DoorDash, Inc.

What they do

DoorDash runs integrated online marketplaces under the DoorDash, Wolt, and Deliveroo brands that connect consumers, merchants, and delivery couriers, and also sells advertising and consumer memberships (DashPass, Wolt+, Deliveroo Plus). Its Commerce Platform sells white-label delivery (Drive), online ordering, branded apps, reservations, tableside order and pay, and customer support to merchants. The company is incorporated in Delaware and headquartered in San Francisco.

Revenue drivers

• Marketplaces (DoorDash, Wolt, Deliveroo) — Generates revenue from orders completed on its three marketplaces, including commissions, consumer fees, and membership fees; these marketplaces produced $33.1 billion of Marketplace GOV in Q2 2026 on revenue of $4.45 billion.
• Advertising — Offered as a value-added service within the Marketplaces to help merchants and consumer packaged goods companies increase engagement and drive incremental revenue.
• Membership programs (DashPass, Wolt+, Deliveroo Plus) — Membership fees lower delivery and service fees for subscribers and are included in Marketplace GOV; management credits strong U.S. DashPass membership with supporting U.S. restaurant growth.
• Commerce Platform — Suite of merchant services including white-label delivery (Drive), online ordering, branded apps, reservations and in-store dining, and customer support that let merchants operate on their own channels.

Recent performance

For Q2 2026, Total Orders rose 27% year over year to 970 million and Marketplace GOV rose 36% to $33.1 billion. Revenue rose 36% year over year to $4.45 billion with net revenue margin flat at 13.5%, and GAAP gross profit was $2.22 billion (6.7% of Marketplace GOV). GAAP net income attributable to common stockholders fell 30% year over year to $200 million, while Adjusted EBITDA rose 40% to $914 million. Excluding Deliveroo, Q2 2026 growth was 17% in Total Orders, 23% in Marketplace GOV, and 24% in revenue.

Strategy

Management says it is investing in non-U.S. operations, a new global technology platform, and system capacity for Dashers and longer-distance, higher-effort deliveries. It is rolling out components of that global platform and launching AI-based features to reduce friction and increase engagement. It is expanding software and merchant services offerings within the Commerce Platform and continued to grow membership programs. The company completed the acquisitions of SevenRooms (June 13, 2025) and Deliveroo (October 2, 2025), whose results now contribute to reported growth.

Risks

• Acquisition integration and controls — SevenRooms and Deliveroo were excluded from management's and KPMG's assessment of internal control over financial reporting as of December 31, 2025, representing about 7% of total assets (excluding acquired goodwill and intangibles) and 3% of revenues.
• Dependence on growth in orders and GOV — Q2 2026 growth was heavily aided by Deliveroo; excluding it, Total Orders, Marketplace GOV, and revenue grew 17%, 23%, and 24% year over year, below headline rates.
• Profitability compression on a GOV basis — GAAP net income attributable to common stockholders fell 30% year over year to $200 million in Q2 2026 and narrowed to 0.6% of Marketplace GOV from 1.2%, even as revenue grew 36%.
• International and category execution — Results depend on improving unit economics in U.S. grocery and retail and in international countries, and on Deliveroo's Marketplace GOV growth continuing to accelerate.

Outlook

The company did not provide detailed numeric guidance in the excerpt, but said Q2 2026 Adjusted EBITDA of $914 million was well above its expectation. Management expects to keep investing in the global technology platform, AI features, membership programs, and software and merchant services. It expects to return to its previous quarterly commentary format after Q2 2026 and described its initiatives as foundations for future growth.