DoorDash Inc - Class A
Q2 2026 Earnings
Includes $98 million in certain legal, tax, and regulatory settlements, reserves, and expenses; $13 million in transaction-related costs; $1 million in office lease impairment expenses; and $48 million in restructuring charges
Market Reaction
Did DASH Beat Earnings? Q2 2026 Results
DoorDash posted a revenue beat but a narrow earnings miss in Q2 2026, painting a picture of a company growing rapidly while absorbing a heavier cost load. Revenue climbed 35.6% year-over-year to $4.45 billion, topping the $4.34 billion consensus by 2.66%, as Total Orders reached 970 million and Marketplace GOV expanded 36% to $33.08 billion. On the bottom line, GAAP EPS came in at $0.46, falling just short of the $0.47 analyst estimate by 2.42%; that figure reflects one-time charges including $98 million in legal, tax, and regulatory settlements and reserves, $48 million in restructuring charges, $13 million in transaction-related costs, and $1 million in office lease impairment expenses. The key pressure point was operating expenses, with R&D up 52% and G&A rising 39% year-over-year, driving GAAP net income down 30% to $200 million. Looking ahead, management guided Q3 2026 Marketplace GOV of $33 billion to $34 billion and Adjusted EBITDA of $950 million to $1.10 billion, though it cautioned that Q4 margins would ease sequentially on seasonal costs and stepped-up investment in its global technology platform and autonomy initiatives.
- Total Orders grew 27% Y/Y to 970 million (17% excluding Deliveroo)
- Marketplace GOV grew 36% Y/Y to $33.1 billion (23% excluding Deliveroo)
- Strong U.S. DashPass membership growth — more paid members added in 12 months through Q2 2026 than in previous 24 months combined
- U.S. restaurant category Marketplace GOV Y/Y growth accelerated slightly
- U.S. grocery and retail categories drove strong GOV growth with significantly improving unit economics
- International Marketplace GOV growth consistent with Q1 2026 with further unit economics improvement
- Deliveroo Marketplace GOV Y/Y growth accelerated in Q2 2026
- DashPass members placed approximately 75% of U.S. grocery and retail Total Orders
Forward Guidance & Outlook
For Q3 2026, DoorDash expects Marketplace GOV of $33.0–$34.0 billion and Adjusted EBITDA of $950 million–$1,100 million. In H2 2026, Adjusted EBITDA as a percentage of Marketplace GOV is expected to increase Q/Q in Q3 then decline Q/Q in Q4, driven primarily by seasonal Dasher costs, annual insurance expense increases, and greater investment in the global technology platform and autonomy initiatives. The company expects 2026 stock-based compensation expense of approximately $1.2–$1.3 billion and depreciation and amortization of approximately $1.1–$1.2 billion (including ~$450 million of acquired intangible asset amortization). Year-end timing for merchant payments is expected to reduce 2026 reported Free Cash Flow by $700–$800 million. The outlook assumes stable consumer demand and foreign currency rates, includes Deliveroo contributions, and cautions that consumer spending deterioration or geopolitical/currency risks could drive results below expectations.
DASH YoY Financials
DASH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.