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DASH · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue growth accelerated to 36% y/y on Deliveroo-fueled order growth and record Adjusted EBITDA, but heavy step-up in R&D, G&A and D&A compressed GAAP operating margin and drove GAAP net income down 30% y/y to $200M.
Net Income
$200M
down 30% y/y
Revenue
$4,454M
up 36% y/y
Operating Income
$156M
down 4.3% y/y
Gross Profit
$2,223M
up 38% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Revenue | $4,454 · +36% |
| Cost of Revenue | $2,107 · +30% |
| Gross Profit | $2,223 · +38% · 49.9% margin |
| Sales & Marketing | $821 · +35% |
| R&D | $535 · +52% |
| G&A | $538 · +39% |
| D&A | $295 · +86%* |
| Restructuring | $2 |
| Operating Income | $156 · −4.3% · 3.5% margin |
| Interest & Other Income | $51 · −40% |
| Pretax Income | $207 · −24% |
| Income Tax | $8 |
| Net Income | $200 · −30% · $0.46 diluted EPS |
Verdict: Revenue growth accelerated to 36% y/y on Deliveroo-fueled order growth and record Adjusted EBITDA, but heavy step-up in R&D, G&A and D&A compressed GAAP operating margin and drove GAAP net income down 30% y/y to $200M.
OCF $944M (+87% y/y); Free Cash Flow $742M (+109% y/y); repurchased 6.8M shares for $1,049M YTD through Aug 5 under $5.0B authorization ($3,951M remaining); Q3 2026 guidance: Marketplace GOV $33.0-34.0B, Adjusted EBITDA $950-1,100M.
Source and notation
* marks non-cash / ≈ estimated. Source: DoorDash press release / 10-Q (SEC EDGAR).
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Chart: “DASH Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/dash/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/dash/q2-2026"><img src="https://whoreportstoday.com/t/dash/q2-2026/sankey.png" alt="DASH Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/dash/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/dash/q2-2026">DASH Q2 2026 earnings chart (Who Reports Today)</a>
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- GAAP net income fell 30% y/y to $200M despite 36% revenue growth, driven by a jump in R&D (+52% y/y) and G&A (+39% y/y), plus higher D&A from the Deliveroo acquisition.
- Adjusted EBITDA of $914M (+40% y/y) diverges sharply from GAAP operating income of $156M (-4% y/y), reflecting large add-backs for stock-based comp (~$349M) and legal/tax/regulatory settlements ($98M).
- Deliveroo consolidation added materially to growth: excluding Deliveroo, revenue grew only 24% y/y (vs 36% reported) and orders grew 17% (vs 27% reported).
- G&A included $98M of legal, tax and regulatory settlement expenses, up sharply from $29M in Q2 2025, a key one-off drag on GAAP profitability.
- Interest income declined to $35M from $49M y/y, while other income fell to $16M from $59M y/y, both reducing non-operating contribution to pretax income.
- Contribution Profit (non-GAAP) rose to $1,641M (+43% y/y), showing healthy underlying unit economics even as GAAP opex growth outpaced revenue.
What distorts the picture in this report and what to watch beyond the headlines.
DASH — DoorDash operates a platform for on-demand food delivery from restaurants, also offering grocery and retail delivery services.
The company is based in San Francisco, California.
Heads-up
- net income fell 30% y/y in Q2 2026
Net income for Q2 2026: $200M, −30% y/y. In the report's figures: costs grew faster than revenue: r&d +52% y/y, d&a +86% y/y. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗More reports: DECK · Q2 FY2027 · DHI · Q3 FY2026 · DPZ · Q3 FY2026 · DRI · Q1 FY2027 · EBAY · Q3 2026 · EXPE · Q2 2026 · F · Q2 2026 · GM · Q3 2026 · GPC · Q3 2026 · GRMN · Q2 2026 · all reports