DASH · Earnings call · 2026Q2T · Full report

Operating Margin Drivers

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

Adjusted EBITDA exceeded guidance in Q2 because unit-economic improvements in advertising and subtotal were stronger than expected in the second half of the quarter. Deliveroo exceeded internal volume expectations and was contribution-profit positive, adding to the upside. Management said Q2 benefited from lower seasonal Dasher costs, which increased the quarter-on-quarter take rate. DoorDash expects take rate to be flat from Q2 to Q3 and lower in Q4 as Dasher costs typically rise, while continuing to prioritize total profit dollars rather than a specific take-rate percentage.

Key facts

• DoorDash introduced new fees for larger delivery radiuses, which management expects to be largely similar or slightly less for the vast majority of orders in launched markets.
• Unit economic improvement in Q2 came in ahead of expectations notably from ads and subtotal, contributing to an adjusted EBITDA beat.
• DoorDash has increased unit economics in Deliveroo.
• DoorDash's take rate increase quarter-on-quarter was largely due to lower Dasher costs in Q2 compared to Q1 because Dasher costs are seasonal.