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DoorDash (DASH) · Q2 2026 results and valuation

Share price: $178.26 · 2026-11-11

DoorDash operates marketplaces and a commerce platform that connect merchants with consumers for local commerce and order fulfillment. The company provides services such as online ordering, delivery, and advertising to merchants, while offering delivery options to consumers and income opportunities for independent contractors. It operates in over 40 countries. Source: 10-K annual report (2026-02-18)

Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026

Net income up 8.7% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.

1 · Numbers

+8.7%

Net income vs Q1 2026

Net income 200.0M vs 184.0M

Revenue +10.4%

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: upbeat, in line with the script.

Similar to last call.

3 · What stood out

DoorDash's business serves over 150,000 businesses and grew 40% year-over-year in the quarter.

Valuation

Is DoorDash undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 20.0% growth a year (3-year revenue growth), the model's fair value is $249.58 a share — the stock trades 29% below it. Today's price assumes 15.3% growth a year.

Current price

$178.26

close of 2026-11-11

Market implies growth of i

+15.3% for 10 yrs

Fair value / share

$249.58

Buy below

$187.18

Price vs fair value

Undervalued 29%

Price vs buy-below price

Undervalued 5%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Figure

DASH reported 10x better error rates because the company is running the inventory.

Source quote
“And we're also seeing 10x better error rates because we're running the inventory.”
Key theme

Autonomous delivery aims to provide customers with benefits including speed, cost, and more selection without requiring changes to their workflow.

Source quote
“They don't have to change a single thing about their workflow, and customers just get access to the benefits of autonomous delivery, which will be, in the future, speed, cost, and more selection.”
Key theme

In the second half of the quarter, those unit economics came in slightly ahead of what DoorDash had expected.
Key theme

The Q4 take rate is expected to be slightly lower than the Q3 level.

Source quote
“So you should expect Q4 take rate to be slightly lower than where Q3 is.”
Key theme

The marketplace business is the fast-growing part of the business and maintains healthy relationships with all partners on the platform.

Source quote
“It's the fast-growing part of our marketplace business and we have very healthy relationships with all of the partners on the platform.”

3 more

Key theme

The company improved unit economics across all categories to enhance profitability.

Source quote
“We've improving unit economics across all of our categories.”
Key theme

DoorDash talked about the fact in the letter that basket sizes are growing.
Figure

Consumers report eating 20 to 25 times a week, though DoorDash only touches a fraction of those meals.

Source quote
“We eat 20 to 25 times a week. And DoorDash only touches a fraction of that.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was cautious)

Answers to analysts Upbeat (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“And the whole thesis for us was as DashPass penetration continues to increase, overall gross profit per MAU continues to increase.”

“At the same point, across both Deliveroo as well as Wolt, it's been a way for us to drive efficient growth, where when you look at the unit economics either...”

“You certainly have opportunities to grow your business with them as well as improve your relationships with them.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	4.45B	4.04B	+10.4%	3.28B	+35.6%
Operating income	156.0M	151.0M	+3.3%	163.0M	−4.3%
Net income	200.0M	184.0M	+8.7%	285.0M	−29.8%
EPS	0.46	0.42	+9.5%	0.65	−29.2%
P/E today 74.6	96.6	71.2	+25.4	135.4	−38.8

Topics

Most discussed now

No clear topics this period.

Faded since Q1 2026

Fading As long as you're serving multiple different use cases, sometimes it's a group meeting with just a few of it,...
Fading There are older cities historically, and therefore, they weren't really meant for driving under any circumstance or a condition in...

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-10-29 Material agreement; Regulation FD disclosure; Other events · SEC 8-K
2026-10-29 Results of operations; Regulation FD disclosure · SEC 8-K
2026-09-18 Other events · SEC 8-K
DoorDash, Inc. completed its reincorporation from the State of Delaware to the State of Nevada on September 18, 2026, without any changes to its business, management, or assets.
2026-08-11 Shareholder vote results · SEC 8-K · routine
2026-08-05 Results of operations; Regulation FD disclosure · SEC 8-K
DoorDash reported revenue of $4.5 billion, up 36% year-over-year, and Marketplace GOV of $33.1 billion, up 36% year-over-year, for the quarter ended June 30, 2026.
2026-06-12 Shareholder vote results; Other events · SEC 8-K
DoorDash, Inc. shareholders approved the election of four directors, the ratification of KPMG LLP as the independent auditor, and the advisory vote on executive officer compensation at the 2026 annual meeting.
2026-05-06 Results of operations; Regulation FD disclosure · SEC 8-K
DoorDash reported revenue of $4.0 billion, up 33% year-over-year, and Marketplace GOV of $31.6 billion, up 37% year-over-year, for the quarter ended March 31, 2026.
2026-02-18 Results of operations; Regulation FD disclosure · SEC 8-K
DoorDash, Inc. issued a press release and a Letter to Shareholders on February 18, 2026, regarding its financial results for the quarter and full year ended December 31, 2025.

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

the second half of the year

gross profit positive for the overall new vertical business

Source quote
“We're on track for that in the second half of the year.”
towards the beginning of next year

expect to see even more benefits as work on building a single tech stack comes more fully online

Source quote
“So as that work kind of comes more fully online, towards the beginning of next year, we expect to see even more benefits as time goes on.”
by the end of the year

new verticals to be gross profit positive

Source quote
“New verticals growing much faster than our restaurants business as well as it's on track to being gross profit positive by the end of the year.”
Q3

landing inside the range of the guidance

Source quote
“And if you're thinking about the second half from a margin perspective, I would expect us to land inside the range of the guidance that we've given in Q3.”
Q3

take rate expected to be flattish from Q2

Source quote
“what I would expect for the rest of the year, I'd expect take rate to slightly be in the similar range in Q3, so flattish from Q2 to Q3, and lower in Q4.”