Slug: doordash
Date: 2026-09-21
Industry: Food Delivery / Local Commerce Marketplace
Accent: #FF3008
| Metric | Value | Source |
|---|---|---|
| Total Orders | 970M (+27% YoY; +17% ex-Deliveroo) | IR PR |
| Marketplace GOV | $33.078B (+36%; +23% ex-Deliveroo) | IR PR |
| Revenue | $4.454B (+36%; +24% ex-Deliveroo) | IR PR |
| Net Revenue Margin | 13.5% of Marketplace GOV | IR PR |
| GAAP gross profit | $2.223B; 6.7% of GOV | IR PR |
| Contribution Profit | $1.641B; 5.0% of GOV | IR PR |
| GAAP net income (common) | $200M (−30% YoY) | IR PR |
| Adjusted EBITDA | $914M (+40%); 2.8% of GOV | IR PR |
| Cost of revenue ex-D&A | $2.107B; 6.4% of GOV | IR PR |
| Sales & marketing | $821M; 2.5% of GOV | IR PR |
| Research & development | $535M; 1.6% of GOV | IR PR |
| General & administrative | $538M; 1.6% of GOV | IR PR |
| Depreciation & amortization | $295M | IR statements |
| Income from operations | $156M | IR statements |
| Net cash from ops (Q2) | $944M | IR PR |
| Free Cash Flow (Q2) | $742M | IR PR |
| TTM Free Cash Flow | $2.139B | IR reconciliation |
| DashPass US list | $9.99 / mo or $96 / year | help.doordash.com FACT |
| US paid DashPass adds (12 mo thru Q2’26) | More than prior 24 months combined | IR PR narrative |
| DashPass share of US grocery/retail orders | ~75% of Total Orders in those categories | IR PR |
| Q3’26 GOV outlook | $33.0–$34.0B | IR guidance |
| Q3’26 Adj. EBITDA outlook | $950M–$1,100M | IR guidance |
| SevenRooms new signed venues | >100% Y/Y | IR PR |
| Digital ordering merchants | >150,000; revenue +40% Y/Y | IR PR |
| Marketplace reservations | >150% Q/Q | IR PR |
Marketplace take-rate on GOV → DashPass ($9.99/$96) → ads / merchant services → grocery & retail / DashMart → Drive & enterprise merchant tools → Wolt/Deliveroo international + autonomy (Dot / Air).
Three-sided marketplace: consumers order; Dashers fulfill; restaurants/merchants supply catalog. DoorDash monetizes primarily via Marketplace GOV fees (Net Revenue Margin = Revenue / Marketplace GOV — cite IR definition). DashPass membership fees are included in Marketplace GOV per IR definition. Do not invent a single “take %” beyond published Net Revenue Margin.
# DoorDash — research brief **Slug:** doordash **Date:** 2026-09-21 **Industry:** Food Delivery / Local Commerce Marketplace **Accent:** `#FF3008` ## Label key - **FACT** — company primary (IR press release, help.doordash.com, product pages) - **SECONDARY** — reputable press summarizing company disclosures - **INFERENCE** — teaching connection (labeled; not a cited metric) ## Primary sources 1. DoorDash Q2 2026 earnings press release (Aug 5, 2026): https://ir.doordash.com/news/news-details/2026/DoorDash-Releases-Second-Quarter-2026-Financial-Results/default.aspx 2. DashPass Help — What is DashPass?: https://help.doordash.com/en-us/consumers/article/what-is-dashpass 3. IR hub: https://ir.doordash.com/ 4. SEC 10-Q / statements referenced in PR tables (same release) ## Key FACTS (Q2’26 ended Jun 30, 2026) | Metric | Value | Source | |---|---|---| | Total Orders | 970M (+27% YoY; +17% ex-Deliveroo) | IR PR | | Marketplace GOV | $33.078B (+36%; +23% ex-Deliveroo) | IR PR | | Revenue | $4.454B (+36%; +24% ex-Deliveroo) | IR PR | | Net Revenue Margin | 13.5% of Marketplace GOV | IR PR | | GAAP gross profit | $2.223B; 6.7% of GOV | IR PR | | Contribution Profit | $1.641B; 5.0% of GOV | IR PR | | GAAP net income (common) | $200M (−30% YoY) | IR PR | | Adjusted EBITDA | $914M (+40%); 2.8% of GOV | IR PR | | Cost of revenue ex-D&A | $2.107B; 6.4% of GOV | IR PR | | Sales & marketing | $821M; 2.5% of GOV | IR PR | | Research & development | $535M; 1.6% of GOV | IR PR | | General & administrative | $538M; 1.6% of GOV | IR PR | | Depreciation & amortization | $295M | IR statements | | Income from operations | $156M | IR statements | | Net cash from ops (Q2) | $944M | IR PR | | Free Cash Flow (Q2) | $742M | IR PR | | TTM Free Cash Flow | $2.139B | IR reconciliation | | DashPass US list | $9.99 / mo or $96 / year | help.doordash.com FACT | | US paid DashPass adds (12 mo thru Q2’26) | More than prior 24 months combined | IR PR narrative | | DashPass share of US grocery/retail orders | ~75% of Total Orders in those categories | IR PR | | Q3’26 GOV outlook | $33.0–$34.0B | IR guidance | | Q3’26 Adj. EBITDA outlook | $950M–$1,100M | IR guidance | | SevenRooms new signed venues | >100% Y/Y | IR PR | | Digital ordering merchants | >150,000; revenue +40% Y/Y | IR PR | | Marketplace reservations | >150% Q/Q | IR PR | ## Model read (teaching arc) **Marketplace take-rate on GOV → DashPass ($9.99/$96) → ads / merchant services → grocery & retail / DashMart → Drive & enterprise merchant tools → Wolt/Deliveroo international + autonomy (Dot / Air).** Three-sided marketplace: consumers order; Dashers fulfill; restaurants/merchants supply catalog. DoorDash monetizes primarily via Marketplace GOV fees (Net Revenue Margin = Revenue / Marketplace GOV — cite IR definition). DashPass membership fees are included in Marketplace GOV per IR definition. Do not invent a single “take %” beyond published Net Revenue Margin. ## Do not invent - Exact DashPass paid member counts (company gave relative growth, not absolute) - Per-city take rates or private merchant commission schedules - Exact Drive / advertising ARPU - Autonomy robot unit economics beyond company narrative (Dot high-single-digit % of orders in largest test market by YE — company expectation, not current FACT run-rate)