# DoorDash (DASH) Q3 2026 earnings

Results filed 2026-10-29 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/dash/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000062/0001792789-26-000062-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $4.6 billion | up 34% from a year ago | GAAP |
| Net income attributable to DoorDash common stockholders | $466 million | up 91% from a year ago | GAAP |
| Diluted EPS | $1.06 | up from $0.55 a year ago | GAAP |
| Gross margin | 50.1% | up from 49.0% a year ago | GAAP |
| Income from operations | 442 | up from 258 a year ago | GAAP |
| Net cash provided by operating activities | $994 million | up from $871 million in Q3 2025 | GAAP |
| Free Cash Flow | $787 million | up from $723 million in Q3 2025 | non-GAAP |
| Adjusted EBITDA | $1,060 million | up 41% from $754 million in Q3 2025 | non-GAAP |

## Segments and operating metrics

| Name | 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 | $1,780 | up from $1,268 in Q3 2025 |
| Revenue, excluding Deliveroo | $4,251 | up 23% Y/Y |

## 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

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

## 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.

## Slides and investor documents

- [Earnings Webcast](https://events.q4inc.com/attendee/453995521) (Webcast replay)
- [Financial Statements](https://s22.q4cdn.com/280253921/files/content_files/Q3-2026-Financial-Statements.pdf) (Financial tables)