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DoorDash (DASH +2%) is dashing higher following its Q2 report after the food delivery giant delivered another quarter of robust growth and profitability. Revenue climbed 35.6% yr/yr to $4.45 bln, topping analyst expectations, while total orders increased 27% (+17% excluding Deliveroo acquisition) to 970 mln. Marketplace GOV grew 36% to $33.1 bln, landing within the company's prior guidance range of $32.4-33.4 bln. While the recently completed Deliveroo acquisition provided a meaningful boost to growth, DoorDash also continued to post healthy organic trends across its core markets.

• Deliveroo lifts growth: Revenue and Marketplace GOV benefited from the October 2025 acquisition of Deliveroo, which expanded DoorDash's footprint across Europe, Asia, and the Middle East. Excluding Deliveroo, total orders still increased a healthy 17% yr/yr, highlighting continued strength in the core business.
• Profitability shines: Adjusted EBITDA jumped 40% yr/yr to $914 mln, easily exceeding prior guidance of $770-870 mln. DoorDash also guided Q3 adjusted EBITDA to $950 mln-$1.1 bln, reinforcing confidence that scale and operating efficiencies continue to drive margin expansion. Since DASH does not provide adjusted EPS, we think it is important for investors to focus more on adjusted EBITDA as the better metric for profitability because it's a clean adjusted number and DASH provides guidance for it.
• DashPass momentum: US restaurant Marketplace GOV growth accelerated modestly during Q2, supported by strong DashPass membership growth. The subscription program continues to boost customer order frequency and retention, while also helping accelerate adoption in grocery and retail despite lower gross margins. Management said it still sees significant opportunity to expand DashPass penetration in the US.
• AI and platform investments: DoorDash highlighted meaningful progress on strategic initiatives during 1H26, including rolling out key components of its new global technology platform, launching AI-powered features to improve customer engagement and reduce friction, and expanding its software and merchant services offerings.

Briefing.com Analyst Insight

DoorDash continues to execute exceptionally well, delivering another quarter of strong growth while expanding profitability. Although Deliveroo helped its growth rates, underlying demand remains healthy, as evidenced by double-digit order growth excluding the acquisition and continued strength across restaurants, grocery, and retail. More importantly, adjusted EBITDA significantly outpaced guidance, demonstrating that DoorDash is successfully balancing growth investments with improving operating leverage. The company's expanding DashPass ecosystem remains a key competitive advantage, driving higher customer engagement while creating opportunities to deepen penetration in newer verticals. Combined with ongoing investments in AI and merchant services, DoorDash appears well positioned to extend its leadership in local commerce. This quarter provided few reasons for investors to question the company's long-term growth trajectory.