The news: DoorDash’s core delivery business grew at a healthy pace in Q4 2025, helped by a steady influx of new customers, sustained demand for restaurant delivery, and increased retention and order frequency for its grocery segment.

However, its Q1 2026 profit forecast fell far short of expectations as the company’s acquisition spree, stricter regulatory oversight, and bad weather in the US weigh on margins. The delivery platform expects adjusted EBITDA of $675 million to $775 million, below the average analyst estimate of $800.1 million.

The big picture: DoorDash’s US business is going strong, supported by steady demand for convenient delivery options.

• Restaurant delivery demand is rising, as evidenced by a double-digit increase in new customers along with higher order frequency from existing ones.
• Efforts to expand into other retail categories are gaining steam: Nearly 1 in 3 of DoorDash’s monthly active users, both in the US and abroad, engaged with grocery and retail categories in December.

We expect DoorDash’s US restaurant sales to rise 19% this year, alongside 20% growth for its grocery business.

But the company’s buying spree is beginning to pressure results. DoorDash cited investments in Deliveroo as one reason for its weaker profit forecast, and the platform is in the midst of integrating DoorDash, Wolt, and Deliveroo onto a single tech stack. This plan could deliver long-term benefits but is in the short-term an additional expense on its balance sheet.

The implications: DoorDash has a lot of irons in the fire, some of which—like advertising and grocery—are crucial growth drivers, while others—like autonomous delivery and restaurant reservations—are expensive experiments. While the company has thus far been able to absorb the cost of these projects, its expansion into new geographies and categories could strain resources and force DoorDash to reconsider its ambitions.