DASH · Q2 2026 Earnings

Bullish

DoorDash

Reported August 5, 2026

30-second summary

DoorDash printed Q2 Marketplace GOV of $33.08B (+36% YoY, above the $32.4–33.4B guide) and adjusted EBITDA of $914M (2.8% of GOV) — $44M above the $870M guide high. Revenue of $4.45B beat consensus of $4.34B by 2.6%; GAAP EPS $0.46 missed the $0.47 consensus by 2.1%. Q3 GOV guided to $33.0–34.0B implies +32% to +36% YoY vs. Q3 FY2025's $25.02B — continued ~mid-30s growth, in line with the Q2 print. Adjusted EBITDA guide of $950M–$1.1B (midpoint $1.025B) pencils to ~3.1% of GOV, the first ≥3% margin guide of the FY2026 cycle and an extension of the sequential margin-recovery arc from Q1's 2.4% trough.

Headline numbers

EPS

Q2 FY2026

$0.46

-2.1% vs est.

Revenue

Q2 FY2026

$4.45B

+36.0% YoY

+2.6% vs est.

Gross margin

Q2 FY2026

49.9%

Free cash flow

Q2 FY2026

$0.74B

Operating margin

Q2 FY2026

3.5%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$4.45B	$3.28B	+35.6%	$4.04B	+10.4%
EPS	$0.46	$0.65	-29.2%	$0.42	+9.5%
Gross margin	49.9%	49.0%	+90bps	48.2%	+170bps
Operating margin	3.5%	5.0%	-147bps	3.7%	-20bps
Free cash flow	$0.74B	$0.35B	+109.0%	$0.42B	+76.7%

Guidance

Marketplace GOV and Adjusted EBITDA both beat Q2 FY2026 guidance; FY26 SBC expense lowered modestly; Q3 FY2026 forward guidance issued with expected sequential Q/Q EBITDA growth offset by anticipated Q4 decline.

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Marketplace GOV	Q2 FY2026	$32.4 billion - $33.4 billion	$33.078 billion	+$0.3B above high end of guide	Beat
Adjusted EBITDA	Q2 FY2026	$770 million - $870 million	$914 million	+$44M above high end of guide	Beat

New guidance

Metric	Period	Guide	YoY
Marketplace GOV	Q3 FY2026	$33.0 billion - $34.0 billion	-4% to -1% YoY
Adjusted EBITDA	Q3 FY2026	$950 million - $1,100 million	—
Free Cash Flow reduction from merchant payment timing	FY 2026	$700 million to $800 million	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Stock-based compensation expense	FY 2026	$1.3 billion to $1.4 billion	$1.2 billion to $1.3 billion	-$0.1B at both low and high end	Lowered
Dasher gas relief program cost	Q2 FY2026	over $50 million	Withdrawn — no replacement	—	Withdrawn

Platform metrics

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Marketplace GOV	$33.078B	$24.244B	+36.4%
Total Orders	970 million	761 million	—
Total Orders YoY Growth	27%	—	—
Marketplace GOV	$33.1 billion	$24.244B	-100.0%
Marketplace GOV YoY Growth	36%	—	—
DashPass Paid Members Growth	>24 months growth in 12 months	—	—

Profitability

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Adjusted EBITDA	$914 million	$655 million	—
Adjusted EBITDA Margin	2.8%	—	—
Net Revenue Margin	13.5%	13.5%	—

Management tone

No transcript was available for this print; tone analysis is limited to press-release disclosure shifts. Three signals are visible in the written commentary.

Dot autonomous delivery moved from R&D framing to a measurable business-unit target. This quarter's press-release language: "we expect Dot to deliver a high single-digit percentage of orders in our largest test market by the end of the year." That's a falsifiable metric with a deadline roughly four months out. Whether the "largest test market" is disclosed geographically matters for how bulls model the ramp — but the shift from qualitative to quantitative is real.

The tech platform rollout timeline was quantified. Management stated: "we expect to begin seeing benefits from our new global technology platform once it is fully rolled out, which we currently expect to be in the first half of 2027." Modelers should push their tech-leverage expectations into 2027.

H2 seasonal margin framing was pre-empted with unusual specificity. Management called out the expected Q4 sequential EBITDA margin decline explicitly and attributed it to "a seasonal increase in Dasher costs, an annual increase in insurance expenses, and an increase in investments in our global technology platform and our autonomy initiatives." The specificity is defensive — management is walking investors away from a Q4 margin miss narrative by naming the drivers three months in advance. The "up slightly" FY margin (ex-Deliveroo) commitment remains in place.

Answers to last quarter's watch list

Q2 FY2026 GOV print vs. $32.4–33.4B guide — Printed $33.08B, above midpoint, with net revenue margin recovering to 13.5% and gross margin +170bps QoQ to 49.9%. GOV beat, margins expanded sequentially, and EBITDA cleared the guide high by $44M. Status: Resolved positively

Q2 adjusted EBITDA margin recovery path — Printed 2.8% of GOV, +40bps QoQ from Q1's 2.4%. The Q3 midpoint at ~3.1% extends the trajectory to the first 3%+ print since Q3 FY2025. Status: Resolved positively

Grocery/retail unit-economic disclosure — Management stated "significantly improving unit economics" in U.S. grocery and retail in Q2, but no numeric contribution-margin figures disclosed. The 2H 2026 profitability commitment is now within one quarter of arrival and the numeric anchor still hasn't landed. Status: Continue monitoring

Gas-relief program extension decision — The prior Q2 gas-relief guidance ("over $50M") was withdrawn without replacement disclosure. Management is no longer treating this as a discrete headwind requiring standalone disclosure. Status: Not resolved

First Symbiosis revenue or take-rate disclosure — No hard ads or Symbiosis-specific number in the press release. Net revenue margin recovery is directionally supportive but the line-item disclosure has not arrived. Status: Continue monitoring

Deliveroo standalone GOV or order growth — Deliveroo segment revenue disclosed at $383M — second consecutive quarter of standalone revenue disclosure. Management noted Y/Y GOV growth at Deliveroo accelerated in Q2 on a constant-currency basis, but standalone GOV dollars and order growth rates remain undisclosed numerically. Status: Not resolved

What to watch into next quarter

Q3 FY2026 GOV print vs. $33.0–34.0B guide — high end implies +36% YoY, in line with Q2. A print materially above the high end would suggest organic acceleration on top of the Deliveroo contribution. A midpoint or low-end print sets the FY2026 exit growth rate.

Q3 adjusted EBITDA margin vs. ~3.1% guide midpoint — first 3%+ margin print of the FY would confirm the recovery arc from Q1's 2.4%. Any print below 3.0% forces a materially steeper Q4 assumption to hold the "up slightly" FY commitment given the pre-flagged seasonal Q4 decline.

Grocery/retail unit-economic disclosure — deadline quarter — 2H 2026 profitability commitment now has ~one quarter to be substantiated with numbers. First numeric anchor (contribution margin, gross-profit-positive claim, or dated milestone update) is the highest-value information event.

Ads / Symbiosis line-item disclosure — net revenue margin recovery to 13.5% strengthens the case that ads is contributing meaningfully; sell-side pressure for the number will intensify with each margin-recovery print.

Deliveroo standalone growth quantified in Q3 — if management continues to frame consolidated GOV growth without disclosing the standalone Deliveroo rate, the bear inference about integration transparency gains material weight.

Dot autonomous — "largest test market" identified and progress toward high-single-digit% year-end target — first quantified autonomy milestone. Q3 print should include either a geographic identifier or an interim percentage; absence of update signals slippage against the year-end goal.

SBC guide direction into Q3/Q4 — the $100M cut this quarter is the first cost-guide reduction in the FY2026 cycle. Watch whether it holds or reverses; a further tightening would validate the AI-productivity thesis converting to real headcount discipline.

Sources

DoorDash Q2 2026 press release, filed 2026-08-05 — https://www.sec.gov/Archives/edgar/data/1792789/000179278926000048/proddashex991-pressrelease.htm

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