DASH · 8-K · 20260805PR000048
Operating Expense Trends
DoorDash, Inc. · 2026-08-05 · Importance 62 · Surprise 46 · No source text
GAAP sales and marketing expense increased 35% year over year and 10% sequentially to $821 million, driven by higher advertising and personnel-related compensation expenses. Research and development expense increased 52% year over year and 34% sequentially to $535 million, driven by personnel-related compensation and third-party software expenses. General and administrative expense increased 39% year over year and 25% sequentially to $538 million, driven by higher legal, tax, regulatory, and personnel-related compensation expenses. R&D rose to 1.6% of Marketplace GOV from 1.4% a year earlier, while sales and marketing remained 2.5% and G&A remained 1.6% of Marketplace GOV year over year.
Key facts
- 2026 stock-based compensation expense expected to be approximately $1.2 billion to $1.3 billion, assuming a stock price consistent with recent trading levels. source
- 2026 depreciation and amortization expense expected to be approximately $1.1 billion to $1.2 billion, inclusive of approximately $450 million of amortization of acquired intangible assets. source
- Depreciation and amortization expense for three months ended June 30, 2026: $295 million (compared to $159 million in Q2 2025). source
- GAAP cost of revenue, exclusive of depreciation and amortization in Q2 2026: $2,107 million, a 30% year-over-year increase. source
- GAAP research and development expense in Q2 2026: $535 million, up 52% year-over-year and 34% quarter-over-quarter. source
- Stock-based compensation included in capitalized software and website development costs for six months ended June 30, 2026: $132 million (compared to $91 million for six months ended June 30, 2025). source
- GAAP sales and marketing expense in Q2 2026: $821 million, up 35% year-over-year and 10% quarter-over-quarter. source
- GAAP general and administrative expense in Q2 2026: $538 million, up 39% year-over-year and 25% quarter-over-quarter. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | probable | -14.0% | 2026 stock-based compensation expense expected to be approximately $1.2 billion to $1.3 billion, assuming a stock price consistent with… |
| operating_income | negative | probable | -12.9% | 2026 depreciation and amortization expense expected to be approximately $1.1 billion to $1.2 billion, inclusive of approximately $450… |
| operating_income | negative | realized | -11.0% | GAAP cost of revenue, exclusive of depreciation and amortization in Q2 2026: $2,107 million, a 30% year-over-year increase. |
| operating_income | negative | realized | -4.8% | GAAP sales and marketing expense in Q2 2026: $821 million, up 35% year-over-year and 10% quarter-over-quarter. |
| operating_income | negative | realized | -4.1% | GAAP research and development expense in Q2 2026: $535 million, up 52% year-over-year and 34% quarter-over-quarter. |
| operating_income | negative | realized | -3.4% | GAAP general and administrative expense in Q2 2026: $538 million, up 39% year-over-year and 25% quarter-over-quarter. |
| operating_income | negative | realized | -3.0% | Depreciation and amortization expense for three months ended June 30, 2026: $295 million (compared to $159 million in Q2 2025). |
| operating_income | positive | realized | +0.9% | Stock-based compensation included in capitalized software and website development costs for six months ended June 30, 2026: $132 million… |
| assets | positive | realized | +0.2% | Stock-based compensation included in capitalized software and website development costs for six months ended June 30, 2026: $132 million… |