DoorDash Inc. (DASH) shares surged 12.0% to $187.40 on Wednesday after the delivery platform reported first-quarter results that demonstrated accelerating order growth and expanding profitability. Adjusted EPS of $0.42 beat the $0.36 consensus by 16.7%, while revenue of $4.04 billion came in slightly below the $4.14 billion estimate due to accounting changes in how the company reports marketplace revenue.
Total orders reached 933 million in Q1, up 27% year-over-year and 8% sequentially — the fastest growth rate since Q3 2023. Gross order value (GOV) surged 37% year-over-year to $31.6 billion, reflecting both volume growth and higher average order values. Monthly active users reached 47 million, up from 42 million a year ago.
Grocery and Non-Restaurant Categories Accelerate
The fastest-growing category was grocery delivery, which saw orders increase 52% year-over-year and now represents 18% of total orders versus 14% a year ago. DoorDash's partnerships with Albertsons, Aldi, and Costco drove the expansion, with average grocery basket size reaching $67 — nearly three times the average restaurant order. CEO Tony Xu noted that grocery delivery is 'approaching contribution-margin parity with restaurant delivery faster than our internal models projected.'
International Expansion
DoorDash's international segment (primarily Wolt in Europe and Japan) posted revenue growth of 45% year-over-year to $810 million. The segment achieved positive adjusted EBITDA for the first time at $12 million, compared to a $43 million loss in Q1 2025. Wolt now operates in 27 countries with 65,000 merchant partners, up from 23 countries a year ago.
The company guided Q2 GOV to $33-34 billion and adjusted EBITDA to $550-600 million, both above consensus. Barclays analyst Ross Sandler raised his price target to $220 from $185, calling DoorDash 'the clear category winner in US food delivery with optionality in grocery and international.' The stock is now up 34% year-to-date, making it one of the best-performing internet names.