Shares of DoorDash (NASDAQ: DASH) surged 11% during pre-market trading on Thursday after the delivery platform posted quarterly earnings that topped Wall Street expectations and issued a stronger-than-expected outlook for order growth.
The company reported adjusted earnings of 42 cents per share for the first quarter ended March 31, ahead of analysts’ expectations of 36 cents per share, according to LSEG data.
Revenue rose to $4.04 billion but came in slightly below analyst estimates of $4.14 billion.
Despite the revenue miss, investors appeared encouraged by continued strength in demand and improving order trends.
DoorDash said “continued product improvements and healthy consumer demand trends” helped support results during a period when consumers continue to face elevated living costs.
Order value beats estimates
A key highlight for investors was the company’s gross order value (GOV), which measures the total value of all orders placed through the platform.
DoorDash reported GOV of $31.6 billion for the quarter, slightly above analyst expectations of $31.5 billion.
Average order value also climbed to $33.87 from $31.52 a year earlier.
The company forecast second-quarter GOV between $32.4 billion and $33.4 billion, ahead of Wall Street estimates of about $31.8 billion.
Analysts at Citi said investor attention remained centered on DoorDash’s gross order value forecast, especially as the company continues to absorb roughly $50 million per quarter in costs tied to reimbursing drivers for higher fuel prices.
It said it expects adjusted EBITDA for the second quarter to range between $770 million and $870 million.
The midpoint of that forecast was slightly below analyst expectations of $822.5 million.
“Demand continues to be quite strong … Q2 is off to a good start, (we) feel good about the demand patterns that we’re seeing on the business,” Chief Financial Officer Ravi Inukonda said during a post-earnings call.
Analysts said the results reflect consumers’ continued preference for convenience, particularly in grocery and retail delivery.
“Consumers’ desire for convenience continues to be a powerful tailwind for DoorDash’s business,” eMarketer analyst Rachel Wolff said.
Expansion efforts gain traction
DoorDash has been broadening its business beyond restaurant deliveries, pushing deeper into grocery, retail and international markets as competition intensifies across the sector.
The company’s performance comes shortly after rivals including Instacart and Uber also reported resilient delivery demand.
Uber, which operates Uber Eats, posted delivery-segment revenue above estimates earlier in the day, while Instacart projected stronger-than-expected transaction values for the current quarter.
Fuel costs remain a concern
The company also warned that higher fuel prices are increasing costs for its Dasher gas relief program, which was launched last month to support gig workers dealing with rising energy prices linked to the US-Iran conflict.
DoorDash said the gross cost of the program is expected to exceed $50 million.
Despite the latest rally, DoorDash shares had struggled for much of the year prior to the earnings release, falling 27% in 2026 and about 7% over the past 12 months as investors weighed slowing consumer spending and rising operational costs.
The stronger order outlook, however, suggests the company continues to benefit from durable demand trends as consumers increasingly rely on app-based delivery services across categories.
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