DoorDash

DoorDash connects consumers with local businesses in more than 40 countries. On its DoorDash, Wolt and Deliveroo Marketplaces, consumers order food, groceries and other goods for delivery or pickup, and independent contractors called Dashers deliver most orders. Its Commerce Platform gives merchants tools for their own online ordering and delivery.

Consumers can join membership programs such as DashPass, Wolt+ and Deliveroo Plus, which lower delivery and service fees, and merchants and consumer brands buy advertising on the Marketplaces. DoorDash bought Deliveroo on October 2, 2025, for $3.72 billion. In Q3 2026, it had 993 million Total Orders and Marketplace GOV of $33.9 billion.

Revenue was $13.72 billion in 2025. The company moved its incorporation from Delaware to Nevada on September 18, 2026. The head office is in San Francisco, California, and co-founder Tony Xu is its chief executive officer and chair.

DoorDash trades below its intrinsic value because investors doubt that its large new investments and its purchase of Instacart will pay off. Growth is strong: in Q3 2026, Marketplace GOV rose 36% to $33.9 billion, or 23% without Deliveroo, and net income rose 91% to $466 million. But the company spends heavily on its new global technology platform, autonomous delivery and new markets, and it expects stock-based compensation of about $1.2 billion in 2026. On October 29, 2026, it agreed to buy Instacart for about $17 billion, at least 75% in cash, with a bridge loan commitment of up to $13.0 billion.

For the gap to close, three things must be true. Order growth must stay high in the United States and abroad while Adjusted EBITDA as a percentage of Marketplace GOV keeps rising. The Instacart purchase must pass antitrust review, and DoorDash must keep investment-grade ratings after the new debt. The spending on technology and autonomy must lower costs over time.

The Q4 2026 report, expected in mid-February 2027, is the next test, and the Instacart closing, expected at the end of 2027 or in the first half of 2028, decides much of the risk. If regulators block the purchase, DoorDash pays Instacart a termination fee of $1.25 billion.

1. Oct 29, 2026Passed

   Q3 2026 results against the outlookMarketplace GOV and Adjusted EBITDA within or above the outlook of $33.0 billion to $34.0 billion and $950 million to $1,100 million pass; below fails.Outcome: Marketplace GOV was $33.9 billion and Adjusted EBITDA was $1,060 million, both within the outlook.
2. Feb 17, 2027 · est.Pending

   Q4 2026 results and 2027 outlookMarketplace GOV of $35.4 billion to $36.4 billion and Adjusted EBITDA near $1.0 billion pass; lower results fail.
3. Q4 2027 · est.Pending

   Antitrust review of the Instacart purchaseAntitrust clearance and a closing by mid-2028 pass; a block or a forced sale of large assets fails.

Every passed and failed checkpoint across all picks

• October 29, 2026DoorDash reported Q3 2026 results. Total Orders rose 28% to 993 million, Marketplace GOV rose 36% to $33.9 billion and revenue rose 34% to $4.62 billion. Net income was $466 million, or $1.06 per diluted share, and Adjusted EBITDA rose 41% to $1,060 million. For Q4 2026, DoorDash expects Marketplace GOV of $35.4 billion to $36.4 billion and Adjusted EBITDA of $900 million to $1,100 million. In 2026 through October 28, it bought back 6.8 million shares for $1.0 billion.
• October 29, 2026DoorDash agreed to buy Instacart for $65.00 per Instacart share, an equity value of about $17 billion. Instacart holders can choose cash, 0.3372 DoorDash shares or a mix, but DoorDash stock is at most 25% of the total. JPMorgan committed a 364-day bridge loan of up to $13.0 billion. The deal needs Instacart holder approval and antitrust and other approvals, and it is expected to close at the end of 2027 or in the first half of 2028. DoorDash must pay $1.25 billion if antitrust rules stop the deal.
• September 18, 2026DoorDash completed its move from Delaware to Nevada as its state of incorporation. The company said that the change did not change its business, jobs, management or properties.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 17, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · dash-20260930
• 8-KNew material agreement and Investor disclosureFiled October 29, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · dash-20261029
• 8-KOther company newsFiled September 18, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled August 11, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · dash-20260630
• 8-KEarnings release and Investor disclosureFiled August 5, 2026 · dash-20260805
• 8-KShareholder vote results and Other company newsFiled June 12, 2026 · dash-20260610
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · dash-20260331
• 8-KEarnings release and Investor disclosureFiled May 6, 2026 · dash-20260506

Every filing on SEC EDGAR (CIK 1792789)

• The Instacart purchase needs antitrust approvals and is expected to close only at the end of 2027 or in the first half of 2028. DoorDash plans new debt for most of the cash price, and it pays $1.25 billion if antitrust rules stop the deal.
• Competition is strong from other delivery platforms and from large retailers that build their own delivery. Lower fees or more incentives can lower margins.
• Laws on the classification of Dashers as independent contractors, on merchant commissions and on consumer fees can raise costs or limit prices.
• DoorDash spends heavily on a global technology platform, autonomous delivery and new markets. It expects stock-based compensation of about $1.2 billion and depreciation and amortization of about $1.2 billion in 2026.
• The co-founders hold Class B shares with more votes, which concentrates voting control. International operations add currency and political risks.

DoorDash has more cash than debt. At September 30, 2026, cash and cash equivalents were $5.05 billion and short-term investments were $929 million, and long-term investments were $805 million more. Read more

DoorDash does not pay a dividend.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.