DoorDash (DASH) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw strong growth across core restaurant and new verticals, with Total Orders up 27% year-over-year to 970 million and revenue up 36% to $4.5 billion, driven by strategic initiatives, international acceleration, and record subscription gains.

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

• Investments in AI, autonomous delivery, and global tech stack unification are driving operational efficiency, customer experience improvements, and new feature rollouts.

• Merchant services and DashMart fulfillment are expanding, with over 100% growth in new signed venues at Seven Rooms and 40% revenue growth in digital ordering services.

• International operations, including Wolt and Deliveroo, showed improved unit economics and accelerated growth, supported by organizational restructuring and capital allocation updates.

Financial highlights

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

• Adjusted EBITDA increased 40% to $914 million, with material beats driven by ads, subtotal improvements, and Deliveroo outperformance.

• Net cash from operating activities was $944 million, and Free Cash Flow was $742 million, both up significantly year-over-year.

• Gross profit margin was 49.9%, and Adjusted Gross Margin reached 54.2% in Q2 2026.

• Restaurant growth accelerated sequentially from Q1 to Q2, with DashPass subscriber growth at multi-year highs.

Outlook and guidance

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

• H2 2026 Adjusted EBITDA as a percentage of Marketplace GOV expected to follow seasonal patterns, with Q3 increase and Q4 decline due to higher Dasher costs, insurance, and investments.

• Take rate expected to remain flat in Q3 and decline in Q4 due to seasonal Dasher costs.

• Year-end merchant payment timing expected to reduce 2026 Free Cash Flow by $700–$800 million.

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