DoorDash: Compelling Acceleration That Defies Macro Malaise (Upgrade)

DoorDash has defied weak restaurant trends, with takeout demand and convenience habits driving strong order growth despite macro headwinds. Orders grew 23% y/y in Q2, accelerating 3 points versus 20% in Q1, despite many major restaurant chains reporting decelerating comp sales growth. Guidance calls for continued acceleration in Q3. DoorDash continues to outperform competitors like Uber Eats and is showing significant profitability improvements, with adjusted EBITDA growing over 50% year-over-year.