DoorDash Earnings Miss, Guidance Falls Short
DoorDash earnings show revenue gains, but EPS and Q1 guidance disappointed on Feb. 18, 2026 amid Deliveroo costs and higher Dasher spending.
KEY TAKEAWAYS
- Q4 revenue rose 38.0% to $3.96 billion; Marketplace GOV hit $29.7 billion with 903 million orders.
- Q1 adjusted EBITDA guidance midpoint $725 million was below consensus $800.3 million, citing Deliveroo and storm costs.
- Net cash from operations fell 19.0% to $421 million and free cash flow declined 40.0% to $254 million.
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DoorDash Inc. (DASH) reported fourth-quarter results and first-quarter guidance on Feb. 18, 2026, that fell short of expectations. The company said increased investment and costs related to its Deliveroo acquisition would weigh on near-term profitability and cash flow.
Q4 Results and Metrics
DoorDash reported fourth-quarter revenue of $3.96 billion, up 38.0% year over year; excluding Deliveroo, revenue rose 26.0%. The company attributed the increase primarily to growth in Marketplace gross-order value (GOV) and the Deliveroo acquisition.
Marketplace GOV reached $29.7 billion, up 39.0% year over year, while total orders rose 32.0% to 903 million. Adjusted EBITDA increased 38.0% to $780 million, representing 2.6% of Marketplace GOV, down slightly from 2.7% a year earlier. Contribution profit was $1.4 billion, or 4.7% of Marketplace GOV.
GAAP net income attributable to common stockholders rose 51.0% to $213 million, while GAAP diluted earnings per share (EPS) increased to $0.48 from $0.33 a year earlier, missing the consensus estimate of $0.58. For the full year 2025, DoorDash reported revenue of $13.7 billion and GAAP net income of $932 million.
Q1 Guidance and Cash Flow
DoorDash’s first-quarter guidance projects Marketplace GOV between $31.0 billion and $31.8 billion, with adjusted EBITDA of $675 million to $775 million, below the consensus midpoint of $800.3 million. The company cited more than $45 million in incremental Deliveroo-related investments compared with the fourth quarter, roughly $20 million in costs from U.S. storms Gianna and Fern, and higher Dasher costs per order driven by seasonality, capacity constraints, and longer deliveries in regulated markets.
The Deliveroo acquisition, completed Oct. 2, 2025, contributed over $45 million to fourth-quarter adjusted EBITDA and is expected to add about $200 million to adjusted EBITDA in fiscal 2026. Management said adjusted EBITDA as a share of Marketplace GOV should be slightly higher than 2025 on an ex-Deliveroo basis. The company outlined a 2026 profitability cadence with adjusted EBITDA margins rising each quarter, with the second half materially stronger than the first.
Net cash provided by operating activities declined 19.0% year over year to $421 million, while free cash flow fell 40.0% to $254 million. DoorDash attributed the declines to timing with payment processors, receivables growth, larger technology and insurance payments, and Deliveroo-related costs.
By linking the first-quarter outlook to incremental Deliveroo spending and rising Dasher costs, DoorDash signaled that investment for expansion and margin recovery will push more profit and cash flow into the latter half of 2026.
