AI Takeaway
DoorDash delivered strong 33.1% revenue growth to $4.04B in Q1 FY2026, but profitability softened as operating income dipped 2.6% to $151M and net income fell 4.7% to $184M amid rising R&D and depreciation costs.
Revenue
$4.04B
++33.11% YoY
EPS (Basic)
$0.42
-8.70% YoY
Operating Income
$151M
-2.58% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Revenue grew 33.1% year-over-year to $4.04B in Q1 FY2026 (from $3.03B), reflecting continued marketplace growth, increased order volumes, and geographic expansion. This top-line momentum underscores DoorDash's ability to scale its delivery platform.
Source: Source: 10-Q Income Statement
Operating income declined 2.6% to $151M despite the revenue surge, causing operating margin to contract from 5.1% to 3.7%. This compression reflects elevated cost growth outpacing revenue gains, particularly in R&D and depreciation.
Source: Source: 10-Q Income Statement & Key Ratios
R&D expenses rose 30.1% year-over-year to $398M, signaling continued investment in technology, product development, and platform capabilities. This spend is consistent with DoorDash's strategy to build long-term competitive advantages.
Source: Source: 10-Q Income Statement
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Upgrade to unlockDespite 33.1% revenue growth, operating income fell 2.6% and net income fell 4.7%, indicating that cost growth — particularly in R&D (+30.1%) and D&A (+77.0%) — is outpacing revenue. Sustained cost inflation could further compress already thin operating margins of 3.7%.
Source: Source: 10-Q Income Statement & Key Ratios
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Upgrade to unlockReported EPS of $0.42 versus the $0.37 analyst consensus — a +13.0% beat for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $4.04B | $3.03B | +33.11% |
Operating Income | $151M | $155M | -2.58% |
Net Income | $184M | $193M | -4.66% |
EPS (Basic) | $0.42 | $0.46 | -8.70% |
EPS (Diluted) | $0.42 | $0.44 | -4.55% |
R&D Expense | $398M | $306M | +30.07% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $19.71B | $13.57B | +45.23% |
Current Assets | $8.59B | $7.85B | +9.41% |
Total Liabilities | $9.5B | $5.18B | +83.52% |
Current Liabilities | $6.03B | $4.58B | +31.66% |
Stockholders' Equity | $10.2B | $8.39B | +21.56% |
Cash & Equivalents | $4.58B | $4.5B | +1.67% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $594M | $635M | -6.46% |
Investing Cash Flow | $-98M | $-160M | +38.75% |
Financing Cash Flow | $-173M | $3M | -5866.67% |
Share Buybacks | $162M | $0 | — |
D&A | $269M | $152M | +76.97% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 3.7% | 5.1% | -1.37% |
Net Margin | 4.6% | — | — |
ROE | 1.8% | — | — |
ROA | 0.9% | — | — |
Current Ratio | $1.426 | — | — |
Debt to Equity | $0.932 | — | — |
DoorDash reported Q1 FY2026 revenue of $4.04B, a strong 33.1% increase from $3.03B in the same period last year. This growth reflects continued expansion of its delivery marketplace, higher order volumes, and broader platform adoption.
Yes, DoorDash reported net income of $184M in Q1 FY2026, though this was down 4.7% from $193M in Q1 FY2025. Despite record revenues, rising R&D costs (+30.1% to $398M) and surging depreciation & amortization (+77% to $269M) weighed on profitability.
The headline story is a 33.1% revenue surge to $4.04B paired with margin compression — operating margin fell from 5.1% to 3.7% and net income declined 4.7% to $184M. Additionally, total liabilities jumped 83.5% to $9.50B, suggesting significant capital deployment, while DoorDash initiated $162M in share buybacks for the first time.
Based on the financial data, key risks include accelerating cost growth outpacing revenue (R&D up 30%, D&A up 77%), a sharp 83.5% surge in total liabilities raising leverage concerns, and declining operating cash flow (-6.5% to $594M) despite strong top-line growth. These factors could pressure margins and financial flexibility going forward.
DoorDash maintains a solid liquidity position with $4.58B in cash and a current ratio of 1.43, and generates $594M in operating cash flow. However, the debt-to-equity ratio has risen to 0.93 due to an 83.5% jump in total liabilities, and profitability metrics remain thin with a net margin of just 4.6% and ROE of 1.8%.