Latest quarter
DoorDash reported Q2 FY2026 revenue of $4.5 billion, above the $4.3 billion consensus. Adjusted earnings per share were $0.46, below the $0.50 consensus.
Revenue rose 35.6% from $3.3 billion a year earlier, while diluted earnings per share fell to $0.46 from $0.65. On the Q2 call, CFO Ravi Inukonda said restaurant growth had accelerated and grocery basket sizes were increasing as selection and product quality improved.
DoorDash reported a gross margin of 52.7%, compared with 50.8% a year earlier, while its operating margin declined to 3.50% from 4.96%. Free cash flow rose to $742.0 million from $355.0 million.
DoorDash says it earns most of its revenue when marketplace orders are completed, including through merchant commissions and consumer fees. The company also earns revenue from memberships, advertising and services for merchants operating through their own channels.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $4.5 billion | $3.3 billion | 35.6% |
| Diluted EPS | $0.46 | $0.65 | −29.2% |
| Gross margin | 52.7% | 50.8% | 1.9 percentage points |
| Operating margin | 3.50% | 4.96% | −1.5 percentage points |
| Free cash flow | $742.0 million | $355.0 million | 109.0% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.46 | $0.50 | Missed by 8.00% |
| Revenue | $4.5 billion | $4.3 billion | Beat by 3.08% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
On DoorDash’s Q2 earnings call, CFO Ravi Inukonda said restaurant growth had accelerated and that product improvements were contributing to customer retention and order frequency. He said grocery basket sizes were increasing across older and newer customer cohorts as DoorDash added selection and improved the product.
Asked about subscriptions, Inukonda said customers who adopt DashPass tend to order more frequently and remain on the platform. He said access to grocery, retail and other categories adds value for subscribers, while more selection, product quality and affordability can support adoption and engagement.
An analyst also asked about a recently introduced delivery fee. Inukonda described it as a realignment of what consumers pay with the time and effort Dashers put into a delivery; he said he did not expect a material profit-and-loss impact in markets where it had launched.
On international competition, Inukonda said DoorDash was gaining share in the U.K. and improving order rates across Deliveroo and Wolt. Asked about Deliveroo’s performance, CEO Tony Xu said the company had applied lessons from its earlier international operations and expected further benefits as it built a single technology stack.
Inukonda said improvements in advertising and order subtotals contributed to unit economics coming in ahead of DoorDash’s expectations late in the quarter. He said the company seeks efficiency across expenses and reinvests in areas including autonomy, technology integration and merchant services.
Looking ahead from the Q2 call, Inukonda expected the Q3 take rate to be roughly flat with Q2 and lower in Q4, when Dasher costs are typically higher. He also said new verticals were on track to become gross-profit positive by year-end.
Guidance
DoorDash’s October outlook for Q4 FY2026 calls for Marketplace GOV of $35.4 billion to $36.4 billion and adjusted EBITDA of $900.0 million to $1.1 billion. Its earlier outlook covered a different period, Q3 FY2026, with Marketplace GOV of $33.0 billion to $34.0 billion and adjusted EBITDA of $950.0 million to $1.1 billion.
| Metric | For | Guide | Previous guide | Change |
|---|---|---|---|---|
| EBITDA, non-GAAP | Q4 FY2026 | $900.0 million–$1.1 billion | Q3 FY2026: $950.0 million–$1.1 billion | Cut |
| Units, Dot; largest test market | FY2026 | DoorDash expects Dot to deliver a high single-digit percentage of orders in its largest test market by the end of 2026. | — | — |
| Free cash flow, Reduction from year-end merchant-payment timing | FY2026 | $700.0 million–$800.0 million | — | New |
| Operating expenses, Depreciation and Amortization | FY2026 | $1.1 billion–$1.2 billion | — | New |
| Operating expenses, Stock-based Compensation | FY2026 | $1.2 billion–$1.3 billion | — | New |
| EBITDA, Non Gaap; as a percentage of marketplace Gov | Q3 FY2026 | DoorDash expects Adjusted EBITDA as a percentage of Marketplace GOV to increase quarter over quarter in Q3 2026. | — | — |
| EBITDA, non-GAAP | Q3 FY2026 | $950.0 million–$1.1 billion | — | New |
| Bookings, Marketplace Gov | Q3 FY2026 | $33.0 billion–$34.0 billion | — | New |