It has been about a month since the last earnings report for DoorDash, Inc. (DASH Quick QuoteDASH - Free Report) . Shares have added about 4.1% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is DoorDash due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

DoorDash Q2 Earnings Miss on Higher R&D Costs, Revenue Beat

DoorDash posted second-quarter 2026 earnings of 46 cents per share, down 29.2% year over year and missing the Zacks Consensus Estimate by 8%.

Revenues increased 35.6% year over year to $4.45 billion and beat the consensus mark by 3.08%. The top line benefited from higher order volume, increased average order value, and the Deliveroo acquisition. Total Orders rose 27% year over year to 970 million, while Marketplace GOV advanced 36% to $33.08 billion. Net revenue margin was 13.5%, unchanged from the year-ago quarter and up from 12.8% in the first quarter of 2026. Revenues, excluding Deliveroo, were $4.07 billion, up 24% year over year.

DASH's Q2 Marketplace Momentum

Total Orders growth reflected a larger consumer base and the inclusion of Deliveroo. Excluding Deliveroo, orders increased 17% year over year, indicating healthy expansion in the legacy business.

Order gains and higher average order value drove marketplace GOV growth. Excluding Deliveroo, GOV rose 23%. Currency movements added less than 1 percentage point to the reported growth rate.

DASH's Membership and International Progress

U.S. restaurant Marketplace GOV growth accelerated slightly, supported by strong DashPass membership. In the 12 months through the second quarter, DoorDash added more U.S. paid DashPass members than in the prior 24 months combined.

Internationally, Wolt improved cohort order rates and unit economics, while Deliveroo accelerated growth in monthly active users and Total Orders. DoorDash expects the rollout of its single global technology platform to be completed in the first half of 2027.

Merchant-service expansion also continued. New signed venues at SevenRooms more than doubled year over year, while revenues from DoorDash's digital ordering service, used by more than 150,000 merchants, increased more than 40%.

DASH Operating Details

Adjusted gross profit climbed 40.9% year over year to $2.42 billion. Adjusted gross margin expanded to 54.2% from 52.2%, showing stronger gross profitability despite the continued mix shift toward membership-driven orders.

Contribution Profit increased 43.1% year over year to $1.64 billion. Contribution margin improved to 36.8% from 34.9%, indicating better economics after direct fulfillment and sales-related costs.
Adjusted sales and marketing expenses increased 36.4% year over year to $775 million.  Adjusted research and development expenses surged 66.3% year over year to $336 million, reflecting heavier product and technology investment.

Adjusted general and administrative expenses rose 34.8% year over year to $391 million. On a GAAP basis, research and development expenses jumped 52% to $535 million, while general and administrative expenses increased 39% to $538 million, weighing on reported earnings.

Adjusted EBITDA rose 39.5% year over year to $914 million, exceeding management's expectations. Adjusted EBITDA as a percentage of Marketplace GOV increased to 2.8% from 2.7% a year earlier and 2.4% in the prior quarter.

DASH's Balance Sheet and Capital Returns

As of June 30, 2026, cash and cash equivalents were $4.42 billion, while short-term investments totaled $923 million.

DoorDash generated $944 million in operating cash flow during the quarter, up 87.3% year over year. Free cash flow more than doubled to $742 million from $355 million.

Through Aug. 5, the company repurchased 6.8 million shares for $1.05 billion and had about $3.95 billion remaining under its authorization.

DoorDash’s Q3 Outlook and Investment Priorities

For the third quarter of 2026, DoorDash expects Marketplace GOV between $33 billion and $34 billion. Adjusted EBITDA is projected to be in the range of $950 million to $1.10 billion.

Management expects adjusted EBITDA as a percentage of Marketplace GOV to rise sequentially in the third quarter before declining in the fourth quarter. The anticipated fourth-quarter pressure reflects seasonally higher Dasher costs, increased insurance expenses, and greater investment in the global technology platform and autonomy initiatives.

For 2026, DoorDash expects stock-based compensation expenses of approximately $1.2-$1.3 billion and depreciation and amortization expense of roughly $1.1-$1.2 billion, including about $450 million tied to acquired intangible assets.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 10.74% due to these changes.

VGM Scores

At this time, DoorDash has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, the stock has a score of F on the value side, putting it in the fifth quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, DoorDash has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.