0001792789-26-000048
SEC filingDoorDash Q2 2026业绩超预期，营收与订单强劲增长，Adjusted EBITDA大幅超指引。
| 指标 | 本期 (Q2 2026) | 去年同期 (Q2 2025) | 同比 |
|---|---|---|---|
| Revenue | $4,454 million | $3,284 million | 36% |
| Total Orders | 970 million | 761 million | 27% |
| Marketplace GOV | $33,078 million | $24,244 million | 36% |
| Net Revenue Margin | 13.5% | 13.5% | — |
| GAAP Gross Profit | $2,223 million | $1,608 million | — |
| Gross Margin | 49.9% | 49.0% | — |
| Contribution Profit | $1,641 million | $1,147 million | — |
| GAAP Operating Income | $156 million | $163 million | — |
| GAAP Net Income | $200 million | $285 million | (30)% |
| Diluted EPS (GAAP) | $0.46 | $0.65 | — |
| Adjusted EBITDA | $914 million | $655 million | 40% |
| Adjusted EBITDA as % of Marketplace GOV | 2.8% | 2.7% | — |
| Net cash provided by operating activities | $944 million | $504 million | 87% |
| Free Cash Flow | $742 million | $355 million | 109% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Marketplace GOV | $33.0 billion - $34.0 billion | N/A |
| Q3 2026 | Adjusted EBITDA | $950 million - $1,100 million | Non-GAAP |
简评
DoorDash Q2 2026业绩表现强劲，营收与Marketplace GOV均同比增长36%，Total Orders同比增长27%，增长主要由消费者数量增长及收购Deliveroo贡献。剔除Deliveroo影响后，Total Orders、Marketplace GOV及营收同比增速分别为17%、23%和24%，显示核心业务仍保持稳健增长。盈利能力方面，Adjusted EBITDA同比增长40%至$914 million，远超公司预期，利润率同比提升0.1个百分点至2.8%，主要得益于运营杠杆和单位经济改善。GAAP净利润同比下降30%至$200 million，主要受收购相关成本、研发及管理费用增加，以及股票薪酬费用上升影响。
管理层强调，美国DashPass会员增长强劲，过去12个月新增付费会员数超过此前24个月总和，有效推动餐厅及杂货零售类目增长。国际业务方面，Wolt和Deliveroo均实现增长与单位经济改善，Deliveroo贡献显著。公司持续加大在AI、全球技术平台及自主配送（Dot机器人、DoorDash Air无人机）领域的投资，预计全球技术平台将于2027年上半年全面上线。资本返还方面，公司年内已回购6.8 million股，耗资$1,049 million，剩余授权额度约$3,951 million。指引方面，Q3 2026预计Marketplace GOV为$33.0-$34.0 billion，Adjusted EBITDA为$950-$1,100 million，并提示Q4利润率将因季节性Dasher成本、保险费用及投资增加而环比下降。