$Doordash(DASH.US) (long position) +12% AH post-market after initially falling -7% on lackluster 4Q revs and earnings but stronger than exp 1Q GOV and # orders.
4Q results:- Gross Order Value $29.7B, +39% y/y, vs $29.1B est- Revs $3.96B, +38% y/y, vs $4.0B est - Adj Ebitda $780M vs $774.8M est- EPS $.48 vs. $.55 est- Adj GM 52.6% vs. 50.6% est- Orders 903M, +32% y/y vs 888M est- Contribution margin 35.5% vs. 34.3% est1Q guidance:- GOV $31.0B - $31.8B vs $30.8B est - Adj EBITDA $675M-$775M vs $800M estCOMMENTARY AND CONTEXT- “Our current expectation for Adj EBITDA in Q1 2026 is impacted by three primary factors: 1) incremental investments in Deliveroo, which drive an expectation for Deliveroo to contribute less than $25 million to our Adjusted EBITDA in Q1 2026 compared to over $45 million in Q4 2025, 2) an estimated $20 million direct impact from severe storms Gianna and Fern in the U.S., and 3) a Q/Q increase in Dasher costs per order” - “For the full year 2026, we expect Adjusted EBITDA as a percent of Marketplace GOV to increase slightly compared to 2025, excluding the impact of Deliveroo in both periods. We continue to expect Deliveroo to contribute approximately $200 million to our Adjusted EBITDA in 2026.”- “As 2026 progresses, we expect Adjusted EBITDA as a percent of Marketplace GOV to increase in Q2 2026 from Q1 2026, but to remain slightly below the level achieved in Q2 2025. We currently expect Adjusted EBITDA as a percentage of Marketplace GOV to increase in Q3 2026 compared to Q2 2026 and for Adjusted EBITDA to be significantly higher in 2H 2026 compared to 1H 2026.”The copyright of this article belongs to the original author/organization.
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