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DASH
DoorDash, Inc.
Earnings
DASH | Earnings Review
DoorDash, Inc. | 2026 Q1 reported May 6, 2026 AMC | Analysis date: May 7, 2026 | Daloopa company_id 25487
Marketplace GOV
+37.0% YoY
$31.6B vs ~$31.5B Street; in-line; +1% drag from winter storms; Deliveroo consolidated (closed Q4'25)
Adj EBITDA Beat
+1.7%
$754M vs ~$741.5M Street; +27.8% YoY (dollars), but margin -17 bps of GOV — first deterioration in series
Revenue / EPS
$4.04B MISS / $0.42 BEAT
Rev -2.7% vs $4.15B (take rate -30 bps to 12.8% on Deliveroo dilution); EPS beat $0.37 by +13.5% (down -4.5% YoY despite +33% rev)
Q2'26 Guide
GOV BEAT / EBITDA in-line
GOV $32.4-33.4B mid $32.9B (+1.5% vs $32.4B Street); EBITDA $770-870M mid $820M (~$822.5M Street); stock +10% AH
Headline acceleration on Deliveroo consolidation; underlying margin quality decelerating. Q1'26 Total Orders 933M (+27.5%), Marketplace GOV $31.6B (+37.0%), Revenue $4.04B (+33.1%) — all inflated by Deliveroo (closed Q4'25). Take rate compressed to 12.8% (-30 bps YoY), lowest since Q1'24, on Deliveroo geographic/category mix dilution. Adj EBITDA $754M (+27.8% in dollars) beat ~$741M Street by +1.7%, but margin compressed -17 bps as % of GOV (first negative YoY print in series) and -78 bps as % of revenue; first sequential EBITDA dollar decline ($780M Q4'25 → $754M Q1'26). GAAP Op Income $151M -2.6%; EPS $0.42 -4.5% YoY despite +33% revenue (Deliveroo dilution + transaction costs + higher tax/SBC). Headline beats vs Street: EBITDA +1.7%, EPS +13.5% (vs $0.37); Revenue MISS -2.7% (vs ~$4.15B); GOV in-line. Stock +10% AH on Q2 GOV beat & EBITDA reaffirmation. Q2'26 guide: GOV $32.4-33.4B (mid +1.5% vs Street); Adj EBITDA $770-870M (in-line $822.5M Street). Operational drivers: US revenue $3.10B +16.9% (best US growth since 2024); International $932M +148% YoY (now 23.1% of total). DashPass/Wolt+ ~35M members (+59% YoY). FY26 framework reaffirmed: Adj EBITDA margin slightly above 2025 ex-GOV (Deliveroo $200M EBITDA contribution maintained — only <$25M in Q1, implies sharp 2H ramp); 2H'26 dollars and margin meaningfully > 1H'26. $50M/Q gas-rewards drag in Q1 + Q2 (consumer investment); replatforming on Wolt + Deliveroo means redundant 3-stack costs through '26 into early '27. Tone: as confident on demand/competitive position as past 4 quarters but slightly more conservative on GOV beat magnitude (started Q4'25 "within range" caveat). New international/FX risk language post-Deliveroo. Capital allocation: only $205M of $5B authorization repurchased YTD ($4.795B remaining). Watch: (1) New Verticals 2H'26 gross-profit-positive bar (note: downgraded from "unit-economic positive" Q4'25 framing); (2) Deliveroo $200M EBITDA contribution 2H ramp; (3) advertising scale; (4) Dot AV (in-house); (5) DashPass cross-vertical retention.
Key Metrics Trends
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Total Orders (M) | $620M | $635M | $643M | $685M | $732M | $761M | $776M | $903M | $933M |
| Total Orders (M) YoY % | - | - | - | - | +18.1% | +19.8% | +20.7% | +31.8% | +27.5% |
| Marketplace GOV ($M) | $19.2B | $19.7B | $20.0B | $21.3B | $23.1B | $24.2B | $25.0B | $29.7B | $31.6B |
| Marketplace GOV ($M) YoY % | - | - | - | - | +19.9% | +23.0% | +25.1% | +39.5% | +37.0% |
| Total Revenue ($M) | $2.5B | $2.6B | $2.7B | $2.9B | $3.0B | $3.3B | $3.4B | $4.0B | $4.0B |
| Total Revenue ($M) YoY % | - | - | - | - | +20.7% | +24.9% | +27.3% | +37.7% | +33.1% |
| Adj EBITDA ($M) | $371M | $430M | $533M | $566M | $590M | $655M | $754M | $780M | $754M |
| Adj EBITDA ($M) YoY % | - | - | - | - | +59.0% | +52.3% | +41.5% | +37.8% | +27.8% |
| Adj EBITDA % of GOV | 1.9% | 2.2% | 2.7% | 2.7% | 2.6% | 2.7% | 3.0% | 2.6% | 2.4% |
| Adj EBITDA % of GOV YoY chg (bps) | - | - | - | - | +63 | +52 | +35 | -3 | -17 |
| Adj EBITDA % of Revenue | 14.8% | 16.4% | 19.7% | 19.7% | 19.5% | 19.9% | 21.9% | 19.7% | 18.7% |
| Adj EBITDA % of Revenue YoY chg (bps) | - | - | - | - | +470 | +360 | +218 | +2 | -78 |
_Trajectory: two-phase story — headline accelerating, profit quality decelerating. Phase 1 (2024-2025Q1): clean operating leverage. Order/GOV growth ~20%, revenue ~25%, EBITDA YoY +54% to +59%, margin (% GOV) expanding +50-65 bps YoY. GAAP profitability inflected in 2024Q3. Peak quality at 2025Q1: EBITDA YoY +59%, margin +63 bps YoY — best print in series. Phase 2 deceleration starting 2025Q2: EBITDA growth halved from +59% (Q1'25) → +28% (Q1'26). Acceleration sharply negative (-670, -1,080, -370, -1,000 bps QoQ). Deliveroo distortion: 2025Q4 and 2026Q1 topline metrics inflated by acquisition; do not reflect organic acceleration. Margin rollover: EBITDA margin (% of GOV) turned negative YoY in last two quarters (-3 bps Q4'25, -17 bps Q1'26) — first deterioration in dataset. Q1'26 worst quality quarter: first sequential EBITDA dollar decline ($780M → $754M) and EPS -4.5% YoY. Verdict: Headline growth optically accelerating; underlying profit trajectory clearly decelerating. Reinvestment + Deliveroo integration cycle is masking deteriorating organic operating leverage._
Beat/Miss
Guidance
Catalysts
Street Q&A
Contradictions
Read-Throughs
This Quarter vs Consensus
| Metric | Consensus | Actual | Variance | Read |
|---|---|---|---|---|
| Marketplace GOV ($B) | ~$31.5B | $31.6B | In-line | +37.0% YoY (Deliveroo aided) |
| Total Orders (M) | — | 933 | +27.5% YoY | Beat — 2 straight Q >25% growth |
| Revenue ($B) | ~$4.15B | $4.04B | -$0.11B / -2.7% | MISS — take-rate compression |
| Adj EBITDA | ~$741.5M | $754M | +$12.5M / +1.7% | Beat — but margin -17 bps GOV |
| GAAP EPS | ~$0.37 | $0.42 | +$0.05 / +13.5% | Beat — but -4.5% YoY |
| Adj EBITDA % of GOV | — | 2.39% | -17 bps YoY | First negative YoY print in series |
| Take Rate (Net Rev Margin) | — | 12.8% | -30 bps YoY | Lowest since Q1'24 — Deliveroo mix |
| L8Q Adj EBITDA beat rate | — | 8/8 = 100% | — | Sell-side persistently underestimates leverage |
| L8Q Total Orders beat rate | — | 7/8 = 88% | — | Demand never misses |
| L8Q GOV beat rate | — | 100% beat-or-in-line (3 beats / 5 in-line) | — | Consistent |
| L8Q Revenue beat rate | — | 5/8 = 63% | — | Take-rate/mix issues |
| L4Q EBITDA beat rate | — | 4/4 = 100% | — | Consistent Beater |
| L4Q Revenue beat rate | — | 2/4 = 50% | — | Mixed |
Pattern: Operational beater (Orders + EBITDA) but profit-quality deceleration the new wrinkle. Adj EBITDA beat 8/8 quarters; Total Orders 7/8; GOV 100% beat-or-in-line. Revenue beats lumpier (5/8) on take-rate/mix. EPS beats 4/8 on volatile below-the-line items (especially Q3'25 / Q4'25 around Deliveroo close). Q1'26 was unusual: Revenue MISS but EBITDA & EPS BEAT — ad/grocery upside + push of replatforming investments H1→H2. Mgmt explanation Q1'26: ~1% GOV drag from winter storms; $50M gas-rewards consumer investment introduced in Q1, extended in Q2. EBITDA still beat because Ravi pushed platform/replatforming investments from H1 to H2. FY framework reaffirmed: slightly higher margin ex-GOV vs 2025; ~$200M EBITDA from Deliveroo (only <$25M in Q1, implies sharp 2H ramp). Stock +10% AH on Q2 GOV beat + framework reaffirmation.
Guidance Deep Dive
| Metric | Prior Guide / Trend | New Guide Range | New Guide Mid | Street Pre-Print | vs Prior | vs Street |
|---|---|---|---|---|---|---|
| Q2'26 Marketplace GOV ($B) | n/a (1Q forward) | $32.4-33.4B | $32.9B | $32.4B | n/a | +$0.5B / +1.5% |
| Q2'26 Adj EBITDA ($M) | n/a (1Q forward) | $770-870M | $820M | $822.5M | n/a | ~In-line |
| Q1'26 calibration: GOV | $31.0-31.8B (prior guide) | — | — | — | $31.6B (high end) | — |
| Q1'26 calibration: Adj EBITDA | $675-775M (prior guide) | — | — | — | $754M (high end) | — |
| FY26 Adj EBITDA Margin (ex-GOV ex-Deliveroo) | Slightly higher vs FY25 | Slightly higher vs FY25 | — | — | Reaffirmed | — |
| FY26 Deliveroo EBITDA contribution | $200M | $200M (only <$25M in Q1) | — | — | Reaffirmed | Sharp 2H ramp implied |
| FY26 H2 vs H1 | — | Dollars + margin meaningfully higher | — | — | — | — |
| FY26 Gas Rewards drag | — | $50M/Q in Q1 & Q2 | — | — | Open-ended into 2H | — |
| FY26 New Verticals | Unit-economic positive 2H (Q4'25) | Gross profit positive 2H | — | — | Goalpost downgrade | — |
| FY26 International segment profitability | Gross profit positive → near contribution breakeven | Contribution profit positive 2H'26 | — | — | Consistent ladder | — |
| FY26 Replatforming costs | — | Through '26, partial bleed 2027 | — | — | Redundant 3-stack costs | — |
| Buyback ($5B authorization) | — | $205M YTD | $4.795B remaining | — | Modest pace | — |
Tone: as confident on demand/competitive position as past 4 quarters but slightly more conservative on GOV beat magnitude. Started in Q4'25 with the unusual "within range" caveat. New risk language elevated around international/FX exposure post-Deliveroo. Gas relief drag of ~$50M/Q is the main near-term EBITDA headwind and is open-ended into 2H. Wolt/Deliveroo integration on track: in production-traffic phase; redundant tech-stack costs run through '26 into early '27. Deliveroo "highest growth in 4 years and reaccelerating monthly"; Wolt "highest share performance in each country." Margin watch: first sequential EBITDA dollar decline ($780M → $754M); first negative YoY EBITDA-margin-of-GOV print. Mgmt argues this is reinvestment + Deliveroo integration timing (2H ramp), not a structural break. Notable absence: Q1 transcript did not directly address $5B buyback execution, CA Prop 22, EU Platform Work Directive, or tariffs. Macro framed as benign (MAU all-time high, ~1% Q1 GOV drag from winter storms only). Disciplined messaging: many phrases repeat verbatim across calls (e.g., "$200M Deliveroo," "slightly above 2025 ex-GOV").
Upcoming Catalysts
| # | Catalyst | Timing | What to Watch | Read |
|---|---|---|---|---|
| 1 | New Verticals gross-profit positive 2H 2026 | 2H 2026 | Goalpost downgraded from "unit-economic positive" (Q4'25) to "gross profit positive" (Q1'26) | Most concrete near-term catalyst — but bar lowered |
| 2 | DashPass record subscription growth | Through FY26 | Cross-brand growth (DoorDash, Wolt, Deliveroo); ~35M members Q4'25 (+59% YoY) | Lock-in flywheel |
| 3 | Advertising at "record high" | Through FY26 | SMB, enterprise, CPG unlocking; off-site expansion ahead | High-margin growth wedge |
| 4 | Replatforming on Wolt + Deliveroo | Through '26, partial bleed 2027 | Redundant 3-stack costs; production-traffic phase | Cost overhang |
| 5 | DoorDash Dot (autonomous) | Early innings, 2026 hardening year | In-house build; not '26 P&L driver | Long-term moat |
| 6 | Gas-rewards $50M/Q drag | Q1+Q2 2026 confirmed; open-ended 2H | Consumer investment; offset by H1→H2 platform investment shift | Margin watch-item |
| 7 | Grocery share leadership extending | Through FY26 | 1-of-2 new-to-category grocery customers; volume share leader vs CART | NEGATIVE for CART |
| 8 | DashMart Fulfillment Services | Deliberately slow scale | Handful of partners only | Optionality |
| 9 | Deliveroo reaccelerating to highest growth in 4 years | Through FY26 | $200M EBITDA contribution implies sharp 2H ramp (only <$25M in Q1) | Integration tailwind |
| 10 | Wolt gaining share in every country | Through FY26 | Highest share performance in each country | European wedge vs Uber Eats / Just Eat |
| 11 | Q2'26 GOV beat magnitude | Aug 2026 | $32.4-33.4B vs $32.4B Street; in-line orders growth | Confirms Q1'26 print read |
| 12 | FY26 EBITDA margin (ex-GOV) slightly above 2025 | Through FY26 | 2H ramp confirmation; Deliveroo accretion | Reaffirmed |
| 13 | International contribution profit positive 2H'26 | 2H 2026 | Wolt + Deliveroo profitability ladder | Sequential improvement |
| 14 | $5B buyback ($4.795B remaining) | Multi-year | Pace ($205M YTD modest); M&A optionality | Slow pace |
| 15 | Competitive — Uber Eats Europe (DoorDash + Prosus) | Ongoing | DASH gaining share in every market via Wolt + Deliveroo | NEGATIVE for UBER Eats Europe |
| 16 | AI / Agentic delivery (Apple, OpenAI, Anthropic, Google) | Long-term | Top-of-funnel only per Tony; Google Food Ordering 8-yr failure cited as analog | DASH dismissive |
| 17 | Tariffs / regulatory | FY26 | Not directly addressed on Q1 call | Tail risk |
Street Q&A
| # | Analyst (Firm) | Topic | Mgmt Response | Quality |
|---|---|---|---|---|
| 1 | Multiple analysts (Wolfe, MoffettNathanson, Goldman, Truist) | Q1 print and macro setup | Tony/Ravi: ~1% GOV drag from winter storms; $50M gas-rewards consumer investment; MAU all-time high; benign demand backdrop. | Well Answered — quantified |
| 2 | Multiple analysts | Replatforming on Wolt + Deliveroo | On track, in production-traffic phase; redundant tech-stack costs run through '26, partial bleed early '27. | Well Answered — concrete timeline |
| 3 | Multiple analysts | International / Competition (Uber Eats Europe) | Deliveroo "highest growth in 4 years and reaccelerating monthly"; Wolt "highest share performance in each country." | Well Answered — share metrics |
| 4 | Multiple analysts | Macro / gas rewards / margins | $50M/Q gas rewards drag in Q1 & Q2 (extended); FY26 EBITDA framework unchanged ($200M from GOV, slightly higher margin ex-GOV vs 2025); 2H > 1H. | Well Answered — full bridge |
| 5 | Multiple analysts | Headcount / AI productivity | ~2/3 of code now AI-written; productivity improving; reinvested in growth initiatives. | Well Answered — quantified |
| 6 | Multiple analysts | Order growth — Deliveroo distortion | Tony: 933M orders +27.5% YoY; Q1'26 reflects Deliveroo consolidation; underlying demand resilient. | Well Answered — clarified |
| 7 | Multiple analysts | New Verticals / Grocery share leadership | 1-of-2 new-to-category grocery customers; volume share leader vs CART; New Verticals gross-profit positive 2H 2026 (downgraded from "unit-economic positive"). | Soft goalpost downgrade |
| 8 | Multiple analysts | Merchant tools / DoorDash for Business / Catering | Reaffirmed product roadmap; SMB & enterprise tools expanding. | Well Answered |
| 9 | Multiple analysts | Advertising — record high | All three pillars (SMB, enterprise, CPG) unlocking; off-site expansion ahead. Light on off-site mechanics. | Partial — strategic, not specific |
| 10 | Khajuria (Bernstein) | Travel-adjacency partnerships | Pivoted to generic "best-of-breed membership" framing. | Deflection |
| 11 | Morton (MoffettNathanson) | DoorDash Dot AV TAM and cost-to-serve | Ravi qualitative-only response; "only way to learn is by doing." Steph Curry analogy on demo-vs-scale gap. | Deflection — qualitative only |
| 12 | Post (BofA) | Third-party agentic ad monetization | Tony explicitly punted: "you'll have to ask them." | Hard deflection |
| 13 | Walmsley (KeyBanc) | Ad syndication specifics (off-site mechanics) | Answered 1P ads, light on off-site mechanics. | Partial |
Contradictions
| # | Topic | Severity | Statement A | Statement B | Why it's a tension |
|---|---|---|---|---|---|
| 1 | New Verticals profitability target | Medium — goalpost downgrade | Q4'25 (Ravi): "I expect our entire retail and grocery business to be unit economic positive in the second half of the year" | Q1'26 (Ravi): "Last call, I made the point that we expect the overall new vertical portfolio to be gross profit positive in the second half" | Gross profit positive is a weaker bar than unit-economic positive in DASH's stack. Either a verbal slip or a quiet goalpost downgrade — worth probing on Q2 call. Most material messaging tension across 4 transcripts. |
| 2 | DashPass / Wolt+ penetration target | Low — never quantified | No quantitative target ever given | Consistent "tiny fraction of occasions" framing | Not a contradiction; intentional non-disclosure. |
| 3 | Advertising contribution | Low — directional only | Consistent "growing fast / reinvest dollars" | No hard contribution target | Disciplined non-disclosure; no contradiction. |
| 4 | Wolt + Deliveroo synergies | None — repeated verbatim | $200M EBITDA contribution Q3, Q4, Q1 | — | Identical phrasing across calls. |
| 5 | Adj EBITDA margin target | None — repeated verbatim | "Up slightly vs 2025 ex-Deliveroo" repeated 3 calls | — | Disciplined. |
| 6 | Capital allocation / buyback pace | Low — not discussed substantively | Not discussed in any of 4 calls | — | Notable silence. |
| 7 | International segment profitability | Consistent ladder | Q3'25: gross-profit positive → close to contribution breakeven | Q4'25/Q1'26: contribution profit positive 2H'26 | Monotonic improvement framing. |
| 8 | Competitive landscape | Uniformly dismissive | Google Food Ordering analogy verbatim Q4'25 + Q1'26 | — | Consistent dismissiveness of agentic/search platforms. |
Indirect Read-Throughs
| Name | Relationship | What DASH signaled | Read-through |
|---|---|---|---|
| Instacart (CART) | Direct grocery delivery competitor | DASH gaining 1-of-2 new-to-category grocery delivery customers; volume share leader | NEGATIVE — clear share take |
| Uber Eats (UBER) — Europe | Direct competitor (international) | DASH (Wolt + Deliveroo) claims share gains in every market; Deliveroo at fastest growth in 4 years | NEGATIVE for UBER Eats Europe |
| Lyft (LYFT) | DashPass partner | DashPass partnership extended/expanded | POSITIVE |
| Serve / Nuro / Coco | AV delivery competitors | DASH building Dot in-house; "the only way... is if you actually get in there and do all of the things yourself"; Steph Curry demo-vs-scale analogy | NEGATIVE — DASH not partnering, building in-house |
| Google (GOOGL) | Agentic search platform | Google Food Ordering's 8-year failure to retain users cited as analog; framed as top-of-funnel only | NEGATIVE — DASH dismissive |
| Apple / OpenAI / Anthropic | Agentic platforms | Top-of-funnel only; not threats to end-to-end commerce ownership | Strategic dismissal |
| Amazon (AMZN) | End-to-end commerce analog | Cited as positive analog for owning end-to-end commerce | POSITIVE framing |
| Just Eat / Delivery Hero | European competitors (unmentioned) | Notably absent — no commentary | Neutral |
| Walmart / Kroger / Target / Amazon Fresh | Grocery competitors | Not named — DashMart Fulfillment Services with handful of partners only | Implicit competitive dynamic |
| Restaurant chains (MCD, SBUX, CMG, WING, DPZ, CAVA, SG) | Customers | No individual restaurant chain mentioned by name | Notable absence |
| UBER (Mobility) | Gig labor analog | DASH gas-rewards $50M/Q drag — gig labor cost pressure (negative read for UBER labor economics) | NEGATIVE for UBER (labor cost trends) |
| Progressive (PGR) / Allstate (ALL) | Auto insurance — gas-rewards adjacency | Indirect: DASH passing-through gas savings | Neutral |
| Wolt / Deliveroo (subsidiaries) | Owned international | Deliveroo highest growth in 4 years; Wolt highest share in each country | POSITIVE — integration on track |
Data sourced from Daloopa. Document search is currently in beta; transcript and filing snippets may vary.