DoorDash Aug 6

Rating Company Date 6 August 2026 Buy DoorDash North America Reuters Bloomberg Rating Buy DASH.OQ DASH US Price target (USD) 260.00 United States Price at 5 Aug -week range 281.74 – 146.60 TMT Internet Valuation & Risks

Flywheels Are Accelerating Benjamin Black, CFA 2Q26 results beat consensus on the key performance indicators. DASH reported Research Analyst Q26 Marketplace GOV of $33.1bn, up 36% y/y (+23% ex-Deliveroo), a ~0.1% beat vs consensus. Total Orders of 970mn came in slightly ahead of consensus at Kunal Madhukar, CFA 967mn alongside Average Order Value of $34.10 that beat consensus of $34.05 Research Analyst by ~0.2%. Revenue of $4.45bn, up 36% y/y (+24% ex-Deliveroo) was ~3% above consensus of $4.34bn on a take rate of 13.5% vs the Street at 13.1%. Adj. EBITDA Benjamin Hui, Esq. of $914mn (+40% y/y, and 2.8% of GOV) beat consensus of $843mn by ~8%, was Research Associate materially above management's expectations and ~5% above the high end of the guide. Marketplace GOV growth accelerated modestly in U.S. restaurants; grocery and retail maintained strong momentum while significantly improving Raymond Wong Research Associate unit economics, and Deliveroo exceeded internal profitability expectations. As to the Adj EBITDA beat, management pointed to volume ahead of internal plan, advertising and fulfilment economics better than internal projections, and Deliveroo profitability above expectation, but the picture is likely simpler. Volume was broadly in line with the midpoint of the guide and most of the upside came Key changes from a higher take rate, helped by advertising and seasonally lower Dasher costs Price target (USD) 255 260 2% which flows through at high incremental margins. Management also noted that Source: Deutsche Bank not all of the excess profit was redeployed within the quarter, leaving capital available to reinvest into growth in 2H. All in all, we believe the quarter reinforces a view we have held for some time: DoorDash's competitive position continues to strengthen as scale advantages compound across consumers, merchants, and international markets.

Membership is working better than expected The biggest takeaway from the quarter, in our view, is the continued acceleration of the DashPass flywheel. Management disclosed that DoorDash added more U.S. paid DashPass subscribers during the last twelve months than during the prior twenty-four months combined, while paid subscriber growth reached one of its strongest levels in years. More importantly, cohort behavior continues improving as adoption deepens. Order frequency rises, retention improves, category usage expands, and profit dollars per customer increase as consumers migrate deeper into the ecosystem. Grocery and retail increasingly appear to be benefiting from this dynamic as well; DashPass members now account for roughly 75% of U.S. grocery and retail orders. While investors have historically focused on subscription as a take-rate headwind, we believe the more important takeaway is that DashPass is increasingly acting as the primary driver of lifetime value expansion across the platform.

Deutsche Bank Securities Inc. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

International is accelerating, not slowing Similar to what we highlighted following 1Q26 results, international trends continue to improve. Deliveroo accelerated growth in MAUs, orders, and GOV while exceeding management's profit expectations, with y/y volume, MAU, and subscription growth at their highest levels in a couple of years. At the same time, Wolt continued generating stronger cohort performance alongside improving unit economics, and Wolt+ delivered a record quarter for paid subscriber growth. Management highlighted share gains across all of its top 10 markets outside the U.S., including the U.K., Germany, Italy, Israel, Canada, and…