New York, Feb 18, 2026, 19:42 EST — After-hours
DoorDash Inc shares finished Wednesday up roughly 7% at $173.38, then whipsawed in after-hours trading after the delivery firm released its first-quarter outlook. During the day and extended session, the stock ranged from $151.95 to $198.81.
The timing isn’t great for delivery companies. DoorDash is ramping up efforts in grocery, retail, and overseas expansion, even as it pours money into overhauling its core tech stack to bring its brands under one roof.
Marketplace gross order value, or GOV, gets close attention from investors—it’s one way to check if customers are still biting despite steeper prices. Adjusted EBITDA is another number they focus on, as it strips out interest, taxes, and non-cash items, making it easier to see if profit margins are holding up.
DoorDash is looking for first-quarter marketplace GOV between $31.0 billion and $31.8 billion, with adjusted EBITDA projected in a $675 million to $775 million range. The company pointed to new money going into Deliveroo, around $20 million in direct hit from U.S. storms Gianna and Fern, plus steeper Dasher costs per order, as reasons behind its profit guidance. For the December quarter, orders jumped 32% to 903 million; revenue landed at $3.955 billion, up 38%, and net income came in at $213 million.
LSEG figures put Wall Street’s first-quarter GOV target at $29.61 billion, but adjusted EBITDA landed under the Street’s $798.22 million forecast. “The convenience proposition is resonating strongly with consumers,” eMarketer’s Rachel Wolff noted. Instacart and Uber Eats, meanwhile, have been ramping up partnerships and rolling out more promotions. Reuters
On the conference call, chief executive Tony Xu didn’t mince words, describing the global overhaul of DoorDash’s tech as “a massive and expensive undertaking.” “I wish that the tech stack were already here,” he said. DoorDash reported more than 56 million active users and around 35 million paying members spanning DashPass, Wolt+, and Deliveroo Plus. Those numbers came with a price: research and development costs shot up 41%, while sales and marketing expenses climbed 31% for the quarter. AP News
DoorDash delivered its results and a shareholder letter via a Form 8-K on Wednesday, according to a filing signed by Xu. Supplemental investor materials landed on the company’s website as well.
Spending is now the wildcard here. A platform overhaul that blows past its budget, or if pay and incentives for Dashers jump ahead of order growth, could squeeze that first-quarter profit range.
Regular U.S. trading picks back up Thursday, Feb. 19, giving traders a fresh look after all the after-hours swings. Up next: DoorDash’s first-quarter numbers. The company is under pressure to prove that GOV growth is sticking even as costs come down.
