DoorDash — Second Quarter 2026 Earnings Summary

Financial Performance

• Total Orders increased 27% year-over-year (Y/Y) to 970 million; excluding Deliveroo, growth was 17% Y/Y.
• Marketplace Gross Order Value (GOV) increased 36% Y/Y to $33.1 billion; excluding Deliveroo, growth was 23% Y/Y.
• Revenue increased 36% Y/Y to $4.5 billion; excluding Deliveroo, growth was 24% Y/Y.
• GAAP net income attributable to common stockholders decreased 30% Y/Y to $200 million.
• Adjusted EBITDA increased 40% Y/Y to $914 million.
• Net cash provided by operating activities was $944 million, up 87% Y/Y.
• Free Cash Flow was $742 million, up 109% Y/Y.
• Net Revenue Margin was 13.5% in Q2 2026.
• Contribution Profit was $1.641 billion, representing 5.0% of Marketplace GOV.

Guidance and Future Outlook

• Q3 2026 Marketplace GOV is expected to be between $33.0 billion and $34.0 billion.
• Q3 2026 Adjusted EBITDA is expected to be between $950 million and $1,100 million.
• For H2 2026, Adjusted EBITDA as a percentage of Marketplace GOV is expected to increase in Q3 and decline in Q4, driven by seasonal Dasher costs, annual insurance expense increases, and investments in the global technology platform and autonomy initiatives.
• Full-year 2026 stock-based compensation expense is expected to be approximately $1.2 billion to $1.3 billion.
• Full-year 2026 depreciation and amortization expense is expected to be approximately $1.1 billion to $1.2 billion, including $450 million of amortization of acquired intangible assets.
• Year-end timing for merchant payments is expected to reduce reported 2026 Free Cash Flow by $700 million to $800 million compared to 2025.
• The new global technology platform is expected to be fully rolled out in the first half of 2027.

Business Segments and Product Lines

• U.S. restaurant category Marketplace GOV growth accelerated in Q2 2026, supported by strong DashPass membership.
• U.S. grocery and retail categories showed strong Y/Y Marketplace GOV growth with improved unit economics; DashPass members placed approximately 75% of Total Orders in these categories in Q2 2026.
• International countries maintained consistent Y/Y Marketplace GOV growth with further unit economics improvements; Wolt saw increased month-3 and month-6 cohort order rates.
• Deliveroo accelerated Y/Y growth in MAUs and Total Orders in Q2 2026.
• New signed venues at SevenRooms grew over 100% Y/Y in Q2 2026.
• Revenue from the digital ordering service, used by over 150,000 merchants, grew over 40% Y/Y.
• Reservations booked through marketplaces increased over 150% quarter-over-quarter (Q/Q) in Q2 2026.
• DoorDash launched "Ask," an AI assistant, to help consumers discover restaurants and build grocery baskets.
• Dot land-based robots increased the number of active units and average deliveries per robot per day; Dot is expected to deliver a high single-digit percentage of orders in the largest test market by year-end.
• DoorDash Air earned Part 135 air carrier certification from the FAA to increase drone delivery testing.

Market and Competitive Landscape

• The company operates in 40 international countries, focusing on building world-class services for consumers, merchants, and Dashers.
• DashPass membership penetration increases as consumer cohorts age, correlating with higher order rates and Adjusted Gross Profit per MAU.
• The company is reorganizing certain international operating groups around functional areas rather than brands to improve execution.

Risks and Challenges

• Integration of Deliveroo presents execution and operational risks that could cause actual results to vary from expectations.
• Consumer spending deterioration in any geography could drive results below expectations.
• International exposure heightens risks related to geopolitical and currency fluctuations.
• Autonomous delivery efforts face challenges including manufacturing, maintenance, charging infrastructure, and multi-modal network management.
• Future GAAP net income outlook is not provided due to uncertainty regarding reconciling items such as legal, tax, and regulatory expenses.

Management Commentary and Tone

• Management expressed pride in Q2 2026 results, noting Adjusted EBITDA was well above expectations.
• The company emphasized balancing ambition with discipline to earn the right to invest further in new categories and international markets.
• Management highlighted the value of DashPass in driving consumer retention, engagement, and lifetime value despite lower gross margins on DashPass orders.
• The tone regarding AI and autonomy is optimistic but acknowledges the need for disciplined execution and learning curves in scaling these technologies.

Other Key Points

• In February 2025, the board authorized a $5.0 billion stock repurchase program.
• Year-to-date through August 5, 2026, the company repurchased 6.8 million shares for $1.049 billion.
• Approximately $3.951 billion remains available under the current stock repurchase authorization.
• The company is building a single global technology platform to reduce redundancy and accelerate product development.
• Capital allocation processes have been updated to better account for long-term consumer engagement trends.