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DoorDash Reports Strong Quarterly Growth but Warns of Rising Costs
Delivery giant sees surge in sales and orders, but spending on new initiatives weighs on profits.
Published on Feb. 23, 2026
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DoorDash reported a 38% increase in revenue for the fourth quarter, driven by gains in new U.S. customers and the addition of new services like restaurant reservations. However, the company also saw a significant rise in costs, including a 41% jump in research and development expenses and a 31% increase in sales and marketing costs, as it invests in initiatives like autonomous delivery robots and drone delivery tests. DoorDash's stock fell 3% in after-hours trading as the company's net income of $213 million, or 49 cents per share, fell short of Wall Street's expectations.
Why it matters
DoorDash's strong growth in sales and orders demonstrates the continued demand for food delivery services, even as the economy faces broader challenges. However, the company's rising costs to fund new initiatives like autonomous delivery could weigh on its profitability and raise concerns among investors about the long-term viability of the business model.
The details
DoorDash reported revenue of $3.96 billion for the fourth quarter, a 38% increase from the same period a year earlier. Total orders rose 32% to 903 million, beating analysts' forecasts. The company said it had more than 56 million active users during the quarter, including 35 million members paying monthly fees for its DashPass, Wolt+, and Deliveroo Plus programs. However, DoorDash also saw a significant increase in costs, with research and development expenses rising 41% and sales and marketing costs jumping 31% as it invests in new initiatives like autonomous delivery robots and drone delivery tests.
- DoorDash reported its fourth-quarter results on February 19, 2026.
The players
DoorDash
A San Francisco-based food delivery company that has seen strong growth in recent years, but is now facing rising costs as it invests in new initiatives like autonomous delivery and drone delivery.
Tony Xu
The CEO and co-founder of DoorDash, who said the company is in the midst of building a single tech platform to bring together its many international businesses.
What they’re saying
“This is a massive and expensive undertaking and honestly one you shouldn't do if you thought your best days were behind you.”
— Tony Xu, CEO and Co-founder (Investor letter)
The takeaway
DoorDash's strong quarterly growth highlights the continued demand for food delivery services, but the company's rising costs to fund new initiatives like autonomous delivery could weigh on its profitability and raise concerns among investors about the long-term viability of the business model.
