DoorDash, Inc.NASDAQ: DASH

Third Quarter 2026 Financial Statements

· Issued by DoorDash, Inc.

Summary by 6ix AI

DoorDash, Inc. reported unaudited revenue of $4,616 million for the three months ended September 30, 2026, compared with $3,446 million a year earlier. Net income attributable to common stockholders was $466 million, or $1.06 a diluted share, compared with $244 million, or $0.55 a diluted share.

Key details

  • For the nine months ended September 30, 2026, revenue was $13,106 million and net income attributable to common stockholders was $850 million, or $1.93 a diluted share, compared with $9,762 million and $722 million, or $1.65 a diluted share, a year earlier.
  • Revenue attributable to Deliveroo was $365 million in the third quarter of 2026; revenue excluding Deliveroo was $4,251 million.
  • Adjusted EBITDA, a company measure of earnings that excludes items such as interest, taxes, depreciation, amortization and stock-based compensation, was $1,060 million for the third quarter of 2026, compared with $754 million a year earlier.
  • Free cash flow, operating cash flow minus spending on property, equipment and capitalized software, was $2,203 million for the twelve months ended September 30, 2026.
  • DoorDash repurchased $1,049 million of its common stock in the nine months ended September 30, 2026, and held cash and cash equivalents of $5,053 million at September 30, 2026.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/doordash-third-quarter-2026-financial-statements

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‌CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

(Unaudited)

December 31,

2025

September 30,

2026

Assets

Current assets:

Cash and cash equivalents

$ 4,378

$ 5,053

Short-term investments

1,128

929

Restricted cash

273

301

Funds held at payment processors

587

660

Accounts receivable, net

1,108

1,212

Prepaid expenses and other current assets

1,169

1,206

Total current assets

8,643

9,361

Long-term investments

837

805

Operating lease right-of-use assets

437

449

Property and equipment, net

1,067

1,300

Intangible assets, net

2,260

1,904

Goodwill

5,519

5,530

Other assets

896

1,231

Total assets

$ 19,659

$ 20,580

Liabilities, Redeemable Non-controlling Interests and Stockholders' Equity

Current liabilities:

Accounts payable

$ 397

$ 333

Operating lease liabilities

105

104

Accrued expenses and other current liabilities

5,645

5,954

Total current liabilities

6,147

6,391

Operating lease liabilities

461

466

Convertible notes, net

2,724

2,728

Other liabilities

281

268

Total liabilities

9,613

9,853

Redeemable non-controlling interests

13

10

Stockholders' equity:

Common stock

-

-

Additional paid-in capital

14,092

15,140

Accumulated other comprehensive income

261

97

Accumulated deficit

(4,320)

(4,520)

Total stockholders' equity

10,033

10,717

Total liabilities, redeemable non-controlling interests and stockholders' equity

$ 19,659

$ 20,580

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except share amounts which are reflected in thousands, and per share data)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2026

2025

2026

Revenue

$ 3,446

$ 4,616

$ 9,762

$ 13,106

Costs and expenses:

Cost of revenue, exclusive of depreciation and amortization

shown separately below

1,687

2,171

4,803

6,270

Sales and marketing

576

765

1,769

2,332

Research and development

355

499

1,012

1,432

General and administrative

400

426

1,120

1,396

Depreciation and amortization

169

312

480

876

Restructuring charges

1

1

2

51

Total costs and expenses

3,188

4,174

9,186

12,357

Income from operations

258

442

576

749

Interest income, net

71

37

169

106

Other income (expense), net

(81)

5

(28)

27

Income before income taxes

248

484

717

882

Provision for (benefit from) income taxes

5

19

(2)

35

Net income including redeemable non-controlling

interests

243

465

719

847

Less: net loss attributable to redeemable non-controlling interests

(1)

(1)

(3)

(3)

Net income attributable to DoorDash, Inc. common stockholders

$ 244

$ 466

$ 722

$ 850

Net income per share attributable to DoorDash, Inc. Class A and

Class B common stockholders

Basic

$ 0.57

$ 1.07

$ 1.70

$ 1.96

Diluted

$ 0.55

$ 1.06

$ 1.65

$ 1.93

Weighted-average number of shares outstanding used to compute

net income per share attributable to DoorDash, Inc. Class A and Class B common stockholders

Basic

428,911

434,409

425,176

434,750

Diluted

441,812

440,314

438,611

440,658

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Nine Months Ended September 30, 2025 2026

Cash flows from operating activities

Net income including redeemable non-controlling interests

$ 719

$ 847

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

480

876

Stock-based compensation

775

847

Reduction of operating lease right-of-use assets and accretion of operating lease liabilities

83

109

Amortization of deferred contract costs

55

66

Office lease impairment expenses

7

1

Other

57

9

Changes in operating assets and liabilities, net of assets acquired and liabilities assumed from acquisitions:

Funds held at payment processors

74

(79)

Accounts receivable, net

(162)

(134)

Prepaid expenses and other current assets

(195)

(47)

Other assets

(193)

(66)

Accounts payable

(60)

(57)

Accrued expenses and other current liabilities

496

320

Payments for operating lease liabilities

(87)

(122)

Other liabilities

(39)

(38)

Net cash provided by operating activities

2,010

2,532

Cash flows from investing activities

Purchases of property and equipment

(203)

(208)

Capitalized software and website development costs

(235)

(375)

Purchases of investments

(1,108)

(780)

Maturities of investments

1,046

913

Sales of investments

429

88

Purchases of non-marketable investments

(5)

(192)

Acquisitions, net of cash acquired

(1,198)

(58)

Other investing activities

-

9

Net cash used in investing activities

(1,274)

(603)

Cash flows from financing activities

Proceeds from issuance of convertible notes, net of issuance costs

2,720

-

Proceeds from issuance of warrants

341

-

Purchase of convertible note hedges

(680)

-

Proceeds from exercise of stock options

8

4

Repurchase of common stock

-

(1,049)

Payments of acquisition-related deferred cash consideration

-

(40)

Other financing activities

(10)

(6)

Net cash provided by (used in) financing activities

2,379

(1,091)

Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents

63

(21)

Net increase in cash and cash equivalents, and restricted cash and cash equivalents

3,178

817

Cash and cash equivalents, and restricted cash and cash equivalents

Beginning of period

4,221

4,681

End of period

$ 7,399

$ 5,498

Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the

condensed consolidated balance sheets

Cash and cash equivalents $

3,279

$

5,053

Restricted cash

4,080

301

Long-term restricted cash and cash equivalents included in other assets

40

144

Total cash and cash equivalents, and restricted cash and cash equivalents $

7,399

$

5,498

Non-cash investing and financing activities

Purchases of property and equipment not yet settled $

46

$

34

Stock-based compensation included in capitalized software and website development costs $

140

$

196

Deferred cash consideration for acquisitions $

87

$

52

NON-GAAP FINANCIAL MEASURES (Unaudited)

Three Months Ended

(In millions)

Sept. 30,

2025

Dec. 31,

2025

Mar. 31,

2026

Jun. 30,

2026

Sept. 30,

2026

Cost of revenue, exclusive of depreciation and amortization $ 1,687

$ 1,935

$ 1,992

$ 2,107

$ 2,171

Adjusted to exclude the following:

Stock-based compensation expense and certain payroll tax

expense (39)

(45)

(35)

(48)

(39)

Allocated overhead (12)

(16)

(16)

(21)

(20)

Adjusted cost of revenue $ 1,636 $ 1,874 $ 1,941 $ 2,038 $ 2,112

Sales and marketing

$ 576

$ 707

$ 746

$ 821

$ 765

Adjusted to exclude the following:

Stock-based compensation expense and certain payroll tax

expense

(28)

(21)

(23)

(35)

(30)

Allocated overhead

(6)

(10)

(8)

(11)

(11)

Adjusted sales and marketing

$ 542

$ 676

$ 715

$ 775

$ 724

Research and development

$ 355

$ 419

$ 398

$ 535

$ 499

Adjusted to exclude the following:

Stock-based compensation expense and certain payroll tax

expense

(133)

(138)

(113)

(189)

(145)

Allocated overhead

(7)

(7)

(8)

(10)

(11)

Adjusted research and development

$ 215

$ 274

$ 277

$ 336

$ 343

General and administrative

$ 400

$ 480

$ 432

$ 538

$ 426

Adjusted to exclude the following:

Stock-based compensation expense and certain payroll tax

expense

(61)

(72)

(57)

(77)

(55)

Certain legal, tax, and regulatory settlements, reserves, and

expenses(1)

(48)

(29)

(45)

(98)

(16)

Transaction-related costs

(17)

(57)

(13)

(13)

(20)

Office lease impairment expenses

-

(4)

-

(1)

-

Allocated overhead from cost of revenue, sales and marketing,

and research and development

25

33

32

42

42

Adjusted general and administrative

$ 299

$ 351

$ 349

$ 391

$ 377

  1. We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management's budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.

Three Months Ended

Sept. 30,

Dec. 31,

Mar. 31,

Jun. 30,

Sept. 30,

(In millions, except percentages)

2025

2025

2026

2026

2026

Revenue

$ 3,446

$ 3,955 $ 4,036 $ 4,454

$ 4,616

Less: Cost of revenue, exclusive of depreciation and amortization

(1,687)

(1,935) (1,992) (2,107)

(2,171)

Less: Depreciation and amortization related to cost of revenue

(70)

(109) (100) (124)

(134)

Gross profit

$ 1,689

$ 1,911 $ 1,944 $ 2,223

$ 2,311

Gross Margin

49.0 %

48.3 % 48.2 % 49.9 %

50.1 %

Less: Sales and marketing

(576)

(707) (746) (821)

(765)

Add: Depreciation and amortization related to cost of revenue

70

109 100 124

134

Add: Stock-based compensation expense and certain payroll tax

expense included in cost of revenue and sales and marketing

67

66 58 83

69

Add: Allocated overhead included in cost of revenue and sales and

marketing

18

26 24 32

31

Contribution Profit

$ 1,268

$ 1,405 $ 1,380 $ 1,641

$ 1,780

Contribution Margin

36.8 %

35.5 % 34.2 % 36.8 %

38.6 %

Three Months Ended

(In millions, except percentages)

Sept. 30,

2025

Dec. 31,

2025

Mar. 31,

2026

Jun. 30,

2026

Sept. 30,

2026

Gross profit

$ 1,689

$ 1,911

$ 1,944

$ 2,223

$ 2,311

Add: Depreciation and amortization related to cost of revenue

70

109

100

124

134

Add: Stock-based compensation expense and certain payroll tax

expense included in cost of revenue

39

45

35

48

39

Add: Allocated overhead included in cost of revenue

12

16

16

21

20

Adjusted Gross Profit

$ 1,810

$ 2,081

$ 2,095

$ 2,416

$ 2,504

Adjusted Gross Margin

52.5 %

52.6 %

51.9 %

54.2 %

54.2 %

Three Months Ended

Sept. 30,

Dec. 31,

Mar. 31,

Jun. 30,

Sept. 30,

(In millions)

2025

2025

2026

2026

2026

Net income attributable to DoorDash, Inc. common stockholders

$ 244

$ 213

$ 184

$ 200

$ 466

Add: Net loss attributable to redeemable non-controlling interests

(1)

-

(1)

(1)

(1)

Net income including redeemable non-controlling interests

$ 243

$ 213

$ 183

$ 199

$ 465

Certain legal, tax, and regulatory settlements, reserves, and

expenses(1)

48

29

45

98

16

Transaction-related costs

17

57

13

13

20

Office lease impairment expenses

-

4

-

1

-

Restructuring charges

1

-

48

2

1

Provision for (benefit from) income taxes

5

9

8

8

19

Interest income, net

(71)

(42)

(34)

(35)

(37)

Other (income) expense, net

81

(33)

(6)

(16)

(5)

Stock-based compensation expense and certain payroll tax

expense(2)

261

276

228

349

269

Depreciation and amortization expense

169

267

269

295

312

Adjusted EBITDA

$ 754

$ 780

$ 754

$ 914

$ 1,060

  1. We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management's budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such

    expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation.

  2. Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above.

Reconciliation of net cash provided by operating activities to Free Cash Flow

Trailing Twelve Months Ended

(in millions)

Sept. 30,

2025

Dec. 31,

2025

Mar. 31,

2026

Jun. 30,

2026

Sept. 30,

2026

Net cash provided by operating activities

$ 2,528

$ 2,431

$ 2,390

$ 2,830

$ 2,953

Purchases of property and equipment

(235)

(257)

(240)

(235)

(262)

Capitalized software and website development costs

(301)

(348)

(398)

(456)

(488)

Free Cash Flow $ 1,992 $ 1,826 $ 1,752 $ 2,139 $ 2,203

Reconciliation of revenue to revenue, excluding Deliveroo

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions)

2025

2026

2025

2026

Revenue

$ 3,446

$ 4,616

$ 9,762

$ 13,106

Revenue attributable to Deliveroo

-

(365)

-

(1,110)

Revenue, excluding Deliveroo

$ 3,446

$ 4,251

$ 9,762

$ 11,996

IR Contact:

[email protected]

PR Contact:

[email protected]

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