Paragraph 1 — Overview & Conclusion DoorDash’s results this quarter beat expectations, driven primarily by record-high MAU, accelerating subscription growth, record advertising revenue, and continued market share gains in international markets (Deliveroo, Bolt).
Paragraph 2 — Key Metrics MAU reached an all-time high; subscription membership growth accelerated; Deliveroo achieved its fastest growth in four years; Bolt held leading market share in every country where it operates; advertising revenue hit a new record.
Paragraph 3 — Business Progress The global technology replatforming completed mapping of key areas and has been introduced into production traffic, expected to accelerate cross-brand feature releases and improve quality. AI coding efficiency has improved significantly (nearly two-thirds of code is now written by AI) and is being used to automate merchant onboarding, already generating financial benefits. Autonomous delivery has been piloted in multiple markets with good results, and the focus is now on scaling and hardening the system. Unit economics in the new grocery vertical continue to improve, with positive GP expected in 2H; through partnerships, the company has added multiple new grocers and optimized the end-to-end experience, maintaining a leading share of grocery delivery volume. The advertising business achieved high growth through dual expansion in SMB and CPG, while ad load remains restrained to balance user experience.
Paragraph 4 — Guidance & Outlook Management maintains its expectation that full-year 2026 EBITDA margin will be slightly higher than 2025 (approximately $200 million EBITDA excluding RUE). Q2 will incur about $50 million in costs from the gas rewards program, but this has been offset by deferring some investments to the second half, leaving the full-year target unchanged. Both EBITDA and margin in 2H are expected to recover sequentially.
Paragraph 5 — Risk / Positive Signals Positive signals: AI and subscription growth provide strong operating leverage; management tone is optimistic, emphasizing “feature velocity” improvements and a “best-of-breed” experience. Negative signals: the gas rewards program, if extended, may require ongoing offsetting actions; the cost of maintaining three parallel technology stacks will persist through 2026, with some possibly extending into early 2027, putting near-term pressure on margins.