DASH · 8-K · 20260805PR000048
Guidance / Outlook
DoorDash, Inc. · 2026-08-05 · Importance 69 · Surprise 60 · In source text
DoorDash expects Q3 2026 Marketplace GOV of $33.0 billion to $34.0 billion and Adjusted EBITDA of $950 million to $1.1 billion. In the second half of 2026, Adjusted EBITDA as a percentage of Marketplace GOV is expected to increase quarter over quarter in Q3 and decline in Q4. The Q4 decline is expected to reflect seasonal Dasher costs, higher insurance expenses, and increased investment in the global technology platform and autonomy initiatives. DoorDash also forecasts 2026 stock-based compensation of $1.2 billion to $1.3 billion, depreciation and amortization of $1.1 billion to $1.2 billion, and a $700 million to $800 million reduction in reported 2026 Free Cash Flow from year-end merchant-payment timing.
Key facts
- Q3 2026 guidance for Adjusted EBITDA: $950 million to $1,100 million. source
- Q3 2026 guidance for Marketplace GOV: $33.0 billion to $34.0 billion. source
- Company expects Adjusted EBITDA as a percentage of Marketplace GOV in H2 2026 to follow a similar pattern to H2 2025 with a Q/Q increase in Q3 2026 followed by a Q/Q decline in Q4 2026. source
- Company expects the Q4 2026 Q/Q decline in Adjusted EBITDA % of GOV to be driven primarily by a seasonal increase in Dasher costs, an annual increase in insurance expenses, and an increase in investments in global technology platform and autonomy initiatives. source
- Company cautions that its outlook assumes aggregate consumer demand and key foreign currency rates remain relatively stable at current levels and anticipates significant ongoing investment in new categories, international markets, system capacity, and global technology platform. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | unclear | probable | — | Q3 2026 guidance for Adjusted EBITDA: $950 million to $1,100 million. |
| revenue | unclear | probable | — | Q3 2026 guidance for Marketplace GOV: $33.0 billion to $34.0 billion. |
| margin | unclear | probable | — | Company expects Adjusted EBITDA as a percentage of Marketplace GOV in H2 2026 to follow a similar pattern to H2 2025 with a Q/Q increase… |
| margin | negative | probable | — | Company expects the Q4 2026 Q/Q decline in Adjusted EBITDA % of GOV to be driven primarily by a seasonal increase in Dasher costs, an… |
| operating_income | negative | probable | — | Company cautions that its outlook assumes aggregate consumer demand and key foreign currency rates remain relatively stable at current… |