DoorDash, Inc. (DASH)

DoorDash reported second-quarter 2026 revenue of $4.5 billion on 5 August, up 36 percent from a year earlier 2. Net income for its common stockholders fell 30 percent to $200 million 2.

Part of the jump came from Deliveroo, a delivery company DoorDash bought on 2 October 2025 1. Without it, the company says revenue grew 24 percent 2.

Customers placed 970 million orders in the quarter 1. Adjusted EBITDA, a profit measure that leaves out items such as stock pay, was $914 million 12.

On 18 September 2026 the company moved its legal home from Delaware to Nevada, and said this changed nothing in its business or management 4. For the third quarter, it expects Adjusted EBITDA of $950 million to $1,100 million 2.

DoorDash says its mission is to grow and empower local economies by helping merchants connect with consumers in their communities 3.

The company went public in December 2020 1. On 31 May 2022 it acquired Wolt Enterprises Oy, which became the Wolt Marketplace, one of its three delivery brands 3.

Revenue was $8.6 billion in 2023, $10.7 billion in 2024 and $13.7 billion in 2025 3. Total orders grew from 2.2 billion to 3.2 billion over the same years 3.

In 2025 revenue grew 28 percent, ahead of the 27 percent growth in order value, which the company ties to better logistics, more advertising and fewer refunds 3.

International revenue grew from $854 million in 2023 to $2,257 million in 2025, while United States revenue grew from $7,781 million to $11,460 million 3.

Net income moved from a loss of $558 million in 2023 to a profit of $123 million in 2024 and $935 million in 2025 3.

Buying other companies shaped 2025 1. On 28 May it acquired Symbiosys, a retail media platform company, for $121 million 1. On 13 June it completed the purchase of SevenRooms, whose tools help merchants manage reservations and tables, for $1,152 million 1.

On 2 October 2025 DoorDash completed its purchase of Deliveroo, with consideration of $3,724 million 1. The company links part of its 2025 order growth to that deal 3.

In the first half of 2026 revenue was $8,490 million, up 34 percent, and the company booked $50 million of restructuring charges, a cost of reorganizing 1.

The three Marketplaces

DoorDash, Wolt and Deliveroo are the three Marketplaces, which operate in over 40 countries 1. They earn a fee from merchants on each transaction and charge consumers a delivery fee and a service fee 3.

Memberships called DashPass, Wolt+ and Deliveroo Plus cut those fees for members 3. In December 2025 the Marketplaces served over 56 million monthly active users, and over 35 million people were members at 31 December 2025 3.

In the second quarter of 2026 the Marketplaces carried $33.1 billion of orders by dollar value, called Marketplace GOV, up 36 percent 1. Revenue was 13.5 percent of that value 1.

Revenue from outside the United States was $997 million in the second quarter of 2026, against $455 million a year earlier 1. United States revenue was $3,457 million 1.

Commerce Platform and merchant services

The Commerce Platform helps merchants sell through their own channels 3. It includes Drive, a white-label delivery service, plus online ordering, branded apps, reservations, tableside pay and customer support 3.

In the second quarter of 2026 the company said digital ordering was used by over 150,000 merchants, with revenue up over 40 percent 2. It also said new venues signed at SevenRooms grew over 100 percent 2.

Robots, drones and AI

The company says its land robot, Dot, now makes more deliveries per robot each day 2. It also earned Part 135 air carrier certification from the FAA for DoorDash Air, its drone effort 2. It launched Ask, an AI assistant that helps consumers find restaurants and build grocery baskets 2.

People and control

DoorDash had over 31,400 employees at the end of 2025 3. In 2025 over 9 million people dashed, earning over $20 billion in total 3.

Tony Xu is chief executive and board chair 3. He and co-founders Andy Fang and Stanley Tang held 55 percent of the voting power at 31 December 2025, since Class B shares carry 20 votes each 3.

Rivals and problems

The 10-K names Amazon, Uber Eats, Prosus and Delivery Hero among its rivals, along with local incumbents 3. It also competes with merchants who run their own ordering and delivery 3.

A standing problem is whether delivery workers are contractors or employees 3. In May 2025 Finland's Supreme Administrative Court ruled Wolt courier partners were employees, but outside the Working Hours Act, and the company is seeking an annulment 3.

The EU's Platform Work Directive, in force since December 2024, asks member states to write new national rules on worker classification 3.

The umbrella, in words

The main brands are DoorDash, Wolt and Deliveroo, with DashPass, Wolt+ and Deliveroo Plus as memberships 3. The company reports owning SevenRooms in full, after acquiring 100 percent of its equity on 13 June 2025 1.

It acquired Deliveroo plc's equity on 2 October 2025 and Symbiosys Corp. on 28 May 2025 1. Its headquarters in San Francisco is leased, at about 240,000 square feet of offices 3.

For the third quarter of 2026 the company expects Marketplace GOV of $33.0 billion to $34.0 billion and Adjusted EBITDA of $950 million to $1,100 million 2.

It expects Adjusted EBITDA as a share of order value to fall in the fourth quarter of 2026, citing seasonal Dasher costs, higher insurance and more spending on its global technology platform and autonomy 2.

The company expects its new global technology platform to be fully rolled out in the first half of 2027 2. It expects Dot to deliver a high single-digit percentage of orders in its largest test market by the end of the year 2.

For 2026 it expects stock-based compensation of about $1.2 billion to $1.3 billion and depreciation and amortization of about $1.1 billion to $1.2 billion 2. It says year-end merchant payment timing will cut reported free cash flow by $700 million to $800 million 2.