- Company name
- DoorDash
- Sector
- Local commerce & delivery
- About
- 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.
- Thesis
- 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.
- Risks
- 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.
- Balance sheet
- Cash: $6.0B
Debt: $2.8B
Net cash: $3.2B
EBITDA, last 12 months: $3.5B
Undrawn credit line: $1.7B, to August 2031
Last debt due: 2030
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. Its only debt was $2.75 billion of 0% convertible senior notes due May 15, 2030, carried at $2.73 billion. A $2.0 billion unsecured revolving credit facility runs to August 5, 2031; the balance sheet shows no loans under it, and $327 million of letters of credit were issued from it. For the Instacart purchase, JPMorgan committed a 364-day bridge loan of up to $13.0 billion, which DoorDash plans to replace with cash and permanent financing before closing. Free cash flow was $2.20 billion for the 12 months to September 30, 2026. In 2026 through October 28, DoorDash bought back 6.8 million shares for $1.0 billion, and $4.0 billion of the authorization remained. DoorDash pays no dividend. There were 411,998,576 Class A shares and 23,977,755 Class B shares outstanding on October 26, 2026.
As of 2026-09-30.
- Checkpoints
- Oct 29, 2026: Q3 2026 results against the outlook. Passed. Watch: Marketplace 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.
Feb 17, 2027 (estimate): Q4 2026 results and 2027 outlook. Pending. Watch: Marketplace GOV of $35.4 billion to $36.4 billion and Adjusted EBITDA near $1.0 billion pass; lower results fail.
Q4 2027 (estimate): Antitrust review of the Instacart purchase. Pending. Watch: Antitrust clearance and a closing by mid-2028 pass; a block or a forced sale of large assets fails.
- Recent events
- 2026-10-29: DoorDash 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.
2026-10-29: DoorDash 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.
2026-09-18: DoorDash 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.
2026-08-05: DoorDash reported Q2 2026 results. Total Orders rose 27% to 970 million, Marketplace GOV rose 36% to $33.1 billion and revenue rose 36% to $4.45 billion. Net income fell 30% to $200 million, and Adjusted EBITDA rose 40% to $914 million. On the same day, DoorDash amended its $2.0 billion revolving credit facility and extended it to August 5, 2031.
2026-05-06: DoorDash reported Q1 2026 results. Total Orders rose 27% to 933 million, Marketplace GOV rose 37% to $31.6 billion and revenue rose 33% to $4.04 billion. Net income fell 5% to $184 million, and Adjusted EBITDA rose 28% to $754 million. DoorDash expected Deliveroo to add about $200 million of Adjusted EBITDA in 2026.
2026-02-18: DoorDash reported 2025 results. Marketplace GOV rose 27%, or 23% without Deliveroo, and diluted EPS was $2.13. DoorDash ended 2025 with more than 56 million monthly active users and more than 35 million members of DashPass, Wolt+ and Deliveroo Plus.