DoorDash (DASH) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw strong growth across core restaurant, grocery, and international segments, with Total Orders up 27% year-over-year to 970 million and revenue up 36% to $4.5 billion, driven by consistent execution, strategic initiatives, and accelerating order and revenue growth in Deliveroo and Wolt.

• Membership programs, especially DashPass, contributed significantly to growth and engagement, with U.S. paid DashPass members increasing more in the past 12 months than the previous 24 months combined, and DashPass paid subscriber growth at a multi-year high.

• Unit economics improved across all categories and geographies, driven by higher DashPass adoption, ads growth, and operational efficiencies.

• Investments in AI, autonomous delivery (Dot), and merchant services are delivering tangible benefits and are expected to drive future growth, with new consumer and merchant features, increased robot deliveries, and FAA certification for drone operations.

• International operations, including Wolt and Deliveroo, showed improved unit economics and accelerated growth, supported by organizational restructuring and capital allocation updates.

Financial highlights

• Adjusted EBITDA materially exceeded guidance, increasing 40% year-over-year to $914 million, driven by better-than-expected unit economics in ads, subtotal, and Deliveroo, which was contribution profit positive.

• Marketplace GOV rose 36% year-over-year to $33.1 billion; revenue increased 36% to $4.5 billion.

• Net cash from operating activities was $944 million, and Free Cash Flow was $742 million, both up significantly year-over-year.

• New verticals (grocery, retail) outpaced restaurant growth and are on track to be gross profit positive in the second half of the year.

• Take rate increased from Q1 to Q2 due to seasonal Dasher cost reductions; expected to remain flat in Q3 and decline in Q4.

Outlook and guidance

• Q3 2026 Marketplace GOV expected between $33.0–$34.0 billion; Adjusted EBITDA guidance of $950–$1,100 million.

• Expect to land within Q3 guidance range; continued focus on balancing growth and profitability.

• Ongoing investments in autonomy, tech stack unification, and merchant services are on budget and on plan.

• Anticipate further benefits from tech stack integration and AI-driven efficiencies into 2027.

• Year-end merchant payment timing expected to reduce 2026 Free Cash Flow by $700–$800 million.