# DoorDash (DASH) Q2 2026 earnings

Results filed 2026-08-05 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/dash/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000048/0001792789-26-000048-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $4.5 billion | up 36% from a year ago | GAAP |
| Net income attributable to DoorDash common stockholders | $200 million | down 30% from a year ago | GAAP |
| Diluted EPS | $0.46 | vs. $0.65 a year ago | GAAP |
| Gross margin | 49.9% | vs. 49.0% a year ago | GAAP |
| Income from operations | $156 | vs. $163 million a year ago | GAAP |
| Net cash provided by operating activities | $944 million | up from $504 million in Q2 2025 | GAAP |
| Free Cash Flow | $742 million | up from $355 million in Q2 2025 | non-GAAP |
| Adjusted EBITDA | $914 million | up 40% from a year ago | non-GAAP |

## Segments and operating metrics

| Name | 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 | $1,641 | up from $1,147 million in Q2 2025 |
| Adjusted Gross Margin | 54.2% | vs. 52.2% a year ago |
| Revenue, excluding Deliveroo | $4,071 | up 24% Y/Y |

## 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

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.

## Slides and investor documents

- [Earnings Webcast](https://events.q4inc.com/attendee/208215885) (Webcast replay)
- [Financial Statements](https://s22.q4cdn.com/280253921/files/doc_financials/2026/q2/Q2-2026-Financial-Statements.pdf) (Financial tables)