How much of DoorDash's Q1 2026 growth came from the Deliveroo acquisition?

A substantial portion. Deliveroo contributed about $362 million of the $4,036 million in revenue. Excluding Deliveroo, revenue grew 21% Y/Y instead of 33%, Marketplace GOV grew 24% instead of 37%, and Total Orders grew 16% instead of 27%.

Why did GAAP net income decline even though Adjusted EBITDA grew 28%?

The gap comes from non-GAAP exclusions and higher costs below EBITDA. Depreciation and amortization rose to $269 million from $152 million, largely from acquired intangibles. Stock-based compensation was $231 million, and restructuring charges were $48 million. Legal, tax, and regulatory costs of $45 million and transaction-related costs of $13 million are also excluded from Adjusted EBITDA but reduce GAAP income.

What does the Q2 2026 guidance imply for profitability trends?

The guidance midpoint implies Adjusted EBITDA of about $820 million on roughly $32.9 billion of GOV, or about 2.5% of GOV. That is modestly above Q1's 2.4% margin but below the 3.0% achieved in Q3 2025. The Dasher gas relief program, with a gross cost above $50 million, is a near-term headwind that management plans to partly offset by reducing spending elsewhere.

Is the Net Revenue Margin decline a concern for investors?

It warrants attention. Net Revenue Margin fell to 12.8% from 13.1% a year earlier and from 13.3% in Q4 2025. Part of this likely reflects Deliveroo's mix and the investments DoorDash is making in affordability and merchant services. Investors should watch whether margin stabilizes as the Deliveroo integration matures and merchant services scale.

How is DoorDash returning capital to shareholders?

Repurchases are modest so far. The company bought back 1.4 million Class A shares for $205 million year to date through May 5, 2026, leaving about $4.8 billion under the February 2025 authorization. Q1 repurchases in the cash flow statement totaled $162 million. Management notes it may or may not repurchase the remaining amount, and dilution from stock-based compensation, guided at $1.3-1.4 billion for 2026, remains a factor.

DASH 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed May 6, 2026. Cited figures are marked; the original filing is the authoritative source.

DoorDash reported Q1 2026 results that showed strong top-line growth but margin compression and lower GAAP profitability.

Revenue rose 33% Y/Y to $4.0 billion^a and Marketplace GOV rose 37% Y/Y to $31.6 billion, with Total Orders up 27% to 933 million. Excluding Deliveroo, which was acquired and contributes roughly $362 million of revenue this quarter, growth was more modest: GOV up 24% and revenue up 21%. Total Orders excluding Deliveroo grew 16%, so the organic growth picture is noticeably weaker than the headline figures.

Profitability was mixed. Adjusted EBITDA grew 28% Y/Y to $754 million^b, but it fell 3% sequentially and its margin on GOV dropped to 2.4% from 2.6% a year earlier. GAAP net income attributable to common stockholders declined 5% Y/Y to $184 million.

Net Revenue Margin fell to 12.8% from 13.1% a year ago, and GAAP gross margin slipped to 48.2%. Depreciation and amortization nearly doubled to $269 million^c, largely due to acquired intangibles, and restructuring charges rose to $48 million from $1 million. Cash generation weakened: operating cash flow was $594 million (down 6%) and Free Cash Flow was $420 million (down 15%).

For Q2 2026, management guided Marketplace GOV of $32.4 to $33.4 billion^d and Adjusted EBITDA of $770 to $870 million. The company also expects an over $50 million gross cost for the Dasher gas relief program, to be partly offset by reduced investment elsewhere.

Full-year guidance includes about $200 million of Adjusted EBITDA from Deliveroo, stock-based compensation of $1.3 to $1.4 billion, and D&A of $1.1 to $1.2 billion. Management continues to highlight record membership sign-ups, a new MAU high, and early progress on a single global technology platform, while buybacks remain modest with $205 million repurchased year to date against roughly $4.8 billion of remaining authorization.

02—Key points

Key Highlights

Headline growth is inflated by Deliveroo: revenue rose 33% Y/Y, but only 21% excluding Deliveroo, and Marketplace GOV rose 37% versus 24% excluding the acquisition.
Adjusted EBITDA reached $754 million (+28% Y/Y), but it declined 3% from Q4 2025 and its margin on GOV slipped to 2.4% from 2.6%.
GAAP net income attributable to common stockholders fell 5% Y/Y to $184 million, with D&A nearly doubling to $269 million and restructuring charges rising to $48 million.
Net Revenue Margin contracted to 12.8% from 13.1% a year earlier, and GAAP gross margin declined to 48.2%, indicating pricing or mix pressure.
Free Cash Flow dropped 15% Y/Y to $420 million and operating cash flow fell 6% to $594 million, though trailing-twelve-month FCF remains around $1.75 billion.
Q2 2026 guidance calls for Marketplace GOV of $32.4-33.4 billion and Adjusted EBITDA of $770-870 million, with a Dasher gas relief program costing over $50 million.
Management reports record DashPass sign-ups and accelerating U.S. DashPass member growth, and continues to buy back stock, with $205 million repurchased year to date and about $4.8 billion remaining under authorization.

03—Questions

Frequently Asked Questions

How much of DoorDash's Q1 2026 growth came from the Deliveroo acquisition?
A substantial portion. Deliveroo contributed about $362 million of the $4,036 million in revenue. Excluding Deliveroo, revenue grew 21% Y/Y instead of 33%, Marketplace GOV grew 24% instead of 37%, and Total Orders grew 16% instead of 27%.
Why did GAAP net income decline even though Adjusted EBITDA grew 28%?
The gap comes from non-GAAP exclusions and higher costs below EBITDA. Depreciation and amortization rose to $269 million from $152 million, largely from acquired intangibles. Stock-based compensation was $231 million, and restructuring charges were $48 million. Legal, tax, and regulatory costs of $45 million and transaction-related costs of $13 million are also excluded from Adjusted EBITDA but reduce GAAP income.
What does the Q2 2026 guidance imply for profitability trends?
The guidance midpoint implies Adjusted EBITDA of about $820 million on roughly $32.9 billion of GOV, or about 2.5% of GOV. That is modestly above Q1's 2.4% margin but below the 3.0% achieved in Q3 2025. The Dasher gas relief program, with a gross cost above $50 million, is a near-term headwind that management plans to partly offset by reducing spending elsewhere.
Is the Net Revenue Margin decline a concern for investors?
It warrants attention. Net Revenue Margin fell to 12.8% from 13.1% a year earlier and from 13.3% in Q4 2025. Part of this likely reflects Deliveroo's mix and the investments DoorDash is making in affordability and merchant services. Investors should watch whether margin stabilizes as the Deliveroo integration matures and merchant services scale.
How is DoorDash returning capital to shareholders?
Repurchases are modest so far. The company bought back 1.4 million Class A shares for $205 million year to date through May 5, 2026, leaving about $4.8 billion under the February 2025 authorization. Q1 repurchases in the cash flow statement totaled $162 million. Management notes it may or may not repurchase the remaining amount, and dilution from stock-based compensation, guided at $1.3-1.4 billion for 2026, remains a factor.

04—Continue

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