DoorDash beat earnings estimates in the first quarter of 2026, logging record membership signups and a new high for monthly active users, though revenue came in below analyst forecasts. DoorDash stock rose 12% following the earnings report.
On the earnings side, DoorDash posted 42 cents per share, six cents above the 36-cent consensus. Full-year revenue climbed 33% to $4.04 billion, though that fell short of the $4.14 billion Wall Street had anticipated, per CNBC.
Order volume hit 933 million for the quarter, a 27% increase, though it came in under the 954 million analysts had penciled in. Marketplace gross order value — a measure of the total dollar worth of transactions on the platform — reached $31.6 billion, a 37% gain that edged past the $31.5 billion consensus. Net income slipped to $184 million from $193 million in the year-ago quarter.
Adjusted EBITDA came in at $754 million, up 28% year-over-year. DoorDash's net revenue margin contracted to 12.8% from 13.1% in the first quarter of 2025, the company said.
Looking ahead to the second quarter, the company's GOV outlook of $32.4 billion to $33.4 billion cleared the $32.43 billion analyst forecast. Its adjusted EBITDA projection of $770 million to $870 million was more mixed — the $820 million midpoint trailed the $830 million Wall Street had been expecting, according to CNBC.
New customer acquisition in DoorDash's U.S. grocery and retail segment set an all-time record for a single quarter, the company said. Year-over-year growth in U.S. DashPass members accelerated, driven by stronger signups and reduced churn. The company also reported accelerating growth in monthly active users and total orders at Deliveroo, the British delivery platform it acquired, with GOV growth accelerating in the U.K., France, and Italy.
The quarterly results included $48 million in restructuring charges and $45 million in legal, tax, and regulatory settlement costs, according to the company.
The Dasher gas relief initiative carries a price tag exceeding $50 million for the current quarter, the company disclosed. To manage that burden, CFO Ravi Inukonda noted on the earnings call that certain planned investments have been shifted to the back half of 2026. "If we do decide to extend the gas rewards program, we'll find offset in other parts of the business in order to make sure we're still pretty good from top line as well as the bottom line," Inukonda told analysts, according to CNBC.
CEO Tony Xu said on the call that the company is beginning to see early results from its technology platform redesign. "Not only are we already seeing some velocity and quality wins across all of the brands, but I think there'll be a lot more to come as we actually roll this thing out," Xu said, according to CNBC.
DoorDash repurchased 1.4 million shares for $205 million through May 5, with about $4.795 billion remaining under its current buyback authorization, the company said.