The acquisition of Instacart significantly expands DoorDash's grocery delivery scale and adds ~$17B in enterprise value. Monitor regulatory reviews (HSR, Canada, Israel) and Instacart stockholder vote for closing timeline. DoorDash's strong Q3 results and Q4 guidance suggest core business momentum is intact, which supports the deal's financing and synergy narrative.
How the stock moved after the report
⚠ Clustered BULLISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Oct 29 $57.11entry
- T+1 · 6d ago −1.16%α +0.62% · $56.45
- T+4 · todayOpen
- T+5 · in 11h Pending
- T+20 · in 22d Pending
- T+60 · in 3mo Pending
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Executive Summary
DoorDash announced a definitive agreement to acquire Instacart (Maplebear Inc.) for $65.00 per share, or an equity value of approximately $17 billion, payable in at least 75% cash and up to 25% DoorDash stock. The filing also contains DoorDash's Q3 2026 earnings release, which showed record revenue of $4.6 billion (up 34% YoY), net income of $466 million (up 91% YoY), and Adjusted EBITDA of $1.06 billion (up 41% YoY). The deal is expected to close by end of 2027 or first half of 2028, subject to regulatory and stockholder approvals.
Key Financial Metrics
Key Facts
- DoorDash to acquire Instacart for $65.00 per share, equity value ~$17 billion
- Consideration: at least 75% cash, up to 25% DoorDash common stock, subject to proration
- $65.00 per share represents a 26% premium to Instacart's closing price on October 22, 2026
- Instacart board unanimously approved the agreement
- Stockholders holding ~19% of Instacart shares agreed to vote in favor
- DoorDash expects to fund cash portion with cash on hand and debt financing; JPMorgan committed a 364-day bridge loan
- Transaction not subject to a financing condition; DoorDash targeting investment-grade ratings
- Expected close: end of 2027 or first half of 2028
- Conditions: Instacart stockholder approval, HSR waiting period, Canadian and Israeli regulatory approvals
- DoorDash sees multi-year path to $500 million or more of annual synergies, net of investments
- Q3 2026 revenue $4.6 billion (up 34% YoY), GAAP net income $466 million (up 91% YoY), Adjusted EBITDA $1.06 billion (up 41% YoY)
- Total Orders 993 million (up 28% YoY), Marketplace GOV $33.9 billion (up 36% YoY)
- Q4 2026 guidance: Marketplace GOV $35.4B-$36.4B, Adjusted EBITDA $900M-$1.1B
- DoorDash has $4.0B remaining under its $5.0B share repurchase authorization
Financial Impact
DoorDash to acquire Instacart for ~$17 billion equity value; DoorDash Q3 2026 revenue $4.6B, net income $466M, Adjusted EBITDA $1.06B
Risk Factors
- Antitrust review in the US (HSR), Canada, and Israel could impose conditions or block the deal
- Long expected close timeline (end of 2027 to first half of 2028) creates execution and integration risk
- DoorDash will take on debt to fund the cash portion, potentially impacting credit ratings
- Synergy target of $500M+ annually is aspirational and may not be realized
- Instacart stockholder approval required; only 19% of shares committed to vote in favor
- Integration of two large platforms could disrupt operations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001792789-26-000065 |
| Document: 0001792789-26-000065-index-headers.html | 0001792789-26-000065 |
| Document: 0001792789-26-000065-index.html | 0001792789-26-000065 |
| Document: 0001792789-26-000065.txt | 0001792789-26-000065 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 5d ago | SC 13D/A | $57.59 $58.31 | ▲ +1.25% | ▲ +0.95% | $59.22 (+2.83%) |
Oct 30, 2026 5d ago | 425 | $57.59 $58.31 | ▲ +1.25% | ▲ +0.95% | $59.22 (+2.83%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | 425 | $56.45 $57.59 | ▲ +2.02% | ▲ +2.50% | $59.22 (+4.91%) |
Oct 29, 2026 6d ago | Institutional Cluster | $57.11 $56.45 | ▼ −1.16% | ▲ +0.62% | $59.22 (+3.69%) |
Oct 29, 2026 6d ago | 425 | $57.11 $56.45 | ▼ −1.16% | ▲ +0.62% | $59.22 (+3.69%) |
Oct 29, 2026 6d ago | 425 | $57.11 $56.45 | ▼ −1.16% | ▲ +0.62% | $59.22 (+3.69%) |
US Market Status
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