DoorDash, Inc.

Previous wording

DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.

Current wording

Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities.

Previous wording

In the second quarter of 2026, Total Orders increased to 970 million, or 27% growth compared to the same quarter of 2025. The increase in Total Orders was driven primarily by growth in the number of consumers and the acquisition of Deliveroo plc ("Deliveroo").

Current wording

In the third quarter of 2026, Total Orders increased to 993 million, or 28% growth compared to the same quarter of 2025. The increase in Total Orders was driven primarily by growth in the number of consumers and the acquisition of Deliveroo plc ("Deliveroo").

Previous wording

In the second quarter of 2026, Marketplace GOV increased to $33.1 billion, or 36% growth compared to the same quarter of 2025, driven primarily by growth in Total Orders and an increase in average order value 3 on our Marketplaces.

Current wording

In the third quarter of 2026, Marketplace GOV increased to $33.9 billion, or 36% growth compared to the same quarter of 2025, driven primarily by growth in Total Orders and an increase in average order value 3 on our Marketplaces.

Previous wording

In the second quarter of 2026, Contribution Profit increased to $1.6 billion, compared to $1.1 billion in the same quarter of 2025, 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 2026, Contribution Profit increased to $1.8 billion, compared to $1.3 billion in the same quarter of 2025, 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 2026, Adjusted EBITDA increased to $914 million from $655 million in the same quarter of 2025, 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 2026, Adjusted EBITDA increased to $1.1 billion from $754 million in the same quarter of 2025, 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

In the second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities.

Current wording

In the third quarter of 2026, we generated net cash provided by operating activities of $994 million and Free Cash Flow of $787 million, up from $871 million and $723 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities, partially offset by increases inpurchases of property and equipment and capitalized software and website development costs.

Previous wording

Comparison of the Three and Six Months Ended June 30, 2025 and 2026

Current wording

Comparison of the Three and Nine Months Ended September 30, 2025 and 2026

Previous wording

Revenue increased by $1.2 billion, or 36%, during the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by a 36% increase in Marketplace GOV.

Current wording

Revenue increased by $1.2 billion, or 34%, during the third quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by a 36% increase in Marketplace GOV.

Previous wording

Revenue increased by $2.2 billion, or 34%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by a 37% increase in Marketplace GOV.

Current wording

Revenue increased by $3.3 billion, or 34%, during the first nine months of 2026, compared to the same period of 2025. The increase was primarily driven by a 36% increase in Marketplace GOV.

Previous wording

Cost of revenue, exclusive of depreciation and amortization, increased by $491 million, or 30%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily attributable to an increase of $302 million in order management costs and an increase of $120 million in platform costs, both driven primarily by growth in Total Orders.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased by $484 million, or 29%, for the third quarter of 2026, compared to the same quarter of 2025. The increase was primarily attributable to an increase of $320 million in order management costs and an increase of $117 million in platform costs, both driven primarily by growth in Total Orders.

Previous wording

Cost of revenue, exclusive of depreciation and amortization, increased by $983 million, or 32%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily attributable to an increase of $615 million in order management costs and an increase of $237 million in platform costs, both driven primarily by growth in Total Orders.

Current wording

Cost of revenue, exclusive of depreciation and amortization, increased by $1.5 billion, or 31%, during the first nine months of 2026, compared to the same period of 2025. The increase was primarily attributable to an increase of $934 million in order management costs and an increase of $353 million in platform costs, both driven primarily by growth in Total Orders.

Previous wording

Sales and marketing expenses increased by $214 million, or 35%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $133 million in advertising expenses and an increase of $71 million in personnel-related compensation expenses.

Current wording

Sales and marketing expenses increased by $189 million, or 33%, for the third quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $127 million in advertising expenses and an increase of $59 million in personnel-related compensation expenses.

Previous wording

Sales and marketing expenses increased by $374 million, or 31%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $218 million in advertising expenses and an increase of $140 million in personnel-related compensation expenses.

Current wording

Sales and marketing expenses increased by $563 million, or 32%, during the first nine months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $345 million in advertising expenses and an increase of $199 million in personnel-related compensation expenses.

Previous wording

Research and development expenses increased by $184 million, or 52%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $187 million in personnel-related compensation expenses and an increase of $70 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $78 million.

Current wording

Research and development expenses increased by $144 million, or 41%, for the third quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $104 million in personnel-related compensation expenses and an increase of $75 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $48 million.

Previous wording

Research and development expenses increased by $276 million, or 42%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $293 million in personnel-related compensation expenses and an increase of $108 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $137 million.

Current wording

Research and development expenses increased by $420 million, or 42%, during the first nine months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $398 million in personnel-related compensation expenses and an increase of $183 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $186 million.

Previous wording

General and administrative expenses increased by $250 million, or 35%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $141 million in legal, tax, and regulatory expenses and an increase of $103 million in personnel-related compensation expenses.

Current wording

General and administrative expenses increased by $276 million, or 25%, during the first nine months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $135 million in legal, tax, and regulatory expenses and an increase of $127 million in personnel-related compensation expenses.

Previous wording

Depreciation and amortization expenses increased by $136 million, or 86%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $82 million in amortization expense for acquired intangible assets and an increase of $37 million in amortization expense related to capitalized software and website development costs.

Current wording

Depreciation and amortization expenses increased by $143 million, or 85%, for the third quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $77 million in amortization expense for acquired intangible assets and an increase of $56 million in amortization expense related to capitalized software and website development costs.

Previous wording

Depreciation and amortization expenses increased by $253 million, or 81%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $165 million in amortization expense for acquired intangible assets and an increase of $62 million in amortization expense related to capitalized software and website development costs.

Current wording

Depreciation and amortization expenses increased by $396 million, or 83%, during the first nine months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $242 million in amortization expense for acquired intangible assets and an increase of $118 million in amortization expense related to capitalized software and website development costs.

Previous wording

Restructuring charges were not material in both the second quarter of 2026 and the same quarter of 2025.

Current wording

Restructuring charges were not material in both the third quarter of 2026 and the same quarter of 2025.

Previous wording

Restructuring charges increased by $49 million during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by employee termination costs and other costs related to the closure of operations in certain countries as part of restructuring activities announced in the first quarter of 2026.

Current wording

Restructuring charges increased by $49 million during the first nine months of 2026, compared to the same period of 2025. The increase was primarily driven by employee termination costs and other costs related to the closure of operations in certain countries as part of restructuring activities announced in the first quarter of 2026.

Previous wording

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

Current wording

Interest income, net primarily consists of interest earned on our cash, cash equivalents, and investments, net of interest costs, as well as interest earned on cash held in escrow under an escrow agreement (the “Escrow Agreement”) entered into during the second quarter of 2025 in connection with the acquisition of Deliveroo; the escrowed cash was released upon the closing of the acquisition in October 2025.

Previous wording

Other income, net primarily consists of changes in the fair value of the deal-contingent forward contract (the "Deal-Contingent Forward"), which was entered into during the second quarter of 2025 in connection with the acquisition of Deliveroo and was subsequently settled upon the closing of the acquisition in October 2025. Other income, 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 income (expense), net primarily consists of changes in the fair value of the deal-contingent forward contract (the "Deal-Contingent Forward"), which was entered into during the second quarter of 2025 in connection with the acquisition of Deliveroo and was subsequently settled upon the closing of the acquisition in October 2025. Other income (expense), net also includes adjustments to non-marketable investments, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency.

Previous wording

Other income, net decreased by $43 million, or 73%, for the second quarter of 2026, compared to the same quarter of 2025. The decrease was primarily driven by a change in fair value of the Deal-Contingent Forward recognized during the second quarter of 2025.

Current wording

Other income (expense), net increased by $86 million, for the third quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by a change in fair value of the Deal-Contingent Forward recognized during the third quarter of 2025.

Previous wording

Other income, net decreased by $31 million, or 58%, for the first six months of 2026, compared to the same period of 2025. The decrease was primarily driven by a change in fair value of the Deal-Contingent Forward recognized during the first six months of 2025.

Current wording

Other income (expense), net increased by $55 million, for the first nine months of 2026, compared to the same period of 2025. The increase was primarily driven by gains from transactions denominated in currencies other than the functional currency, adjustments to non-marketable investments, and a change in fair value of the Deal-Contingent Forward recognized during the first nine months of 2025.

Previous wording

The provision for income taxes for the second quarter of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes. The benefit from income taxes for the second quarter 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 quarter, offset by federal and state income taxes resulting from pre-tax book income in the U.S.

Current wording

The provision for income taxes for both the third quarter of 2026 and the same quarter of 2025 was primarily attributable to pre-tax book income resulting in state and foreign income taxes.

Previous wording

The provision for income taxes for the first six months of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes. 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.

Current wording

The provision for income taxes for the first nine months of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes. 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.

Previous wording

Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted

Current wording

Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our 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 should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.

Previous wording

We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business.

Current wording

We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by

Previous wording

We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders. It is not a financial measure of total company profitability and it is neither intended to be used as a proxy for total company profitability nor imply profitability for our business. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. We define gross margin as gross profit as a percentage of revenue for the same period and we define Contribution Margin as Contribution Profit as a percentage of revenue for the same period.

Current wording

Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. We define gross margin as gross profit as a percentage of revenue for the same period and we define Contribution Margin as Contribution Profit as a percentage of revenue for the same period.

Previous wording

Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense.

Current wording

Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii)

Previous wording

On November 19, 2019, we entered into the Existing Credit Agreement with certain lenders, which, as previously amended and restated on April 26, 2024, provided 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, 2026, we were in compliance with the covenants under the Existing Credit Agreement. As amended and restated, the credit agreement contained customary affirmative covenants, as well as customary negative covenants that restricted 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 was also required to 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, 2025 and

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 August 5, 2026 (the "Credit Agreement"), provides for a $2.0 billion unsecured revolving credit facility maturing on August 5, 2031, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $800 million. As of September 30, 2026, we were in compliance with the covenants under the Credit

Previous wording

June 30, 2026, no revolving loans were outstanding and $61 million and $117 million of letters of credit were issued under our revolving credit facility, respectively.

Current wording

Agreement. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our and/or certain of our subsidiaries’ ability to, among other things, incur debt, incur liens, and undergo certain fundamental changes, in each case, subject to customary exceptions for a credit facility of this size and type. We are also required to maintain compliance with a maximum senior net leverage ratio of 3.50 to 1.00, measured quarterly, determined in accordance with the terms of the Credit Agreement. As of December 31, 2025 and September 30, 2026, no revolving loans were outstanding and $61 million and $327 million of letters of credit were issued under our revolving credit facility, respectively.

Previous wording

As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents, and investments of $6.2 billion, which consisted of cash and cash equivalents of $4.4 billion, short-term investments of $923 million, and long-term investments of $869 million. Additionally, funds held at payment processors of $513 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, commercial paper, corporate bonds, U.S. Treasury securities, and time deposits. Investments 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, 2026, our principal sources of liquidity were cash, cash equivalents, and investments of $6.8 billion, which consisted of cash and cash equivalents of $5.1 billion, short-term investments of $929 million, and long-term investments of $805 million. Additionally, funds held at payment processors of $660 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, commercial paper, certificates of deposit, U.S. Treasury securities, and time deposits. Investments consisted of certificates of deposit, commercial paper, corporate bonds, U.S. government agency securities, and U.S. Treasury securities.

Previous wording

We have generated significant operating losses from our operations as reflected in our accumulated deficit of $5.0 billion as of June 30, 2026. 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 past 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, 2026. 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 past 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 or our repurchase of some or all of the 2030 Notes. Unless earlier repurchased, redeemed or converted, the 2030 Notes will mature on May 15, 2030. 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. Further, we have in the past entered into, and may in the future enter into, arrangements to acquire or invest in businesses, products, services, and technologies. 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.

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 or our repurchase of some or all of the 2030 Notes. Unless earlier repurchased, redeemed or converted, the 2030 Notes will mature on May 15, 2030. 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.

Previous wording

Cash provided by operating activities was $1.5 billion for the first six months of 2026. This consisted of net income including redeemable non-controlling interests of $382 million, adjusted for non-cash stock-based compensation expense of $580 million, non-cash depreciation and amortization expense of $564 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $72 million, amortization of deferred contract costs of $44 million, and other net non-cash expenses of $9 million, partially offset by $113 million net outflows from changes in operating assets and liabilities primarily driven by changes in accounts payable, other assets, and payments for operating lease liabilities, partially offset by changes in funds held by payment processors and accrued expenses and other current liabilities.

Current wording

Cash provided by operating activities was $2.5 billion for the first nine months of 2026. This consisted of net income including redeemable non-controlling interests of $847 million, adjusted for non-cash depreciation and amortization expense of $876 million, non-cash stock-based compensation expense of $847 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $109 million, amortization of deferred contract costs of $66 million, and other net non-cash expenses of $10 million, partially offset by $223 million net outflows from changes in operating assets and liabilities primarily driven by changes in accounts receivable, net, payments for operating lease liabilities, changes in funds held by payment processors, other assets, and accounts payable, 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 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, 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, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $57 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 used in investing activities was $286 million for the first six months of 2026, which consisted of purchases of investments of $591 million, cash outflows for capitalized software and website development costs of $258 million, purchases of property and equipment of $118 million, purchases of non-marketable equity securities of $55 million, and cash paid for acquisitions, net of cash acquired, of $30 million, partially offset by proceeds from maturities and sales of marketable securities of $758 million and other investing activities of $8 million.

Current wording

Cash used in investing activities was $603 million for the first nine months of 2026, which consisted of purchases of investments of $780 million, cash outflows for capitalized software and website development costs of $375 million, purchases of property and equipment of $208 million, purchases of non-marketable equity securities of $192 million, and cash paid for acquisitions, net of cash acquired, of $58 million, partially offset by proceeds from maturities and sales of marketable securities of $1.0 billion and other investing activities of $9 million.

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 financing activities was $1.1 billion for the first six months of 2026, which primarily consisted of repurchases of our Class A common stock of $1.0 billion and payments of acquisition-related deferred cash consideration of $20 million.

Current wording

Cash used in financing activities was $1.1 billion for the first nine months of 2026, which primarily consisted of repurchases of our Class A common stock of $1.0 billion, payments of acquisition-related deferred cash consideration of $40 million, and other financing activities of $6 million, partially offset by proceeds from exercise of stock options of $4 million.