DoorDash (DASH) Stock Swings 14% After Earnings Miss – Here’s Why

TLDR

• DoorDash Q4 EPS came in at 48 cents vs. 59 cents expected; revenue of $3.96B missed the $3.99B estimate
• Despite the miss, revenue grew 38% year over year and gross order value jumped 39% to $29.7 billion
• Q1 GOV guidance of $31B–$31.8B came in above Wall Street’s $30.8B estimate
• CEO Tony Xu confirmed plans to merge DoorDash, Deliveroo, and Wolt into a single tech platform, calling it “massive and expensive”
• Stock swung wildly after hours — down 10% initially, then surging 14% to close well above pre-earnings levels

DoorDash posted fourth-quarter adjusted earnings of 48 cents per share on revenue of $3.96 billion. Both numbers missed Wall Street estimates of 59 cents and $3.99 billion respectively.

The initial reaction was brutal. Shares fell 10% right after the report dropped Wednesday evening.

DoorDash, Inc., DASH

Then something shifted. The stock reversed hard, climbing 14% in extended trading to close the after-hours session well above where it started. During regular trading Wednesday, DASH had already gained 6.8%.

The numbers weren’t all bad. Revenue grew 38% from $2.87 billion a year ago, and total orders rose 32% year over year to 903 million.

Gross order value — the total dollar value of completed orders including taxes, tips, and fees — jumped 39% to $29.7 billion, beating the $29.2 billion estimate.

Net income came in at $213 million, or 48 cents per share, up from $141 million, or 33 cents per share, in the same period last year.

Q1 Guidance Offers Some Relief

For the first quarter, DoorDash guided for gross order value between $31 billion and $31.8 billion. That’s ahead of analyst estimates of $30.8 billion.

However, adjusted EBITDA guidance of $675 million to $775 million fell short of the StreetAccount estimate of $802 million, keeping some pressure on the stock.

The stock has dropped more than 20% in 2026 so far and is down around 28% since its last earnings report in November.

Platform Overhaul Takes Center Stage

CEO Tony Xu used his shareholder letter to explain where the money is going. DoorDash is building a single unified tech platform to combine its three separate services — DoorDash, Deliveroo, and Wolt.

DoorDash acquired Deliveroo last year. Xu said Deliveroo is now growing faster at the same profit margin, calling it a strong early sign.

The spending plan — first flagged last quarter at “several hundred million dollars” — triggered DoorDash’s worst single-day stock drop ever when it was announced. Investors clearly haven’t fully shaken off that concern.

Competition remains a watchpoint too. Instacart, Uber Eats, and Amazon’s same-day grocery expansion all compete for the same delivery dollars.

Of 50 analysts tracked by FactSet, 38 rate DASH a Buy and 12 rate it a Hold. Not one has a Sell rating.

DoorDash stock closed regular trading Wednesday up 6.8% before the earnings release.

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