Key Highlights

  • DoorDash reported second-quarter 2026 Revenue of $4.454 billion, up 36 per cent, with total orders of 970 million, up 27 per cent.
  • GAAP Net Income attributable to common stockholders was $200 million, down 30 per cent, while adjusted EBITDA was $914 million, up 40 per cent.
  • Third-quarter guidance is for Marketplace gross order value of $33.0 billion to $34.0 billion and adjusted EBITDA of $950 million to $1.1 billion.

Reported Instacart talks

DoorDash, Inc. (NASDAQ:DASH), the delivery platform, has been the subject of reports that it is in talks to acquire rival Instacart in a deal valued at about $17 billion. These are press reports. The company statements reviewed for this article did not confirm talks, terms or timing.

A transaction of the reported size would affect leverage, integration costs and competition scrutiny, so any confirmation from DoorDash or Instacart would be a material development.

Second-quarter results

The latest reported quarter, released on 5 August 2026, was the second quarter. Total orders were 970 million, up 27 per cent, or 17 per cent excluding Deliveroo. Marketplace gross order value was $33.1 billion, up 36 per cent, or 23 per cent excluding Deliveroo. Revenue was $4.454 billion, up 36 per cent, with Deliveroo contributing roughly $383 million.

GAAP net income attributable to common stockholders was $200 million, down 30 per cent from $285 million. Adjusted EBITDA, a non-GAAP measure, was $914 million, up 40 per cent, or 2.8 per cent of gross order value. Operating Cash Flow was $944 million and free cash flow was $742 million, up from $355 million.

Excluding Deliveroo, order growth of 17 per cent and revenue growth of 24 per cent show the underlying Business is expanding, while the Acquisition adds scale. The gap between GAAP profit and adjusted EBITDA is large: the company expects 2026 stock-based compensation of about $1.2 billion to $1.3 billion and Depreciation and Amortisation of $1.1 billion to $1.2 billion, which readers should weigh when judging profitability.

Guidance and Capital allocation

Third-quarter guidance, which is a forecast rather than a result, was for Marketplace gross order value of $33.0 billion to $34.0 billion and adjusted EBITDA of $950 million to $1.1 billion. The company also expects year-end merchant payment timing to reduce 2026 free cash flow by $700 million to $800 million.

Through 5 August, DoorDash had repurchased 6.8 million Class A shares for $1.049 billion, leaving about $3.951 billion under its authorisation. It also highlighted autonomous delivery, FAA air carrier certification for DoorDash Air, and growth in both merchant software and in membership.

What to watch

Several measurable items matter. First, whether DoorDash or Instacart issues any confirmation of the reported talks. Second, third-quarter results, which are expected on 4 November, though that date had not been confirmed by a company notice in the material reviewed.

Third, orders and gross order value against the guided range. Fourth, the balance between profit growth and heavy investment, given that GAAP net income fell even as adjusted EBITDA rose.