S&P Dow Jones Indices announced on March 7, 2025 that DoorDash would enter the S&P 500 before the March 24 open. DoorDash replaced BorgWarner. That is a marker of scale and index eligibility, not a new line of operating profit.
I once doubted whether food delivery could grow into a durable public business. DoorDash’s inclusion is a fair reason to revisit that view. The company had built a large enough business to meet the index’s requirements. Yet the important calculation remains what DoorDash keeps after paying for couriers, support, refunds, insurance, and expansion.
Funds tracking the index had to rebalance. That does not guarantee a sustained stock gain or cheaper capital. The inclusion does not fund autonomous delivery or settle the competition for orders. Robot deliveries also were not part of the March announcement.
DoorDash had won considerable U.S. restaurant delivery share. The open question is whether it can earn attractive margins across more order types and markets without asking couriers or merchants to absorb every cost. The S&P 500 badge is a milestone. It is not that answer.