DoorDash, Inc. (DASH) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 17, 2027 — estimated from last year’s reporting date.

Consensus is $0.83 EPS for Dec 2026 across 10 estimates, ranging $0.68 to $0.99.

DASH Sep 2026

Reported Oct 29, 2026 · after the close

: 29.27%
: -0.01%

: $0.82
: $1.06
: —
: $4.62B

Reported results

: $4.62B; from $3.45B
: $442.00M; from $258.00M
: 9.58%; from 7.49%
: $466.00M; from $244.00M
: $1.06; from $0.55

Highlights

Instacart deal: DoorDash agreed to acquire Instacart for $65 per share, valuing it at about $17 billion and offering a 26% premium to its October 22 closing price; consideration is at least 75% cash, with stock capped at 25%.
EPS beat: Diluted EPS of $1.06 exceeded the $0.82 consensus by 29%; revenue was $4.62 billion, up 34% year over year and 3.7% from Q2.
Marketplace growth: Total orders rose 28% year over year to 993 million, while Marketplace GOV climbed 36% to $33.9 billion, reflecting more orders and higher average order value.
Profit expansion: Operating income increased to $442 million from $258 million a year ago and $156 million in Q2; net income was $466 million versus $244 million and $200 million, respectively.
Operating contribution: Contribution Profit grew 40% to $1.78 billion, or 5.2% of GOV versus 5.1% a year ago; Adjusted EBITDA rose 41% to $1.06 billion, or 3.1% of GOV.
Revenue yield: Net Revenue Margin eased to 13.6% from 13.8%, which DoorDash attributed primarily to Deliveroo; lower consumer fees as a share of GOV were offset by advertising and lower promotions.
Cash generation: Free cash flow was $787 million versus $723 million a year earlier; cash and investments totaled $6.8 billion at quarter-end.
Deal financing and timing: DoorDash plans to fund the cash consideration with cash and debt, backed by a committed bridge facility of up to $13 billion; closing is expected in late 2027 or the first half of 2028, subject to approvals.

Analysis

The quarter was defined by DoorDash’s proposed $17 billion acquisition of Instacart, announced alongside results. The $65-per-share offer carries a 26% premium to Instacart’s October 22 closing price, is at least 75% cash, and caps DoorDash stock at 25% of consideration. The transaction would pair DoorDash’s delivery network with Instacart’s grocery technology, but remains subject to shareholder and regulatory approvals and is not expected to close until late 2027 or the first half of 2028.

The operating print was strong: diluted EPS of $1.06 beat the $0.82 consensus by 29%, while revenue grew 34% year over year to $4.62 billion and 3.7% sequentially. Orders increased 28% to 993 million and Marketplace GOV rose 36% to $33.9 billion. Operating income reached $442 million, up from $258 million a year earlier and $156 million in Q2; net income was $466 million, versus $244 million and $200 million. Contribution Profit and Adjusted EBITDA also grew about 40%, although Net Revenue Margin slipped to 13.6% from 13.8%, partly reflecting Deliveroo. Cash and investments of $6.8 billion provide a significant funding source, alongside a committed bridge facility of up to $13 billion for the deal’s cash component.

Instacart acquisition

Offer terms: DoorDash agreed to pay $65 for each Instacart share, implying approximately $17 billion of equity value and a 26% premium to the October 22 closing price. Instacart shareholders may elect cash, DoorDash stock, or a mix, subject to proration and a 25% cap on stock consideration.
Strategic case: DoorDash says the combination would pair its delivery network and consumer reach with Instacart’s grocery fulfillment and retailer technology. The companies point to access to more than 50,000 additional stores for Instacart customers, alongside nearly 100,000 stores already on Instacart, and potential DashPass/Instacart+ membership savings estimated at $100 million annually.
Operating commitments: DoorDash expects to retain Instacart’s brand, app, and enterprise technology products after closing. It has also committed to an open platform without grocery exclusivity and says Instacart Shoppers can retain their flexibility and choose whether to take DoorDash orders.
Funding and conditions: The cash portion is expected to come from cash on hand and debt financing, supported by a committed 364-day senior unsecured bridge facility of up to $13 billion. The deal has no financing condition and is targeted to close in late 2027 or the first half of 2028, subject to shareholder, antitrust, and other regulatory approvals.

Marketplace growth

Order volume: Total Orders reached 993 million, up 28% year over year from 776 million. DoorDash attributed the increase primarily to growth in consumers and the Deliveroo acquisition.
Marketplace GOV: GOV advanced 36% to $33.9 billion from $25.0 billion, driven primarily by order growth and higher average order value.
Revenue and yield: Revenue rose 34% to $4.62 billion from $3.45 billion. Net Revenue Margin declined to 13.6% from 13.8%, primarily due to Deliveroo; a lower share of consumer fees was offset by increased advertising contribution and reduced discounts and promotions.

Profitability and costs

GAAP earnings: Operating income was $442 million, versus $258 million in Q3 2025 and $156 million in Q2 2026. Operating margin expanded to about 9.6% from 7.5% a year earlier and 3.5% in Q2. Net income attributable to DoorDash common stockholders was $466 million, compared with $244 million and $200 million.
Earnings comparison: Diluted EPS of $1.06 was up from $0.55 a year earlier and $0.46 in Q2, and exceeded the $0.82 consensus. The year-over-year comparison also included a change from $81 million of other expense to $5 million of other income; net interest income fell to $37 million from $71 million.
Contribution and EBITDA: Contribution Profit increased to $1.78 billion from $1.27 billion, reaching 5.2% of GOV versus 5.1%. Adjusted EBITDA grew to $1.06 billion from $754 million, or 3.1% of GOV versus 3.0%.
Expense growth: Cost of revenue rose 29% to $2.17 billion, slower than revenue growth, while sales and marketing increased 33% to $765 million and R&D rose 41% to $499 million. Depreciation and amortization climbed 85% to $312 million, including higher acquired-intangible and capitalized-software amortization.

Cash and capital

Cash generation: Q3 operating cash flow was $994 million and free cash flow was $787 million, compared with $871 million and $723 million, respectively, a year earlier. Free cash flow reflects $90 million of property and equipment purchases and $117 million of capitalized software and website development.
Liquidity: At September 30, DoorDash held $5.05 billion of cash and cash equivalents, $929 million of short-term investments, and $805 million of long-term investments, totaling $6.8 billion. A further $660 million was held at payment processors.
Existing capital actions: DoorDash repurchased no shares during Q3. It had repurchased $1.0 billion during the first nine months of 2026, with $4.0 billion remaining under its repurchase authorization; the balance sheet also included $2.73 billion of convertible notes.

DoorDash, Inc.

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