Doordash posted 42 cents per share in first-quarter 2026 earnings, beating estimates as marketplace GOV climbed 37% to $31.6 billion. The quarter also brought 933 million total orders and a pre-market share rally of 10.38%, giving shareholders a cleaner read on scale than on margin expansion.
42-Cent EPS Beats Estimates
42 cents per share was above the Zacks Consensus Estimate by 13.51%, even though it trailed 44 cents a year earlier. Revenue moved the other way: Doordash reported $4.04 billion, up 33.1% from the year-ago quarter, but 2.14% below the consensus mark. That split leaves the earnings line ahead while the top line missed by a narrow amount.
12.8% net revenue margin compared with 13.1% a year ago, showing that the business grew faster in gross activity than it did in revenue kept after merchant and order-related costs. For investors, that means the quarter looked stronger on volume and adjusted profitability than on revenue conversion.
31.6 Billion in Marketplace GOV
$31.6 billion in marketplace GOV was the clearest scale metric in the report, rising 37% year over year and edging the consensus mark by 0.34%. Total orders reached 933 million, up 27% from a year earlier but 2.45% below expectations. Doordash said order growth came from more consumers, higher average consumer engagement and the acquisition of Deliveroo.
$2.09 billion in adjusted gross profit rose 33.1% from a year earlier, while adjusted gross margin held flat at 51.9%. Contribution margin improved to 34.2% from 33.6%, but the company also spent more to support growth: adjusted sales and marketing costs rose 29.1% to $715 million, adjusted research and development costs increased 50.5% to $277 million, and adjusted general and administrative expenses climbed 41.9% to $349 million.
Q2 Guidance Tops the Quarter
$754 million in adjusted EBITDA rose 27.8% year over year, though adjusted EBITDA margin contracted 80 basis points, or hundredths of a percent, to 18.7%. Cash also edged up, with $5.83 billion in cash, cash equivalents and short-term marketable securities at March 31, 2026, versus $5.78 billion at Dec. 31, 2025. Operating cash flow was $594 million, down from $635 million a year earlier, and free cash flow was $420 million, down from $494 million.
$32.4 billion to $33.4 billion is Doordash’s second-quarter 2026 Marketplace GOV guide, alongside adjusted EBITDA of $770 million to $870 million. The company also expects about $1.3 billion to $1.4 billion in stock-based compensation expense for 2026, with roughly $1.1 billion to $1.2 billion in depreciation and amortization expense, including about $450 million tied to acquired intangible assets.
