DoorDash

DoorDash just posted its strongest quarter yet. Orders climbed 27% to 970 million in three months, revenue jumped 36% to 4.5 billion dollars, and the total value of everything sold on the platform reached 33.1 billion dollars. Even without Deliveroo in the mix, orders still grew 17% and revenue 24%. For a company this size, that pace is remarkable.

The money side got noticeably better. Core operating profit before certain costs hit 914 million dollars, up 40% from a year ago and well ahead of what the company expected. Gross profit rose to 2.2 billion dollars, and grocery and retail unit economics improved sharply. DashPass keeps pulling its weight too, with members placing roughly 75% of all US grocery and retail orders.

Here is the catch. Reported net income fell 30% from a year ago to 200 million dollars, even as sales surged. That is only about 0.6% of the 33.1 billion dollars flowing through the platform, down from 1.2% last year. Heavy spending on robots, drones, AI tools, and the new global tech system is eating the profits, and that system will not be fully live until the first half of 2027.

The stock carries a rich price tag at roughly 90 billion dollars in market value, and it swings hard with a beta of 1.77, meaning it moves nearly twice as much as the broader market. Net profit margins sit near 6%, so there is little cushion if growth cools. Competition in same-day grocery delivery is fierce, and any quarter that misses expectations could knock this one down fast.