Balance Sheet Components

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Cash Equivalents and Investments

The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss, and fair value of the Company’s cash equivalents and investments (in millions):


	December 31, 2025
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	1,905	$	—	$	—	$	1,905

U.S. Treasury securities	1		—		—		1
Time deposits	26		—		—		26
Short-term investments
Certificates of deposit	25		—		—		25
Commercial paper	32		—		—		32
Corporate bonds	469		1		—		470
U.S. government agency securities	30		—		—		30
U.S. Treasury securities	360		1		—		361
Mutual funds	57		2		—		59
Time deposits	151		—		—		151
Long-term investments

Corporate bonds	463		1		—		464
U.S. government agency securities	91		—		—		91
U.S. Treasury securities	281		1		—		282
Total	$	3,891	$	6	$	—	$	3,897


	June 30, 2026
	Cost or Amortized Cost		Unrealized				Estimated Fair Value
			Gains		Losses
Cash equivalents
Money market funds	$	2,865	$	—	$	—	$	2,865
Commercial paper	3		—		—		3
Corporate bonds	1		—		—		1

U.S. Treasury securities	2		—		—		2

Time deposits	4		—		—		4
Short-term investments
Certificates of deposit	25		—		—		25
Commercial paper	45		—		—		45
Corporate bonds	433		—		—		433
U.S. government agency securities	35		—		—		35
U.S. Treasury securities	327		—		—		327
Mutual funds	56		2		—		58

Long-term investments
Corporate bonds	566		—		(3)		563
U.S. government agency securities	91		—		(1)		90
U.S. Treasury securities	217		—		(1)		216

Total	$	4,670	$	2	$	(5)	$	4,667

For investments with unrealized loss positions, the Company does not intend to sell these securities and it is more likely than not that the Company will hold these securities until maturity or a recovery of the cost basis. No allowance for credit losses was recorded for these securities as of December 31, 2025, and June 30, 2026.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in millions):


	December 31, 2025		June 30, 2026

Prepaid expenses	$	414	$	414
Deferred contract costs	79		80
Other receivable	279		214
Other current assets	397		440
Total	$	1,169	$	1,148

Property and Equipment, net

Property and equipment, net consisted of the following (in millions):


	December 31, 2025		June 30, 2026

Equipment for merchants	$	235	$	245
Computer equipment and software	126		142
Capitalized software and website development costs	1,895		2,273
Leasehold improvements	268		287
Office and other equipment	149		167
Construction in progress	48		89
Total	2,721		3,203
Less: Accumulated depreciation and amortization	(1,654)		(1,957)
Property and equipment, net	$	1,067	$	1,246

Depreciation expenses were $33 million and $50 million for the three months ended June 30, 2025 and 2026, respectively. Depreciation expenses were $67 million and $93 million for the six months ended June 30, 2025 and 2026, respectively.

The Company capitalized $136 million and $202 million in capitalized software and website development costs during the three months ended June 30, 2025 and 2026, respectively. The Company capitalized $250 million and $378 million in capitalized software and website development costs during the six months ended June 30, 2025 and 2026, respectively. Capitalized software and website development costs are included in property and equipment, net on the condensed consolidated balance sheets. Amortization of capitalized software and website development costs was $94 million and $131 million for the three months ended June 30, 2025 and 2026, respectively. Amortization of capitalized software and website development costs was $181 million and $243 million for the six months ended June 30, 2025 and 2026, respectively. Construction in progress primarily included leasehold improvements on premises that are not ready for use and equipment for merchants that are not placed in service.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in millions):


	December 31, 2025		June 30, 2026

Dasher and merchant payable	$	1,703	$	1,714
Insurance reserves	1,114		1,065
Sales tax payable and accrued sales and indirect taxes	589		586
Contract liabilities	547		554
Accrued operations related expenses	502		482
Accrued compensation and benefits	282		297
Litigation reserves	263		406
Accrued advertising	170		201
Other	475		442
Total	$	5,645	$	5,747

The litigation reserves as of June 30, 2026 included accruals for developments in regulatory audits related to delivery worker pay requirements as well as ongoing consumer protection disputes.