At a time when consumer spending is tightening, DoorDash is doubling down on value and variety — and the results are paying off. The San Francisco-based delivery giant posted strong second-quarter earnings and offered an optimistic forecast for Q3, driven by rising demand across food, grocery, and non-traditional delivery segments.
DoorDash’s gross merchandise value (GMV) — a critical metric that tracks the total dollar value of orders placed through its platform — surged 23% year-over-year to $24.2 billion for the quarter ending June 30. That comfortably surpassed market expectations of $23.58 billion. Even more notably, the company now projects Q3 GMV to land between $24.2 billion and $24.7 billion, well ahead of analyst forecasts.
This performance comes amid an increasingly competitive and price-sensitive market. With inflation-weary consumers seeking better value, DoorDash’s promotional offers and subscription incentives have proven to be well-timed. These deals are particularly resonant in both its U.S. and international markets, where growth has been bolstered by the company’s efforts to deepen user engagement beyond the restaurant sector.
Second-quarter revenue reached $3.28 billion — again, ahead of consensus estimates of $3.16 billion — while total order volume grew 20% year-over-year. Adjusted earnings per share came in at $0.65, beating expectations of $0.44. The company also reported a slight improvement in its net revenue margin, climbing to 13.5% from 13.3%, buoyed by a growing stream of advertising income.
Shares of DoorDash rose nearly 5% in after-hours trading following the announcement. The stock has already climbed 52% in 2025, reflecting renewed investor confidence in the firm’s post-pandemic trajectory.
The delivery platform’s expansion beyond restaurants into categories such as groceries, electronics, alcohol, and beauty has played a pivotal role in sustaining growth — especially as restaurants face a more cautious consumer base. This strategy not only diversifies DoorDash’s revenue streams but also allows the company to position itself as an all-purpose last-mile logistics provider, rather than just a food delivery app.
Further strategic momentum comes from DoorDash’s acquisition of Deliveroo, its UK-based competitor. The company reaffirmed that it expects the deal to close in the fourth quarter, setting the stage for deeper European penetration and added operational scale.
Earlier in the day, Uber — parent company of Uber Eats — also projected a strong Q3, signaling that the broader delivery economy continues to show resilience despite broader economic uncertainties.
DoorDash’s Q2 results highlight a key trend: platforms that combine aggressive value offerings with product diversification are best positioned to capture the evolving habits of the digital consumer.
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IMAGE: AP
