DoorDash, Inc. (NASDAQ: DASH) is a prominent player in the local commerce ecosystem, operating a comprehensive logistics platform globally, including in the United States. The company connects merchants, consumers, and independent delivery personnel (known as 'Dashers') through its primary marketplaces, DoorDash and Wolt. Founded in 2013 as Palo Alto Delivery ...DoorDash, Inc. (NASDAQ: DASH) is a prominent player in the local commerce ecosystem, operating a comprehensive logistics platform globally, including in the United States. The company connects merchants, consumers, and independent delivery personnel (known as 'Dashers') through its primary marketplaces, DoorDash and Wolt. Founded in 2013 as Palo Alto Delivery Inc., it was renamed DoorDash, Inc. in 2015 and is headquartered in San Francisco, California. The company went public on December 9, 2020.
DoorDash's business model revolves around solving critical challenges for merchants, including customer acquisition, delivery logistics, data insights, merchandising support, payment processing, and customer assistance. Its product portfolio includes subscription-based services like DashPass and Wolt+, which offer members benefits such as reduced delivery fees. Additionally, DoorDash provides white-label delivery fulfillment through DoorDash Drive and Wolt Drive, enabling businesses to use its logistics network for their own deliveries. The company also offers DoorDash Storefront, allowing merchants to set up on-demand e-commerce websites, and Bbot, a solution for digital ordering and payment processing in-store and online.
Financially, DoorDash has shown strong growth, with a market capitalization of approximately $92.9 billion as of the latest data. The company reported revenues of $15.9 billion over the trailing twelve months, with a gross profit margin of 51.4% and a net profit margin of 5.3%. It has invested heavily in R&D, with R&D expenses accounting for about 10.7% of revenue. The company's forward-looking growth is supported by its expansion into groceries, retail, and international markets, including the acquisition of Wolt in 2022. Key financial metrics include a price-to-earnings ratio of 109.93, an EV-to-EBITDA of 49.12, and a healthy current ratio of 1.37.
Leadership is a key strength, with CEO and co-founder Tony Xu at the helm. Other co-founders include Andy Fang, Stanley Tang, and Evan Moore. The company employs over 31,000 people globally and has been recognized on the Fortune 500 list in 2024, ranking No. 443. DoorDash continues to innovate with app redesigns and new service offerings, aiming to build the last-mile logistics infrastructure for local commerce worldwide.
Operator: Hello, everyone. Thank you for joining us, and welcome to the DoorDash Q2 2026 Earnings Call. [Operator Instructions] I will now hand the call over to Weston Twigg. Please go ahead.
Weston Twigg: Thanks, Connor. Good afternoon, everyone, and thanks for joining us for our Q2 2026 Earnings Call. I'm pleased to be joined today by Co-Founder, Chair and CEO Tony Xu; and CFO, Ravi Inukonda. We'll be making forward-looking statements during today's call, including without limitation, our expectations for our business, financial position, operating performance, profitability, our guidance, strategies, capital allocation approach, and broader economic environment. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described. Many of these uncertainties are described in our SEC filings, including our most recent Form 10-K and 10-Q. You should not rely on forward-looking statements as predictions of future events or performance. We disclaim any obligation to update any forward-looking statements except as required by law. During this call, we will discuss certain non-GAAP financial measures. Information regarding our non-GAAP financial measures, including a reconciliation of such non-GAAP measures to the most directly comparable GAAP financial measures may be found in our earnings release, which is available on our Investor Relations website at ir.doordash.com. These non-GAAP measures should be considered in addition to our GAAP results and are not intended to be a substitute for our GAAP results. Finally, this call is being audio webcasted on our Investor Relations website. An audio replay of the call will be available on our website shortly after the call ends. Operator, I'll pass it back to you, and we can take our first question.
Operator: [Operator Instructions] The first question comes from Michael Morton of MoffettNathanson.
Michael Morton: I wanted to ask about the grocery business as you've talked about improving the unit economics. From our understanding, there are some grocers on the platforms who are -- your platform specifically, who are paying effectively zero or very low take rates, they came on, looking to see as you could drive demand and how well they could work with DoorDash. I was wondering if that's the case and then what the opportunity is to reprice these relationships going forward, maybe pushing some of the affordability burden that's lending on DoorDash right now back to the grocers.
Tony Xu: Yes. Michael, it's Tony. I can start and feel free to chime in, Ravi. What I would say is like we see extremely strong performance in our grocery business. It's the fast-growing part of our marketplace business and we have very healthy relationships with all of the partners on the platform. I mean in terms of the economic relationships, I'm not going to really comment about anyone in particular. I mean what I will say is that when you are the fastest …
