DoorDash, Inc. · Q2 2026 call

Last call, I think I mentioned the fact that we expect our overall new verticals business to be gross profit positive. We are on track for that in the second half of the year.

What you're seeing in Deliveroo, I agree with you, Mark, is just accelerating performance, frankly, across the board. That's super exciting because I think, A, it's validation that our integration work is really working […] This doesn't even include the majority of benefits that we expect to see once we actually finish all of our work on building a single tech stack.

the vast majority of our international business is concentrated in our top 10 markets outside of the U.S. In those markets, we are the leader, or we are a very strong number two, and we're gaining share in all of the markets.

we want to make sure that any technology that we meet, whether it's AI or frankly, anything else, that it's actually rooted in delivering a better customer experience. Because if it's not, I'm not exactly sure what problem we're actually trying to solve, and I don't think it makes sense to just play with the technology for the technology's sake.

We added more number of DashPass subscribers in the last year compared to the two prior years. Number 2, when I look at the paid subscriber growth in DashPass, it was one of the highest that we've seen in the last couple of years.

DoorDash Dot or any AV for that matter, alone will not make autonomous deliveries actually scale, certainly not at any level of meaningful penetration for customers. At the end of the day, you have to solve very challenging operational problems in the physical world.

we're also seeing 10 x better error rates because we're running the inventory.

We're testing in Phoenix, and we're testing it with real scale now, which is a real accomplishment when you think about these are not demos, these are not prototypes. There are no fixed routes. This is real life, and this is real life for tens of thousands of customers that are receiving real deliveries.

We eat 20 to 25 times a week, DoorDash only touches a fraction of that. That is really the runway we have.

the unit economic improvement came in ahead of our expectations, specifically in a couple of areas. Ads was one of them, subtotal was the other one, where in the second half of the quarter, those unit economics came in slightly ahead of what we had expected. In addition, Roo beat our own internal volume expectations. Roo is contribution profit positive.

our focus has always been on landing inside the range. If you're thinking about the second half from a modeling perspective, I would expect us to land inside the range of the guidance that we've given in Q3. There are going to be times, like in Q2, where the EBITDA beat comes in later in the quarter. In those times, we just don't have enough time to reinvest back in the business […] Q2 was one of those quarters where we're happy to drop it to the bottom line.

it's not like a Lego project where there's a finishing step in the instruction manual. It's more like you're constantly first you have to replace an engine while you're flying a plane that's growing in speed and climbing in altitude […] It's like building a new company. That's why it's really hard.

Let's say, in short, is no. The volume's quite low, I think from some of the agentic partners that we've been testing with.

I'd expect take rate to slightly be in the similar range in Q3, so flattish from Q2 to Q3 and lower in Q4. Again, as a reminder, I've mentioned this before, Q4 Dasher costs are higher for us.

We've built models where internally the tasks are routed to the right model, depending on what the actual cost, quality, and efficiency is. We've put caps in place. We've also incorporated some of the AI budgets into teams' existing budgets.

The sharper question for us is how do you take the efficiency gains and reinvest that back in the business? […] How do you reinvest that back in the business ultimately to build scale and durability over a longer period of time, which leads to higher overall free cash flow production?