DoorDash, Inc.

Management did not provide revenue or EPS figures in the transcript. They said Q2 adjusted EBITDA beat expectations and came in “quite a bit outside of the guidance range,” with strength coming from faster-than-expected unit economics, especially in ads and subtotal, plus ROO contribution profit turning positive. Ravi said Q3 is expected to land inside the guidance range, and take rate should be roughly flat from Q2 to Q3, then lower in Q4 because Dasher costs are seasonally higher. For the year, the company said new verticals are on track to be gross profit positive in the second half, and Deliveroo profitability targets remain intact.

Tony Xu framed the quarter as evidence that DoorDash’s ecosystem strategy is working: better consumer experience, broader selection, and stronger merchant tools are driving growth across restaurants, grocery, retail, and international. He said the company is aiming to be the “best partner to every local business,” and repeatedly emphasized a long runway in grocery, merchant services, AI, and autonomy. His tone was confident and expansionary, but he also stressed disciplined execution and said the company is willing to lean in where it sees the next best investment.

Ravi Inukonda said the core restaurant business, new verticals, and international all performed well, with improved unit economics across the P&L. He noted that Q2 adjusted EBITDA was boosted by better-than-expected unit economics in ads and subtotal, as well as Deliveroo outperforming internal volume expectations and contributing positive profit. He also said take rate is not the company’s target; the focus is profit dollars, and he expects Q3 take rate to be similar to Q2 before declining in Q4 due to seasonally higher Dasher costs. On capital allocation, he said investment is being flexibly reinvested into areas like autonomy, the global tech stack, and merchant services, and that these investments are proceeding on budget and on plan.

Analysts pressed on grocery pricing economics, Deliveroo’s improving growth and profitability, the quality of international growth, AI spending, DashPass adoption, Dot autonomous delivery, merchant software/POS, DashMart Fulfillment Services, and EBITDA margin cadence. Management’s answers consistently pointed to improving unit economics, stronger cohorts, rising subscription penetration, and a long runway for new products and markets. On AI and autonomy, they said the near-term traffic and monetization impact is still limited, but the tools are already improving customer experience and internal productivity. On margins, Ravi said Q2’s EBITDA upside was partly timing-related and that the company was not trying to maximize a single quarter’s margin at the expense of reinvestment.