# DoorDash, Inc. (DASH)

> Source: Nexqual · https://nexqual.com/DASH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DoorDash, Inc. (DASH), nexqual.com/DASH" · informational, not investment advice.

**Price:** USD 185.94 (+0.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 184.45 · day 181–187.46 · 52w 143.3–269 · market cap $80.6B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.9B, net income $841M (5.3% margin), free cash flow $2.60B (SEC filings).
- Valuation: P/E 95.8x (avg 346.6x at the last 2 fiscal year-ends), EV/EBITDA 45.5x, net cash $2.62B.
- 4 of 80 tracked superinvestors hold DASH (13F, Q2 2026): 1 new, 1 added, 1 reduced, 1 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (45 analysts), mean target USD 257.37 (range 172–350).
- Total return with dividends: 1Y -27.0% vs S&P 500 +14.9%; 5Y -13.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.81, revenue estimate $4.56B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.89B | $6.58B | $8.63B | $10.7B | $13.7B | $15.9B |
| Operating income | -$452M | -$1.12B | -$579M | -$38.0M | $723M | $712M |
| Net income | -$468M | -$1.36B | -$558M | $123M | $935M | $841M |
| EPS (diluted) | -$1.39 | -$3.68 | -$1.42 | $0.29 | $2.13 | — |
| Free cash flow | $563M | $191M | $1.55B | $2.03B | $2.17B | $2.60B |
| Operating margin | -9.2% | -17.1% | -6.7% | -0.4% | 5.3% | 4.5% |
| Net margin | -9.6% | -20.7% | -6.5% | 1.1% | 6.8% | 5.3% |
| Revenue growth | +69.4% | +34.7% | +31.2% | +24.2% | +27.9% | — |
| Cash + short-term investments | $3.76B | $3.52B | $4.08B | $5.34B | $5.51B | — |
| Total debt | — | — | — | $0K | $2.72B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 95.8x · P/S 5.1x · EV/EBITDA 45.5x · EV/Sales 4.9x · P/FCF 31.0x · P/B 8.1x · FCF yield 3.22% · Earnings yield 1.04% · Buyback yield (TTM) 1.30% · Net cash $2.62B · EV $77.9B
P/E at fiscal year-ends: Dec 2025 106.5x, Dec 2024 586.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold DASH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Henry Ellenbogen | Durable Capital Partners | 7.46% | $767M | Reduced -2.9% |
| Triple Frond Partners |  | 4.94% | $55.4M | New position |
| Thomas Russo | Gardner Russo & Quinn | 2.45% | $219M | Added +18.5% |
| Chase Coleman | Tiger Global Management | 0.02% | $4.7M | Unchanged |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 45 analysts; mean target USD 257.37 (low 172, high 350).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | BTIG | Reiterated | Buy | $225 |
| 2026-10-14 | Guggenheim | Reiterated | Buy | $255 |
| 2026-10-12 | Cantor Fitzgerald | Target lowered | Overweight | $260 → $240 |
| 2026-10-05 | Wells Fargo | Target raised | Equal-Weight | $225 → $230 |
| 2026-09-09 | Scotiabank | Initiated | Sector Outperform | $275 |
| 2026-09-08 | StoneX | Reiterated | Buy | $295 |
| 2026-09-01 | Rosenblatt | Initiated | Buy | $270 |
| 2026-08-20 | Wedbush | Target raised | Neutral | $205 → $220 |
| 2026-08-10 | Roth Capital | Target raised | Neutral | $200 → $220 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $199 → $225 |
| 2026-08-07 | Susquehanna | Target raised | Positive | $225 → $250 |
| 2026-08-06 | Citigroup | Target raised | Buy | $250 → $255 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -27.0% | -13.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -27.0% | -2.8% |
| Volatility (annualized) | 49.3% | 51.3% |
| Max drawdown | -44.9% (Oct 2025→Mar 2026) | -82.5% (Nov 2021→Oct 2022) |

## Peers (Internet Retail)
MELI (MercadoLibre, Inc.) USD 1,824.95 -1.61% · PDD (PDD Holdings Inc.) USD 79.17 +0.57% · EBAY (eBay Inc.) USD 122.04 -0.70% · SE (Sea Limited) USD 75.69 -2.89% · JD (JD.com, Inc.) USD 25.68 -0.43% · CPNG (Coupang, Inc.) USD 13.99 +0.87%

## More
Full page: https://nexqual.com/DASH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DASH's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Deliveroo | "We also generate revenue from membership fees paid by consumers for DashPass, Wolt+, and Deliveroo Plus, and our advertising products, which are recognized as part of our Marketplaces revenue." |
| Competitor | Amazon (AMZN) | "Globally, we compete with other local on-demand delivery companies, including Amazon, Uber Eats, Prosus, Delivery Hero, and other local incumbents." |
| Competitor | Uber (UBER) | "Globally, we compete with other local on-demand delivery companies, including Amazon, Uber Eats, Prosus, Delivery Hero, and other local incumbents." |

Other companies that name DASH in their own reports (relationship from DASH's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | BRINKER INTERNATIONAL, INC (EAT) | 10-K 2026-08-19 | "Our To-Go menu is available through the Chili's mobile app, chilis.com, our delivery partners DoorDash, Uber Eats, and Grubhub, Google Food Ordering or by calling the restaurant directly." |
| partner | Ibotta, Inc. (IBTA) | 10-K 2026-02-26 | "This growth was driven primarily by the launch of new partners, namely Instacart and DoorDash, and growth at certain existing third-party publishers." |
| supplier | DOMINOS PIZZA INC (DPZ) | 10-K 2026-02-23 | "We have multinational agreements with Uber Technologies, Inc. and DoorDash, Inc. to allow customers to order Domino's products through their respective marketplaces." |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $3.46B | 77.6% | +22.2% |
| International | $997.0M | 22.4% | +119.1% |
| Total revenue | $4.45B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Period Marketplace GOV Adjusted EBITDA Q3 2026 $33.0 billion - $34.0 billion $950 million - $1,100 million In H2 2026, we expect Adjusted EBITDA as a percentage of Marketplace GOV to follow a similar pattern to H2 2025, with a Q/Q increase in Q3 2026 followed by a Q/Q decline in Q4 2026."
- "We expect the Q/Q decline in Adjusted EBITDA as a percentage of Marketplace GOV in Q4 2026 to be driven primarily by a seasonal increase in Dasher costs, an annual increase in insurance expenses, and an increase in investments in our global technology platform and our autonomy initiatives, among other areas."
- "Our outlook assumes that aggregate consumer demand and key foreign currency rates remain relatively stable at current levels."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.81 | $0.73 | +10.4% | $4.56B | 32 |
| Next quarter (ends 2026-12-31) | $0.84 | $0.82 | +2.1% | $4.78B | 31 |
| Current fiscal year (ends 2026-12-31) | $2.57 | $2.54 | +1.5% | $17.84B | 37 |
| Next fiscal year (ends 2027-12-31) | $4.49 | $4.41 | +1.9% | $21.54B | 36 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±12.6%; earnings reaction alone ±9.5%; last 8 reports averaged ±7.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 51.0% | ±6.1% |
| 2026-11-06 | 14 | 77.5% | ±12.6% |
| 2026-11-13 | 21 | 69.3% | ±13.6% |
| 2026-11-20 | 28 | 63.6% | ±14.3% |
| 2026-11-27 | 35 | 58.7% | ±14.7% |
| 2026-12-04 | 42 | 57.1% | ±15.7% |
| 2026-12-18 | 56 | 54.7% | ±17.2% |
| 2027-01-15 | 84 | 51.4% | ±19.8% |