DoorDash Reports Q3 2026 Earnings & Announces $17B Acquisition of Instacart

DoorDash Announces Q3 2026 Financial Results and $17 Billion Acquisition of Instacart

Overview of Announcements

On October 29, 2026, DoorDash, Inc. (NASDAQ: DASH) disclosed two major developments via Form 8-K:

1. Acquisition of Instacart (Maplebear Inc.):

   • Deal Value: DoorDash entered into a definitive agreement to acquire Instacart for $65.00 per share, implying an equity value of approximately $17 billion. This represents a 26% premium to Instacart's closing price on October 22, 2026.
   • Consideration Structure: Payable in at least 75% cash and up to 25% DoorDash common stock, subject to election and proration mechanics. Instacart shareholders may elect $65.00 cash, 0.3372 DoorDash shares, or $48.75 cash plus 0.0843 shares.
   • Financing: DoorDash secured a 364-day senior unsecured bridge loan commitment facility from JPMorgan Chase Bank, N.A., and will use cash on hand alongside debt financing. The transaction has no financing contingency.
   • Expected Closing: Expected to close in late 2027 or H1 2028, subject to regulatory approvals (including HSR, Canada, Israel) and Instacart stockholder approval (19% already committed to vote in favor).
   • Synergies: Management targets $500M+ in annual run-rate net synergies over a multi-year horizon, with net investments exceeding synergies in Year 1.

2. Q3 2026 Financial Results:

   • Revenue: $4.62 billion, up 34% Y/Y (23% excluding Deliveroo).
   • Total Orders: 993 million, up 28% Y/Y (17% excluding Deliveroo).
   • Marketplace GOV: $33.94 billion, up 36% Y/Y (23% excluding Deliveroo).
   • GAAP Net Income: $466 million, up 91% Y/Y.
   • Adjusted EBITDA: $1,060 million, up 41% Y/Y (Adjusted EBITDA margin of 3.1% of GOV).

Market & Strategic Implications

• Consolidation in On-Demand Grocery: Combining DoorDash's logistics and fulfillment infrastructure (DashMart) with Instacart's grocery footprint creates an unprecedented scale player in retail delivery.
• Balance Sheet & Leverage: DoorDash intends to maintain an investment-grade rating despite leveraging bridge debt for the cash portion.
• Regulatory Scrutiny: The long runway to close (late 2027 to H1 2028) reflects anticipated antitrust scrutiny across grocery delivery markets in North America.