DoorDash Inc. (NASDAQ:DASH) jumped more than 10% in premarket trading Thursday after the company reported first-quarter results that exceeded analyst expectations and issued a stronger-than-expected outlook for Marketplace Gross Order Value (GOV).
The delivery platform posted diluted earnings of $0.42 per share, topping the analyst consensus estimate of $0.37.
Revenue climbs 33% as order growth remains strong
Revenue for the quarter ended March 31, 2026, increased 33% year-over-year to $4.04 billion.
Although the company delivered strong top-line growth, revenue came in slightly below Wall Street expectations of $4.15 billion.
Adjusted EBITDA totaled $754 million, ahead of analyst forecasts of $741 million.
Marketplace GOV rose 37% from a year earlier to $31.6 billion during the quarter, while total orders increased 27% to 933 million, reflecting continued healthy consumer demand.
Analysts remain positive despite slower order growth concerns
“DASH’s industry high growth continues to stand out despite the company muddling through weather, fuel spiking, and heavy replatforming investments,” Barclays analysts said. “Bears may point to slowing order growth as a red flag, but the overall story remains strong and the cadence should get much better in 2H and into ’27.”
GAAP net income attributable to common stockholders totaled $184 million, down 5% from $193 million reported in the same quarter last year.
Adjusted EBITDA increased 28% year-over-year to $754 million, though it declined modestly from $780 million recorded in the fourth quarter of 2025.
Membership growth and Deliveroo integration support momentum
DoorDash said record membership additions and a new peak in monthly active users helped drive quarterly performance.
The company also highlighted contributions from its Deliveroo integration efforts. Excluding the impact of the acquisition, Marketplace GOV still grew 24% year-over-year.
Management said the grocery and retail categories in the U.S. attracted more first-time consumers this quarter than in any previous period.
DoorDash is also consolidating operations onto a single global technology platform designed to support its three marketplace brands internationally.
Second-quarter guidance comes in above expectations
For the second quarter of 2026, DoorDash expects Marketplace GOV to range between $32.4 billion and $33.4 billion, ahead of the Street consensus estimate of $32.3 billion.
The company projected adjusted EBITDA between $770 million and $870 million for the quarter.
Commenting on the earnings report, Bank of America analysts said DoorDash is “positioned for a positive rerating.”
“We see potential for positive re-rating as y/y margins turn positive in 2H & street anticipates better product velocity in 2027,” they wrote.
DoorDash also said its Deliveroo business is expected to contribute approximately $200 million in adjusted EBITDA during the full year.
Meanwhile, the company continues utilizing its $5.0 billion share repurchase authorization, with roughly $4.795 billion still available as of early May.
More about DoorDash
DoorDash operates an online commerce and delivery platform connecting consumers with restaurants, grocery stores, retailers, and local businesses. The company has expanded beyond food delivery into grocery, convenience, and retail services, while also growing internationally through acquisitions and platform integrations.