DASH · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

DoorDash, Inc. · 2026-10-30 · Importance 71 · Surprise 60 · No source text

DoorDash entered into a merger agreement to acquire Instacart for $65.00 per share, representing an equity value of approximately $17 billion. Instacart stockholders may elect $65.00 cash, 0.3372 DoorDash shares, or a mix of $48.75 cash and 0.0843 shares per Instacart share, subject to a cap limiting stock consideration to 25% of the aggregate consideration and proration mechanics. DoorDash expects to fund the cash portion with cash on hand and debt financing, and JPMorgan committed to a 364-day senior unsecured bridge term loan facility of up to $13.0 billion, subject to customary conditions. DoorDash may need additional equity or debt financing if the transaction requires more funding.

Key facts

• DoorDash entered into an agreement to acquire Instacart for $65.00 per Instacart share, or an equity value of approximately $17 billion. source
• Under the Instacart merger agreement, stockholders may elect per share $65.00 in cash, 0.3372 DoorDash common shares, or $48.75 in cash and 0.0843 DoorDash common shares; total stock consideration is capped at 25% of aggregate consideration and is subject to proration mechanics. source
• For the first nine months of 2025, DoorDash used $1.3 billion of cash in investing activities, including $1.2 billion paid for acquisitions net of cash acquired and $1.1 billion of marketable securities purchases. source
• For the first nine months of 2026, DoorDash purchased $780 million of investments and $192 million of non-marketable equity securities, and paid $58 million for acquisitions net of cash acquired. source
• DoorDash expects to fund the cash portion of the Instacart acquisition consideration with cash on hand and debt financing proceeds. source
• For the first nine months of 2026, DoorDash paid $40 million of acquisition-related deferred cash consideration and had $6 million of other financing activities, partially offset by $4 million of stock-option exercise proceeds. source
• DoorDash entered into an escrow agreement in the second quarter of 2025 in connection with the Deliveroo acquisition, and the escrowed cash was released when the acquisition closed in October 2025. source
• DoorDash entered into the Deal-Contingent Forward in the second quarter of 2025 in connection with the Deliveroo acquisition, and it was settled upon the acquisition's closing in October 2025. source

Impact estimates