DoorDash earnings
DoorDash's next results are expected on November 4, 2026. The key thing to watch is whether underlying cash generation improves after separating merchant-payment timing from operating changes.
What has DoorDash guided for 2026?
The weighted forecast points to losses at both forecast dates; it hinges on integration, local density and spending producing durable operating improvement. Management guides to Marketplace GOV of $33,000–$34,000 million for the quarter ending September 2026. Adjusted EBITDA guidance is $950–$1,100 million. For 2026, stock-based compensation is guided to $1,200–$1,300 million. Depreciation and amortization is guided to $1,100–$1,200 million. Merchant-payment timing is expected to reduce the company’s free cash flow by $700–$800 million.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Marketplace GOV | Quarter to Sep 2026 | 33,000 | 34,000 | Aug 5, 2026 |
| Adjusted EBITDA | Quarter to Sep 2026 | 950 | 1,100 | Aug 5, 2026 |
| stock-based compensation expense | Year to Dec 2026 | 1,200 | 1,300 | Aug 5, 2026 |
| depreciation and amortization expense | Year to Dec 2026 | 1,100 | 1,200 | Aug 5, 2026 |
| year-end timing for merchant payments — reduction in Free Cash Flow | Year to Dec 2026 | 700 | 800 | Aug 5, 2026 |
Has DoorDash kept its past promises?
Xu’s older award included a clearer hurdle based on sustained stock-price performance. Its first portion vested in 2025 after the relevant 180-day average price exceeded US$187.60. A second portion vested after the average exceeded US$226.80. Those conditions show that an explicit promise was met, even though reported annual pay does not capture the full economic value of older awards becoming earned.
What have DoorDash's last eight quarters shown?
Revenue reached $4,454 million, up from $3,284 million a year earlier. Orders reached 970 million and Marketplace GOV approximately $33.1 billion. Deliveroo, the acquired delivery company, supplied much of the difference between headline and underlying growth: excluding it, revenue grew 24% and GOV 23%. The existing marketplace was therefore still expanding strongly.
Marketplace profitability improved. Gross margin rose from 49.0% to 49.9%. Contribution Profit increased from 4.7% to 5.0% of GOV. Adjusted EBITDA rose from $655 million to $914 million. Yet operating income fell from $163 million to $156 million, while net income fell from $285 million to $200 million. Better order economics were being absorbed elsewhere.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,454 | 4,036 | 3,955 | 3,446 | 3,284 | 3,032 | 2,873 | 2,706 |
| Gross margin | 49.9% | 48.2% | 48.3% | 49.0% | 49.0% | 48.7% | 47.8% | 47.4% |
| Operating income | 156 | 151 | 147 | 258 | 163 | 155 | 117 | 107 |
| Net income | 200 | 184 | 213 | 244 | 285 | 193 | 141 | 162 |
| EPS, diluted | 0.46 | 0.42 | 0.48 | 0.55 | 0.65 | 0.44 | 0.33 | 0.38 |
| Cash from operations | 944 | 594 | 421 | 871 | 504 | 635 | 518 | 531 |
What this means. Some quarterly cash figures are calculated by subtracting earlier totals, so they are not always directly reported three-month amounts.
What should I watch in DoorDash's next results?
The November 4 results should test the September-quarter guidance and clarify the fourth-quarter investment burden. The December cash-flow close should show whether underlying cash generation improved after separating merchant-payment timing from operating changes. During the first half of 2027, completion of the shared platform should appear in faster product deployment and better productivity, not another delayed deadline.