On-demand food delivery service DoorDash (NASDAQ:DASH) reported revenue ahead of Wall Street’s expectations in Q2 CY2026, with sales up 35.6% year on year to $4.45 billion. Its GAAP profit of $0.46 per share was 2.4% below analysts’ consensus estimates.
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DoorDash (DASH) Q2 CY2026 Highlights:
- Revenue: $4.45 billion vs analyst estimates of $4.35 billion (35.6% year-on-year growth, 2.5% beat)
- EPS (GAAP): $0.46 vs analyst expectations of $0.47 (2.4% miss)
- Adjusted EBITDA: $914 million vs analyst estimates of $842.3 million (20.5% margin, 8.5% beat)
- EBITDA guidance for Q3 CY2026 is $1.03 billion at the midpoint, above analyst estimates of $978 million
- Operating Margin: 3.5%, down from 5% in the same quarter last year
- Free Cash Flow Margin: 16.7%, up from 10.4% in the previous quarter
- Orders: 970 million, up 209 million year on year
- Market Capitalization: $88.18 billion
Company Overview
Founded by Stanford students with the intent to build “the local, on-demand FedEx", DoorDash (NASDAQ:DASH) operates an on-demand food delivery platform.
Revenue Growth
A company’s long-term sales performance is one signal of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years. Over the last three years, DoorDash grew its sales at an exceptional 27.4% compounded annual growth rate. Its growth surpassed the average consumer internet company and shows its offerings resonate with customers, a great starting point for our analysis.
This quarter, DoorDash reported wonderful year-on-year revenue growth of 35.6%, and its $4.45 billion of revenue exceeded Wall Street’s estimates by 2.5%.
Looking ahead, sell-side analysts expect revenue to grow 22.3% over the next 12 months, a deceleration versus the last three years. Still, this projection is eye-popping given its scale and suggests the market is forecasting success for its products and services.
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Orders
Request Growth
As a gig economy marketplace, DoorDash generates revenue growth by expanding the number of services on its platform (e.g. rides, deliveries, freelance jobs) and raising the commission fee from each service provided.
Over the last two years, DoorDash’s orders, a key performance metric for the company, increased by 23.5% annually to 970 million in the latest quarter. This growth rate is among the fastest of any consumer internet business and indicates its offerings have significant traction. 
In Q2, DoorDash added 209 million orders, leading to 27.5% year-on-year growth. The quarterly print was higher than its two-year result, suggesting its new initiatives are accelerating request growth.
Revenue Per Request
Average revenue per request (ARPR) is a critical metric to track because it measures how much the company earns in transaction fees from each request. This number also informs us about DoorDash’s take rate, which represents its pricing leverage over the ecosystem, or “cut” from each transaction.
DoorDash’s ARPR growth has been mediocre over the last two years, averaging 4.5%. This isn’t great, but the increase in orders is more relevant for assessing long-term business potential. We’ll monitor the situation closely; if DoorDash tries boosting ARPR by taking a more aggressive approach to monetization, it’s unclear whether requests can continue growing at the current pace. 
This quarter, DoorDash’s ARPR clocked in at $4.59. It grew by 6.4% year on year, slower than its request growth.
Key Takeaways from DoorDash’s Q2 Results
We were impressed by how significantly DoorDash blew past analysts’ revenue and EBITDA expectations this quarter. We were also glad it expanded its number of requests. Zooming out, we think this was a good print with some key areas of upside. Investors were likely hoping for more, and shares traded down 5.1% to $196.71 immediately after reporting.
Is DoorDash an attractive investment opportunity at the current price? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here (it’s free).
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