--- title: "DoorDash reports November 4, the last quarter Deliveroo keeps growth near 32% before it slides to 21%" description: "DoorDash reports Q3 on November 4, its last quarter before the Deliveroo acquisition stops inflating reported growth; consensus has revenue growth falling from about 32% in Q3 to about 21% in the December quarter. An unspent Q2 beat and a Q3 guidance range that builds the reinvestment back in now sit behind the push into drones, apparel and grocery, while Uber pays cash for the same ground." publisher: "The Inference" section: "Money" published: 2026-10-14T15:11:13.655Z modified: 2026-10-14T15:11:13.655Z canonical: https://theinference.org/article/doordash-reports-november-4-the-last-quarter-deliveroo-keeps-growth-near-32-before-it-slides-to-21 language: en keywords: "DoorDash, Earnings, Delivery, Uber, Deliveroo, Guidance" --- # DoorDash reports November 4, the last quarter Deliveroo keeps growth near 32% before it slides to 21% > DoorDash reports Q3 on November 4, its last quarter before the Deliveroo acquisition stops inflating reported growth; consensus has revenue growth falling from about 32% in Q3 to about 21% in the December quarter. An unspent Q2 beat and a Q3 guidance range that builds the reinvestment back in now sit behind the push into drones, apparel and grocery, while Uber pays cash for the same ground. ## A $914 million beat that arrived too late to spend [DoorDash](https://theinference.org/markets/companies/doordash)'s best number of the year was also its least spendable. [Second-quarter adjusted EBITDA hit $914 million, $44 million above the top of guidance, on revenue up 36% to $4.5 billion](https://www.theglobeandmail.com/investing/markets/stocks/DASH-Q/pressreleases/3703909/doordash-reports-strong-q2-growth-and-membership-gains/) [1][2]. When a beat lands in a quarter's final weeks, "we just don't have enough time to reinvest back in the business," chief financial officer Ravi Inukonda [said on the August 5 call](https://www.tikr.com/blog/doordash-stock-is-down-13-in-2026-as-revenue-grows-24-without-deliveroo-heres-where-the-stock-could-go-by-2030) [1]. The surplus waits inside guidance instead. Third-quarter adjusted EBITDA is guided to $950 million to $1.1 billion, and TIKR, an analyst-estimate platform, has consensus near $1.03 billion, just above the $1.025 billion midpoint [1]. The record argues against a repeat: in the four prior quarters, adjusted EBITDA landed inside guidance or no more than $5 million above the top [1]. ## The 36 percent expires in December Deliveroo, the British delivery service DoorDash bought for $3.9 billion, [closed into the group on October 2, 2025](https://en.wikipedia.org/wiki/DoorDash) [1][3]. December is the first quarter measured against a base that already includes it [1]. Excluding Deliveroo, Q2 revenue grew 24% against the 36% reported, and consensus has growth sliding from about 32% in Q3 to about 21% in Q4 [1]. Below the EBITDA line, Q2 was weaker. EBIT of $156 million missed the Street by 18.6%, with margin down to 3.50% from 4.96% [1]. The stock closed at $196.50 on October 9, down 13.2% in 2026, near 19x forward EV/EBITDA against roughly 28x at the end of 2025 [1]. *Chart: **Deliveroo flattered four quarters of DoorDash growth; consensus gives the lift back in Q4** DoorDash year-over-year revenue growth by quarter: 27.3% in Q3 2025, 37.7% in Q4 2025, 33.1% in Q1 2026, 35.6% in Q2 2026, then consensus estimates of 32% in Q3 2026 and 21% in Q4 2026* *Year-over-year revenue growth by calendar quarter. Q3 '26E and Q4 '26E are TIKR consensus estimates, not reported results. Sources: DoorDash quarterly SEC filings; TIKR. [1][11]* ## Drones, Skims and 156 stores, built in-house The push has been visible since July. DoorDash Labs won [Federal Aviation Administration Part 135 air-carrier certification](https://about.doordash.com/en-us/news/doordash-air) for its in-house drone fleet on July 29 [4]. Skims, Kim Kardashian's shapewear brand, put more than 23,000 styles from 17 US stores on the app on September 8, with DoorDash as its first on-demand delivery partner, and Kardashian fronts the new ad spot [5][6]. Grocery landed this month. On October 13, BIG W, the discount chain of supermarket group Woolworths, [listed more than 35,000 products across 156 stores](https://www.woolworthsgroup.com.au/au/en/our-newsroom/media-releases/latest-news/2026/big-w-lands-on-doordash.html) reaching over 80% of Australians, with delivery in as fast as 60 minutes [7][8]. ## Uber buys the ground DoorDash is building [Uber](https://theinference.org/markets/companies/uber) is paying cash for the same ground. On October 6 it [agreed to buy ezCater for $2.3 billion, whose software handles large workplace orders across about 140,000 US restaurants](https://www.businessinsider.com/uber-to-acquire-ezcater-for-2-3b-expanding-catering-reach-2026-10), [answering the catering delivery service DoorDash said in April it would build itself](https://theinference.org/article/uber-s-2-3-billion-catering-buy-targets-the-orders-ai-agents-cannot-re-shop) [9]. Uber's [$14.8 billion bid for Delivery Hero](https://www.rte.ie/news/business/2026/0716/1583589-uber-nears-12-5-billion-deal-to-buy-delivery-hero-ft/), at €41.50 a share, is not expected to close until the second half of 2027 [10][1]. DoorDash's leverage runs the other way: asked about grocers that pay it little or nothing, chief executive Tony Xu said DoorDash "might be 100% of the growth that they see," bargaining power rather than a stated plan to reprice [1]. ## What November 4 settles Q3, reported after the close on November 4, is the decision point [1]. Adjusted EBITDA near the $1.025 billion midpoint, with marketplace order value (the total spent through the app) toward the $34 billion top of guidance, fits the reinvestment story; near the $33 billion floor, DoorDash enters the Deliveroo anniversary quarter with no EBITDA beat and no faster order growth [1]. The bull case needs earnings above consensus. TIKR's $966 target for 2030 concedes its own path fails on consensus earnings, and the Street's mean target is $257.72 [1]. Through Q3, reported growth still includes Deliveroo; from December, the market prices the organic rate for the first time since the deal closed. ## Takeaway Watch November 4 for whether EBITDA lands near the $1.025 billion guidance midpoint and order value near $34 billion: from December, Deliveroo stops inflating reported growth and the market prices the organic rate, about 21% by consensus, for the first time. ## Sources 1. [TIKR, "DoorDash Stock Is Down 13% in 2026 as Revenue Grows 24% Without Deliveroo. Here's Where the Stock Could Go by 2030", 11 October 2026](https://www.tikr.com/blog/doordash-stock-is-down-13-in-2026-as-revenue-grows-24-without-deliveroo-heres-where-the-stock-could-go-by-2030) 2. [The Globe and Mail (TipRanks), "DoorDash Reports Strong Q2 Growth and Membership Gains", 6 August 2026](https://www.theglobeandmail.com/investing/markets/stocks/DASH-Q/pressreleases/3703909/doordash-reports-strong-q2-growth-and-membership-gains/) 3. [Wikipedia, "DoorDash", retrieved 14 October 2026](https://en.wikipedia.org/wiki/DoorDash) 4. [DoorDash newsroom, "DoorDash Is Cleared for Takeoff: Launches DoorDash Air, Our In-House Drone Delivery Program", 29 July 2026](https://about.doordash.com/en-us/news/doordash-air) 5. [Business Wire via FinancialContent, "SKIMS and DoorDash: Solutions For Every Body, Delivered On-Demand", 8 September 2026](https://markets.financialcontent.com/prnews/article/bizwire-2026-9-8-skims-and-doordash-solutions-for-every-body-delivered-on-demand) 6. [Ad Age, "DoorDash delivers Skims, solving Kim's wardrobe emergency, in new spot", 14 October 2026](https://adage.com/creativity/work/aa-doordash-skims-kim-kardashian/) 7. [Retail World Magazine, "BIG W now on DoorDash", 13 October 2026](https://retailworldmagazine.com.au/big-w-now-on-doordash/) 8. [Woolworths Group, "BIG W Lands on DoorDash App: 35,000+ Everyday Essentials Delivered in as fast as 60 Minutes", 13 October 2026](https://www.woolworthsgroup.com.au/au/en/our-newsroom/media-releases/latest-news/2026/big-w-lands-on-doordash.html) 9. [Business Insider, "Uber is expanding into orders that pay delivery workers more", 6 October 2026](https://www.businessinsider.com/uber-to-acquire-ezcater-for-2-3b-expanding-catering-reach-2026-10) 10. [RTÉ News, "Uber launches $14.8 billion takeover bid for Delivery Hero", 16 July 2026](https://www.rte.ie/news/business/2026/0716/1583589-uber-nears-12-5-billion-deal-to-buy-delivery-hero-ft/) 11. [DoorDash quarterly figures from its SEC filings, retrieved 14 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001792789) --- DoorDash reports November 4, the last quarter Deliveroo keeps growth near 32% before it slides to 21% — The Inference. Canonical: https://theinference.org/article/doordash-reports-november-4-the-last-quarter-deliveroo-keeps-growth-near-32-before-it-slides-to-21