DoorDash Inc. (DASH) Q2'26 Review Strong Operating Performance as Company Remains Focused on Building & Investing Toward A ...

Equity Research 6 August 2026 | 12:33AM EDT

DoorDash Inc. (DASH) Q2’26 Review: Strong Operating Performance as Company Remains Focused on Building & Investing Toward A Widening Long-Term Opportunity Set

DASH 12m Price Target: $275.00 Price: $207.27 Upside: 32.7% BUY CL Eric Sheridan In its Q2’26 earnings report, DASH mgmt. emphasized a number of | Goldman Sachs & Co. LLC key themes: 1) Q2’26 Adj. EBITDA outperformance relative to Julia Fein-Ashley GSe/Street, with mgmt. highlighting improving unit economics | Goldman Sachs & Co. LLC across the broader business (incl. grocery & retail, which continues to be on track to become gross profit positive during 2H26); 2) a Emma Huang | Goldman Sachs & Co. LLC framing around consumer DashPass adoption trends within the US – where payer conversion rates continue to increase (albeit with significant room to continue increase adoption of DashPass in the Key Data _____________________________________ Market cap: $98.0bn US – even in more mature cohorts); 3) a continued trend of grocery Enterprise value: $95.7bn 3m ADTV: $826.0mn & retail GOV outpacing overall platform growth – with positive United States commentary around grocery & retail orders placed by DashPass Americas Internet M&A Rank: 3 members (which accounted for ~75% of total orders in the US G&R GS Forecast __________________________________ category); 4) a continued focus on developing (and maintaining) an 12/25 12/26E 12/27E 12/28E

industry leading growth engine to connect merchants, couriers and Revenue ($ mn) New Revenue ($ mn) Old 13,717.0 13,717.0 17,742.2 17,388.0 21,523.2 21,056.7 25,492.7 25,095.7 consumers through the buildout of additional fulfillment service EBITDA ($ mn) 2,779.0 3,727.2 4,810.0 6,140.3 EBIT ($ mn) 723.0 1,041.2 2,140.8 3,372.0 offerings and solutions; & 5) an optimistic tone around the potential EPS ($) New benefits from DASH’s new global technology platform (once fully EPS ($) Old P/E (X) rolled out) – where mgmt. reiterated their expectation to be rolled Dividend yield (%) -- -- -- -- out in 1H27. Net debt/EBITDA (X) (0.6) (0.6) (0.9) (1.3)

6/26 9/26E 12/26E 3/27E In addition to these themes/trends, mgmt. continued to focus on EPS ($) driving increased adoption, frequency, and engagement through GS Factor Profile ______________________________ several initiatives – incl. AI & autonomy investments (with DoorDash Growth

Air and Dot). That said, with these investments, management Financial Returns emphasized that their updated capital allocation process better Multiple accounts for long-term consumer engagement trends to strike a balance between maintaining long-term discipline, a focus on Integrated

execution, while also allocating capital opportunistically (and Percentile 20th 40th 60th 80th 100th dynamically). DASH relative to Americas Coverage

In the coming quarters, we expect investor focus to remain DASH relative to Americas Internet

anchored around: a) end demand trends (and the health of the Source: Company data, Goldman Sachs Research estimates. See disclosures for details. consumer across key markets); b) competitive dynamics – particularly within international markets & within the grocery &

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, 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. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs DoorDash Inc. (DASH)

DoorDash Inc. (DASH) Balance Sheet ($ mn) _______________________________________ 12/25 12/26E 12/27E 12/28E BUY CL Rating since Oct 27, 2025 Cash & cash equivalents 4,378.0 4,974.3 7,281.3 10,586.7 Accounts receivable 1,108.0 1,327.7 1,609.1 1,905.7 Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets 3,721.0 3,803.2 4,193.6 4,616.3 12/25 12/26E 12/27E 12/28E Total current assets 9,207.0 10,105.2…