DoorDash (NASDAQ:DASH) shares rallied in U.S. premarket trading after the food delivery company issued a stronger-than-expected forecast for first-quarter marketplace gross order value (GOV), supported by resilient customer demand.
The stock, which had been pressured in recent months amid concerns over margin sustainability, reversed earlier after-hours weakness following the guidance update.
For the first quarter of 2026, DoorDash projected marketplace GOV — the total dollar value of orders placed on its platform — in a range of $31.0 billion to $31.8 billion. That compares with market expectations of $29.61 billion, according to LSEG data cited by Reuters.
However, adjusted core earnings are expected to come in between $675 million and $775 million, below the consensus estimate of $798.22 million. The company pointed to several headwinds shaping its outlook, including incremental investments tied to Deliveroo, an estimated $20 million impact from severe U.S. storms, and higher per-order costs associated with independent delivery workers.
DoorDash completed its acquisition of Deliveroo in early October as part of a broader strategy to expand beyond its core U.S. restaurant business into additional international markets.
The company noted that annualized order growth from Deliveroo accelerated in the fourth quarter, with a contribution to adjusted EBITDA that slightly surpassed its prior expectation of $45 million.
For full-year 2026, DoorDash expects adjusted EBITDA as a percentage of marketplace GOV to edge higher versus 2025, excluding the impact of Deliveroo in both periods.
Analysts at Wolfe Research highlighted that management reaffirmed its expectation for “modest organic margin expansion” this year.
“[W]e see improving unit economics within the grocery and retail portfolio (to be gross profit positive in the second half) along with international (to be contribution profit positive in the second half) as notable positives, underwriting an attractive margin to exit FY’26 with one time tech redundancy costs rolling off in FY’27and Deliveroo synergies remaining a call option,” analysts led by Shweta Khajuria wrote.
In the fourth quarter, DoorDash reported adjusted earnings of $0.48 per share, missing analyst estimates of $0.59. Revenue totaled $3.96 billion, slightly below the $3.98 billion consensus, though up 38% year over year. Excluding Deliveroo, revenue growth was 26%.
Total orders increased 32% to 903 million, while marketplace GOV rose 39% to $29.7 billion. Adjusted EBITDA climbed 38% to $780 million, representing 2.6% of marketplace GOV, down slightly from 2.7% in the same quarter a year earlier.