DASH · DoorDash, Inc.

DoorDash delivered robust Q1 2026 results, with Marketplace GOV surging 37% year-over-year to $31.6 billion, fueled by 27% growth in Total Orders to 933 million, primarily from consumer expansion and sustained engagement via product enhancements and membership programs. Excluding the Deliveroo acquisition, Marketplace GOV still grew 24% Y/Y, highlighting organic strength, particularly in U.S. grocery/retail and international markets like the U.K., France, and Italy where Deliveroo drove accelerated MAUs and orders. Revenue climbed 33% Y/Y to $4.036 billion, though Net Revenue Margin dipped to 12.8% from 13.1%, reflecting investments in expansion. GAAP gross profit reached $1.944 billion (6.2% of GOV), while Contribution Profit was $1.380 billion (4.4% of GOV). Despite these gains, GAAP net income declined 5% Y/Y to $184 million (0.6% of GOV), pressured by higher operating expenses including sales/marketing (up 27% Y/Y to $746 million, 2.4% of GOV) and R&D (up 30% to $398 million, 1.3% of GOV). Adjusted EBITDA rose 28% Y/Y to $754 million but slipped quarter-over-quarter from $780 million, holding at 2.4% of GOV. Management emphasized transitioning to a single global technology platform, with foundational infrastructure live across key areas, and streamlining global operations for efficiency. U.S. restaurant category saw elevated GOV growth versus prior periods, bolstered by services like SevenRooms and Reservations expansion to Chicago. Internationally, unit economics improved excluding Deliveroo. Guidance points to Q2 Marketplace GOV of $32.4-33.4 billion and Adjusted EBITDA of $770-870 million, with full-year Adjusted EBITDA margin slightly above 2025 (ex-Deliveroo) plus $200 million from Deliveroo. A $50 million+ Dasher gas relief program is anticipated in Q2, offset by other adjustments. Stock repurchase program advanced with $205 million spent year-to-date on 1.4 million shares, $4.795 billion remaining under $5 billion authorization. Overall, results affirm execution amid investments in platform, categories, and international scale, positioning for sustained growth.