DASH

$Doordash(DASH.US) +11% AH as 2Q gross order value guidance exceeded expectations and 1Q results came in line. This is similar to $Uber Tech(UBER.US) who also guided higher for 2Q gross bookings after posting in-line results for 1Q.

2Q Guidance:

- Marketplace gross order value $32.4B - $33.4B vs $32.25 billion est.

- Adj Ebitda $770M-$870M vs $830M est.

1Q Results:

- Marketplace gross order value $31.6B +37% y/y, vs $31.21B est

- Rev $4.04B, +33% y/y, vs $4.15B est

- EPS 42c vs. 37c est

- Adj Ebitda $754M vs $741.4M est

- Adj gross margin 51.9% vs. 51.1% est

- Orders 933M vs 942.25M est

- Free cash flow $420M vs $631.2M est

COMMENTARY AND CONTEXT

- We continue to expect Deliveroo to contribute approximately $200 million to our Adjusted EBITDA in 2026"

- 2Q EBiTDA guidance included gross cost of the Dasher gas relief program of $50M, funded at least partially by adjusting investments in other area

DASH continues to look compelling at a FY’26 P/E of 33x and FY’26 EV/EBITDA of 19x, vs 5-year forward rev growth of +20% CAGR and 5-year forward EBITDA growth of +25% CAGR.

Conf call 430pm ET