zintick
DASH DoorDashEarnings

DoorDash Tops Revenue Estimates at $4.6 Billion as Orders Rise 28%

DoorDash also agreed to buy Instacart for $65.00 a share, about $17 billion in equity value, and guided fourth-quarter adjusted EBITDA to $900 million to $1,100 million.

By Zintick Team · Editor: Kratik Mehta
Published

Young woman preparing takeaway food for fast delivery inside ghost kitchen - Focus on hands holding bag
Photo: Tint Media/Shutterstock.com

Key points

  • Revenue of $4.6 billion beat the $4.56 billion analyst estimate, up 34% from a year earlier
  • Net income attributable to common stockholders was $466 million, up 91% year over year
  • Total orders rose 28% to 993 million; Marketplace GOV rose 36% to $33.9 billion
  • Q4 guidance: Marketplace GOV $35.4B-$36.4B and adjusted EBITDA $900M-$1,100M
  • Agreed to acquire Instacart at $65.00 a share, about $17 billion in equity value

DoorDash (Nasdaq: DASH) reported third-quarter revenue of $4.6 billion, above the $4.56 billion analysts expected, and net income attributable to common stockholders of $466 million, up 91% from a year earlier, in an 8-K filed Thursday.

Revenue rose 34% from a year earlier. Total orders increased 28% to 993 million, and Marketplace GOV rose 36% to $33.9 billion. Adjusted EBITDA reached $1,060 million, up 41%. Excluding Deliveroo, which DoorDash acquired, orders grew 17%, Marketplace GOV 23% and revenue 23%. The company said it will stop disclosing results excluding Deliveroo starting in the fourth quarter.

Restaurants and grocery

U.S. restaurant Marketplace GOV growth accelerated slightly from the second quarter, and grew faster quarter over quarter than in any third quarter since 2020, the company said. Restaurant reservations grew more than 340% quarter over quarter in existing geographies. Growth in U.S. grocery and retail categories ran at more than double the pace of restaurants.

Instacart deal

DoorDash agreed to acquire Instacart for $65.00 per share, an equity value of about $17 billion. Instacart holders may elect cash or DoorDash stock, with stock capped at 25% of the total consideration. The price is a 26% premium to Instacart's close on Oct. 22, the last trading day before media reports of a possible transaction. DoorDash expects the deal to close in late 2027 or the first half of 2028, subject to Instacart stockholder approval and regulatory clearances. The company sees a multi-year path to $500 million or more in annual synergies, net of investment.

Outlook and buybacks

For the fourth quarter, DoorDash expects Marketplace GOV of $35.4 billion to $36.4 billion and adjusted EBITDA of $900 million to $1,100 million. Analysts expected fourth-quarter revenue of $4.78 billion; the company did not give a revenue outlook. Year to date through Oct. 28, DoorDash has repurchased 6.8 million Class A shares for $1.0 billion and has about $4.0 billion left under its authorization.

DoorDash shares closed at $169.49 on Oct. 28, the last session before the filing, giving the company a market value of about $73.44 billion.

Sources

Written with AI from the company's results filing with the SEC, analysts' estimates where we had them, and our market data, and checked against those sources before publishing. Our editorial standards.

DASH page →

Filings, figures and price history are on the DoorDash page.