DoorDash Q2 2026 Earnings: Revenue Beats, Profit Falls
DoorDash Q2 2026 earnings showed GOV and revenue growth while GAAP profit fell; raised Q3 GOV and adjusted EBITDA guidance, supporting positioning.
KEY TAKEAWAYS
- Guided Q3 GOV to $33.0 to $34.0 billion and adjusted EBITDA to $950 million to $1.1 billion.
- Q2 adjusted EBITDA rose to $914 million and free cash flow hit $742 million.
- GAAP net income declined to $200 million and EPS to $0.46 per share.
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DoorDash, Inc. (NASDAQ: DASH) reported Q2 2026 earnings on Aug. 5, showing marketplace gross order value (GOV) and revenue growth but a year-over-year decline in GAAP net income as operating and regulatory costs increased. Management raised its Q3 GOV and adjusted EBITDA guidance.
Orders and Revenue Growth
The company said Total Orders reached 970 million in Q2 2026, up 27.0% year-over-year; excluding the Deliveroo acquisition, orders rose 17.0%. Marketplace GOV was $33.1 billion, a 36.0% increase year-over-year; ex-Deliveroo GOV grew 23.0%. Revenue came in at $4.5 billion, up 36.0% year-over-year, while net revenue margin held steady at 13.5%, unchanged from Q2 2025.
Profitability and Cash Flow
GAAP net income attributable to common stockholders was $200 million, down about 30.0% from $285 million a year earlier but above $184 million in Q1 2026. GAAP earnings per share (EPS) was $0.46, compared with $0.65 a year earlier. GAAP operating margin fell to 3.5% from 5.0% in the prior-year quarter.
Adjusted EBITDA rose 40.0% year-over-year to $914 million, representing 2.8% of GOV versus 2.7% in Q2 2025 and 2.4% in Q1 2026. Operating cash flow increased 87.0% to $944 million, while free cash flow more than doubled to $742 million, with a free cash flow margin of 16.7%, up from 10.4% in the prior quarter.
Costs and Guidance
Operating expenses rose faster than revenue, with sales and marketing increasing 35.0% to $821 million, research and development (R&D) up 52.0% to $535 million, and general and administrative (G&A) costs rising 39.0% to $538 million. The combined increase across these categories was about 41.0%. Legal, tax, and regulatory settlements of roughly $98 million also weighed on Q2 earnings.
For Q3 2026, ending Sept. 30, DoorDash guided GOV to a range of $33.0 billion to $34.0 billion and adjusted EBITDA between $950 million and $1.1 billion. Management cited sustained demand and improving unit economics as drivers behind the raised guidance, signaling confidence in near-term EBITDA momentum despite the GAAP profit decline.
