DoorDash (DASH): Strong Overall Performance Amidst Consumer & Agentic Concerns

DoorDash delivered a solid 3Q26, with GOV of $33.9B (+36% Y/Y), near the high end of the $33B-$34B guide, and Adj. EBITDA of $1.06B (3.12% of GOV), 3% above the midpoint of the $950M-$1,100M guide. Ex-Deliveroo, orders grew 17% and GOV 23% despite 2pts of tougher comps. US Restaurant Delivery GOV accelerated on continued order-rate growth among mature cohorts and faster new-customer growth, while higher DashPass adoption has reduced US restaurant transaction fees per order by 9% over two years. US Grocery & Retail GOV grew at more than double the restaurant pace and is close to gross-margin breakeven. International GOV accelerated, with Deliveroo order growth 2x its pre-acquisition rate. For 4Q we model GOV of $36.2B (+22% Y/Y) and EBITDA of $1.07B (2.94% of GOV), within the $900M-$1,110M guide that embeds investment in international markets, the global tech platform, new initiatives and seasonal Dasher investment;