DoorDash (DASH) · Internet & Mobility
DoorDash Q2 2026 earnings: summary, key numbers & outlook
Results filed 5 Aug 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
DoorDash Q2 2026: Total Orders increased 27% Y/Y to 970 million, Marketplace GOV increased 36% Y/Y to $33.1 billion, revenue increased 36% Y/Y to $4.5 billion, GAAP net income decreased 30% Y/Y to $200 million, and Adjusted EBITDA increased 40% Y/Y to $914 million.
DoorDash grew quickly in the second quarter of 2026. Orders rose 27% to 970 million and Marketplace GOV, the total value of orders on its marketplaces, rose 36% to $33.1 billion. Revenue rose 36% to $4.5 billion. Excluding the Deliveroo acquisition, Marketplace GOV grew 23% and revenue grew 24%. GAAP net income fell 30% to $200 million, while Adjusted EBITDA rose 40% to $914 million.
For the third quarter, DoorDash expects Marketplace GOV of $33.0 billion to $34.0 billion and Adjusted EBITDA of $950 million to $1,100 million. It expects Adjusted EBITDA as a share of GOV to rise in Q3 and fall in Q4. The tension is investment: spending on a global technology platform, autonomy, AI and Deliveroo integration is rising, and year-end merchant payment timing will cut 2026 Free Cash Flow by $700 million to $800 million.
Key numbers
- Revenue · GAAP
- $4.5 billion
- Net income attributable to DoorDash common stockholders · GAAP
- $200 million
- Diluted EPS · GAAP
- $0.46
- Gross margin · GAAP
- 49.9%
- Income from operations · GAAP
- $156.0M
- Net cash provided by operating activities · GAAP
- $944 million
- Free Cash Flow · non-GAAP
- $742 million
- Adjusted EBITDA · non-GAAP
- $914 million
up 36% from a year ago
down 30% from a year ago
vs. $0.65 a year ago
vs. 49.0% a year ago
vs. $163 million a year ago
up from $504 million in Q2 2025
up from $355 million in Q2 2025
up 40% from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Marketplace GOV | $33.1 billion | up 36% Y/Y (23% excluding Deliveroo) |
| Net Revenue Margin | 13.5% | flat vs. 13.5% a year ago; up from 12.8% in Q1 2026 |
| Contribution Profit | $1.6B | up from $1,147 million in Q2 2025 |
| Adjusted Gross Margin | 54.2% | vs. 52.2% a year ago |
| Revenue, excluding Deliveroo | $4.1B | up 24% Y/Y |
Where each number comes from
- Revenue: “Revenue increased 36% Y/Y to $4.5 billion.”
- Net income attributable to DoorDash common stockholders: “GAAP net income attributable to DoorDash, Inc. common stockholders decreased 30% Y/Y to $200 million.”
- Diluted EPS: “Net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders Basic | $0.67 | $0.46 | $1.13 | $0.88 Diluted | $0.65 | $0.46 | $1.09 | $0.87”
- Gross margin: “Gross profit | $1,608 | $1,689 | $1,911 | $1,944 | $2,223 Gross Margin | 49.0% | 49.0% | 48.3% | 48.2% | 49.9%”
- Income from operations: “Total costs and expenses | 3,121 | 4,298 | 5,998 | 8,183 Income from operations | 163 | 156 | 318 | 307 Interest income, net | 49 | 35 | 98 | 69”
- Net cash provided by operating activities: “we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in Q2 2025.”
- Free Cash Flow: “we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in Q2 2025.”
- Adjusted EBITDA: “Adjusted EBITDA increased 40% Y/Y to $914 million.”
- Marketplace GOV: “Marketplace GOV increased 36% Y/Y to $33.1 billion.”
- Net Revenue Margin: “Net Revenue Margin | 13.5% | 13.8% | 13.3% | 12.8% | 13.5% GAAP gross profit | $1,608 | $1,689 | $1,911 | $1,944 | $2,223”
- Contribution Profit: “Contribution Profit | $1,147 | $1,268 | $1,405 | $1,380 | $1,641 Contribution Profit as a % of Marketplace GOV | 4.7% | 5.1% | 4.7% | 4.4% | 5.0%”
- Adjusted Gross Margin: “Adjusted Gross Profit | $1,715 | $1,810 | $2,081 | $2,095 | $2,416 Adjusted Gross Margin | 52.2% | 52.5% | 52.6% | 51.9% | 54.2%”
- Revenue, excluding Deliveroo: “Revenue attributable to Deliveroo | — | (383) | — | (745) Revenue, excluding Deliveroo | $3,284 | $4,071 | $6,316 | $7,745”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $4.5B | +35.6% | +10.4% |
| Operating income | $156.0M | −4.3% | +3.3% |
| Net income | $200.0M | −29.8% | +8.7% |
| Diluted EPS | $0.46 | −29.2% | +9.5% |
| Free cash flow | $883.0M | +101.6% | +64.4% |
| Operating margin | 3.5% | −1.5 pts | −0.2 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Marketplace GOV | Q3 2026 | $33.0 billion - $34.0 billion |
| Adjusted EBITDA | Q3 2026 | $950 million - $1,100 million |
| Stock-based compensation expense | 2026 | approximately $1.2 billion to $1.3 billion |
| Depreciation and amortization expense | 2026 | approximately $1.1 billion to $1.2 billion |
| Reduction to reported Free Cash Flow from year-end merchant payment timing | 2026 | between $700 million and $800 million |
Key takeaways
Deliveroo adds sharply to reported growth
Marketplace GOV grew 36% Y/Y, but 23% Y/Y excluding the impact of Deliveroo. Revenue grew 36% Y/Y, or 24% Y/Y excluding Deliveroo.
GAAP profit fell while Adjusted EBITDA rose
GAAP net income attributable to common stockholders decreased 30% Y/Y to $200 million, while Adjusted EBITDA increased 40% Y/Y to $914 million. Stock-based compensation and certain legal, tax, and regulatory expenses are among the items excluded from Adjusted EBITDA.
Operating expenses grew faster in R&D and G&A
GAAP research and development expense rose 52% Y/Y to $535 million and general and administrative expense rose 39% to $538 million. Income from operations was $156 million versus $163 million a year ago.
Q3 outlook points to continued growth
DoorDash guided Q3 2026 Marketplace GOV to $33.0 billion - $34.0 billion and Adjusted EBITDA to $950 million - $1,100 million. It expects a Q/Q decline in Adjusted EBITDA as a percentage of Marketplace GOV in Q4 2026.
Free Cash Flow rose but faces a 2026 headwind
Free Cash Flow was $742 million in Q2 2026, up from $355 million in Q2 2025. Year-end merchant payment timing is expected to reduce reported 2026 Free Cash Flow by between $700 million and $800 million.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $2.9B * |
| Q1 2025 | $3.0B |
| Q2 2025 | $3.3B |
| Q3 2025 | $3.4B |
| Q4 2025 | $4.0B * |
| Q1 2026 | $4.0B |
| Q2 2026 | $4.5B |
| Q3 2026 | $4.6B |
Data
| Q1 2025 | $0.44 |
| Q2 2025 | $0.65 |
| Q3 2025 | $0.55 |
| Q1 2026 | $0.42 |
| Q2 2026 | $0.46 |
| Q3 2026 | $1.06 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 4.1% |
| Q1 2025 | 5.1% |
| Q2 2025 | 5.0% |
| Q3 2025 | 7.5% |
| Q4 2025 | 3.7% |
| Q1 2026 | 3.7% |
| Q2 2026 | 3.5% |
| Q3 2026 | 9.6% |
Data
| Q4 2024 | $486.0M |
| Q1 2025 | $561.0M |
| Q2 2025 | $438.0M |
| Q3 2025 | $808.0M |
| Q4 2025 | $367.0M |
| Q1 2026 | $537.0M |
| Q2 2026 | $883.0M |
| Q3 2026 | $904.0M |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
How big was DoorDash's Q2 2026 revenue and how fast did it grow?
Revenue was $4.5 billion, up 36% Y/Y, or 24% Y/Y excluding Deliveroo. Total Orders were 970 million, up 27% Y/Y.
Why did GAAP net income fall while Adjusted EBITDA rose?
GAAP net income attributable to common stockholders decreased 30% Y/Y to $200 million, while Adjusted EBITDA increased 40% Y/Y to $914 million. Adjusted EBITDA excludes items such as stock-based compensation and certain legal, tax, and regulatory expenses, which were $98 million in the quarter.
What is DoorDash's guidance for Q3 2026?
DoorDash expects Q3 2026 Marketplace GOV of $33.0 billion - $34.0 billion and Adjusted EBITDA of $950 million - $1,100 million. It expects Adjusted EBITDA as a percentage of Marketplace GOV to rise Q/Q in Q3 and fall Q/Q in Q4.
How much cash did DoorDash generate and return to shareholders?
Q2 2026 net cash provided by operating activities was $944 million and Free Cash Flow was $742 million. Year to date through August 5, DoorDash repurchased 6.8 million Class A shares for $1,049 million, with approximately $3,951 million remaining under the authorization.
What is Deliveroo's impact on DoorDash's results?
Excluding Deliveroo, Total Orders grew 17% Y/Y, Marketplace GOV 23% and revenue 24%. Revenue attributable to Deliveroo was $383 million in Q2 2026, and DoorDash said Deliveroo's Marketplace GOV growth accelerated in the quarter.
Documents
From DoorDash investor relations
SEC filing