Deliveroo has shown accelerating growth in orders, GOV, and revenue for three consecutive quarters. What are the drivers, and is this also translating to improved profitability?

Tony Xu attributed Deliveroo's success to effective integration work and applying lessons from building marketplace businesses globally. Ravi Inukonda confirmed accelerating volume, MAU, and subscription growth, along with increased unit economics, while continuing to invest in selection and quality to drive both top-line and profitability targets. “What you're seeing in Deliveroo -- I agree with you, Mark, is just accelerating performance, frankly, across the board. And that's super exciting, because I think, a, it's a validation that our integration work is really working.”

What is DoorDash's perspective on the perceived lower quality of international growth, the long-term earnings power of these markets, and the importance of market share versus minimum viable scale?

Tony Xu stated the aspiration to be the global leader in local commerce, emphasizing that while there are no global network effects, DoorDash is a leader or strong #2 in its top 10 international markets and gaining share. He highlighted improvements in selection, prices, delivery quality, and customer service, with significant potential for B2B products overseas. Ravi Inukonda noted accelerating growth and improving unit economics across Deliveroo and Wolt, with record subscriber growth for Wolt+. “the vast majority of our international business is concentrated in our top 10 markets outside of the U.S. And in those markets, we are the leader or we are a very strong #2 and we're gaining share in all of the markets.”

Can management share insights on DoorDash Dot's unit economics and its impact on demand elasticity, and provide the AOV for restaurants versus grocery/retail from the letter's chart?

Tony Xu explained that DoorDash Dot aims to offer the best service (fastest, most affordable, widest selection) and requires mastering both operations and technology. He noted 'exponential progress' on cost profile. Ravi Inukonda clarified that as new verticals expand, basket sizes are increasing due to product improvements and customers using the platform for more use cases, leading to higher consumer spend and DashPass penetration across cohorts. “what's going to determine the ceiling or the penetration of autonomous delivery is whether or not you can master both the operations and the technology. And I believe we're best positioned to do that because we're actually doing both in-house.”

DASH

DoorDash (DASH) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Communication Services· Aug 5, 2026

Source: earnings call transcript

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

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

Category	Target	Timeline	Confidence
New Verticals Gross Profit	gross profit positive medium materiality	H2 FY26	High
Adjusted EBITDA Margin	land inside the range of the guidance high materiality	Q3 · FY26	High
Take Rate	slightly lower than where Q3 is medium materiality	Q4 · FY26	High
DoorDash Dot Penetration	high single digit low materiality	by year-end · FY26	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
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%	—	—

DASH operating KPIs by quarter

DASH operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Dec 2025 Q4 FY25	Change vs prior quarter
Monthly active platform consumers (MAPCs)	42M+ We talked about the fact that we have over 42 million monthly active users. Source: earnings call transcript	56M We announced our in-store business in '25 during the September dashboard product event, where we're starting to drive traffic inside the restaurants now with our 56 million MAUs or over 100 million annual customers and offering them either access or value to restaurants that they couldn't get otherwise if they were not members. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

Product	Type	Timeline
DoorDash Ask	launch	recent
DoorDash Dot	milestone	current
DashMart Fulfillment Services	launch	since last fall

Deals & partnerships

Wolt First large overseas acquisition

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

SevenRooms Acquisition 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

New Verticals Gross Profitability

H2 FY26

Current on track to be gross profit positive

Target gross 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.

Find out whether DASH delivers this. Inve re-checks your case every morning.

Q&A highlights

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 read 6 chapters

Detailed narrative

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.

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.

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.

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.

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.

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.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.