The First Full Quarter of Deliveroo Also Brought Country Exits and a Stock Cut in Half
DoorDash's FY2025 10-K closed a year of record profitability alongside a 17% fourth-quarter stock decline that this site could not fully explain from the filing alone. This Form 10-Q, covering the quarter ended March 31, 2026 and filed with the SEC in May 2026, offers at least a partial answer: DoorDash initiated restructuring activities during the quarter, including "the announced exit of operations in certain countries," recording $48 million in restructuring charges for employee termination costs and closure-related expenses. The filing does not name the countries or quantify how many markets DoorDash exited, but describes the moves as reflecting "continued focus on the geographies where the Company believes it can offer the best products" - language consistent with a post-acquisition rationalization of the combined DoorDash-Deliveroo geographic footprint, though the filing does not explicitly attribute the exits to the Deliveroo integration.
This is also the first quarter with a full three months of consolidated Deliveroo results (versus roughly three months split across Q4 2025's partial quarter). Revenue grew 33% year-over-year to $4,036 million from $3,032 million - DoorDash's fastest revenue growth rate since this site began tracking it - while income from operations was essentially flat at $151 million versus $155 million a year earlier, entirely because of the restructuring charge; excluding it, operating income would have grown meaningfully. Net income attributable to DoorDash, Inc. common stockholders was $184 million, down slightly from $193 million. Adjusted EBITDA» grew 28% to $754 million from $590 million.
Capital allocation also shifted: DoorDash repurchased 1.1 million shares of Class A common stock during the quarter for $162 million at a $146.93 weighted-average price - the first repurchase activity since Q3 2024's $222 million, ending four consecutive quarters (all of FY2025) of zero buyback spending. As a subsequent event, the filing discloses a further 283 thousand shares repurchased in April 2026 for approximately $43 million at $149.09 per share. Both purchases came as the stock traded well below where it stood for most of 2025.
The Prescription
DoorDash should disclose, at minimum, how many countries it exited and what portion of pre-exit Deliveroo (or legacy DoorDash) revenue and headcount those markets represented. A restructuring charge framed only as "certain countries" with no further detail makes it impossible for investors to judge whether this was a small, sensible pruning of low-priority markets or a more material retreat from part of the geographic expansion the Deliveroo acquisition was meant to deliver. Given that geographic expansion was the explicit rationale for the £2.8 billion acquisition seven months earlier, walking back part of that footprint - even partially - deserves more than a boilerplate restructuring-note sentence.
What it should stop doing: resuming the buyback with a chart-cheap valuation rather than a stated valuation framework. DoorDash spent zero dollars on repurchases through all of FY2025 while the stock traded above $270; it then repurchased $162 million in Q1 2026 (plus $43 million more in April) after the stock fell below $150. That is either well-timed opportunism or coincidence, and the filing offers no view on which. Investors would benefit from knowing whether DoorDash's buyback activity is meant to be price-sensitive by design, since the pattern across nine quarters now (one big quarter in 2024, a year of nothing in 2025, activity resuming only after a 45% stock decline) reads that way without the company ever saying so.
Key Financial Metrics
Q1 2026 vs. Q1 2025 - consolidated, reported in USD (DoorDash reports natively in USD, no FX conversion needed; first full quarter with Deliveroo consolidated)
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | $4,036M | $3,032M | ✅ +33% |
| Adjusted EBITDA» | $754M | $590M | ✅ +28% |
| Income from Operations | $151M | $155M | ⚠️ -3% |
| Net Income attributable to common stockholders | $184M | $193M | ⚠️ -5% |
| Free Cash Flow» | $420M | $494M | ⚠️ -15% |
Balance sheet: DoorDash's 10-Q compares quarter-end to the prior fiscal year-end, not the year-ago quarter, so the columns below are Mar 2026 vs. Dec 2025
| Balance sheet metric | Mar 2026 | Dec 2025 | Change |
|---|---|---|---|
| Total Assets | $19,711M | $19,659M | flat |
| Total Liabilities | $9,501M | $9,613M | ✅ -1% |
| Total Stockholders' Equity | $10,198M | $10,033M | ✅ +2% |
Income from operations and net income both declined slightly year-over-year, entirely a function of the $48 million restructuring charge for country exits (versus $1 million of restructuring charges in Q1 2025); the underlying operating trend, adjusted for that one-time item, continued improving. Free Cash Flow fell 15% to $420 million from $494 million on working-capital timing, per the company's disclosure, echoing the pattern seen in Q2 2025. Total cash and marketable securities (cash and cash equivalents of $4,575 million plus short-term investments of $958 million and long-term investments of $849 million, excluding $605 million of funds held at payment processors and $407 million of combined restricted cash) stood at $6,382 million as of March 31, 2026.
DoorDash exited operations in certain countries this quarter, recording $48 million in restructuring charges, in its first full quarter with Deliveroo fully consolidated (revenue up 33% to $4.036 billion). The buyback resumed after a year of complete inactivity - $162 million repurchased in Q1 2026, plus $43 million more in April as a subsequent event - while the stock closed the quarter at $150.15, down 45% from its September 2025 peak of $271.99.
Key Operational Metrics
Q1 2026 vs. Q1 2025
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Total Orders | 933M | 732M | ✅ +27% |
| Marketplace GOV» | $31,604M | $23,076M | ✅ +37% |
| Contribution Profit» | $1,380M | $1,020M | ✅ +35% |
| Contribution Profit as a % of Marketplace GOV | 4.4% | 4.4% | flat |
| Net Revenue Margin (Revenue ÷ Marketplace GOV) | 12.8% | 13.1% | ⚠️ -0.3pp |
| GAAP Gross Profit | $1,944M | $1,478M | ✅ +32% |
Marketplace GOV grew 37% and Total Orders grew 27% - both the fastest growth rates this site has recorded for DoorDash, driven substantially by Deliveroo's full consolidation. Net Revenue Margin declined to 12.8% from 13.1%, the first year-over-year decline this site has recorded for this metric, consistent with Deliveroo carrying a different (likely lower) take-rate structure than DoorDash's core US Marketplace business now blended into the consolidated figures. Contribution Profit grew 35%, roughly in line with GOV growth rather than outpacing it as in most prior quarters - Contribution Margin as a percentage of GOV held flat at 4.4%. DoorDash still does not disclose exact merchant, consumer, or Dasher headcounts, or an absolute DashPass subscriber count, and does not break out Deliveroo's contribution to these operational metrics separately from the consolidated totals.
Beyond the Usual
DoorDash Exited Operations in Certain Countries This Quarter
During the three months ended March 31, 2026, DoorDash initiated restructuring activities including "the announced exit of operations in certain countries," which the company says was substantially completed by March 31, 2026. The filing recorded $48 million in restructuring charges - employee termination costs and other closure-related expenses - and frames the decision as focusing on "geographies where the Company believes it can offer the best products and build for long-term success." No country names, revenue contribution, or headcount figures are disclosed. This is the first market-exit activity of this kind and scale this site has recorded for DoorDash, arriving roughly six months after the Deliveroo acquisition significantly expanded the company's international footprint.
The Buyback Restarted - After the Stock Fell 45% From Its Peak
DoorDash repurchased 1.1 million shares of Class A common stock for $162 million during Q1 2026 (weighted-average price $146.93), the first repurchase activity since Q3 2024's $222 million and ending a full calendar year (all four quarters of 2025) of zero buyback spending. As a subsequent event, the company disclosed a further 283 thousand shares repurchased in April 2026 for approximately $43 million at $149.09 per share. Both rounds of buying occurred with the stock trading in the $145-$150 range, well below the $270+ levels it reached in September 2025 when the buyback was completely dormant.
DoorDash's insurance collateral requirement fell to $582 million from $607 million at year-end 2025, continuing the gradual decline flagged in the Q3 2025 post. The $800 million revolving credit facility remained fully undrawn.
Stock Price Since Last Quarter
DoorDash's stock fell sharply again in the first quarter of 2026, from a December 31, 2025 close of $226.48 to a March 31, 2026 close of $150.15 - a 34% decline, the steepest single-quarter drop this site has recorded for DoorDash, exceeding even Q4 2025's 17% fall (DoorDash has not split its stock since its IPO, so these remain actual nominal prices). This is now the second consecutive quarterly decline. The stock is down 45% from its September 30, 2025 closing peak of $271.99, and stands roughly 27% below its September 2021 IPO-era peak of $205.98 - erasing the milestone this site tracked in mid-2025 of the stock finally surpassing that prior high.
Target Valuation Range
~4.2x TTM EV/Revenue, down sharply from ~6.9x three months earlier. Verdict: too-early-to-call on a numeric fair-value range — the peer-multiple read below is the honest substitute (see the DCF-timing note further down). Bottom line: DoorDash's valuation compressed for a second consecutive quarter, driven overwhelmingly by the stock's 34% decline even as revenue kept accelerating on Deliveroo's first full consolidated quarter - this is now DoorDash's cheapest valuation on a revenue basis since Q1 2024.
With 411.34 million Class A and roughly 24.38 million Class B shares outstanding (435.72 million total, per the cover page as of April 30, 2026):
| Market cap → enterprise value | Q1 2026 (period-end) |
|---|---|
| Share price (period-end, March 31, 2026 close) | $150.15 |
| Shares outstanding (Class A + B) | 435.72 million |
| Market capitalization | ~$65.4 billion |
| Less: cash and marketable securities | $6.38 billion |
| Plus: convertible notes, net | $2.73 billion |
| Enterprise value | ~$61.8 billion |
| Peer-multiple sanity check (TTM basis) | FY2025 (TTM) | Q1 2026 (TTM) | Change |
|---|---|---|---|
| TTM Revenue | $13,717M | $14,721M | ✅ up |
| TTM Adjusted EBITDA | $2,779M | $2,943M | ✅ up |
| Enterprise value | ~$94.8 billion | ~$61.8 billion | ⚠️ down |
| EV/Revenue» | ~6.9x | ~4.2x | ⚠️ down |
| EV/Adjusted EBITDA» | ~34x | ~21x | ⚠️ down |
TTM Revenue is computed as FY2025 revenue minus Q1 2025 plus Q1 2026 ($13,717M − $3,032M + $4,036M = $14,721M); TTM Adjusted EBITDA the same way ($2,779M − $590M + $754M = $2,943M). Enterprise value fell 35% while TTM revenue grew 7% and TTM Adjusted EBITDA grew 6% - almost the entire multiple compression came from the stock-price decline, not from any fundamental weakness, which continued to accelerate on both revenue and EBITDA. Over two consecutive quarters (Q4 2025 and Q1 2026), DoorDash's EV/Revenue multiple has now fallen from roughly 9.1x to 4.2x - more than halved - even as trailing revenue grew by about 16% over the same period.
A full DCF still isn't attempted here: DoorDash is now carrying real integration questions (undisclosed country exits, a Net Revenue Margin decline that may or may not stabilize as Deliveroo's mix normalizes) alongside a stock price that has fallen 45% from its September 2025 peak with no single disclosed catalyst this site can point to across the two quarters of decline. The peer-multiple read remains the more honest tool here, and it now shows DoorDash trading at its cheapest valuation in roughly two years, a striking contrast to a business whose trailing revenue and Adjusted EBITDA both kept growing throughout the decline.
DoorDash, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC in May 2026.