01—Abstract
Summary
Summary of the 8-K filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.
DoorDash reported strong second-quarter 2026 top-line growth, with revenue up 36% Y/Y to $4.45 billiona and Total Orders up 27% to 970 million.
Marketplace GOV rose 36% to $33.1 billionb. Much of that growth came from the Deliveroo acquisition: excluding Deliveroo, Total Orders grew 17%, GOV grew 23%, and revenue grew 24%. Profitability improved on an adjusted basis, with Adjusted EBITDA up 40% to $914 million (2.8% of GOV, versus 2.7% a year earlier) and Free Cash Flow of $742 million, more than double the prior-year figure of $355 million.
GAAP net income attributable to common stockholders fell 30% Y/Y to $200 millionc, reflecting higher R&D and G&A spending, $98 million of legal, tax, and regulatory expenses that management excludes from Adjusted EBITDA, and higher depreciation and amortization. Management guided Q3 2026 Marketplace GOV to $33.0-34.0 billion and Adjusted EBITDA to $950-1,100 million. It expects Adjusted EBITDA margin to decline quarter-over-quarter in Q4 due to seasonal Dasher costs, annual insurance expense, and higher investment in its global technology platform and autonomy initiatives.
Full-year 2026 guidance includes stock-based compensation of $1.2d-1.3 billion, D&A of $1.1-1.2 billion, and a $700-800 million reduction to reported Free Cash Flow from year-end merchant payment timing. The company also continues to invest heavily in autonomy (Dot robots and DoorDash Air, which recently received FAA Part 135 certification), AI-driven product features, and a single global technology platform expected to be fully rolled out in H1 2027. Investors should weigh the strong near-term adjusted profitability and cash generation against rising GAAP costs, the Deliveroo-driven growth profile, and the elevated spending outlook.
Capital return remained active. DoorDash repurchased 6.8 million Class A shares for $1,049 million year to date through August 5, leaving approximately $3.95 billion under its February 2025 authorization.
02—Key points
Key Highlights
- Q2 2026 revenue rose 36% Y/Y to $4,454 million (24% Y/Y excluding Deliveroo), and Total Orders rose 27% to 970 million (17% excluding Deliveroo).
- Adjusted EBITDA reached $914 million, up 40% Y/Y and above management's expectations, with margin of 2.8% of Marketplace GOV versus 2.7% a year earlier.
- GAAP net income attributable to common stockholders declined 30% Y/Y to $200 million, with diluted EPS of $0.46 versus $0.65, driven by higher R&D, G&A (including $98 million of excluded legal, tax, and regulatory costs), and D&A.
- Free Cash Flow more than doubled to $742 million from $355 million, and operating cash flow rose 87% to $944 million.
- Q3 2026 guidance calls for Marketplace GOV of $33.0-34.0 billion and Adjusted EBITDA of $950-1,100 million; Q4 margin is expected to decline sequentially on seasonal Dasher and insurance costs and higher technology and autonomy investment.
- Full-year 2026 guidance includes a $700-800 million reduction to reported Free Cash Flow from year-end merchant payment timing, plus SBC of $1.2-1.3 billion and D&A of $1.1-1.2 billion.
- Repurchased $1,049 million of stock year to date through August 5 (6.8 million shares), with about $3,951 million remaining under the authorization.
03—Questions
Frequently Asked Questions
How much of DoorDash's Q2 2026 growth came from the Deliveroo acquisition?
A substantial portion. Reported revenue grew 36%, but excluding Deliveroo growth was 24%. Total Orders grew 27% reported versus 17% excluding Deliveroo, and Marketplace GOV grew 36% reported versus 23% excluding Deliveroo. Deliveroo contributed $383 million of Q2 revenue.
Why did GAAP net income fall even though Adjusted EBITDA rose 40%?
Adjusted EBITDA excludes stock-based compensation, D&A, legal, tax, and regulatory settlements and expenses ($98 million in Q2), transaction costs, and restructuring. GAAP net income includes these items. R&D expense rose 52% Y/Y, G&A rose 39%, and D&A rose to $295 million from $159 million, largely from acquisition-related amortization. Net income also declined from lower other income and interest income.
What should investors expect for the rest of 2026?
Management expects Q3 Adjusted EBITDA of $950-1,100 million on Marketplace GOV of $33-34 billion. It expects Adjusted EBITDA margin to dip in Q4 because of seasonal Dasher costs, annual insurance expense, and higher investment in its global technology platform and autonomy. Reported Free Cash Flow will be reduced by $700-800 million in 2026 because of year-end timing of merchant payments. Guidance assumes stable consumer demand and currency rates and includes Deliveroo.
What are the key autonomy and new-technology investments, and when could they pay off?
Dot, the land-based robot, is expected to deliver a high single-digit percentage of orders in its largest test market by year-end 2026. DoorDash Air recently received FAA Part 135 air carrier certification to expand drone testing. Management says Dashers will remain the backbone of logistics for a long time, and the company is still early in scaling. The new global technology platform is expected to be fully rolled out in H1 2027, with benefits expected after that.
How is DoorDash returning capital to shareholders?
DoorDash repurchased 6.8 million Class A shares for $1,049 million year to date through August 5, 2026, under the February 2025 $5.0 billion authorization. About $3,951 million remains. Management notes it may or may not repurchase the remaining amount. Diluted weighted-average shares were 439 million in Q2, roughly flat with the prior year, and stock-based compensation guidance of $1.2-1.3 billion for 2026 is a continuing source of dilution.
04—Continue