumers and Dashers. Following the completion of the Deliveroo acquisition, our Marketplaces now operate in over 40 countries across the globe and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue.

Previous wording

In the second quarter of 2025, Total Orders increased to 761 million, or 20% growth compared to the same quarter of 2024. The increase in Total Orders was driven primarily by growth in consumers and growth in average consumer engagement.

Current wording

In the third quarter of 2025, Total Orders increased to 776 million, or 21% growth compared to the same quarter of 2024. The increase in Total Orders was driven primarily by growth in the number of consumers and growth in average consumer engagement.

Previous wording

In the second quarter of 2025, Marketplace GOV increased to $24.2 billion, or 23% growth compared to the same quarter of 2024, driven primarily by growth in Total Orders.

Current wording

In the third quarter of 2025, Marketplace GOV increased to $25.0 billion, or 25% growth compared to the same quarter of 2024, driven primarily by growth in Total Orders.

Previous wording

In the second quarter of 2025, Net Revenue Margin increased to 13.5% from 13.3% in the same quarter of 2024, primarily due to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV. These factors were partially offset by a shift in volume to categories with lower Net Revenue Margins.

Current wording

In the third quarter of 2025, Net Revenue Margin increased to 13.8% from 13.5% in the same quarter of 2024, primarily due to increasing contribution from advertising revenue, a reduction in credits and refunds as a percentage of Marketplace GOV, and a reduction in Dasher costs as a percentage of Marketplace GOV.

Previous wording

In the second quarter of 2025, Contribution Profit increased to $1.1 billion, compared to $825 million in the same quarter of 2024, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.

Current wording

In the third quarter of 2025, Contribution Profit increased to $1.3 billion, compared to $930 million in the same quarter of 2024, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses.

Previous wording

In the second quarter of 2025, Adjusted EBITDA increased to $655 million from $430 million in the same quarter of 2024, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.

Current wording

In the third quarter of 2025, Adjusted EBITDA increased to $754 million from $533 million in the same quarter of 2024, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2024 and 2025

Current wording

Comparison of the Three and Nine Months Ended September 30, 2024 and 2025

Previous wording

Revenue increased by $654 million, or 25%, during the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by a 23% increase in Marketplace GOV. During the second quarter of 2025, revenue grew at a faster rate than Marketplace GOV during the same period primarily due to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV.

Current wording

Revenue increased by $740 million, or 27%, during the third quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by a 25% increase in Marketplace GOV. During the third quarter of 2025, revenue grew at a faster rate than Marketplace GOV during the same period primarily due to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV.

Previous wording

Revenue increased by $1.2 billion, or 23%, during the first six months of 2025, compared to the same period of 2024. The increase was primarily driven by a 21% increase in Marketplace GOV. For the first six months of 2025, revenue grew at a faster rate than Marketplace GOV during the same period primarily due to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV.

Current wording

Revenue increased by $1.9 billion, or 24%, during the first nine months of 2025, compared to the same period of 2024. The increase was primarily driven by a 23% increase in Marketplace GOV. For the first nine months of 2025, revenue grew at a faster rate than Marketplace GOV during the same period primarily due to improved logistics efficiency, increasing contribution from advertising revenue, and a reduction in credits and refunds as a percentage of Marketplace GOV.

Previous wording

Cost of revenue, exclusive of depreciation and amortization, increased by $231 million, or 17%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily attributable to an increase of $176 million in order management costs, driven primarily by growth in Total Orders, partially offset by a decrease in insurance expenses, and an increase of $64 million in platform costs, driven primarily by growth in Total Orders.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased by $313 million, or 23%, for the third quarter of 2025, compared to the same quarter of 2024. The increase was primarily attributable to an increase of $220 million in order management costs and an increase of $90 million in platform costs, both driven primarily by growth in Total Orders.

Previous wording

Cost of revenue, exclusive of depreciation and amortization, increased by $401 million, or 15%, during the first six months of 2025, compared to the same period of 2024. The increase was primarily attributable to an increase of $297 million in order management costs, driven primarily by growth in Total Orders, partially offset by a decrease in insurance expenses, and an increase of $127 million in platform costs, driven primarily by growth in Total Orders.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased by $714 million, or 17%, during the first nine months of 2025, compared to the same period of 2024. The increase was primarily attributable to an increase of $517 million in order management costs, driven primarily by growth in Total Orders, partially offset by a decrease in insurance expenses, and an increase of $217 million in platform costs, driven primarily by growth in Total Orders.

Previous wording

Sales and marketing expenses increased by $98 million, or 19%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $70 million in advertising expenses and an increase of $27 million in personnel-related compensation expenses.

Current wording

Sales and marketing expenses increased by $93 million, or 19%, for the third quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $54 million in advertising expenses and an increase of $35 million in personnel-related compensation expenses.

Previous wording

Sales and marketing expenses increased by $180 million, or 18%, during the first six months of 2025, compared to the same period of 2024. The increase was primarily driven by an increase of $133 million in advertising expenses, and an increase of $46 million in personnel-related compensation expenses.

Current wording

Sales and marketing expenses increased by $273 million, or 18%, during the first nine months of 2025, compared to the same period of 2024. The increase was primarily driven by an increase of $187 million in advertising expenses, and an increase of $81 million in personnel-related compensation expenses.

Previous wording

Research and development expenses increased by $48 million, or 16%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $63 million in personnel-related compensation expenses, partially offset by an increase in capitalized software and website development costs of $31 million.

Current wording

Research and development expenses increased by $66 million, or 23%, for the third quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $79 million in personnel-related compensation expenses, partially offset by an increase in capitalized software and website development costs of $36 million.

Previous wording

Research and development expenses increased by $75 million, or 13%, during the first six months of 2025, compared to the same period of 2024. The increase was primarily driven by an increase of $106 million in personnel-related compensation expenses, partially offset by an increase in capitalized software and website development costs of $52 million.

Current wording

Research and development expenses increased by $141 million, or 16%, during the first nine months of 2025, compared to the same period of 2024. The increase was primarily driven by an increase of $185 million in personnel-related compensation expenses, partially offset by an increase in capitalized software and website development costs of $88 million.

Previous wording

General and administrative expenses decreased by $106 million, or 21%, for the second quarter of 2025, compared to the same quarter of 2024. The decrease was primarily driven by a decrease of $83 million in office lease impairment expenses, a decrease of $55 million in legal, tax, and regulatory expenses, partially offset by an increase of $20 million in transaction-related costs.

Current wording

General and administrative expenses increased by $85 million, or 27%, for the third quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $41 million in legal, tax, and regulatory expenses and an increase of $17 million in transaction-related costs.

Previous wording

General and administrative expenses decreased by $93 million, or 11%, during the first six months of 2025, compared to the same period of 2024. The decrease was primarily driven by a decrease of $76 million in office lease impairment expenses and a decrease of $64 million in legal, tax, and regulatory expenses, partially offset by an increase of $29 million in transaction-related costs.

Current wording

General and administrative expenses remained materially consistent during the first nine months of 2025, compared to the same period of 2024, except for a decrease of $76 million in office lease impairment expenses and an increase of $46 million in transaction-related costs.

Previous wording

Depreciation and amortization expenses increased by $19 million, or 14%, for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $16 million in amortization expense related to increased capitalized software and website development costs.

Current wording

Depreciation and amortization expenses increased by $31 million, or 22%, for the third quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by an increase of $13 million in amortization expense related to increased capitalized software and website development costs and an increase of $12 million in depreciation expense related to equipment for merchants.

Previous wording

Depreciation and amortization expenses increased by $29 million, or 10%, during the first six months of 2025, compared to the same period of 2024. The increase was primarily driven by an increase of $24 million in amortization expense related to increased capitalized software and website development costs.

Current wording

Depreciation and amortization expenses increased by $60 million, or 14%, during the first nine months of 2025, compared to the same period of 2024. The increase was primarily driven by an increase of $37 million in amortization expense related to increased capitalized software and website development costs and an increase of $19 million in depreciation expense related to equipment for merchants.

Previous wording

Interest income, net primarily consists of interest earned on our cash, cash equivalents, and marketable securities, net of interest costs.

Current wording

Interest income, net primarily consists of interest earned on our cash, cash equivalents, and marketable securities, net of interest costs, as well as interest earned on cash held in escrow under the Escrow Agreement as defined in Note 9 - "Commitments and Contingencies" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q.

Previous wording

Other income (expense), net primarily consists of changes in fair value of the deal-contingent forward contract (the "Deal-Contingent Forward") that we entered into with Bank of America, N.A. on May 6, 2025 to manage the risk of variability in foreign exchange rates related to the Pounds Sterling (“GBP”)-denominated purchase price of our proposed acquisition of Deliveroo plc. The Deal-Contingent Forward has a notional amount of £2.8 billion and is deliverable, with a variable forward rate, and settlement is contingent upon the successful closing of the transaction. Other income (expense), net also includes adjustments to non-marketable equity securities, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency.

Current wording

Other expense, net primarily consists of changes in fair value of the deal-contingent forward contract (the "Deal-Contingent Forward") that we entered into with Bank of America, N.A. on May 6, 2025 to manage the risk of variability in foreign exchange rates related to the Pounds Sterling (“GBP”)-denominated purchase price of our acquisition of Deliveroo. The Deal-Contingent Forward had a notional amount of £2.8 billion and was deliverable based on a variable forward rate, with settlement contingent upon the closing of the transaction. For further information on the Deal-Contingent Forward, see Note 14 - "Derivative", and for further information on the closing of the Deliveroo acquisition in October 2025, see Note 15 - “Subsequent Events”, each included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q. Other expense, net also includes adjustments to non-marketable equity securities, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency.

Previous wording

Other income (expense), net increased by $64 million for the second quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by a change in fair value of the Deal-Contingent Forward.

Current wording

Other expense, net increased by $75 million for the third quarter of 2025, compared to the same quarter of 2024. The increase was primarily driven by a change in fair value of the Deal-Contingent Forward.

Previous wording

Other income (expense), net increased by $60 million for the first six months of 2025, compared to the same period of 2024. The increase was primarily driven by a change in fair value of the Deal-Contingent Forward.

Current wording

Other expense, net increased by $15 million for the first nine months of 2025, compared to the same period of 2024. The increase was primarily driven by a change in fair value of the Deal-Contingent Forward.

Previous wording

The benefit from income taxes for the first six months of 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the year, offset by federal and state income taxes resulting from pre-tax book income in the U.S. The provision for income taxes for the first six months of 2024 was primarily attributable to pre-tax book income in the U.S. resulting in federal and state income taxes.

Current wording

The benefit from income taxes for the first nine months of 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the year, offset by state and foreign income tax expenses. The provision for income taxes for the first nine months of 2024 was primarily driven by foreign tax expense, offset by the tax benefit associated with 2023 losses in non-U.S. jurisdictions for which a tax benefit can be realized.

Previous wording

On July 4, 2025, the U.S. enacted tax reform legislation through the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. We will continue to evaluate the impact that this new legislation has on the Consolidated Financial Statements.

Current wording

On July 4, 2025, the U.S. enacted tax reform legislation through the One Big Beautiful Bill Act. Included in this legislation are provisions that allow for the immediate expensing of domestic U.S. research and development expenses, immediate expensing of certain capital expenditures, and other changes to the U.S. taxation of profits derived from foreign operations. This new legislation has no material impact on our condensed consolidated financial statements.

Previous wording

We use adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our business and financial performance. We believe that these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our business and financial performance through the eyes of management, and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry.

Current wording

Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our business and financial performance. We believe that these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our business and financial performance through the eyes of management, and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry.

Previous wording

On November 19, 2019, we entered into a revolving credit and guaranty agreement with certain lenders, which, as most recently amended and restated on April 26, 2024, provides for an $800 million unsecured revolving credit facility maturing on April 26, 2029, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $600 million. As of June 30, 2025, we were in compliance with the covenants under the revolving credit and guaranty agreement. As amended and restated, the credit agreement contains customary affirmative covenants, as well as customary negative covenants that restrict our ability and our subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of our and our subsidiaries' assets, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2024 and June 30, 2025, no revolving loans were outstanding and $112 million and $42 million of letters of credit were issued under our revolving credit facility, respectively.

Current wording

On November 19, 2019, we entered into a revolving credit and guaranty agreement with certain lenders, which, as most recently amended and restated on April 26, 2024, provides for an $800 million unsecured revolving credit facility maturing on April 26, 2029, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $600 million. As of September 30, 2025, we were in compliance with the covenants under the revolving credit and guaranty agreement. As amended and restated, the credit agreement contains customary affirmative covenants, as well as customary negative covenants that restrict our ability and our subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of our and our subsidiaries' assets, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company must also maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2024 and September 30, 2025, no revolving loans were outstanding and $112 million and $61 million of letters of credit were issued under our revolving credit facility, respectively.

Previous wording

As of June 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $5.7 billion, which consisted of cash and cash equivalents of $3.9 billion, short-term marketable securities of $1.1 billion, and long-term marketable securities of $725 million. Additionally, funds held at payment processors of $322 million represent cash due from our payment processors for cleared transactions with merchants and consumers, as well as funds remitted to payment processors for Dasher payout. Cash and cash equivalents consisted of cash on deposit with banks, as well as institutional money market funds and certificates of deposit. Marketable securities consisted of certificates of deposit, commercial paper, corporate bonds, U.S. government agency securities, U.S. Treasury securities, and mutual funds.

Current wording

As of September 30, 2025, our principal sources of liquidity were cash, cash equivalents, and marketable securities of $5.1 billion, which consisted of cash and cash equivalents of $3.3 billion, short-term marketable securities of $964 million, and long-term marketable securities of $849 million. Additionally, funds held at payment processors of $377 million represent cash due from our payment processors for cleared transactions with merchants and consumers, as well as funds remitted to payment processors for Dasher payout. Cash and cash equivalents consisted of cash on deposit with banks, as well as institutional money market funds. Marketable securities consisted of certificates of deposit, commercial paper, corporate bonds, U.S. government agency securities, U.S. Treasury securities, and mutual funds.

Previous wording

We have generated significant operating losses from our operations as reflected in our accumulated deficit of $4.8 billion as of June 30, 2025. We have historically funded our operations from cash from operations as well as the issuance of equity securities, including in our initial public offering in December 2020. We have also completed debt financings, such as our recent issuance of $2.75 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “2030 Notes”) in May 2025. We intend to use the net proceeds from the 2030 Notes for general corporate purposes. For additional information regarding the 2030 Notes, see Note 8 - "Convertible Notes, Net" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q.

Current wording

We have generated significant operating losses from our operations as reflected in our accumulated deficit of $4.5 billion as of September 30, 2025. We have historically funded our operations from cash from operations as well as the issuance of equity securities, including in our initial public offering in December 2020. We have also completed debt financings, such as our recent issuance of $2.75 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “2030 Notes”) in May 2025. We intend to use the net proceeds from the 2030 Notes for general corporate purposes. For additional information regarding the 2030 Notes, see Note 8 - "Convertible Notes, Net" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q.

Previous wording

Our future capital requirements will depend on many factors, including, but not limited to our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, the timing and extent of spending for policy and worker classification initiatives, and the occurrence of certain conditions triggering the 2030 Notes' conversion feature, which will be required to be settled partially or entirely in cash, or the repurchase of some or all of the 2030 Notes. Further, we have entered into pending, and may in the future enter into additional, arrangements to acquire or invest in businesses, products, services, and technologies. For example, we recently announced a formal offer to acquire Deliveroo plc for 180 pence per share in a recommended final all cash transaction (the "Deliveroo Transaction") and recently closed our acquisition of SevenRooms Inc. in an all-cash transaction. In connection with the Deliveroo Transaction, we entered into (i) a Bridge Term Loan Credit and Guaranty Agreement (the “Bridge Credit Agreement”) to, among other things, provide a source of financing to partially fund the cash consideration payable by us in the Deliveroo Transaction; and (ii) an Escrow Agreement (the “Escrow Agreement”), pursuant to which, we deposited in escrow certain cash amounts to partially fund the cash consideration payable by us in the Deliveroo Transaction. For additional information regarding the Deliveroo Transaction, the Bridge Credit Agreement, including the subsequent termination of the Bridge Credit Agreement, and the Escrow Agreement, see Note 9 - "Commitments and Contingencies" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q. In addition, the 2030 Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before November 15, 2029, noteholders will have the right to convert the 2030 Notes only upon the occurrence of certain events. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either in cash or in a combination of cash and shares of our Class A common stock, provided that, at least the principal amount of the 2030 Notes being converted will be paid in cash, which could adversely affect our liquidity. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could b…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Our future capital requirements will depend on many factors, including, but not limited to, our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, the timing and extent of spending for policy and worker classification initiatives, and the occurrence of certain conditions triggering the 2030 Notes' conversion feature, which will be required to be settled partially or entirely in cash, or our repurchase of some or all of the 2030 Notes. Further, we have in the past entered into, and may in the future enter into additional, arrangements to acquire or invest in businesses, products, services, and technologies. For example, we recently closed our acquisition of Deliveroo for total cash consideration of approximately £2.8 billion (the "Deliveroo Transaction").. For additional information regarding the Deliveroo Transaction, see Note 9 - "Commitments and Contingencies" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q. In addition, the 2030 Notes will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Before November 15, 2029, noteholders will have the right to convert the 2030 Notes only upon the occurrence of certain events. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either in cash or in a combination of cash and shares of our Class A common stock, provided that, at least the principal amount of the 2030 Notes being converted will be paid in cash, which could adversely affect our liquidity. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected.

Previous wording

Cash provided by operating activities was $1.1 billion for the first six months of 2025. This consisted of net income including redeemable non-controlling interests of $476 million, adjusted for non-cash stock-based compensation expense of $517 million, non-cash depreciation and amortization expense of $311 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $53 million, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $61 million, offset by a $69 million change in fair value of our deal-contingent forward contract, as well as $217 million net outflows from changes in operating assets and liabilities primarily driven by changes in other assets and accounts receivable, net, and payments for operating lease liabilities, partially offset by changes in funds held at payment processors.

Current wording

Cash provided by operating activities was $2.0 billion for the first nine months of 2025. This consisted of net income including redeemable non-controlling interests of $719 million, adjusted for non-cash stock-based compensation expense of $775 million, non-cash depreciation and amortization expense of $480 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $83 million, amortization of deferred contract costs of $55 million, a $12 million change in fair value of our deal-contingent forward contract, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $45 million, offset by $166 million net outflows from changes in operating assets and liabilities primarily driven by changes in prepaid expenses and other current assets, other assets and accounts receivable, net, and payments for operating lease liabilities, partially offset by changes in accrued expenses and other current liabilities.

Previous wording

Cash provided by operating activities was $1.1 billion for the first six months of 2024. This consisted of a net loss including redeemable non-controlling interests of $183 million, offset by non-cash stock-based compensation expense of $554 million, non-cash depreciation and amortization expense of $282 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $52 million, non-cash office lease impairment expenses of $83 million, and other net non-cash expenses of $41 million, as well as $254 million net inflows from changes in operating assets and liabilities primarily driven by an increase in accrued liabilities and other current liabilities.

Current wording

Cash provided by operating activities was $1.6 billion for the first nine months of 2024. This consisted of a net loss including redeemable non-controlling interests of $22 million and other net non-cash adjustments of $17 million, offset by non-cash stock-based compensation expense of $828 million, non-cash depreciation and amortization expense of $420 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $77 million, amortization of deferred contract costs of $43 million, and non-cash office lease impairment expenses of $83 million, as well as $202 million net inflows from changes in operating assets and liabilities primarily driven by an increase in accrued expenses and other current liabilities, partially offset by increases in prepaid expenses and other current assets and accounts receivable, net.

Previous wording

Cash used in investing activities was $1.1 billion for the first six months of 2025, which consisted of cash paid for acquisition, net of cash acquired, of $1.2 billion, purchases of marketable securities of $725 million, purchases of property and equipment of $140 million, cash outflows for capitalized software and website development costs of $150 million, partially offset by proceeds from maturities and sales of marketable securities of $1.1 billion.

Current wording

Cash used in investing activities was $1.3 billion for the first nine months of 2025, which consisted of cash paid for acquisitions, net of cash acquired, of $1.2 billion, purchases of marketable securities of $1.1 billion, purchases of property and equipment of $203 million, cash outflows for capitalized software and website development costs of $235 million, and purchases of non-marketable equity securities of $5 million, partially offset by proceeds from maturities and sales of marketable securities of $1.5 billion.

Previous wording

Cash used in investing activities was $219 million for the first six months of 2024, which primarily consisted of purchases of marketable securities of $969 million, purchases of property and equipment of $40 million, and cash outflows for capitalized software and website development costs of $105 million, partially offset by proceeds from maturities and sales of marketable securities of $903 million.

Current wording

Cash used in investing activities was $281 million for the first nine months of 2024, which primarily consisted of purchases of marketable securities of $1.5 billion, purchases of property and equipment of $72 million, and cash outflows for capitalized software and website development costs of $160 million, partially offset by proceeds from maturities and sales of marketable securities of $1.5 billion.

Previous wording

Cash provided by financing activities was $2.4 billion for the first six months of 2025, which primarily consisted of proceeds form issuance of convertible notes of $2.7 billion, proceeds from issuance of warrants of $341 million, partially offset by purchase of convertible note hedges of $680 million.

Current wording

Cash provided by financing activities was $2.4 billion for the first nine months of 2025, which primarily consisted of proceeds from issuance of the 2030 Notes of $2.7 billion, proceeds from issuance of warrants of $341 million, and proceeds from exercise of stock options of $8 million, partially offset by purchase of convertible note hedges of $680 million and other financing activities of $10 million.

Previous wording

Cash provided by financing activities was $2 million for the first six months of 2024, which consisted of proceeds from exercise of stock options of $3 million and other financing activities of $6 million, partially offset by repurchases of our Class A common stock of $7 million.

Current wording

Cash used in financing activities was $211 million for the first nine months of 2024, which consisted of repurchases of our Class A common stock of $224 million, partially offset by proceeds from exercise of stock options of $7 million and other financing activities of $6 million.