Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
DoorDash's Q2 FY2026 revenue growth accelerated to 36% year-over-year, driven by a 27% increase in Total Orders and the acquisition of Deliveroo. Strong top-line momentum, however, was offset by a sharp increase in operating expenses, particularly R&D and depreciation, leading to a decline in net income and operating margin. While contribution profit and Adjusted EBITDA grew robustly, the tension between scaling the platform and maintaining profitability remains evident as investment in technology and integration costs weigh on the bottom line.
Revenue
$4.45B
+35.63% YoY
EPS (Diluted)
$0.46
-29.23% YoY
Operating Income
$156M
-4.29% YoY
Source: SEC XBRL
DoorDash (DASH) reported Q2 FY2026 revenue of $4.45B, up 35.6% year over year. Operating margin was 3.5%, down 1.5 points from 5.0% a year earlier. DASH's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 0.46 | 0.46 | Miss -0.8% |
| Mar 2026 | 0.42 | 0.37 | Beat +13.0% |
| Dec 2025 | 0.48 | 0.60 | Miss -19.7% |
| Sep 2025 | 0.55 | 0.70 | Miss -22.0% |
Reported EPS of $0.46 versus the $0.46 analyst consensus — a -0.8% miss for Jun 2026.
Compiled by AI from 10-Q Item 2 of this filing
Total Orders grew 27% year-over-year to 970 million, driven by an increase in consumers and the acquisition of Deliveroo. Marketplace GOV surged 36% to $33.1 billion, reflecting both order growth and higher average order values.
Source: 10-Q Item 2 MD&A
Contribution Profit increased 43% to $1.64 billion, driven by revenue growth, partially offset by higher cost of revenue and sales and marketing expenses. Contribution margin as a percentage of Marketplace GOV improved to 5.0% from 4.7%.
Source: 10-Q Item 2 MD&A
Adjusted EBITDA rose 40% to $914 million, benefiting from contribution profit growth, but partially offset by increased adjusted research and development and general and administrative expenses.
Source: 10-Q Item 2 MD&A
Research and development expense jumped 52% to $535 million, primarily due to higher personnel-related compensation and third-party software costs, though partially mitigated by increased capitalization of software development costs.
Source: 10-Q Item 2 MD&A
Free Cash Flow more than doubled to $742 million, driven by a significant increase in operating cash flow, which rose to $944 million from $504 million in the prior-year quarter.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 3 high, 2 medium, 0 low
DoorDash faces fierce competition from well-capitalized rivals like Uber Eats, Amazon, and Delivery Hero, which could pressure pricing, commission rates, and demand for Dashers. Competitors may offer more attractive incentives, leading to user and merchant attrition.
Source: 10-Q Item 1A Risk Factors
If Dashers are reclassified as employees rather than independent contractors under U.S. federal or state law, or similar laws abroad, it could materially increase costs, operational complexity, and liability, significantly harming the business.
Source: 10-Q Item 1A Risk Factors
DoorDash depends on merchants to provide quality goods and reasonable pricing. If merchants raise prices, fail to meet service levels, or cease operations, consumer satisfaction and platform reputation could suffer, negatively affecting revenue.
Source: 10-Q Item 1A Risk Factors
Disruptions to DoorDash's technology infrastructure, whether from cyberattacks, hardware failures, or other events, could interrupt service, cause revenue losses, and damage the brand. Past incidents have required remediation credits.
Source: 10-Q Item 1A Risk Factors
Integrating acquired businesses like Deliveroo and Wolt may fail to deliver anticipated synergies or could lead to operational disruptions. The company may overpay for acquisitions or face valuation write-downs of acquired assets.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 4.45 $B | 3.28 $B | +35.63% |
Operating Income $M | 156.00 $M | 163.00 $M | -4.29% |
Net Income $M | 200.00 $M | 285.00 $M | -29.82% |
EPS (Basic) $ | 0.46 $ | 0.67 $ | -31.34% |
EPS (Diluted) $ | 0.46 $ | 0.65 $ | -29.23% |
R&D Expense $M | 535.00 $M | 351.00 $M | +52.42% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
DoorDash delivered a landmark FY2025, swinging to $935M net income and $723M operating income on $13.7B in revenue (+27.9% YoY), marking its first sustained profitability as scale and operating leverage took hold.