Food delivery platforms are scaling rapidly, but profitability remains elusive. While market leaders generate billions in revenue, margins tell a different story.

Our analysis shows that despite commanding significant market share, most platforms operate on razor-thin or negative margins. Only a handful—Meituan, Uber Eats, DoorDash, Talabat, and Jahez—have demonstrated sustainable profitability, while others continue to struggle with unit economics.

As the sector matures, investor pressure is shifting from aggressive expansion to operational efficiency. The central question now is clear: can these platforms deliver profits as well as meals?