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    DASH
    Earnings call· Jun 2026(Q2 FY26)

    DoorDash Q2 FY26 earnings call DASH

    Aug 5, 2026 Source

    Executive summary

    DoorDash Q2 FY26 — Strong Growth Across Core Business, International, and New Verticals

    DoorDash delivered a strong quarter, marked by accelerating growth in its core restaurant business, robust expansion in new verticals like grocery, and significant international momentum, particularly with Deliveroo and Wolt. The company continues to invest in strategic initiatives such as autonomous delivery and AI, while maintaining a focus on improving unit economics and driving long-term profit dollar production. Management emphasized the benefits of its integrated ecosystem and the potential for further growth through enhanced product offerings and operational efficiency.

    Highlights

    5

    • Grocery business is the fastest-growing part of the marketplace, on track to be gross profit positive in H2 FY26.

    • Deliveroo showed accelerating performance, with volume, MAU, and subscription growth at their highest in the last couple of years.

    • DashPass subscriber growth was one of the highest in the last two years, adding more subscribers in the last year than the two prior years combined.

    • U.S. restaurant Gross Order Volume (GOV) accelerated from Q1 to Q2, driven by increased DashPass engagement and product improvements.

    • Merchant services business grew 40% year-over-year, serving over 150,000 businesses.

    Guidance & targets

    4
    CategoryTargetConfidence
    New Verticals Gross Profit
    gross profit positive
    medium materiality
    High
    Adjusted EBITDA Margin
    land inside the range of the guidance
    high materiality
    High
    Take Rate
    slightly lower than where Q3 is
    medium materiality
    High
    DoorDash Dot Penetration
    high single digit
    low materiality
    Medium

    Segment performance

    4
    SegmentRevenueYoYQoQMargin
    New Verticals (Grocery & Retail)
    This segment is the fastest-growing part of the marketplace, showing strong underlying improvements in unit economics and customer engagement.
    Order volume share: leader in Q4 FY25, extending leadMAUs: growingOrder frequency: growingBasket sizes: growingGross profit: on track to be positive in H2 FY26
    		————
    International (Deliveroo)
    Deliveroo is showing accelerating performance across the board, validating integration efforts and translating lessons learned into meaningful growth and improved profitability. The company is gaining share in the UK market.
    Volume growth: highest in last couple of yearsMAU growth: highest in last couple of yearsSubscription growth: highest in last couple of yearsContribution profit: positive
    		—accelerating—increased unit economics
    International (Wolt)
    Wolt continues to perform well, with strong subscriber growth and improving unit economics. The company is gaining share in the majority of countries where Wolt operates.
    MAUs: growingOrder frequency: growingWolt+ paid subscriber growth: record quarter
    		———improving unit economics
    Merchant Services
    This business provides tools to help restaurants and retailers build their digital presence, showing strong year-over-year growth.
    Businesses served: over 150,000
    		—40%——

    Operational metrics

    9
    DashPass Paid Subscriber Growth
    one of the highestin the last couple of years
    Q2 FY26

    Refers to the growth rate of paid subscribers for DashPass in the U.S.

    Wolt+ Paid Subscriber Growth
    record quarter
    Q2 FY26

    Wolt+ is the subscription program in Wolt.

    DoorDash Dot Penetration
    meaningful scale
    current

    The autonomous delivery service has achieved significant operational scale in its test market.

    Unit Economic Improvement
    ahead of our expectations
    Q2 FY26

    Unit economics improved more than anticipated, particularly in ads and subtotal, in the second half of the quarter.

    Take Rate
    tick upQoQ from Q1 FY26
    Q2 FY26

    The sequential increase in take rate was primarily due to seasonal lower Dasher costs in Q2.

    DashMart Fulfillment Services Error Rates
    10x better
    current

    Improved accuracy due to managing inventory in dedicated warehouses.

    Agentic Traffic Volume
    quite low
    current

    Volume from agentic partners is currently low, attributed to platforms focusing on enterprise and the complexity of end-to-end physical world fulfillment.

    AI Productivity Gains
    seeing gains
    current

    AI is driving productivity gains across various internal functions including sales, accounting, marketing, and finance.

    New Fee Service Impact
    not a massive impact
    current

    The new fee service is largely similar or slightly less for the vast majority of orders and is not expected to have a significant impact on the P&L.

    Industry KPIs

    2
    MetricValueDetails
    Comparable sales compsaccelerated
    Gross bookings value room nightsaccelerated

    Product announcements

    3
    ProductTypeDetails
    DoorDash Asklaunch
    DoorDash Dotmilestone
    DashMart Fulfillment Serviceslaunch

    Deals & partnerships

    2
    WoltFirst large overseas acquisition

    Wolt was DoorDash's first significant international acquisition, providing valuable experience in operating in diverse geographies.

    SevenRoomsAcquisition to drive customers inside stores/restaurants

    Acquired about a year ago, SevenRooms is part of DoorDash's strategy to offer products that drive customers into physical stores and restaurants, complementing its marketplace and merchant tools.

    What to watch in Q3 FY26

    5

    New Verticals Gross Profitability

    H2 FY26
    Currenton track to be gross profit positive
    Targetgross profit positive

    Why it matters

    Achieving gross profit positive status for new verticals is a key milestone for the segment's long-term viability and contribution to overall profitability.

    Last call, I think I mentioned the fact that we expect our overall new vertical business to be gross profit positive. We're on track for that in the second half of the year.

    Q&A highlights

    5

    Are some grocers on the platform paying very low take rates, and what is the opportunity to reprice these relationships given DoorDash's role in driving their growth?

    Tony Xu stated that grocery is the fastest-growing part of the marketplace with healthy partner relationships. He noted that as DoorDash is often 100% of a grocer's growth, there are opportunities to improve relationships and economics. Ravi Inukonda added that new verticals are on track to be gross profit positive in H2, with growing MAUs, frequency, and basket sizes.

    “when you are the fastest grower in the market for them, and you are their source of growth... You certainly have opportunities to grow your business with them as well as improve your relationships with them.”

    asked by Michael Morton · answered by Tony Xu

    2 min read6 chapters

    Detailed Narrative

    01

    Grocery Business Momentum and Unit Economics

    The grocery business is highlighted as the fastest-growing segment of DoorDash's marketplace, having become order volume share leaders in Q4 FY25 and continuing to extend that lead. Management noted growing MAUs, increasing order frequency, and expanding basket sizes within new verticals. The company expects its overall new vertical business to achieve gross profit positive status in the second half of FY26, driven by improved unit economics and product enhancements.

    02

    International Growth and Integration

    International operations, particularly Deliveroo, demonstrated accelerating performance across volume, MAU, and subscription growth, reaching their highest levels in the last couple of years. This success is attributed to effective integration work and applying lessons learned from Wolt. The company anticipates further benefits from the unification of its global tech stack, expected to be more fully online by early next year, driving growth and improved unit economics across its top 10 international markets.

    03

    DashPass Subscriber Engagement and Cohort Performance

    DashPass continues to be a significant driver of growth, with the highest paid subscriber growth rates in the last two years, adding more subscribers in the past year than the two preceding years combined. The company's thesis that habituated consumers on the platform, especially DashPass members, increase their spend and order frequency is proving out across both older and newer cohorts. This self-reinforcing loop of product improvement, adoption, and engagement is contributing to higher growth and profit dollars.

    04

    AI Application and Strategic Investments

    DoorDash is strategically applying AI to enhance customer experience and drive business outcomes, rather than just for technology's sake. Examples include DoorDash Ask for personalized discovery and grocery cart building, automation in merchant catalog creation, and improved routing for Dashers. The company is also investing in large-scale initiatives like autonomous delivery (DoorDash Dot) and the global tech stack unification, expecting strong long-term ROI by leveraging efficiency gains to build scale and durability.

    05

    Autonomous Delivery (DoorDash Dot) Progress

    DoorDash Dot, the company's autonomous delivery initiative, has achieved meaningful scale in its Phoenix test market, operating with real customers and orders. Management emphasized that scaling autonomous delivery requires mastering both operational complexities (e.g., loading, prep times, drop-off issues) and technology. The company is building an autonomous delivery platform to orchestrate various AVs and human Dashers, aiming for future benefits in speed, cost, and selection, with promising cost profiles observed.

    06

    DashMart Fulfillment Services Expansion

    DashMart Fulfillment Services addresses the structural challenge of inventory accuracy in grocery delivery by managing warehouses and controlling inventory. Since its launch, the service has seen significant incremental demand, with warehouses running near 24/7, and a 10x improvement in error rates. This model allows for near-perfect accuracy and rapid delivery, unlocking greater selection for customers and demonstrating strong potential for future scaling.

    AI-generated summary of the company’s earnings call. Not investment advice.