DoorDash (DASH) · Internet & Mobility
DoorDash Q3 2026 earnings: summary, key numbers & outlook
Results filed 29 Oct 2026 · Quarter ended 30 Sep 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
DoorDash reported Q3 2026 revenue up 34% Y/Y to $4.6 billion, GAAP net income attributable to common stockholders up 91% Y/Y to $466 million, and Adjusted EBITDA up 41% Y/Y to $1,060 million.
DoorDash had a record third quarter. Total Orders rose 28% to 993 million and Marketplace GOV rose 36% to $33.9 billion. Revenue grew 34% to $4.6 billion, and GAAP net income more than doubled to $466 million from $244 million a year earlier. Part of the growth came from the Deliveroo acquisition: excluding it, revenue grew 23%. Management also announced a deal to acquire Instacart for $65.00 per share, an equity value of about $17 billion.
For Q4 2026, DoorDash expects Marketplace GOV of $35.4 billion to $36.4 billion and Adjusted EBITDA of $900 million to $1,100 million. It plans heavy investment in new categories, international markets and its technology platform. The main tension is the Instacart deal. It is expected to close at the end of 2027 or in the first half of 2028 and needs regulatory approvals. Management expects to invest more than 100% of synergies in the first year after close. Year-end merchant payment timing will also reduce 2026 Free Cash Flow by $700 million to $800 million.
Key numbers
- Revenue · GAAP
- $4.6 billion
- Net income attributable to DoorDash common stockholders · GAAP
- $466 million
- Diluted EPS · GAAP
- $1.06
- Gross margin · GAAP
- 50.1%
- Income from operations · GAAP
- $442.0M
- Net cash provided by operating activities · GAAP
- $994 million
- Free Cash Flow · non-GAAP
- $787 million
- Adjusted EBITDA · non-GAAP
- $1,060 million
up 34% from a year ago
up 91% from a year ago
up from $0.55 a year ago
up from 49.0% a year ago
up from 258 a year ago
up from $871 million in Q3 2025
up from $723 million in Q3 2025
up 41% from $754 million in Q3 2025
| Segment or metric | Value | Change |
|---|---|---|
| Total Orders | 993 million | up 28% Y/Y (17% excluding Deliveroo) |
| Marketplace GOV | $33.9 billion | up 36% Y/Y (23% excluding Deliveroo) |
| Net Revenue Margin | 13.6% | up from 13.8% a year ago |
| Contribution Profit | $1.8B | up from $1,268 in Q3 2025 |
| Revenue, excluding Deliveroo | $4.3B | up 23% Y/Y |
Where each number comes from
- Revenue: “Marketplace GOV increased 36% Y/Y to $33.9 billion. •Revenue increased 34% Y/Y to $4.6 billion.”
- Net income attributable to DoorDash common stockholders: “GAAP net income attributable to DoorDash, Inc. common stockholders increased 91% Y/Y to $466 million.”
- Diluted EPS: “Basic | $0.57 | $1.07 | $1.70 | $1.96 Diluted | $0.55 | $1.06 | $1.65 | $1.93”
- Gross margin: “Gross profit | $1,689 | $1,911 | $1,944 | $2,223 | $2,311 Gross Margin | 49.0% | 48.3% | 48.2% | 49.9% | 50.1%”
- Income from operations: “Total costs and expenses | 3,188 | 4,174 | 9,186 | 12,357 Income from operations | 258 | 442 | 576 | 749”
- Net cash provided by operating activities: “we generated net cash provided by operating activities of $994 million and Free Cash Flow of $787 million, up from $871 million and $723 million, respectively, in Q3 2025.”
- Free Cash Flow: “we generated net cash provided by operating activities of $994 million and Free Cash Flow of $787 million, up from $871 million and $723 million, respectively, in Q3 2025.”
- Adjusted EBITDA: “Adjusted EBITDA was $1,060 million in Q3 2026, up 41% from $754 million in Q3 2025 and up 16% from $914 million in Q2 2026.”
- Total Orders: “Total Orders increased 28% year-over-year (Y/Y) to 993 million. •Marketplace GOV increased 36% Y/Y to $33.9 billion.”
- Marketplace GOV: “Total Orders increased 28% year-over-year (Y/Y) to 993 million. •Marketplace GOV increased 36% Y/Y to $33.9 billion.”
- Net Revenue Margin: “Net Revenue Margin | 13.8% | 13.3% | 12.8% | 13.5% | 13.6% GAAP gross profit | $1,689 | $1,911 | $1,944 | $2,223 | $2,311”
- Contribution Profit: “Contribution Profit | $1,268 | $1,405 | $1,380 | $1,641 | $1,780 Contribution Profit as a % of Marketplace GOV | 5.1% | 4.7%”
- Revenue, excluding Deliveroo: “Revenue attributable to Deliveroo | — | (365) | — | (1,110) Revenue, excluding Deliveroo | $3,446 | $4,251 | $9,762 | $11,996”
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 | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $4.6B | +34.0% | +3.6% |
| Operating income | $442.0M | +71.3% | +183.3% |
| Net income | $466.0M | +91.0% | +133.0% |
| Diluted EPS | $1.06 | +92.7% | +130.4% |
| Free cash flow | $904.0M | +11.9% | +2.4% |
| Operating margin | 9.6% | +2.1 pts | +6.1 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Marketplace GOV | Q4 2026 | $35.4 billion - $36.4 billion |
| Adjusted EBITDA | Q4 2026 | $900 million - $1,100 million |
| Stock-based compensation expense | 2026 | approximately $1.2 billion |
| Depreciation and amortization expense | 2026 | approximately $1.2 billion |
| Reduction to reported Free Cash Flow from year-end merchant payment timing | 2026 | between $700 million and $800 million |
Key takeaways
Record quarter for orders, GOV, revenue and net income
Total Orders rose 28% to 993 million and Marketplace GOV rose 36% to $33.9 billion. Revenue reached $4.6 billion and GAAP net income reached $466 million.
Deliveroo flatters growth, but underlying growth is strong
Excluding Deliveroo, Total Orders grew 17%, Marketplace GOV 23% and revenue 23%. DoorDash will stop disclosing results excluding Deliveroo beginning in Q4 2026.
Instacart deal is $65.00 per share, about $17 billion
Payment is at least 75% cash and up to 25% DoorDash stock. Closing is expected at the end of 2027 or the first half of 2028.
Profitability improved faster than revenue
Adjusted EBITDA rose 41% to $1,060 million and was 3.1% of Marketplace GOV, up from 3.0% a year ago. Gross margin was 50.1% versus 49.0%.
Q4 outlook implies further growth, with cash flow timing drag
Q4 2026 Marketplace GOV is guided to $35.4 billion - $36.4 billion and Adjusted EBITDA to $900 million - $1,100 million. Year-end merchant payment timing will reduce 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
What were DoorDash's key Q3 2026 results?
Revenue was $4.6 billion, up 34% from a year ago, and GAAP net income attributable to common stockholders was $466 million, up 91%. Adjusted EBITDA was $1,060 million, up 41%, and diluted EPS was $1.06.
What is DoorDash's guidance for Q4 2026?
DoorDash expects Marketplace GOV of $35.4 billion to $36.4 billion and Adjusted EBITDA of $900 million to $1,100 million. This assumes stable consumer demand and key foreign currency rates.
What are the terms of the Instacart acquisition?
DoorDash will pay $65.00 per Instacart share, an equity value of about $17 billion, in at least 75% cash and up to 25% DoorDash stock. It is expected to close at the end of 2027 or the first half of 2028, subject to approvals.
How much of DoorDash's growth came from Deliveroo?
Including Deliveroo, Total Orders grew 28%, Marketplace GOV 36% and revenue 34%. Excluding Deliveroo, those figures were 17%, 23% and 23%.
How did DoorDash's cash flow and buybacks look?
Q3 net cash from operating activities was $994 million and Free Cash Flow was $787 million. Year to date through October 28, DoorDash repurchased 6.8 million Class A shares for $1.0 billion, leaving about $4.0 billion of authorization.
Documents
From DoorDash investor relations
SEC filing
Call recording
Call recording on YouTube ↗. Official replay ↗.