DoorDash Reports Q3 Earnings Above Forecasts and Announces $17 Billion Instacart Acquisition

DoorDash (NASDAQ:DASH) reported third-quarter 2026 earnings and revenue above analysts’ expectations and announced a definitive agreement to acquire Instacart (NASDAQ:CART) for approximately $17 billion in cash and stock.

The delivery platform reported adjusted earnings per share of $1.06, exceeding the consensus estimate of $0.82. Revenue reached $4.61 billion, compared with analysts’ expectations of $4.56 billion.

DoorDash shares advanced 6.5% following the announcement, which also included Instacart’s third-quarter financial results.

DoorDash Earnings Exceed Analysts’ Estimates

DoorDash reported adjusted earnings per share of $1.06 for the third quarter, exceeding the analyst consensus by $0.24 per share.

Quarterly revenue totaled $4.61 billion, approximately $50 million above the market forecast of $4.56 billion.

Alongside the earnings announcement, DoorDash disclosed a definitive agreement to acquire Instacart for approximately $17 billion through a combination of cash and stock.

The proposed transaction would bring together DoorDash’s delivery operations and Instacart’s grocery technology and delivery platform.

The companies did not provide additional transaction terms or a completion date in the supplied announcement.

Instacart Revenue Increases 17% to $1.10 Billion

Instacart reported third-quarter revenue of $1.10 billion, representing a 17% increase compared with the previous year.

Gross transaction value (GTV) rose 15% to $10.53 billion, while total orders increased 10% to 91.4 million.

Transaction revenue reached $764 million, an increase of 14% year over year.

Advertising and other revenue grew 23% to $331 million.

Commenting on the quarterly performance, Instacart Chief Executive Officer Chris Rogers said:

“Q3 was our best quarter as a public company, with GTV up 15% year-over-year and advertising and other revenue up 23% year-over-year.”

He added:

“Our fundamentals keep getting stronger, with solid consumer demand, deepening customer engagement, and expanding profitability.”

Instacart Adjusted EBITDA Rises 23%

Instacart reported net income under generally accepted accounting principles (GAAP) of $147 million, representing a 2% increase from the corresponding quarter of the previous year.

Adjusted EBITDA increased 23% to $342 million.

Operating cash flow reached $324 million, up 13% year over year, while free cash flow also increased 13% to $307 million.

The company repurchased $230 million of its shares during the quarter.

Instacart ended the reporting period with approximately $1 billion in cash and cash equivalents and similar assets.

Acquisition Announcement Accompanies Quarterly Results

The proposed $17 billion acquisition was announced alongside financial results showing higher quarterly revenue and adjusted earnings at DoorDash, as well as increased transaction activity and revenue at Instacart.

Instacart’s reported gross transaction value of $10.53 billion and 91.4 million orders provide additional information about the scale of its operations ahead of the proposed combination.

DoorDash shares rose 6.5% following the announcement as investors assessed the quarterly earnings and acquisition agreement.

The transaction remains subject to completion, with further details regarding its terms and timetable not included in the supplied information.

Doordash stock price