DoorDash (DASH) investor relations material

Executive summary

• Achieved strong growth in Q2 2026, with Total Orders up 27% year-over-year to 970 million and revenue up 36% to $4.5 billion, driven by execution, new AI-based features, and global technology platform rollout.

• Membership programs, especially DashPass, reached record highs and contributed significantly to growth and engagement, with U.S. paid DashPass members increasing more in the past 12 months than the previous 24 months combined.

• International operations, including Wolt and Deliveroo, showed accelerating MAU, order, and subscription growth, with improving unit economics and profitability, supported by restructuring and capital allocation updates.

• Significant progress in autonomous delivery (DoorDash Dot), AI-driven product enhancements, and FAA certification for drone operations improved customer experience and operational efficiency.

• Merchant services expansion led to over 100% growth in new signed venues at Seven Rooms and 40% revenue growth in digital ordering services.

Financial highlights

• Marketplace GOV rose 36% year-over-year to $33.1 billion; revenue increased 36% to $4.5 billion.

• Restaurant growth accelerated from Q1 to Q2, with DashPass subscriber additions at a multi-year high.

• New verticals, including grocery, outpaced restaurant growth and are on track to be gross profit positive in the second half of the year.

• Adjusted EBITDA increased 40% to $914 million, materially exceeding guidance due to better-than-expected unit economics and contribution profit from Deliveroo.

• Take rate increased sequentially from Q1 to Q2, primarily due to seasonal Dasher cost reductions.

Outlook and guidance

• Q3 2026 Marketplace GOV expected between $33.0–$34.0 billion; Adjusted EBITDA guidance of $950–$1,100 million.

• Expect continued strong demand trends, with MAUs and subscriptions at all-time highs.

• Guidance for Q3 is to land within the previously provided range, with Q4 take rate expected to be lower due to higher Dasher costs.

• Ongoing investments in autonomy, tech stack unification, and merchant services are on budget and expected to drive future growth and efficiency.

• 2026 stock-based compensation expense projected at $1.2–$1.3 billion; depreciation and amortization at $1.1–$1.2 billion.