DASH · Earnings call · 2026Q2T · Full report

International Market Share Gains

DoorDash, Inc. · 2026-08-05 · Importance 42 · Surprise 40

DoorDash said the vast majority of its international business is concentrated in its top 10 markets outside the U.S., where it is either the leader or a strong number two and is gaining share in all of them. Named markets include the U.K., Italy, Germany, the Nordics, Israel and Canada. Deliveroo is experiencing accelerating volume, MAU and subscription growth, while Wolt+ recorded one of its strongest quarters for paid subscriber growth. Management is improving selection, prices, delivery reliability, accuracy and speed, and expects additional benefits from completing a unified technology stack.

Key facts

• DoorDash became order volume share leaders in Q4 and has continued to extend that lead.
• Deliveroo beat internal volume expectations in Q2 and was contribution profit positive, which led to some upside to results.
• Deliveroo has shown accelerating performance across the board including orders, GOV and revenue over three quarters.
• Deliveroo's volume growth, MAU growth and subscription growth have been the highest year-over-year in the last couple of years.
• DoorDash is the leader or a very strong number two and is gaining share in the majority of its top 10 markets outside the U.S.
• Some international markets include the U.K., Italy, Germany, the Nordics, Israel and Canada.