DoorDash Q2 2026 Results: Revenue Rises 36% to $4.5B, Adjusted EBITDA Surges 40%
DoorDash reported strong Q2 2026 results with revenue of $4.5 billion (+36% YoY), Adjusted EBITDA of $914 million (+40% YoY), and Free Cash Flow of $742 million. Total Orders reached 970 million (+27% YoY) and Marketplace GOV hit $33.1 billion (+36% YoY), driven by DashPass membership growth, Deliveroo consolidation, and expanding merchant and AI-based services. For Q3 2026, the company guided Marketplace GOV of $33–$34 billion and Adjusted EBITDA of $950 million–$1,100 million.
*this image is generated using AI for illustrative purposes only.
DoorDash, Inc. reported its financial results for the second quarter ended June 30, 2026, delivering strong top-line and margin performance. Revenue rose 36% year-over-year to $4.5 billion, while Adjusted EBITDA surged 40% to $914 million — well above management's expectations. GAAP net income attributable to common stockholders was $200 million, a 30% decline year-over-year, reflecting higher operating costs. Total Orders grew 27% year-over-year to 970 million, and Marketplace Gross Order Value (GOV) — the total dollar value of orders on the company's marketplaces — increased 36% to $33.1 billion, exceeding prior guidance of $32.4 billion to $33.4 billion.
Key Financial Metrics
The table below summarises DoorDash's Q2 2026 performance against the prior-year period.
| Metric: | Q2 2026 | Q2 2025 | YoY Change |
|---|---|---|---|
| Revenue: | $4,454 million | $3,284 million | +36% |
| Total Orders: | 970 million | 761 million | +27% |
| Marketplace GOV: | $33,078 million | $24,244 million | +36% |
| GAAP Gross Profit: | $2,223 million | $1,608 million | — |
| Contribution Profit: | $1,641 million | $1,147 million | — |
| Adjusted EBITDA: | $914 million | $655 million | +40% |
| Adj. EBITDA % of GOV: | 2.8% | 2.7% | — |
| GAAP Net Income (common): | $200 million | $285 million | -30% |
| Net Revenue Margin: | 13.5% | 13.5% | — |
| Free Cash Flow: | $742 million | $355 million | +109% |
| Net Cash from Operations: | $944 million | $504 million | +87% |
Excluding the impact of the Deliveroo acquisition, Total Orders grew 17% year-over-year, Marketplace GOV grew 23%, and revenue grew 24% in Q2 2026.
Operational Highlights and Membership Growth
A key driver of the quarter's performance was accelerating adoption of the DashPass subscription programme. In the 12 months through Q2 2026, the number of U.S. paid DashPass members increased by more than the total added over the previous 24 months combined. DashPass members placed approximately 75% of all Total Orders in U.S. grocery and retail categories during the quarter, signalling deepening customer loyalty and recurring revenue potential. Year-over-year growth in Marketplace GOV in the U.S. restaurant category accelerated slightly in Q2 2026, supported by strong U.S. DashPass membership.
On the international front, DoorDash noted that year-over-year growth in Marketplace GOV at Deliveroo accelerated in Q2 2026, while Wolt saw improvements in month-3 and month-6 cohort order rates alongside substantially improved unit economics. The company is pursuing three initiatives to improve international execution: building a single global technology platform, reorganising certain international operating groups around functional areas rather than brands, and updating capital allocation processes. The global technology platform is expected to be fully rolled out in the first half of 2027.
Cost Structure and Expense Trends
The following table presents key expense line items and their year-over-year and sequential changes for Q2 2026.
| Expense Item: | Q2 2026 | YoY Change | QoQ Change |
|---|---|---|---|
| Cost of Revenue (ex. D&A): | $2,107 million | +30% | +6% |
| Sales & Marketing: | $821 million | +35% | +10% |
| Research & Development: | $535 million | +52% | +34% |
| General & Administrative: | $538 million | +39% | +25% |
As a percentage of Marketplace GOV, GAAP cost of revenue (exclusive of depreciation and amortisation) was 6.4% in Q2 2026, down from 6.7% in Q2 2025. Sales and marketing as a percentage of GOV was 2.5%, in line with Q2 2025. Research and development as a percentage of GOV rose to 1.6% from 1.4% in Q2 2025, driven by higher personnel-related compensation and third-party software expenses. General and administrative as a percentage of GOV was 1.6%, in line with Q2 2025, though driven higher by legal, tax, and regulatory expenses.
Strategic Initiatives: AI, Autonomy, and Merchant Services
DoorDash highlighted several strategic areas of investment during the quarter. The company launched Ask, a DoorDash AI assistant designed to help consumers discover restaurants and build grocery baskets. Internally, AI-tool adoption has expanded across engineering, marketing, finance, legal, and other functions. In autonomy, DoorDash reported progress with its land-based robot Dot, with the company expecting Dot to deliver a high single-digit percentage of orders in its largest test market by year-end. DoorDash Air recently earned Part 135 air carrier certification from the Federal Aviation Administration, enabling expanded testing of drone delivery experiences.
In merchant services, DoorDash grew new signed venues at SevenRooms by over 100% year-over-year and grew revenue from its digital ordering service — used by over 150,000 merchants — by over 40% year-over-year. Reservations booked through its marketplaces increased by over 150% quarter-over-quarter in Q2 2026.
Capital Returns
In February 2025, DoorDash's board authorised the repurchase of up to $5.0 billion of Class A common stock. Year to date through August 5, the company repurchased 6.8 million shares for $1,049 million under this authorisation, leaving approximately $3,951 million remaining.
Forward Guidance and Cost Outlook
The following table summarises DoorDash's Q3 2026 financial outlook.
| Period: | Marketplace GOV | Adjusted EBITDA |
|---|---|---|
| Q3 2026: | $33.0 billion – $34.0 billion | $950 million – $1,100 million |
For the full year 2026, management expects stock-based compensation expense of approximately $1.2 billion to $1.3 billion, and depreciation and amortisation expense of approximately $1.1 billion to $1.2 billion, inclusive of approximately $450 million of amortisation of acquired intangible assets. Year-end timing of merchant payments is expected to reduce reported 2026 Free Cash Flow by between $700 million and $800 million. Management also cautioned that Q4 2026 Adjusted EBITDA as a percentage of Marketplace GOV is expected to decline quarter-over-quarter, driven primarily by a seasonal increase in Dasher costs, an annual increase in insurance expenses, and increased investments in the global technology platform and autonomy initiatives.
How will the anticipated Q4 2026 decline in Adjusted EBITDA margins, driven by seasonal Dasher costs and insurance hikes, impact DoorDash's ability to sustain its current share repurchase pace?
What specific operational synergies or cost savings are investors expecting from the integration of Deliveroo and Wolt into the single global technology platform slated for rollout in H1 2027?
Given the 52% YoY surge in R&D expenses, how quickly can DoorDash monetize its investments in AI assistant 'Ask' and autonomous delivery technologies like Dot and DoorDash Air to offset these rising costs?
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