DoorDash, Inc. Class A Common Stock 2026 Q2 Earnings Call

Good afternoon, everyone, thanks for joining us for our Q2 2026 earnings call. I'm pleased to be joined today by co-founder, Chair, and CEO, Tony Xu, and CFO, Ravi Inukonda. We'll be making forward-looking statements during today's call, including, without limitation, our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach, and broader economic environment. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including our most recent Form 10-K and 10-Q. You should not rely on our forward-looking statements as predictions of future events or performance. We disclaim any obligation to update any forward-looking statements except as required by law. During this call, we will discuss certain non-GAAP financial measures.

Information regarding our non-GAAP financial measures, including a reconciliation of such non-GAAP measures to the most directly comparable GAAP financial measures, may be found in our earnings release, which is available on our investor relations website at ir.doordash.com. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results. Finally, this call is being audio webcasted on our investor relations website. An audio replay of the call will be available on our website shortly after the call ends. Operator, I'll pass it back to you, and you can take our first question.

Thank you. Yeah. Hey, Michael.

It's Tony. I can start, and feel free to chime in, Ravi. We see extremely strong performance in our grocery business. It's the fastest-growing part of our marketplace business, and we have very healthy relationships with all of the partners on the platform. In terms of the economic relationships, I'm not going to really comment about any one in particular. When you are the fastest grower in the market for them, and you are their source of growth, put a different way, we might be 100% of the growth that they see in terms of their actual business. You certainly have opportunities to grow your business with them as well as improve your relationships with them.

If you look at our business as a whole, one of the things you see from this quarter, and frankly, many of the time periods leading up to now, is that there are many sources of improving economics. We have improving unit economics across all of our categories. You have improving unit economics in our restaurants business, too. You have improving unit economics in our different geographies in which we operate. You have increasing adoption of our DashPass program, as well as accelerating growth in our ads business. When you add all of that in, we have a business in which there are many levers in which we can control the kind of financial profile in order to make great investments. Ultimately, we're here always seeking the next best investment.

It doesn't mean that we always make those investments, when we see the opportunity, we're always leaning in. That includes all of the work that we're doing in grocery, which we think there's a long runway, as well as all the other opportunities in front of us.

Thanks. I'll ask you a question about Deliveroo. You've had now three quarters in a row of kind of accelerating growth, I think, in orders, yes, and in GOV, and then I think in revenue. Just peel that back a little bit. How many different opportunities you've had, what you've been able to pull, what you've been able to change in order to deliver that better performance, and it's a little hard to tell, but is it also showing up on the bottom line? Have you been finding ways to improve the profitability of Deliveroo as well?

Thank you very much. Hey, it's Tony.