New York, February 19, 2026, 18:20 EST — After-hours trade
DoorDash, Inc. shares finished after-hours up roughly 1.7% at $176.19 on Thursday, clawing back after an early rally fizzled. The stock kicked off the session at $184.98, swinging from $175.30 to $197.40 before losing steam and returning to earth.
The whipsaw is significant here: DoorDash wants investors ignoring short-term margin hits and betting on expanding orders and fresh business lines. But that narrative is under the microscope, as shares swing hard with every detail in the guidance.
Shares can catch a bid on solid demand, though an uptick in spending plans might put a lid on gains. That’s the tension heading into Friday’s session.
DoorDash reported a 32% jump in total orders for the fourth quarter, reaching 903 million. Marketplace gross order value hit $29.7 billion, up 39%. Looking ahead, the company projects first-quarter GOV between $31.0 billion and $31.8 billion, with adjusted EBITDA expected in a range of $675 million to $775 million. As of Feb. 17, DoorDash hadn’t bought back any shares under its $5.0 billion buyback plan. (DoorDash)
On Wall Street, the debate boiled down to growth versus reinvestment. RBC Capital Markets analysts noted solid performance in U.S. grocery and retail, plus a record quarter for new consumer sign-ups. Bernstein’s Nikhil Devnani, for his part, called reinvestment “in the company’s DNA.” DoorDash, for its part, has highlighted a 2026 tech overhaul aimed at unifying DoorDash, Wolt and Deliveroo on one platform. Instacart and Uber Eats, meanwhile, are still relying on partnerships and promotions. (Reuters)
Wednesday’s report left the profit line looking out of place—order-value guidance was clear, but that wasn’t enough. Shares surged almost 14% after hours, snapping back from earlier declines, Reuters said. Still, adjusted earnings landed at 48 cents a share, falling short of the 59-cent estimate. “The platform’s convenience proposition is resonating strongly with consumers,” eMarketer analyst Rachel Wolff said. Reuters also flagged Uber’s spike in delivery gross bookings earlier this month. (Reuters)
DoorDash CEO Tony Xu described the company’s ongoing global tech overhaul as “a massive and expensive undertaking” during a call with investors, according to the Associated Press. Per AP, DoorDash snapped up Finland-based Wolt in 2022 and bought Deliveroo in the UK last year, finishing the quarter with a user base topping 56 million—35 million of those are paying subscribers through its various programs. The AP article also mentioned DoorDash’s investments in delivery tech, including autonomous robots and drones. (Apnews)
Here’s the catch: if this investment cycle drags out, or if rivals push prices lower, all while consumers tighten their wallets, things get tricky. Slower order growth? That spending suddenly looks tough to justify.
Thursday’s late-day drop has traders eyeing Friday’s session for signs of follow-through. There’s also a watch for analysts to possibly start dialing back profit estimates. DoorDash is set to report on April 30, marking the next scheduled opportunity for bulls and bears to hash it out, per Investing.com. (Investing)
