DoorDash, Inc. (DASH) — Company Research

Last Updated: 30 August 2026

DoorDash operates local commerce marketplaces in more than 40 countries under the DoorDash, Wolt and Deliveroo brands, alongside a growing merchant software and advertising business. The $3.7 billion Deliveroo acquisition completed in October 2025 roughly doubled international revenue's share of the group and drove a step-change in both reported growth and amortisation. This report sets out what DoorDash actually reported through its second quarter of 2026, published 5 August 2026, using only company filings and primary sources. No analyst opinions, no price targets.

1. Company Snapshot

Field	Value
Exchange and ticker	Nasdaq Global Select Market, DASH (SEC CIK 0001792789). DoorDash listed on the NYSE at its December 2020 IPO and transferred to Nasdaq effective 27 September 2023
Sector	Consumer cyclical — internet retail and local commerce
Headquarters	San Francisco, California, USA
Founded	2013
Employees	Over 31,400 worldwide at 31 December 2025, per the FY2025 Form 10-K
CEO / Leadership	Tony Xu, co-founder, Chief Executive Officer and Chair of the Board; Ravi Inukonda, Chief Financial Officer since March 2023; Prabir Adarkar, President and Chief Operating Officer
Revenue (FY2025)	$13,717m, up 27.9% year-on-year
Net income (FY2025)	$935m attributable to common stockholders; GAAP diluted EPS $2.13
Most recent quarter	Q2 2026, reported 5 August 2026: revenue $4,454m, GAAP diluted EPS $0.46, Adjusted EBITDA $914m
Market cap	$102.58bn (30 August 2026, on the 28 August 2026 close), counting Class A and Class B together
Share price	$236.74 (close, 28 August 2026)
Shares outstanding	433,295,654 at 30 July 2026: 408,992,917 Class A, 24,302,737 Class B, nil Class C
Dividend	None. DoorDash has never declared or paid a cash dividend

DoorDash joined the S&P 500 before the open on 24 March 2025. It is reincorporating from Delaware to Nevada by conversion, approved by written consent of holders of roughly 54.2% of voting power on 6 August 2026; Class A shares continue trading on Nasdaq as DASH without interruption. No stock split has ever occurred.

2. Bull and Bear Case

Bull Case

• Growth has accelerated rather than decayed: Q2 2026 revenue rose 36% year-on-year to $4,454m, and 24% excluding Deliveroo. Total Orders reached 970 million, up 27% reported and 17% excluding Deliveroo, on Marketplace gross order value of $33.1 billion.
• Adjusted EBITDA is compounding far faster than revenue: the measure has gone from $289m in FY2021 to $2,779m in FY2025, and reached $914m in Q2 2026 alone, up 40% year-on-year and described by management as well above expectation. Q3 2026 guidance is $950 million to $1.1 billion.
• Membership and density reinforce each other: over 35 million DashPass, Wolt+ and Deliveroo Plus members and over 56 million monthly active users at December 2025, with DashPass members placing approximately 75% of Total Orders in US grocery and retail in Q2 2026. Management says it added more US paid DashPass members in the twelve months to Q2 2026 than in the previous twenty-four combined.
• The merchant software line is scaling independently of delivery: Q2 2026 saw newly signed SevenRooms venues up over 100% year-on-year, digital ordering used by more than 150,000 merchants with revenue up over 40%, and marketplace reservations up over 150% quarter-on-quarter, plus native integration into the Shopify App Store from 14 July 2026.
• Balance sheet supports both buybacks and autonomy investment: $5.35 billion of cash and short-term investments against $2.73 billion of zero-coupon convertible notes due 2030, with $1,049 million of shares repurchased in the first half of 2026 and roughly $3.95 billion still authorised.

Bear Case

• GAAP profit is going backwards while adjusted metrics improve: Q2 2026 GAAP net income fell 30% year-on-year to $200 million, and first-half 2026 income from operations of $307m was below the $318m of first-half 2025 despite revenue growing 34%. Deliveroo intangible amortisation and a 52% jump in Q2 research and development spend are the causes.
• Stock compensation exceeds the entire GAAP profit: share-based compensation was $1,051m in FY2025, 7.7% of revenue, with a further $193m capitalised into software, and is guided at $1.2–1.3 billion for FY2026. Diluted shares still rose from 430.2m to 439.7m across FY2024 to FY2025 despite buybacks.
• The valuation leaves little room: at $236.74 the shares trade on roughly 124 times trailing GAAP diluted EPS of $1.91 and about 6.5 times trailing revenue, on a business whose GAAP operating margin was 3.5% in Q2 2026.
• Worker classification is an unresolved and already-accrued liability: DoorDash has recorded an accrual for a California Employment Development Department payroll-tax assessment, and its Adjusted EBITDA add-backs for classification-related legal costs ran at roughly $135m across FY2025 — a recurring cost presented as non-recurring.
• The Deliveroo integration is unfinished and already shrinking: within five months of closing, DoorDash was exiting Qatar, Singapore, Japan and Uzbekistan and closing Deliveroo's Bengaluru engineering hub, taking $50m of restructuring charges in the first half of 2026. The unified global technology platform is not expected to complete rollout until the first half of 2027.

3. Business Segments

DoorDash reports a single reportable operating segment; the chief operating decision maker reviews consolidated results only, so there is no segment revenue table in the filings. The only disaggregation DoorDash discloses in dollars is by geography, determined by merchant address, or consumer address for membership products. FY2025 figures below are from Note 3 of the Form 10-K.

Segment / category	% of revenue	What it is
United States	83.5% ($11,460m of $13,717m in FY2025; $6,561m or 77.3% in H1 2026)	Revenue from the DoorDash Marketplace, DashMart, the Commerce Platform (Drive white-label fulfilment, online ordering, SevenRooms) and advertising generated by US-based merchants and US DashPass members.
International	16.5% ($2,257m in FY2025; $1,929m or 22.7% in H1 2026)	Revenue from the Wolt and Deliveroo marketplaces and international Commerce Platform activity across more than 40 countries. No single non-US country reached 10% of consolidated revenue.
Total revenue	100% ($13,717m FY2025; $8,490m H1 2026)	Comparatives: FY2024 $10,722m (US $9,403m, international $1,319m); FY2023 $8,635m (US $7,781m, international $854m).

DoorDash describes three offerings qualitatively but does not publish dollar revenue for them: the consumer marketplaces, which earn merchant commissions plus consumer delivery and service fees plus membership fees; the Commerce Platform of white-label fulfilment, online ordering, branded apps and SevenRooms reservations; and advertising, sold to merchants and consumer packaged goods brands. International's share of revenue has roughly doubled since FY2024 entirely because of Deliveroo.

4. Business Model and Moat

How it makes money. DoorDash takes a percentage of the value flowing across its marketplaces. Its published US merchant commission tiers are 15% Basic, 25% Plus and 30% Premier on delivery orders and 6% on pickup across all plans, with roughly 2.5–3% payment processing on top and no activation or subscription fee. Its own headline metric, net revenue margin — revenue as a percentage of Marketplace gross order value — ran 13.5% in Q2 2025, 13.8% in Q3, 13.3% in Q4, 12.8% in Q1 2026 and back to 13.5% in Q2 2026. Deliveroo dilutes the blended rate.

Where the moat comes from. Density. Q2 2026 saw 970 million Total Orders against $33.1 billion of Marketplace gross order value, an implied average order value of roughly $34. FY2025 generated nearly $75 billion of sales for local merchants and over $20 billion of earnings for Dashers across more than 40 countries. Management's stated thesis is cohort maturation: as US consumer cohorts age, DashPass penetration, order rates and adjusted gross profit per monthly active user all rise, which funds tighter delivery times, which raises order rates again.

Margin trajectory. Contribution profit ran $1,147m in Q2 2025, $1,268m in Q3, $1,405m in Q4, $1,380m in Q1 2026 and $1,641m in Q2 2026, equal to 4.7%, 5.1%, 4.7%, 4.4% and 5.0% of gross order value respectively. Adjusted EBITDA over the same quarters was $655m, $754m, $780m, $754m and $914m, or 2.7%, 3.0%, 2.6%, 2.4% and 2.8%. Adjusted gross margin rose from 51.2% of revenue in Q4 2024 to 52.6% in Q4 2025.

Advertising and international footprint. DoorDash and Wolt Ads crossed an annualised advertising run rate of more than $1 billion across 30-plus countries in 2024, the last figure the company has published; Symbiosys was acquired on 28 May 2025 for $121 million to add offsite retail-media capability, and DoorDash says it nearly doubled its advertising partners between June and December 2025. Three consumer brands operate the marketplaces: DoorDash in the US, Canada, Australia and New Zealand; Wolt across the Nordics, Eastern Europe and Central Asia; and Deliveroo in the UK and Ireland, France, Italy, Belgium, the UAE, Kuwait and Hong Kong.

5. Financial Health

All figures below come from DoorDash's own quarterly shareholder letters and earnings releases (Form 8-K Exhibit 99.1), the FY2025 Form 10-K and SEC XBRL company facts. Fiscal years end 31 December.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$4,888m	+69.4%	$(1.39)	$(1.39)†	Nil	Nil
FY2022	$6,583m	+34.7%	$(3.68)	$(3.68)†	Nil	Nil
FY2023	$8,635m	+31.2%	$(1.42)	$(1.42)†	Nil	Nil
FY2024	$10,722m	+24.2%	$0.29	$0.29†	Nil	Nil
FY2025	$13,717m	+27.9%	$2.13	$2.13†	Nil	$2,724m

† DoorDash does not report an adjusted, non-GAAP or core earnings per share figure for any year, so the GAAP figure is repeated in that column. Its named non-GAAP measures are adjusted gross profit and margin, contribution profit and margin, Adjusted EBITDA, free cash flow and revenue excluding Deliveroo. The corresponding Adjusted EBITDA series is $289m (FY2021), $361m (FY2022), $1,190m (FY2023), $1,900m (FY2024) and $2,779m (FY2025).

The long-term debt line changed for the first time in company history in FY2025. In May 2025 DoorDash issued $2.75 billion aggregate principal of 0% Convertible Senior Notes due 15 May 2030, raising net proceeds of approximately $2.72 billion to help fund the Deliveroo and SevenRooms acquisitions. The notes are senior unsecured, pay no regular cash interest, and carry an initial conversion rate of 3.425 Class A shares per $1,000 of principal, implying a conversion price of roughly $291.97. The revolving credit facility remained undrawn at both 31 December 2024 and 31 December 2025.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026 (reported 5 Aug 2026)	$4,454m	$0.46†	$0.46
Q1 2026 (reported 6 May 2026)	$4,036m	$0.42†	$0.42
Q4 2025 (reported 18 Feb 2026)	$3,955m	$0.48†	$0.48
Q3 2025	$3,446m	$0.55†	$0.55
Q2 2025	$3,284m	$0.65†	$0.65
Q1 2025	$3,032m	$0.44†	$0.44
FY2025 total	$13,717m	$2.13†	$2.13

Adjusted EBITDA across those same quarters was $590m, $655m, $754m, $780m, $754m and $914m in chronological order, totalling $2,779m for FY2025 and $3,202m on a trailing twelve-month basis to 30 June 2026. Note the divergence the tables make visible: Adjusted EBITDA rose 40% year-on-year in Q2 2026 while GAAP net income fell 30% to $200 million, because acquired-intangible amortisation from Deliveroo and a 52% year-on-year increase in research and development spend to $535m sit below the adjusted line.

Cash flow and balance sheet inputs. FY2025 net cash from operating activities was $2,431m against $257m of property and equipment purchases and $348m of capitalised software, giving free cash flow of $1,826m on DoorDash's own definition. Depreciation and amortisation was $747m. For the first half of 2026, operating cash flow was $1,538m, property and equipment purchases $118m, capitalised software $258m and free cash flow $1,162m, with depreciation and amortisation nearly doubling to $564m on Deliveroo intangibles. On a trailing twelve-month basis to 30 June 2026, operating cash flow was $2,830m and free cash flow $2,139m. At 30 June 2026 the balance sheet carried $4,424m of cash and equivalents plus $923m of short-term investments, $2,727m of convertible notes as the only funded debt, and total stockholders' equity of $9,921m.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$102.58bn at $236.74 per share, close of 28 August 2026, on 433,295,654 shares across Class A and Class B. Using the Class A count alone would understate the figure by roughly $5.7bn
Trailing P/E (GAAP)	124x on trailing twelve-month GAAP diluted EPS of $1.91 ($0.55 + $0.48 + $0.42 + $0.46). DoorDash publishes no adjusted EPS, so there is no adjusted alternative; on trailing Adjusted EBITDA of $3,202m the market cap is 32x
P/E (forward)	29.1x on consensus forward EPS of $8.14. DoorDash issues no revenue or EPS guidance of any kind, so this is a sell-side construct rather than a company figure
P/S (TTM)	6.46x (market cap $102.58bn / trailing twelve-month revenue of $15,891m, built from $3,446m + $3,955m + $4,036m + $4,454m)
Enterprise value	~$99.96bn (market cap $102.58bn + convertible notes $2.727bn − cash and short-term investments $5.347bn, per the 30 June 2026 balance sheet). Excludes $869m of long-term investments and $308m of restricted cash
EV/EBITDA (TTM)	~58x on GAAP-derived EBITDA of ~$1,712m (EV $99.96bn / EBITDA; EBITDA = trailing income from operations $712m + trailing D&A $1,000m, each built as FY2025 less H1 2025 plus H1 2026). On DoorDash's own trailing Adjusted EBITDA of $3,202m, which adds back roughly $1.1bn of stock compensation and classification legal costs, the multiple is ~31x
P/FCF	~48x (market cap $102.58bn / trailing free cash flow $2,139m; FCF = trailing operating cash flow $2,830m less property and equipment purchases and capitalised software, per DoorDash's own definition). Management has guided that FY2026 reported free cash flow will be reduced by $700–800m purely from year-end merchant payment timing
Price/book	10.3x on book value per share of approximately $22.90 (stockholders' equity $9,921m at 30 June 2026)
52-week high	$285.50 intraday on 16 October 2025; the highest close was $281.74 on 6 October 2025
52-week low	$143.30 intraday on 27 March 2026, which was also the lowest close of the period at $146.60
Short interest (% of float)	4.23% — 16,166,524 shares short against a float of 382,166,767, settlement date 14 August 2026. At the prior 15 July 2026 settlement the figure was 18,781,477 shares, down 12.2% on the period before
Days to cover	4.05 days at the 14 August 2026 settlement; 4.69 days at the 15 July 2026 settlement on average daily volume of roughly 4.0 million shares

You can follow the price action on ChartsView Live Charts and track the reporting dates on the Economic Calendar.

7. What Are They Building

Dot, the autonomous ground robot. Unveiled in 2025 and running in the Phoenix metro with early access in Tempe and Mesa, Dot travels at up to 20 mph and operates on bike lanes, roads, sidewalks and driveways. A phased Fremont, California launch ran alongside Restaurant Week from 6 to 15 March 2026, starting with up to three chaperoned robots and expanding to up to thirty autonomous units across Downtown, Centerville and Irvington. As of Q2 2026 DoorDash disclosed that it had increased both the number of robots operating and the average deliveries per robot per day, and expects Dot to handle a high single-digit percentage of orders in its largest test market by the end of 2026.

DoorDash Air. On 29 July 2026 DoorDash announced it had earned FAA Part 135 air-carrier certification, becoming the eighth US drone operator to hold one. It plans a custom aircraft and merchant-to-doorstep handling systems aimed at three-to-five-mile deliveries, which took roughly 25% longer than short trips in 2025. Commercial in-house drone deliveries are expected to begin in the US in autumn 2026. Existing partnerships with Wing and Flytrex continue alongside, and Waymo vehicles have been making DashMart deliveries in metro Phoenix since October 2025.

The unified global technology platform. The largest internal investment of 2026 is merging the DoorDash, Wolt and Deliveroo marketplaces onto a single technology stack, with several components rolled out in the first half of 2026 and full rollout expected in the first half of 2027. It is accompanied by reorganising international operations around functions rather than brands. Management has named it as a driver of the pre-announced Q4 2026 margin step-down.

Commerce Platform and merchant software. This is the fastest-growing non-marketplace line. Q2 2026 brought newly signed SevenRooms venues up over 100% year-on-year, digital ordering revenue up over 40% across more than 150,000 merchants, and a new consumer-facing reservations service with marketplace reservations up over 150% quarter-on-quarter. On 14 July 2026 DoorDash launched as a native sales channel inside the Shopify App Store for US brick-and-mortar Shopify merchants, and on 13 July 2026 agreed to rebuild Hungry Howie's website, app and loyalty programme on its own stack.

Artificial intelligence and grocery. DoorDash launched "Ask", an AI assistant for restaurant discovery and grocery basket building, alongside AI applied to personalisation, merchant onboarding, catalogue ingestion, ad monetisation and Dasher routing. Q2 2026 research and development expense rose 52% year-on-year to $535m. In grocery and retail, over 30% of US monthly active users engaged with the category in December 2025, and management expects unit economics in that vertical to turn positive in the second half of 2026.

8. Peer Comparison

Peer	Market cap (August 2026)	Key 2025 metric
Uber Technologies (NYSE: UBER)	$160.99bn	FY2025 gross bookings of $193bn and revenue of $52.02bn, up 18.3%, with Adjusted EBITDA of $8.7bn (reported 4 February 2026). Also DoorDash's antitrust litigation adversary
Grab Holdings (NASDAQ: GRAB)	$14.77bn	FY2025 revenue of $3,370m, up 20% from $2,797m, delivering its first full-year net profit (FY2025 Form 20-F)
Maplebear, trading as Instacart (NASDAQ: CART)	$11.70bn	FY2025 gross transaction value of $37.22bn, up 11%, on revenue of $3.74bn and GAAP net income of $447m
Delivery Hero SE (Xetra: DHER)	€11.35bn	FY2025 gross merchandise value of €49.2bn, up 9% like-for-like, on total segment revenue of €14.8bn and adjusted EBITDA above €900m (reported February 2026)
Prosus N.V. (Euronext: PRX), owner of Just Eat Takeaway	€81.09bn	Just Eat Takeaway contributed $1.9bn of revenue and $83m of adjusted EBITDA in the roughly six months after Prosus acquired it; Prosus targets $3.6bn of JET revenue by end-FY2027

All market capitalisations were pulled live on 30 August 2026 on the 28 August 2026 close; Delivery Hero and Prosus are quoted in euros. Just Eat Takeaway.com is no longer independently listed — Prosus completed its acquisition and the shares were delisted from Euronext Amsterdam effective 17 November 2025, so Prosus is substituted here. DoorDash at $102.58bn is the second most valuable listed operator in the category behind Uber.

9. Insider Activity

Tony Xu is co-founder, Chief Executive Officer and Chair of the Board, and there was no change at chief executive or chief financial officer level in 2026. The pattern in DoorDash's 2026 Form 4 record is heavily one-directional. Across the whole year there has been exactly one open-market purchase, a token 40-share trade by a newly appointed director; every other transaction is a sale, a Code A equity grant, or an option exercise immediately followed by a sale. Officers sold well over $80 million of stock during 2026, with disposals accelerating into the August price strength.

Name	Date	Type	Shares	Price	Value	Plan Type
Milan Kovac, Director	23 Feb 2026	Buy (Code P)	40	$155.94	$6,237	Open market — the only purchase of 2026
Prabir Adarkar, President and COO	25 Aug 2026	Option exercise then sell	55,289	$7.16 / $231.76	$12,813,899	Code M exercise, Code S sale
Tony Xu, CEO	24 Aug 2026	Option exercise then sell	33,334	$7.16 / $230.00	$7,666,938	Code M exercise, Code S sale
Stanley Tang, Director and co-founder	20 Aug 2026	Sell (Code S)	84,526	$225.03	$19,020,838	Largest single 2026 disposal; monthly 10b5-1 cadence
Ravi Inukonda, CFO	20 Aug 2026	Sell (Code S)	19,505	$220.62	$4,303,271	Same-day cluster sale, consistent with a common 10b5-1 plan
Andy Fang, Director and co-founder	3 Aug 2026	Option exercise then sell	20,000	$200.31	$4,006,200	Code M exercise, Code S sale
Eight directors (annual grant)	10 Jun 2026	Grant (Code A)	1,986 each	$0.00	$0	Annual director equity award — a grant, not a purchase

Stanley Tang sells roughly 23,125 shares on the first trading day of most months, a clear pre-established plan cadence, with larger blocks added in August. Annual officer equity grants dated 20 April 2026 awarded 144,263 shares to Prabir Adarkar and 109,567 to Ravi Inukonda among others; these are Code A grants and carry no cash outlay.

10. Key Risks

• Dasher classification litigation is structural and already on the balance sheet: the FY2025 Form 10-K describes putative class actions, PAGA representative actions and individual claims in court and arbitration challenging independent-contractor status, with many further claims threatened. DoorDash has recorded an accrual for a California Employment Development Department payroll-tax assessment issued in January 2023, which it is appealing; the amount is not disclosed. Classification legal costs excluded from Adjusted EBITDA totalled roughly $135m across FY2025.
• The EU Platform Work Directive is a hard dated cliff: member states must transpose it into national law by 2 December 2026, creating a rebuttable presumption of employment for platform workers contracted on or after that date plus binding rules on algorithmic management. Most member states had not completed transposition by mid-2026, so divergent national standards will land through the rest of the year — directly on Wolt and Deliveroo, which are 22.7% of first-half 2026 revenue.
• Uber's antitrust suit has survived dismissal and is in discovery: Uber sued in California state court in February 2025 alleging DoorDash punishes partner restaurants that do not use its first-party white-label delivery. In June 2026 a Superior Court judge rejected five of DoorDash's six objections and sent the case to discovery. The claim attacks the Commerce Platform, one of the fastest-growing lines in the business. No trial date has been set.
• US city fee caps compress margin by regulation: Seattle imposes a 15% delivery fee cap plus driver pay rules requiring roughly $30 an hour before mileage and tips, and DoorDash has publicly blamed that regime for making Seattle its most expensive US market. New York City's minimum-earnings standard has forced a $1.99 regulatory response fee on every order there. The 10-K warns that where such rules force fee increases, consumer demand could be reduced.
• Deliveroo integration and international execution remain unproven: $3,724m was paid, driving goodwill from $2,315m to $5,519m and intangibles from $510m to $2,260m, with roughly $450m of acquired-intangible amortisation expected in FY2026 alone. Four country exits and a hub closure were announced within five months of completion. The unified platform will not finish rolling out before the first half of 2027, and Deliveroo revenue introduces sterling and euro currency exposure.
• Competition and take-rate pressure are persistent: net revenue margin fell to 12.8% in Q1 2026 from 13.5% a year earlier before recovering. DoorDash's own risk factor concedes it may need to cut consumer fees or merchant commissions, or raise marketing spend, to retain participants. Uber Eats, Instacart, Grubhub, Amazon and Walmart-owned delivery compete for the same restaurant and grocery supply, and merchant multi-homing is near universal.
• Stock compensation dilutes and flatters: $1,051m of share-based compensation in FY2025 with a further $193m capitalised, guided to $1.2–1.3 billion for FY2026, against Q2 2026 GAAP net income of just $200 million. The entire GAAP profit is smaller than the quarterly compensation add-back, and diluted share count still rose despite $1,049m of first-half buybacks.
• Governance concentrates control and the Nevada move reduces recourse: Class B shares carry twenty votes each and are held only by the three co-founders and affiliates, who controlled roughly 54.2% of voting power at the 6 August 2026 written consent. Public Class A holders had no vote on the Delaware-to-Nevada reincorporation; it was approved by written consent and disclosed via an information statement on which they cannot act. Nevada law offers shareholders fewer fiduciary-duty remedies than Delaware.
• Other disclosed exposures are unquantified: consumer-protection and Dasher-pay class actions, personal-injury claims from Dasher accidents, intellectual property claims and regulatory investigations spanning classification, consumer protection, privacy, cybersecurity, tax and workers' compensation. For some reasonably possible material losses the 10-K states that an estimate of the amount or range is not possible.

11. Recent Developments

• 27 Aug 2026 — Nevada reincorporation information statement mailed. DoorDash filed its DEF 14C and began mailing the information statement covering the Delaware-to-Nevada conversion. The reincorporation becomes effective no earlier than twenty calendar days after mailing began, and Class A shares continue trading on Nasdaq as DASH without interruption.
• 11 Aug 2026 — Controlling holders' approval of the Nevada move disclosed. A Form 8-K revealed that on 6 August 2026 stockholders holding at least a majority of voting power — Tony Xu, Andy Fang, Stanley Tang and related family trusts, together roughly 54.2% — adopted the reincorporation resolutions by written consent. The board backed the move unanimously.
• 05 Aug 2026 — Q2 2026 results beat and the Q3 outlook was raised. Revenue of $4,454 million rose 36% year-on-year and 24% excluding Deliveroo, on 970 million Total Orders and $33.1 billion of Marketplace gross order value. Adjusted EBITDA of $914 million was up 40% and described as well above expectation, while GAAP net income fell 30% to $200 million on Deliveroo amortisation and higher research spend. Q3 2026 guidance is gross order value of $33.0–34.0 billion and Adjusted EBITDA of $950 million to $1.1 billion, with FY2026 stock compensation guidance trimmed to $1.2–1.3 billion.
• 29 Jul 2026 — DoorDash Air launched after FAA Part 135 certification. DoorDash became the eighth US drone operator to hold a Part 135 air-carrier certificate and launched an in-house drone delivery programme targeting three-to-five-mile deliveries, with commercial US deliveries expected in autumn 2026. Wing and Flytrex partnerships continue.
• 14 Jul 2026 — Shopify sales-channel integration went live. DoorDash launched as a native sales channel in the Shopify App Store, letting US Shopify merchants with physical stores offer on-demand delivery to DoorDash's user base.
• 13 Jul 2026 — Hungry Howie's Commerce Platform agreement signed. DoorDash will rebuild the chain's website and native mobile app, launch a new loyalty programme and consolidate its technology stack — a flagship first-party win for the merchant software line.
• 06 May 2026 — Q1 2026 results and a $48 million restructuring charge. Revenue of $4,036 million rose 33% on 933 million Total Orders and $31,604 million of gross order value, with Adjusted EBITDA of $754 million and GAAP diluted EPS of $0.42. Net income of $184 million was 5% lower year-on-year. Operating cash flow was $594 million and free cash flow $420 million. A Form 10-K/A was filed the same day to correct a clerical omission in the auditor's report, with no financial restatement.
• 25 Feb 2026 — Four-country exit and international restructuring announced. DoorDash said it would wind down Deliveroo and Wolt operations in Qatar, Singapore, Japan and Uzbekistan and close Deliveroo's Bengaluru engineering hub while adding UK engineering roles. Guidance issued a week earlier was left unchanged; a $48 million restructuring charge was booked in Q1 2026.
• 18 Feb 2026 — FY2025 results delivered the first year above $2 billion of Adjusted EBITDA. Revenue of $13,717 million rose 27.9%, GAAP diluted EPS was $2.13, Adjusted EBITDA $2,779 million and free cash flow $1,826 million. DoorDash exited 2025 with over 56 million monthly active users and over 35 million paid members, having generated nearly $75 billion of sales for merchants and over $20 billion of Dasher earnings across more than 40 countries.
• 16 Jan 2026 — A robotics executive joined the board. The board expanded to eleven directors and elected Milan Kovac, formerly Tesla's Vice President for Optimus and an Autopilot engineering leader, now also a Boston Dynamics director — a direct signal about the autonomy roadmap.

12. Key Dates to Watch

• 16 Sep 2026 — Earliest effective date for the Delaware-to-Nevada reincorporation, being twenty calendar days after mailing of the information statement began on or about 27 August 2026. The board retains the right to delay or abandon the conversion before the effective time.
• Expected Nov 2026 — Q3 2026 results, with 4 November 2026 the consensus estimate. DoorDash had not issued its own announcement as of 30 August 2026; its pattern is to confirm the date roughly a month ahead, as it did on 6 July 2026 for the 5 August report.
• 02 Dec 2026 — EU Platform Work Directive transposition deadline. All member states must have national law in force, applying a rebuttable presumption of employment to platform workers contracted on or after that date. Directly affects Wolt and Deliveroo.
• 31 Dec 2026 — Management's stated milestone for Dot to deliver a high single-digit percentage of orders in DoorDash's largest test market.
• Expected Oct 2026 — Commercial launch of in-house DoorDash Air drone deliveries in the United States, guided to autumn 2026 following the July certification.
• Expected Feb 2027 — Q4 and FY2026 results. FY2025 results were released on 18 February 2026 and FY2024 results on 11 February 2025.
• Expected Jun 2027 — Completion of the unified global technology platform rollout across the DoorDash, Wolt and Deliveroo marketplaces, guided to the first half of 2027. Benefits are not expected before then.
• 15 Nov 2029 — Earliest scheduled conversion window for the 2030 Notes. Holders may convert earlier if the Class A price exceeds 130% of the roughly $291.97 conversion price for twenty of thirty trading days in a quarter; at $236.74 the notes are out of the money.
• 15 May 2030 — Maturity of the $2.75 billion principal 0% Convertible Senior Notes, DoorDash's only funded debt.

Two forward items carry no date. Uber's antitrust case is in discovery following the June 2026 denial of DoorDash's demurrer, with no trial date announced. Separately, management has pre-announced that Adjusted EBITDA as a percentage of gross order value will decline quarter-on-quarter in Q4 2026 on seasonal Dasher costs, the annual insurance increase and higher platform and autonomy investment, and that FY2026 reported free cash flow will be reduced by $700–800 million purely from year-end merchant payment timing versus 2025. Compare notes with other readers in the ChartsView Forum.

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