In a dramatic post-earnings reversal, DoorDash (NASDAQ: DASH) saw its shares skyrocket 14% during after-hours trading on February 18, 2026. The rally effectively erased a sharp 10% intraday plunge that followed the release of the company’s fourth-quarter (Q4) results. While the food delivery giant missed Wall Street’s expectations on both the top and bottom lines, investors ultimately prioritized a “demand boom” that saw the company process a record number of orders.
For the final quarter of 2025, DoorDash reported a 38% year-over-year revenue increase to $3.96 billion, narrowly missing the analyst consensus of $3.98 billion. Earnings per share (EPS) came in at $0.48, trailing the $0.59 anticipated by the market. However, the sheer volume of activity on the platform stole the spotlight: Total orders climbed 32% to 903 million, while Marketplace Gross Order Value (GOV) surged 39% to hit $29.7 billion.
The market’s initial skepticism was rooted in DoorDash’s cautious guidance for the first quarter (Q1) of 2026. The company forecast an adjusted EBITDA of $675 million to $775 million, which fell below the StreetAccount estimate of $802 million. This conservative outlook is largely due to aggressive spending on global integration and autonomous delivery.
CEO Tony Xu remains steadfast in his strategy to build a unified global platform following the major acquisitions of Deliveroo and Wolt. The integration project, described by Xu as “massive and expensive,” aims to streamline operations across three continents. Key highlights of the company’s strategic roadmap for 2026 include:
- Unified Technology Stack: Consolidating the backend systems of DoorDash, Deliveroo, and Wolt to improve global efficiency.
- Autonomous Delivery: Deploying sidewalk robots and self-driving vehicles to lower the long-term cost per order.
- Category Diversification: With 30% of U.S. customers now ordering outside the traditional restaurant category, DoorDash is rapidly scaling its grocery and retail verticals.
Despite the earnings miss, several analysts have labeled the quarter a “clearing event.” The record-high 903 million orders suggest that consumer demand for local commerce remains resilient even in a high-inflation environment. Furthermore, the company’s net income rose to $213 million, up from $141 million a year earlier, proving that the business can scale while absorbing heavy investment costs.
As DoorDash moves into 2026, it faces a market capitalization of approximately $70 billion. While technical pressure had kept the stock in a downtrend since October 2025, the 14% surge indicates that long-term investors are betting on the company’s transition from a food delivery app to a “logistics engine for the local economy.” The successful acquisition of Deliveroo is already paying dividends, with the British firm growing faster than expected and contributing nearly $200 million to the 2026 EBITDA forecast.
Key Highlights:
- Stock Rebound: DoorDash shares surged 14% after-hours, reversing a 10% drop caused by a miss on Q4 2025 earnings and revenue estimates.
- Order Explosion: The rally was driven by a 32% jump in total orders (903 million) and a 39% rise in Gross Order Value to $29.7 billion.
- Strategic Spending: Management is investing “several hundred million dollars” into a unified global tech stack and autonomous robots to integrate Deliveroo and Wolt.
- Future Guidance: Despite a lower-than-expected Q1 EBITDA forecast, investors are focusing on the company’s 38% revenue growth and expansion into grocery and retail.