Key Highlights

  • Revenue of USD 4.62 billion rose 34% year over year, above the consensus estimate of USD 4.56 billion.
  • Diluted EPS of USD 1.06 topped the consensus estimate of USD 0.81; Net Income rose 91% to USD 466 million.
  • Marketplace GOV grew 36% to USD 33.9 billion on 993 million orders, and adjusted EBITDA hit USD 1.06 billion.
  • A definitive agreement to buy Instacart values the Equity at about USD 17 billion, at USD 65.00 per share.

DoorDash, Inc. (NASDAQ:DASH) reported third quarter 2026 Revenue of USD 4,616 million, up 34% from USD 3,446 million and above the consensus estimate of USD 4.56 billion. GAAP Diluted Earnings per Share were USD 1.06 against a consensus estimate of USD 0.81 and USD 0.55 a year earlier. Net income attributable to common stockholders reached USD 466 million, a quarterly record, compared with USD 244 million.

Total orders rose 28% to 993 million. Excluding the Deliveroo acquisition, orders grew 17%, Marketplace GOV 23% and revenue 23%.

Margins, Cash Flow and Marketplace Detail

Marketplace GOV rose 36% to USD 33,941 million. The net revenue Margin was 13.6% versus 13.8% a year ago, GAAP Gross Profit reached USD 2,311 million, and contribution profit was USD 1,780 million, or 5.2% of Marketplace GOV. Adjusted EBITDA of USD 1,060 million equaled 3.1% of Marketplace GOV, up from 3.0%. Income from operations rose to USD 442 million from USD 258 million.

Operating cash flow was USD 994 million and free cash flow was USD 787 million, up 14% and 9% respectively. Cash and cash equivalents stood at USD 5,053 million. In the U.S. restaurant category, Marketplace GOV growth accelerated slightly from the second quarter, and U.S. grocery and retail GOV grew at more than double that pace. Restaurant reservations through the U.S. marketplace grew over 340% from the prior quarter in existing geographies.

Instacart Deal Terms and Fourth Quarter Outlook

Instacart stockholders may elect USD 65.00 in cash, 0.3372 DoorDash shares, or a mix of USD 48.75 in cash and 0.0843 shares, with stock consideration capped at 25% of the total. The price is a 26% premium to the October 22 close. The company plans to fund the cash portion with cash on hand and debt, backed by a 364 day senior unsecured bridge facility, and targets a Capital Structure that maintains Investment grade ratings. Closing is targeted for the end of 2027 or the first half of 2028, and the company sees a path to USD 500 million or more of annual synergies net of investments.

For the fourth quarter, the company guided Marketplace GOV to USD 35.4 billion to USD 36.4 billion and adjusted EBITDA to USD 900 million to USD 1,100 million. Full year stock based compensation is projected near USD 1.2 billion, Depreciation and amortization near USD 1.2 billion, and year end merchant payment timing reduces reported 2026 free cash flow by USD 700 million to USD 800 million. The outlook assumes stable consumer Demand and currency rates.

Data Points for the Fourth Quarter and Beyond

Several items carry numbers or dates. Fourth quarter adjusted EBITDA guidance of USD 900 million to USD 1,100 million compares with USD 1,060 million this quarter, and GOV guidance of USD 35.4 billion to USD 36.4 billion compares with USD 33.9 billion just reported. The company stops disclosing results excluding Deliveroo from the fourth quarter, when the Acquisition reaches its anniversary.

On the Instacart transaction, markers include approval by Instacart stockholders, with holders of about 19% of shares already committed to vote in favor, antitrust Waiting Period expiration and regulatory approvals including Canada and Israel. Buybacks are another line, with USD 4.0 billion remaining on the USD 5.0 billion authorization after USD 1.0 billion of purchases year to date.