Key Takeaways
- DoorDash shares have plummeted more than 31% so far in 2026, significantly trailing the S&P 500’s approximately 4% loss
- The company is diversifying beyond restaurant delivery into grocery fulfillment, retail partnerships, advertising revenue, and overseas operations
- More than 30% of U.S. monthly active users are currently ordering from non-restaurant categories
- The platform’s advertising division has surpassed $1 billion in annual revenue
- DoorDash has launched a new “tasks” program where gig workers complete AI training assignments and retail data collection jobs
Shares of DoorDash have experienced significant turbulence throughout 2026. The delivery platform’s stock has declined more than 31% since the start of the year, vastly underperforming the broader S&P 500 index, which has shed approximately 4%.
Several factors are contributing to the selloff: forward guidance emphasizing heavy investments that pressure EBITDA margins, widespread AI-driven valuation contraction affecting technology stocks, and uncertainty surrounding the company’s Deliveroo acquisition.
Despite the stock’s weakness, DoorDash is fundamentally transforming its business model beneath the surface.
Over 30% of the platform’s U.S. monthly active users now complete purchases beyond traditional restaurant orders. The grocery and retail segments are experiencing solid growth, with more recent customer cohorts demonstrating enhanced engagement patterns as time progresses.
According to company guidance, DoorDash anticipates achieving positive unit economics for its U.S. grocery and retail operations during the latter half of 2026. Reaching this profitability threshold would represent a significant turning point in the company’s expansion beyond its core restaurant delivery business.
Expanding the Gig Economy Beyond Traditional Delivery
Last Thursday, DoorDash unveiled a new initiative labeled “tasks” — providing gig economy workers with earning opportunities that extend far beyond traditional food delivery.
These alternative assignments encompass photographing retail store shelving to track inventory availability, assisting autonomous delivery robots when they encounter obstacles, and — via a specialized pilot application — contributing to AI model development by recording daily activities or providing voice samples in various languages.
A gig worker based in Texas shared with Business Insider that she completed a shelf-photography assignment at a supermarket last October. The job required capturing approximately 180 photographs throughout various departments including dairy products and breakfast cereals. The task compensated her about $36 and required roughly half an hour to complete.
Following that assignment, she resumed standard delivery work. Her subsequent grocery delivery order earned her $62.
DoorDash isn’t pioneering this approach alone. Instacart conducted a comparable shelf-photography trial program last year. Uber has similarly enlisted gig workers, including individuals holding advanced degrees, to assist in artificial intelligence system training.
Revenue Diversification Through Advertising and Global Markets
DoorDash’s advertising platform has exceeded $1 billion in revenue. The majority of this income currently originates from restaurant merchant partners, but management expects increased participation from consumer packaged goods manufacturers as grocery and retail volumes expand.
The Deliveroo transaction initially sparked investor concern due to lower marketplace fees and integration expenses. However, company leadership has indicated Deliveroo performance is exceeding internal projections, and standalone international operations are on track to achieve contribution-profit positive status in the year’s second half.
DoorDash is constructing a consolidated technology infrastructure spanning DoorDash, Wolt, and Deliveroo. While the immediate expenses of this platform consolidation are substantial, management forecasts meaningful EBITDA margin improvement during the second half of 2026 as redundant operational costs are eliminated.
Wall Street analysts maintain an optimistic outlook despite recent share price weakness. According to data from 28 analysts compiled by TipRanks, DoorDash holds a “Strong Buy” consensus rating with 21 Buy recommendations and seven Hold ratings. The mean analyst price target stands at $252.76, representing approximately 58% upside potential from the stock’s current trading price of $159.98.
