TLDR
- DoorDash Q4 EPS came in at 48 cents vs. 59 cents expected; revenue of $3.96B missed the $3.99B estimate
- Despite the miss, revenue grew 38% year over year and gross order value jumped 39% to $29.7 billion
- Q1 GOV guidance of $31B–$31.8B came in above Wall Street’s $30.8B estimate
- CEO Tony Xu confirmed plans to merge DoorDash, Deliveroo, and Wolt into a single tech platform, calling it “massive and expensive”
- Stock swung wildly after hours — down 10% initially, then surging 14% to close well above pre-earnings levels
DoorDash posted fourth-quarter adjusted earnings of 48 cents per share on revenue of $3.96 billion. Both numbers missed Wall Street estimates of 59 cents and $3.99 billion respectively.
Results:
📊 EPS: $0.48 🔴
💰 Revenue: $3.96B 🔴
📈 Net Income: $213M
🔎 Marketplace GOV reached $29.683B with 903M total orders, driving strong revenue growth and $780M in Adjusted EBITDA. pic.twitter.com/4Sg8y9KLBO— EarningsTime (@Earnings_Time) February 18, 2026
The initial reaction was brutal. Shares fell 10% right after the report dropped Wednesday evening.
Then something shifted. The stock reversed hard, climbing 14% in extended trading to close the after-hours session well above where it started. During regular trading Wednesday, DASH had already gained 6.8%.
The numbers weren’t all bad. Revenue grew 38% from $2.87 billion a year ago, and total orders rose 32% year over year to 903 million.
Gross order value — the total dollar value of completed orders including taxes, tips, and fees — jumped 39% to $29.7 billion, beating the $29.2 billion estimate.
Net income came in at $213 million, or 48 cents per share, up from $141 million, or 33 cents per share, in the same period last year.
Q1 Guidance Offers Some Relief
For the first quarter, DoorDash guided for gross order value between $31 billion and $31.8 billion. That’s ahead of analyst estimates of $30.8 billion.
However, adjusted EBITDA guidance of $675 million to $775 million fell short of the StreetAccount estimate of $802 million, keeping some pressure on the stock.
The stock has dropped more than 20% in 2026 so far and is down around 28% since its last earnings report in November.
Platform Overhaul Takes Center Stage
CEO Tony Xu used his shareholder letter to explain where the money is going. DoorDash is building a single unified tech platform to combine its three separate services — DoorDash, Deliveroo, and Wolt.
“This is a massive and expensive undertaking,” Xu wrote, “and honestly one you shouldn’t do if you thought your best days were behind you.”
He also addressed AI integration, noting the company chose a harder, more expensive path to keep its codebase flexible for AI. “That could lead to disastrous results for customers,” he wrote of the cheaper alternative.
DoorDash acquired Deliveroo last year. Xu said Deliveroo is now growing faster at the same profit margin, calling it a strong early sign.
The spending plan — first flagged last quarter at “several hundred million dollars” — triggered DoorDash’s worst single-day stock drop ever when it was announced. Investors clearly haven’t fully shaken off that concern.
Competition remains a watchpoint too. Instacart, Uber Eats, and Amazon’s same-day grocery expansion all compete for the same delivery dollars.
Of 50 analysts tracked by FactSet, 38 rate DASH a Buy and 12 rate it a Hold. Not one has a Sell rating.
DoorDash stock closed regular trading Wednesday up 6.8% before the earnings release.
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