DoorDash, Inc.

Hello, everyone. Thank you for joining us and welcome to the DoorDash Q4 2025 earnings call. After today's opening statement, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, please press star one again. I will now hand the call over to Weston Twigg. Please go ahead.

All right. Thanks, Elizabeth. Good afternoon, everyone, and thanks for joining us for our Q4 2025 earnings call. I'm pleased to be joined today by co-founder, chair, and CEO, Tony Hsu, and CFO, Ravi Nakonda. We'll be making forward-looking statements during today's call, including, without limitation, our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach, and the broader economic environment. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including our most recent form, 10-K and 10-Q. We should not rely on forward-looking statements as predictions of future events or performance. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation of such non-GAAP measures to the most directly comparable GAAP financial measures, may be found in our earnings release, which is available on our investor relations website at ir.doordash.com. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be substituted for GAAP results. Finally, this call is being audio webcasted on our investor relations website. An audio replay of the call will be available on our website shortly after the call. Operator, I'll pass it back to you and we can take our first question.

Thank you. We will now begin the question and answer session. Please limit yourself to one question. If you would like to ask a question, please press star 1 on your telephone keypad. If you need to withdraw your question, please press star 1 again. Please pick up your handset when asking a question. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Shweta Kajaria. Your line is open. Oh, with Wolf Research. Your line is open. Please go ahead.