DoorDash Net Income Nearly Doubles as Orders Climb 28% in Record Quarter

DoorDash posted record third-quarter results on Thursday, with net income nearly doubling to $466 million as orders climbed 28% to 993 million and revenue rose 34% to $4.6 billion.

Net income attributable to common stockholders rose 91% from $244 million a year earlier, or $1.06 a diluted share versus 55 cents, according to the earnings release the delivery company filed with an 8-K on Thursday. Adjusted EBITDA increased 41% to $1.06 billion, while Marketplace gross order value, or GOV, jumped 36% to $33.9 billion.

The company said the quarter set new records for Marketplace GOV, revenue and net income.

Growth with and without Deliveroo

Part of the surge came from Deliveroo, which DoorDash acquired a year ago. Excluding Deliveroo, total orders grew 17%, Marketplace GOV 23% and revenue 23%, the company said. It plans to stop breaking out results excluding Deliveroo starting in the fourth quarter, when the acquisition reaches its one-year anniversary.

In its U.S. restaurant category, year-over-year growth in Marketplace GOV accelerated slightly from the second quarter, despite a tough comparison, and the company said U.S. DashPass paid memberships continued to grow strongly. U.S. grocery and retail GOV grew at more than double the pace of the restaurant category, according to the release.

DoorDash also said restaurant reservations booked through its U.S. marketplace grew more than 340% from the prior quarter in existing geographies. Its international marketplaces posted accelerating GOV growth, with contributions to profitability that exceeded the company's expectations entering the quarter.

Margins and cash

Net revenue margin was 13.6%, compared with 13.8% a year ago. Contribution profit rose to $1.78 billion, or 5.2% of Marketplace GOV, and adjusted EBITDA reached 3.1% of GOV, up from 3.0%.

Operating cash flow was $994 million and free cash flow was $787 million, up from $871 million and $723 million, respectively, a year earlier.

By the numbers

• Total orders: 993 million, up 28%
• Marketplace GOV: $33.9 billion, up 36%
• Revenue: $4.6 billion, up 34%
• Net income: $466 million, up 91%
• Adjusted EBITDA: $1.06 billion, up 41%

Fourth-quarter outlook and buybacks

For the fourth quarter, DoorDash expects Marketplace GOV of $35.4 billion to $36.4 billion and adjusted EBITDA of $900 million to $1.1 billion. It expects 2026 stock-based compensation expense of about $1.2 billion and said year-end timing of merchant payments is expected to reduce reported 2026 free cash flow by $700 million to $800 million.

Year to date through Oct. 28, the company has repurchased 6.8 million Class A shares for $1.0 billion and has about $4.0 billion left under its $5.0 billion authorization.

Separately, DoorDash announced on Thursday a definitive agreement to acquire Instacart for $65.00 a share, or an equity value of about $17 billion, according to another 8-K filed the same day.

Sources

1. DoorDash Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 29, 2026 (accession 0001792789-26-000062)
2. DoorDash Form 8-K announcing merger agreement with Instacart, filed Oct. 29, 2026 (accession 0001140361-26-041111)

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