DoorDash Faces Slowing Growth as Deliveroo Comparison Approaches
DoorDash closed at $196.50 on October 9, down 13.2% so far in 2026. Its second-quarter adjusted EBITDA exceeded the top of guidance by $44 million, but the CFO said the gain came too late to reinvest and guided third-quarter EBITDA back within the $950 million to $1.1 billion range. The fourth quarter will be the first to include Deliveroo in the year-ago base, and consensus expects revenue growth to slow from about 32% in Q3 to about 21% in Q4.
DoorDash ended October 9 at $196.50 and has lost 13.2% during 2026. In Q2, adjusted EBITDA hit $914 million, topping the high end of guidance by $44 million. CFO Ravi Inukonda attributed the upside to late-quarter advertising and order-subtotal trends plus stronger-than-expected Deliveroo volumes, but said there was too little time to reinvest at desired efficiency.
For Q3, management expects EBITDA within $950 million to $1.1 billion. Q4 will be the first period compared with a year-ago base that already includes Deliveroo, and consensus sees revenue growth easing from roughly 32% in Q3 to about 21% in Q4. DoorDash trades near 19x forward EV/EBITDA, versus about 28x at 2025's end; the average Street target is $257.72.
DoorDash's slower growth and margin pressure could affect consumers, delivery workers, restaurants, and grocers. If growth decelerates, the company may lean more on advertising, grocery partnerships, or cost controls, potentially influencing fees, promotions, and courier earnings. Rival deals and robot delivery may reshape competition, possibly changing service options and labor demand. Investors may reassess valuations, while local businesses could gain or lose bargaining power depending on platform dependence.