The strong Q3 beat and raised Q4 guidance signal accelerating momentum, but the Instacart acquisition introduces execution risk and regulatory uncertainty through 2027-2028. Watch for HSR review progress, Instacart stockholder vote timing, and Q4 free cash flow impact from merchant payment timing ($700M-$800M headwind).
Price Chart
Executive Summary
DoorDash reported Q3 2026 results with revenue of $4.616B (up 34% YoY) and GAAP diluted EPS of $1.06, both above consensus estimates of $4.56B and $0.81. The company also announced a definitive agreement to acquire Instacart for approximately $17 billion in a cash-and-stock deal expected to close by early 2028, with Q4 guidance for Marketplace GOV of $35.4B-$36.4B and Adjusted EBITDA of $900M-$1.1B.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $4.616B, up 34% YoY, above $4.56B consensus
- GAAP diluted EPS of $1.06, up from $0.55 YoY, above $0.81 consensus
- Adjusted EBITDA of $1.060B, up 41% YoY, with margin of 3.1% of Marketplace GOV
- Marketplace GOV of $33.9B, up 36% YoY; Total Orders of 993M, up 28% YoY
- Announced definitive agreement to acquire Instacart for $65.00 per share, equity value ~$17B
- Q4 2026 guidance: Marketplace GOV $35.4B-$36.4B, Adjusted EBITDA $900M-$1.1B
- Year-to-date share repurchases of 6.8M shares for $1.0B; $4.0B remaining under authorization
Financial Impact
Revenue beat consensus by ~1.2%; EPS beat consensus by ~30.9%; Instacart acquisition valued at ~$17B equity value
Risk Factors
- Instacart acquisition faces regulatory approvals (HSR, Canada, Israel) and may not close until end of 2027 or first half of 2028
- Q4 2026 free cash flow expected to be reduced by $700M-$800M due to year-end merchant payment timing
- Integration of Deliveroo and Instacart creates execution risk; synergies of $500M+ annually are multi-year targets
- Consumer spending and foreign currency risks could impact guidance
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001792789-26-000062 |
| Document: dash-20261029.htm | 0001792789-26-000062 |
| Document: 0001792789-26-000062-index-headers.html | 0001792789-26-000062 |
| Document: 0001792789-26-000062-index.html | 0001792789-26-000062 |
| Document: 0001792789-26-000062.txt | 0001792789-26-000062 |
| 8-K Data (Synthetic) | 0001792789-26-000062 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $179.00 | awaiting T+60 | awaiting T+60 | $178.99 (−0.01%) |
Oct 29, 2026 3d ago | 8-K | $179.00 | awaiting T+60 | awaiting T+60 | $178.99 (−0.01%) |
Oct 27, 2026 5d ago | Institutional Cluster | $169.49 | awaiting T+60 | awaiting T+60 | $178.99 (+5.61%) |
Oct 20, 2026 12d ago | Institutional Cluster | $184.45 | awaiting T+60 | awaiting T+60 | $178.99 (−2.96%) |
Oct 5, 2026 27d ago | Insider Cluster | $193.62 | awaiting T+60 | awaiting T+60 | $178.99 (+7.56%) |
Sep 9, 2026 7w ago | Insider Cluster | $201.03 | awaiting T+60 | awaiting T+60 | $178.99 (−10.96%) |
Sep 9, 2026 7w ago | ANALYST-UPGRADE | $197.25 | awaiting T+60 | awaiting T+60 | $178.99 (−9.25%) |
Sep 4, 2026 8w ago | Insider Cluster | $200.44 | awaiting T+60 | awaiting T+60 | $178.99 (−10.70%) |
Sep 4, 2026 8w ago | Insider Cluster | $200.44 | awaiting T+60 | awaiting T+60 | $178.99 (−10.70%) |
Sep 3, 2026 8w ago | Insider Cluster | $211.73 | awaiting T+60 | awaiting T+60 | $178.99 (−15.46%) |
US Market Status
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