The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements that are based on current plans, expectations, and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, those identified below and those discussed in the section titled “Risk Factors” and other sections of this Quarterly Report on Form 10-Q. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Overview DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities. Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, our "Marketplaces"), and our Commerce Platform. Our Marketplaces operate in over 40 countries and provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. We also offer advertising as a value-added service through our Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement and drive incremental revenue. Our Marketplaces seek to attract and retain consumers based primarily on the selection, convenience, quality, affordability, and service we provide. Our Marketplaces also offer our consumer membership programs, DashPass, Wolt+, and Deliveroo Plus, which aim to lower transactional friction by reducing the delivery and service fees we charge, while providing additional membership benefits. In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help empower merchants to build, operate, and grow their businesses on their own channels. Within our Commerce Platform, we offer white-label delivery fulfillment services ("Drive") as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support. Financial and Operational Highlights We use the below financial and operational metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. As we grow our business and expand our offerings, our success and the financial performance of our business will be dependent upon many factors. These factors include, but are not limited to, those highlighted in this Quarterly Report on Form 10-Q, as well as the success of our growth strategies and the timing and size of investments and expenditures that we choose to undertake, such as our recent and continued 30 Table of Contents investment in our non-U.S. operations, in our global technology platform, and to increase system capacity for Dashers and in support of longer distance and higher effort deliveries. Certain of these and other factors may not be within our control. Three Months Ended June 30, (in millions, except percentages) 2025 2026 Total Orders 761 970 Total Orders Y/Y growth 20 % 27 % Marketplace GOV $ 24,244 $ 33,078 Marketplace GOV Y/Y growth 23 % 36 % Revenue $ 3,284 $ 4,454 Revenue Y/Y growth 25 % 36 % Net Revenue Margin 13.5 % 13.5 % GAAP gross profit $ 1,608 $ 2,223 GAAP gross profit as a % of Marketplace GOV 6.6 % 6.7 % Contribution Profit(1) $ 1,147 $ 1,641 Contribution Profit as a % of Marketplace GOV 4.7 % 5.0 % GAAP net income attributable to DoorDash, Inc. common stockholders $ 285 $ 200 GAAP net income attributable to DoorDash, Inc. common stockholders as a % of Marketplace GOV 1.2 % 0.6 % Adjusted EBITDA(1) $ 655 $ 914 Adjusted EBITDA as a % of Marketplace GOV 2.7 % 2.8 % Weighted-average diluted shares outstanding 438 439 (1)Contribution Profit and Adjusted EBITDA are non-GAAP financial measures. For more information regarding our use of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP, see the section titled “Non-GAAP Financial Measures." Total Orders. We define Total Orders as all orders completed through our Marketplaces and Commerce Platform over the period of measurement. In the second quarter of 2026, Total Orders increased to 970 million, or 27% growth compared to the same quarter of 2025. The increase in Total Orders was driven primarily by growth in the number of consumers and the acquisition of Deliveroo plc ("Deliveroo"). Marketplace GOV. We define Marketplace GOV as the total dollar value of orders completed on our Marketplaces, including taxes, tips2, and any applicable consumer fees, including membership fees related to DashPass, Wolt+, and Deliveroo Plus. Marketplace GOV does not include the dollar value of orders, taxes and tips, or fees charged to merchants for orders fulfilled through our Commerce Platform. In the second quarter of 2026, Marketplace GOV increased to $33.1 billion, or 36% growth compared to the same quarter of 2025, driven primarily by growth in Total Orders and an increase in average order value3 on our Marketplaces. Net Revenue Margin. We define Net Revenue Margin as revenue expressed as a percentage of Marketplace GOV. In the second quarter of 2026, Net Revenue Margin was 13.5%, consistent with the same quarter of 2025. Contribution Profit. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue. We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders. 2 Dashers receive 100% of tips 3 Calculated as the total value of Marketplace GOV divided by the total number of orders completed on our Marketplaces in the period of measurement. 31 Table of Contents In the second quarter of 2026, Contribution Profit increased to $1.6 billion, compared to $1.1 billion in the same quarter of 2025, driven primarily by growth in revenue, partially offset by increases in cost of revenue and sales and marketing expenses. Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests, and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense. Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business. In the second quarter of 2026, Adjusted EBITDA increased to $914 million from $655 million in the same quarter of 2025, driven primarily by growth in Contribution Profit, partially offset by increases in adjusted research and development expense and adjusted general and administrative expense. Free Cash Flow. We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. In the second quarter of 2026, we generated net cash provided by operating activities of $944 million and Free Cash Flow of $742 million, up from $504 million and $355 million, respectively, in the same quarter of 2025. The increase in Free Cash Flow was driven primarily by an increase in net cash provided by operating activities. 32 Table of Contents Results of Operations The following table summarizes our historical condensed consolidated statements of operations data: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Revenue $ 3,284 $ 4,454 $ 6,316 $ 8,490 Costs and expenses:(1) Cost of revenue, exclusive of depreciation and amortization shown separately below 1,616 2,107 3,116 4,099 Sales and marketing 607 821 1,193 1,567 Research and development 351 535 657 933 General and administrative 388 538 720 970 Depreciation and amortization(2) 159 295 311 564 Restructuring charges — 2 1 50 Total costs and expenses 3,121 4,298 5,998 8,183 Income from operations 163 156 318 307 Interest income, net 49 35 98 69 Other income, net 59 16 53 22 Income before income taxes 271 207 469 398 Provision for (benefit from) income taxes (13) 8 (7) 16 Net income including redeemable non-controlling interests 284 199 476 382 Less: net loss attributable to redeemable non-controlling interests (1) (1) (2) (2) Net income attributable to DoorDash, Inc. common stockholders $ 285 $ 200 $ 478 $ 384 (1)Costs and expenses included stock-based compensation expense as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Cost of revenue, exclusive of depreciation and amortization $ 37 $ 48 $ 70 $ 83 Sales and marketing 33 35 59 58 Research and development 141 189 257 302 General and administrative 71 77 131 134 Restructuring charges — — — 3 Total stock-based compensation expense $ 282 $ 349 $ 517 $ 580 (2)Depreciation and amortization related to the following: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Cost of revenue $ 60 $ 124 $ 114 $ 224 Sales and marketing 28 81 56 161 Research and development 65 82 130 163 General and administrative 6 8 11 16 Total depreciation and amortization $ 159 $ 295 $ 311 $ 564 33 Table of Contents The following table sets forth the components of our condensed consolidated statements of operations data as a percentage of revenue: Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Revenue 100 % 100 % 100 % 100 % Costs and expenses: Cost of revenue, exclusive of depreciation and amortization shown separately below 49 % 47 % 49 % 48 % Sales and marketing 18 % 18 % 19 % 18 % Research and development 11 % 12 % 10 % 11 % General and administrative 12 % 12 % 11 % 11 % Depreciation and amortization 5 % 7 % 5 % 7 % Restructuring charges — % — % — % 1 % Total costs and expenses 95 % 96 % 94 % 96 % Income from operations 5 % 4 % 6 % 4 % Interest income, net 1 % 1 % 2 % 1 % Other income, net 2 % — % 1 % — % Income before income taxes 8 % 5 % 9 % 5 % Provision for (benefit from) income taxes — % — % — % — % Net income including redeemable non-controlling interests 8 % 5 % 9 % 5 % Less: net loss attributable to redeemable non-controlling interests — % — % — % — % Net income attributable to DoorDash, Inc. common stockholders 8 % 5 % 9 % 5 % Comparison of the Three and Six Months Ended June 30, 2025 and 2026 Revenue We generate a substantial majority of our revenue from orders completed through our Marketplaces and the related commissions charged to partner merchants and fees charged to consumers. Commissions from partner merchants are based on an agreed-upon rate applied to the total dollar value of goods ordered in exchange for using our Marketplaces to sell the partner merchants’ products. Fees from consumers are for the use of our Marketplaces and to arrange for delivery services. Our revenue reflects commissions charged to partner merchants and fees charged to consumers less (i) Dasher payout and (ii) refunds, credits, and promotions, which includes certain discounts and incentives provided to consumers. We also generate revenue from membership fees paid by consumers for DashPass, Wolt+, and Deliveroo Plus, and our advertising products, which are recognized as part of our Marketplaces revenue. In addition, we generate revenue from other sources, including our Commerce Platform. Drive generates the majority of revenue within our Commerce Platform. We generate revenue from Drive by collecting per-order fees from merchants to arrange for delivery services that fulfill demand generated through their own channels. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Revenue $ 3,284 $ 4,454 36 % $ 6,316 $ 8,490 34 % Revenue increased by $1.2 billion, or 36%, during the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by a 36% increase in Marketplace GOV. Revenue increased by $2.2 billion, or 34%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by a 37% increase in Marketplace GOV. Cost of Revenue, Exclusive of Depreciation and Amortization Cost of revenue primarily consists of (i) order management costs, which include payment processing charges, net of rebates issued from payment processors, costs associated with cancelled orders, insurance expenses, costs related to placing orders with non-partner merchants, and costs related to first party product sales, for which we take control of 34 Table of Contents inventory, (ii) platform costs, which include costs for onboarding merchants and Dashers, costs for providing support for consumers, merchants, and Dashers, and technology platform infrastructure costs, and (iii) personnel costs, which include personnel-related compensation expenses related to our local operations, support, and other teams, and allocated overhead. Personnel-related compensation expenses primarily include salary, bonus, benefits, and stock-based compensation expense. Allocated overhead is determined based on an allocation of certain shared costs, such as facilities (including rent and utilities) and information technology costs, among all departments based on employee headcount. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Cost of revenue, exclusive of depreciation and amortization $ 1,616 $ 2,107 30 % $ 3,116 $ 4,099 32 % Cost of revenue, exclusive of depreciation and amortization, increased by $491 million, or 30%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily attributable to an increase of $302 million in order management costs and an increase of $120 million in platform costs, both driven primarily by growth in Total Orders. Cost of revenue, exclusive of depreciation and amortization, increased by $983 million, or 32%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily attributable to an increase of $615 million in order management costs and an increase of $237 million in platform costs, both driven primarily by growth in Total Orders. Sales and Marketing Sales and marketing expenses primarily consist of advertising and other ancillary expenses related to merchant, consumer, and Dasher acquisition, including certain consumer referral credits and Dasher referral fees paid to the referrers to the extent they represent fair value of acquiring a new consumer or a new Dasher, brand marketing expenses, personnel-related compensation expenses for sales and marketing employees, and commissions expense including amortization of deferred contract costs, as well as allocated overhead. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Sales and marketing $ 607 $ 821 35 % $ 1,193 $ 1,567 31 % Sales and marketing expenses increased by $214 million, or 35%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $133 million in advertising expenses and an increase of $71 million in personnel-related compensation expenses. Sales and marketing expenses increased by $374 million, or 31%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $218 million in advertising expenses and an increase of $140 million in personnel-related compensation expenses. Research and Development Research and development expenses primarily consist of personnel-related compensation expenses related to data analytics and the design of, product development of, and improvements to our platform, as well as expenses associated with the licensing of third-party software and allocated overhead. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Research and development $ 351 $ 535 52 % $ 657 $ 933 42 % Research and development expenses increased by $184 million, or 52%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $187 million in personnel-related compensation expenses and an increase of $70 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $78 million. 35 Table of Contents Research and development expenses increased by $276 million, or 42%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $293 million in personnel-related compensation expenses and an increase of $108 million in third-party software expenses, partially offset by an increase in capitalized software and website development costs of $137 million. General and Administrative General and administrative expenses primarily consist of legal, tax, and regulatory expenses, which include litigation settlement expenses and sales and indirect taxes; personnel-related compensation expenses related to administrative employees, which include finance and accounting, human resources and legal; chargebacks associated with fraudulent credit card transactions; professional services fees; transaction-related costs; impairment expenses; bad debt expense; and allocated overhead. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change General and administrative $ 388 $ 538 39 % $ 720 $ 970 35 % General and administrative expenses increased by $150 million, or 39%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $108 million in legal, tax, and regulatory expenses and an increase of $49 million in personnel-related compensation expenses. General and administrative expenses increased by $250 million, or 35%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $141 million in legal, tax, and regulatory expenses and an increase of $103 million in personnel-related compensation expenses. Depreciation and Amortization Depreciation and amortization expenses primarily consist of depreciation and amortization expenses associated with our property and equipment and intangible assets. Depreciation primarily includes expenses associated with equipment for merchants, computer equipment and software, office equipment, and leasehold improvements. Amortization includes expenses associated with our capitalized software and website development costs, as well as acquired intangible assets. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Depreciation and amortization $ 159 $ 295 86 % $ 311 $ 564 81 % Depreciation and amortization expenses increased by $136 million, or 86%, for the second quarter of 2026, compared to the same quarter of 2025. The increase was primarily driven by an increase of $82 million in amortization expense for acquired intangible assets and an increase of $37 million in amortization expense related to capitalized software and website development costs. Depreciation and amortization expenses increased by $253 million, or 81%, during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by an increase of $165 million in amortization expense for acquired intangible assets and an increase of $62 million in amortization expense related to capitalized software and website development costs. 36 Table of Contents Restructuring Charges Restructuring charges primarily consist of employee termination costs and other costs related to the closures of operations in certain countries, in each case, associated with restructuring activities. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Restructuring charges $ — $ 2 * $ 1 $ 50 * *Percentage not meaningful Restructuring charges were not material in both the second quarter of 2026 and the same quarter of 2025. Restructuring charges increased by $49 million during the first six months of 2026, compared to the same period of 2025. The increase was primarily driven by employee termination costs and other costs related to the closure of operations in certain countries as part of restructuring activities announced in the first quarter of 2026. Interest Income, Net Interest income, net primarily consists of interest earned on our cash, cash equivalents, and investments, net of interest costs. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Interest income, net $ 49 $ 35 (29) % $ 98 $ 69 (30) % Interest income, net decreased by $14 million, or 29%, for the second quarter of 2026, compared to the same quarter of 2025. The decrease was primarily driven by decreases in average interest rates. Interest income, net decreased by $29 million, or 30%, for the first six months of 2026, compared to the same period of 2025. The decrease was primarily driven by decreases in average interest rates. Other Income, Net Other income, net primarily consists of changes in the fair value of the deal-contingent forward contract (the "Deal-Contingent Forward"), which was entered into during the second quarter of 2025 in connection with the acquisition of Deliveroo and was subsequently settled upon the closing of the acquisition in October 2025. Other income, net also includes adjustments to non-marketable equity securities, including impairment, as well as gains and losses from transactions denominated in a currency other than the functional currency. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Other income, net $ 59 $ 16 (73) % $ 53 $ 22 (58) % Other income, net decreased by $43 million, or 73%, for the second quarter of 2026, compared to the same quarter of 2025. The decrease was primarily driven by a change in fair value of the Deal-Contingent Forward recognized during the second quarter of 2025. Other income, net decreased by $31 million, or 58%, for the first six months of 2026, compared to the same period of 2025. The decrease was primarily driven by a change in fair value of the Deal-Contingent Forward recognized during the first six months of 2025. 37 Table of Contents Provision for (benefit from) Income Taxes We are subject to income taxes in the U.S. and foreign jurisdictions in which we do business. Foreign jurisdictions have different statutory tax rates than those in the U.S. Additionally, certain of our foreign earnings may also be taxable in the U.S. Accordingly, our effective tax rate is subject to significant variation due to several factors, including variability in our pre-tax and taxable income and loss and the mix of jurisdictions to which they relate, changes in our stock price, intercompany transactions, changes in how we do business, acquisitions, investments, tax audit developments, changes in our deferred tax assets and liabilities and their valuation, foreign currency gains and losses, changes in statutes, regulations, case law, administrative practices, principles, and interpretations related to tax, including changes to the global tax framework, competition, and other laws and accounting rules in various jurisdictions, and relative changes of expenses or losses for which tax benefits are not recognized. Additionally, the impact of discrete items and non-deductible expenses varies depending on the amount of pre-tax income or loss. We have a valuation allowance for our net deferred tax assets in the U.S., the U.K., and Finland. We expect to maintain these valuation allowances until it becomes more-likely-than-not that the benefit of our deferred tax assets will be realized by way of expected future taxable income in the U.S., the U.K., and Finland. Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 % Change 2025 2026 % Change Provision for (benefit from) income taxes $ (13) $ 8 * $ (7) $ 16 * *Percentage not meaningful The provision for income taxes for the second quarter of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes. The benefit from income taxes for the second quarter of 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the quarter, offset by federal and state income taxes resulting from pre-tax book income in the U.S. The provision for income taxes for the first six months of 2026 was primarily attributable to pre-tax book income resulting in state and foreign income taxes. The benefit from income taxes for the first six months of 2025 was primarily attributable to a one-time tax benefit from the release of a portion of the U.S. valuation allowance in connection with the acquisitions that occurred during the year, offset by federal and state income taxes resulting from pre-tax book income in the U.S. For additional information, see Note 11 - "Income Taxes" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q. Non-GAAP Financial Measures We use adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our business and financial performance. We believe that these non-GAAP financial measures provide useful information to investors about our business and financial performance, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our business and financial performance through the eyes of management, and because we believe that these non-GAAP financial measures provide an additional tool for investors to use in comparing results of operations of our business over multiple periods and with other companies in our industry. Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Further, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Thus, our adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted 38 Table of Contents Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP. We compensate for these limitations by providing a reconciliation of adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow to their respective related GAAP financial measures. We encourage investors and others to review our business, results of operations, and financial information in its entirety, not to rely on any single financial measure, and to view adjusted cost of revenue, adjusted sales and marketing expense, adjusted research and development expense, adjusted general and administrative expense, Contribution Profit, Contribution Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA, and Free Cash Flow in conjunction with their respective related GAAP financial measures. Adjusted Cost of Revenue We define adjusted cost of revenue as cost of revenue, exclusive of depreciation and amortization, excluding stock-based compensation expense and certain payroll tax expense, allocated overhead, and inventory write-off related to restructuring. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business. The following table provides a reconciliation of cost of revenue, exclusive of depreciation and amortization, to adjusted cost of revenue: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Cost of revenue, exclusive of depreciation and amortization $ 1,616 $ 2,107 $ 3,116 $ 4,099 Adjusted to exclude the following: Stock-based compensation expense and certain payroll tax expense (37) (48) (71) (83) Allocated overhead (10) (21) (18) (37) Adjusted cost of revenue $ 1,569 $ 2,038 $ 3,027 $ 3,979 Adjusted Sales and Marketing Expense We define adjusted sales and marketing expense as sales and marketing expenses excluding stock-based compensation expense and certain payroll tax expense and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business. The following table provides a reconciliation of sales and marketing expense to adjusted sales and marketing expense: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Sales and marketing $ 607 $ 821 $ 1,193 $ 1,567 Adjusted to exclude the following: Stock-based compensation expense and certain payroll tax expense (33) (35) (59) (58) Allocated overhead (6) (11) (12) (19) Adjusted sales and marketing $ 568 $ 775 $ 1,122 $ 1,490 Adjusted Research and Development Expense We define adjusted research and development expense as research and development expenses excluding stock-based compensation expense and certain payroll tax expense and allocated overhead. We exclude stock-based compensation as it is non-cash in nature and we exclude allocated overhead as it is generally a fixed cost and is not directly impacted by Total Orders. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business. 39 Table of Contents The following table provides a reconciliation of research and development expense to adjusted research and development expense: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Research and development $ 351 $ 535 $ 657 $ 933 Adjusted to exclude the following: Stock-based compensation expense and certain payroll tax expense (141) (189) (257) (302) Allocated overhead (8) (10) (14) (18) Adjusted research and development $ 202 $ 336 $ 386 $ 613 Adjusted General and Administrative Expense We define adjusted general and administrative expense as general and administrative expenses excluding stock-based compensation expense and certain payroll tax expense, certain legal, tax, and regulatory settlements, reserves, and expenses, transaction-related costs (primarily consists of acquisition, integration, and investment related costs), impairment expenses, and including allocated overhead from cost of revenue, sales and marketing, and research and development. We exclude stock-based compensation as it is non-cash in nature and we exclude certain legal, tax, and regulatory settlements, reserves, and expenses, transaction-related costs, as well as impairment expenses, as these costs are not indicative of our operating performance. We believe excluding such expenses provides a better period-to-period comparison of the core operating performance of our business. The following table provides a reconciliation of general and administrative expense to adjusted general and administrative expense: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 General and administrative $ 388 $ 538 $ 720 $ 970 Adjusted to exclude the following: Stock-based compensation expense and certain payroll tax expense (71) (77) (132) (134) Certain legal, tax, and regulatory settlements, reserves, and expenses(1) (29) (98) (58) (143) Transaction-related costs (22) (13) (31) (26) Office lease impairment expenses — (1) (7) (1) Allocated overhead from cost of revenue, sales and marketing, and research and development 24 42 44 74 Adjusted general and administrative $ 290 $ 391 $ 536 $ 740 (1)We exclude certain costs and expenses from our calculation of adjusted general and administrative expense because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of adjusted general and administrative expense because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation. Contribution Profit We use Contribution Profit to evaluate our operating performance and trends. We believe that Contribution Profit is a useful indicator of the economic impact of orders fulfilled through DoorDash as it takes into account the direct expenses associated with generating and fulfilling orders. It is not a financial measure of total company profitability and it is neither intended to be used as a proxy for total company profitability nor imply profitability for our business. We define Contribution Profit as our gross profit less sales and marketing expense plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing expenses, (iii) allocated overhead included in cost of revenue and sales and marketing expenses, and (iv) inventory write-off related to restructuring. We define gross margin as gross profit as a percentage of 40 Table of Contents revenue for the same period and we define Contribution Margin as Contribution Profit as a percentage of revenue for the same period. Gross profit is the most directly comparable financial measure to Contribution Profit. The following table provides a reconciliation of gross profit to Contribution Profit: Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 2025 2026 Revenue $ 3,284 $ 4,454 $ 6,316 $ 8,490 Less: Cost of revenue, exclusive of depreciation and amortization (1,616) (2,107) (3,116) (4,099) Less: Depreciation and amortization related to cost of revenue (60) (124) (114) (224) Gross profit $ 1,608 $ 2,223 $ 3,086 $ 4,167 Gross Margin 49.0 % 49.9 % 48.9 % 49.1 % Less: Sales and marketing $ (607) $ (821) $ (1,193) $ (1,567) Add: Depreciation and amortization related to cost of revenue 60 124 114 224 Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue and sales and marketing 70 83 130 141 Add: Allocated overhead included in cost of revenue and sales and marketing 16 32 30 56 Contribution Profit $ 1,147 $ 1,641 $ 2,167 $ 3,021 Contribution Margin 34.9 % 36.8 % 34.3 % 35.6 % Adjusted Gross Profit We define Adjusted Gross Profit as gross profit plus (i) depreciation and amortization expense related to cost of revenue, (ii) stock-based compensation expense and certain payroll tax expense included in cost of revenue, (iii) allocated overhead included in cost of revenue, and (iv) inventory write-off related to restructuring. Gross profit is defined as revenue less (i) cost of revenue, exclusive of depreciation and amortization and (ii) depreciation and amortization related to cost of revenue. Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue for the same period. The following table provides a reconciliation of gross profit to Adjusted Gross Profit: Three Months Ended June 30, Six Months Ended June 30, (in millions, except percentages) 2025 2026 2025 2026 Gross profit $ 1,608 $ 2,223 $ 3,086 $ 4,167 Add: Depreciation and amortization related to cost of revenue 60 124 114 224 Add: Stock-based compensation expense and certain payroll tax expense included in cost of revenue 37 48 71 83 Add: Allocated overhead included in cost of revenue 10 21 18 37 Adjusted Gross Profit $ 1,715 $ 2,416 $ 3,289 $ 4,511 Adjusted Gross Margin 52.2 % 54.2 % 52.1 % 53.1 % Adjusted EBITDA Adjusted EBITDA is a measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss) attributable to DoorDash, Inc. common stockholders, adjusted to include net income (loss) attributable to redeemable non-controlling interests and exclude (i) certain legal, tax, and regulatory settlements, reserves, and expenses, (ii) loss on disposal of property and equipment, (iii) transaction-related costs (primarily consists of acquisition, integration, and investment related costs), (iv) impairment expenses, (v) restructuring charges, (vi) inventory write-off related to restructuring, (vii) provision for (benefit from) income taxes, (viii) interest income, net, (ix) other (income) expense, net, (x) stock-based compensation expense and certain payroll tax expense, and (xi) depreciation and amortization expense. The following table provides a reconciliation of net income attributable to DoorDash, Inc. common stockholders to Adjusted EBITDA, and a reconciliation of net income including redeemable non-controlling interests to Adjusted EBITDA: 41 Table of Contents Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Net income attributable to DoorDash, Inc. common stockholders $ 285 $ 200 $ 478 $ 384 Add: Net loss attributable to redeemable non-controlling interests (1) (1) (2) (2) Net income including redeemable non-controlling interests $ 284 $ 199 $ 476 $ 382 Certain legal, tax, and regulatory settlements, reserves, and expenses(1) 29 98 58 143 Transaction-related costs 22 13 31 26 Office lease impairment expenses — 1 7 1 Restructuring charges — 2 1 50 Provision for (benefit from) income taxes (13) 8 (7) 16 Interest income, net (49) (35) (98) (69) Other (income) expense, net (59) (16) (53) (22) Stock-based compensation expense and certain payroll tax expense(2) 282 349 519 577 Depreciation and amortization expense 159 295 311 564 Adjusted EBITDA $ 655 $ 914 $ 1,245 $ 1,668 (1)We exclude certain costs and expenses from our calculation of Adjusted EBITDA because management believes that these costs and expenses are not indicative of our core operating performance, do not reflect the underlying economics of our business, and are not necessary to operate our business. These excluded costs and expenses consist of (i) certain legal costs primarily related to worker classification matters, and our historical Dasher pay model and pay practices, (ii) reserves and settlements or other resolutions for or related to the collection of sales, indirect, and other taxes that we do not expect to incur on a recurring basis, and (iii) expenses related to supporting various policy matters, including those related to worker classification, other labor law matters, and price controls. We believe it is appropriate to exclude the foregoing matters from our calculation of Adjusted EBITDA because (1) the timing and magnitude of such expenses are unpredictable and thus not part of management’s budgeting or forecasting process, and (2) with respect to worker classification matters, management currently expects such expenses will not be material to our results of operations over the long term as a result of increasing legislative and regulatory certainty in this area, including as a result of Proposition 22 in California and similar legislation. (2)Excludes stock-based compensation related to restructuring, which is included in restructuring charges in the table above. Free Cash Flow We define Free Cash Flow as cash flows from operating activities less purchases of property and equipment and capitalized software and website development costs. The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2025 2026 2025 2026 Net cash provided by operating activities $ 504 $ 944 $ 1,139 $ 1,538 Purchases of property and equipment (66) (61) (140) (118) Capitalized software and website development costs (83) (141) (150) (258) Free Cash Flow $ 355 $ 742 $ 849 $ 1,162 Net cash used in investing activities $ (941) $ (188) $ (1,101) $ (286) Net cash provided by (used in) financing activities $ 2,375 $ (896) $ 2,378 $ (1,069) Credit Facility On November 19, 2019, we entered into the Existing Credit Agreement with certain lenders, which, as previously amended and restated on April 26, 2024, provided for an $800 million unsecured revolving credit facility maturing on April 26, 2029, with a sublimit for the issuance of letters of credit in an aggregate face amount of up to $600 million. As of June 30, 2026, we were in compliance with the covenants under the Existing Credit Agreement. As amended and restated, the credit agreement contained customary affirmative covenants, as well as customary negative covenants that restricted our ability and our subsidiaries’ ability to, among other things, incur subsidiary indebtedness, grant liens, declare cash dividends or make certain other distributions, repurchase stock, merge or consolidate with other companies or sell substantially all of our and our subsidiaries' assets, taken as a whole, make investments and loans, and engage in certain transactions with affiliates. The Company was also required to maintain compliance with a maximum senior net leverage ratio, measured quarterly, determined in accordance with the terms of the credit agreement. As of December 31, 2025 and 42 Table of Contents June 30, 2026, no revolving loans were outstanding and $61 million and $117 million of letters of credit were issued under our revolving credit facility, respectively. Subsequent to June 30, 2026, the Company entered into an amendment agreement pursuant to which its Existing Credit Agreement was amended and restated in its entirety. See "Disclosure in lieu of reporting on a Current Report on Form 8-K" under Part II, Item 5 of this Quarterly Report on Form 10-Q for additional information. Liquidity and Capital Resources As of June 30, 2026, our principal sources of liquidity were cash, cash equivalents, and investments of $6.2 billion, which consisted of cash and cash equivalents of $4.4 billion, short-term investments of $923 million, and long-term investments of $869 million. Additionally, funds held at payment processors of $513 million represent cash due from our payment processors for cleared transactions with merchants and consumers, as well as funds remitted to payment processors for Dasher payout. Cash and cash equivalents consisted of cash on deposit with banks as well as institutional money market funds, commercial paper, corporate bonds, U.S. Treasury securities, and time deposits. Investments consisted of certificates of deposit, commercial paper, corporate bonds, U.S. government agency securities, U.S. Treasury securities, and mutual funds. We have generated significant operating losses from our operations as reflected in our accumulated deficit of $5.0 billion as of June 30, 2026. We have historically funded our operations from cash from operations as well as the issuance of equity securities, including in our initial public offering in December 2020. We have also completed debt financings, such as our past issuance of $2.75 billion aggregate principal amount of 0% Convertible Senior Notes due 2030 (the “2030 Notes”) in May 2025. We intend to use the net proceeds from the 2030 Notes for general corporate purposes. For additional information regarding the 2030 Notes, see Note 8 - "Convertible Notes, Net" included in Part I, Item 1, "Notes to Condensed Consolidated Financial Statements" of this Quarterly Report on Form 10-Q. To execute on our strategic initiatives to continue to grow our business, we may incur operating losses and generate negative cash flows from operations in the future, and as a result, we may require additional capital resources. We believe our existing cash, cash equivalents, and investments, along with the available borrowings under our revolving credit facility, will be sufficient to meet our working capital and capital expenditures needs for at least the next 12 months and beyond. In February 2025, we announced the authorization of a share repurchase program for the repurchase of shares of our Class A common stock in an aggregate amount of up to $5.0 billion, which is inclusive of the remaining share repurchase authority of $876 million under the share repurchase program that we previously announced in February 2024. Repurchases may be made from time to time through open market purchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Exchange Act. We have entered into, and may, from time to time, enter into, Rule 10b5-1 plans to facilitate repurchases of our Class A common stock under this authorization. We may or may not repurchase any portion of the total authorized amount, and the timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. As of June 30, 2026, $4.0 billion remained available under the repurchase authorization. Our future capital requirements will depend on many factors, including, but not limited to, our growth, our ability to attract and retain merchants, consumers, and Dashers that utilize our platform, the continuing market acceptance of our offerings, the timing and extent of spending to support our efforts to develop our platform, the expansion of sales and marketing activities, the timing and extent of spending for policy and worker classification initiatives, and the occurrence of certain conditions triggering the 2030 Notes' conversion feature or our repurchase of some or all of the 2030 Notes. Unless earlier repurchased, redeemed or converted, the 2030 Notes will mature on May 15, 2030. Before November 15, 2029, noteholders will have the right to convert the 2030 Notes only upon the occurrence of certain events. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either in cash or in a combination of cash and shares of our Class A common stock, provided that, at least the principal amount of the 2030 Notes being converted will be paid in cash, which could adversely affect our liquidity. Further, we have in the past entered into, and may in the future enter into, arrangements to acquire or invest in businesses, products, services, and technologies. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If 43 Table of Contents we are unable to raise additional capital when desired, our business, financial condition, and results of operations could be adversely affected. The following table summarizes our cash flows for the periods indicated: Six Months Ended June 30, (in millions) 2025 2026 Net cash provided by operating activities $ 1,139 $ 1,538 Net cash used in investing activities (1,101) (286) Net cash provided by (used in) financing activities 2,378 (1,069) Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents 63 (18) Net increase in cash and cash equivalents, and restricted cash and cash equivalents $ 2,479 $ 165 Operating Activities Cash provided by operating activities was $1.5 billion for the first six months of 2026. This consisted of net income including redeemable non-controlling interests of $382 million, adjusted for non-cash stock-based compensation expense of $580 million, non-cash depreciation and amortization expense of $564 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $72 million, amortization of deferred contract costs of $44 million, and other net non-cash expenses of $9 million, partially offset by $113 million net outflows from changes in operating assets and liabilities primarily driven by changes in accounts payable, other assets, and payments for operating lease liabilities, partially offset by changes in funds held by payment processors and accrued expenses and other current liabilities. Cash provided by operating activities was $1.1 billion for the first six months of 2025. This consisted of net income including redeemable non-controlling interests of $476 million, adjusted for non-cash stock-based compensation expense of $517 million, non-cash depreciation and amortization expense of $311 million, non-cash reduction of operating lease right-of-use assets and accretion of operating lease liabilities of $53 million, non-cash office lease impairment expenses of $7 million, and other net non-cash expenses of $61 million, offset by a $69 million change in fair value of our Deal-Contingent Forward, as well as $217 million net outflows from changes in operating assets and liabilities primarily driven by changes in other assets and accounts receivable, net, and payments for operating lease liabilities, partially offset by changes in funds held at payment processors. Investing Activities Cash used in investing activities was $286 million for the first six months of 2026, which consisted of purchases of investments of $591 million, cash outflows for capitalized software and website development costs of $258 million, purchases of property and equipment of $118 million, purchases of non-marketable equity securities of $55 million, and cash paid for acquisitions, net of cash acquired, of $30 million, partially offset by proceeds from maturities and sales of marketable securities of $758 million and other investing activities of $8 million. Cash used in investing activities was $1.1 billion for the first six months of 2025, which consisted of cash paid for acquisition, net of cash acquired, of $1.2 billion, purchases of marketable securities of $725 million, purchases of property and equipment of $140 million, cash outflows for capitalized software and website development costs of $150 million, partially offset by proceeds from maturities and sales of marketable securities of $1.1 billion. Financing Activities Cash used in financing activities was $1.1 billion for the first six months of 2026, which primarily consisted of repurchases of our Class A common stock of $1.0 billion and payments of acquisition-related deferred cash consideration of $20 million. Cash provided by financing activities was $2.4 billion for the first six months of 2025, which primarily consisted of proceeds from issuance of convertible notes of $2.7 billion, proceeds from issuance of warrants of $341 million, partially offset by purchases of convertible note hedges of $680 million. 44 Table of Contents Critical Accounting Estimates Our condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q are prepared in accordance with GAAP. The preparation of condensed consolidated financial statements in accordance with GAAP requires us to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the period presented. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from our estimates. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows could be affected. There have been no material changes to our critical accounting estimates as described in our Annual Report on Form 10-K for the year ended December 31, 2025.