$DASH · DoorDash, Inc.
DoorDash reported Q3 2026 results with record Marketplace GOV of $33.9B (+36% Y/Y), revenue of $4.6B (+34% Y/Y), and GAAP net income of $466M (+91% Y/Y). Adjusted EBITDA hit $1.06B (+41% Y/Y). Simultaneously, DoorDash announced a definitive agreement to acquire Instacart for $65.00 per share in a deal valued at approximately $17 billion, funded with at least 75% cash and up to 25% stock.
- Total Orders hit 993 million, up 28% Y/Y (17% ex-Deliveroo).
- Marketplace GOV reached a record $33.9 billion, up 36% Y/Y.
- GAAP net income surged 91% Y/Y to $466 million; Adjusted EBITDA rose 41% Y/Y to $1.06 billion.
- DoorDash announced a definitive agreement to acquire Instacart for $65.00 per share, ~$17 billion equity value.
- U.S. restaurant Marketplace GOV accelerated Q/Q, growing faster than any Q3 since 2020.
Extended-hours trading shows DASH up +7.92% to $182.92 vs the $169.49 regular close, reflecting strong enthusiasm for the Q3 beat and the Instacart acquisition announcement. The $17B Instacart deal represents a transformative consolidation play in grocery delivery.
DoorDash delivered its strongest-ever quarter on both top and bottom lines while simultaneously unveiling a transformative $17B Instacart acquisition that would reshape the grocery and local delivery landscape.
The Instacart deal would combine the #1 U.S. restaurant delivery platform with a top grocery delivery brand, creating a local-commerce giant. The 26% premium to Instacart's pre-leak price and the 75% cash / 25% stock structure signal confidence in synergy extraction and a push toward grocery fulfillment via owned inventory (DashMart model).
The Instacart acquisition is subject to HSR antitrust review, other regulatory approvals (Canada, Israel), and Instacart stockholder approval — with closing not expected until late 2027 or H1 2028. DoorDash will fund the cash portion via cash on hand and a 364-day bridge loan facility from JPMorgan, targeting investment-grade ratings.