DoorDash to Buy Instacart in $17 Billion Mixed Deal
The food-delivery platform agreed to a mixed consideration transaction to acquire the grocery marketplace.
DoorDash, Inc. (DASH) agreed to acquire Instacart in a mixed-consideration transaction valued at an equity value of approximately $17 billion.
Instacart had been posting double-digit growth in gross transaction value and total revenue in the months before the deal. In the second quarter ended June 30, 2026, GTV was $10,351 million, up 14% year-over-year, and total revenue was $1,043 million, also up 14%. Advertising and other revenue was $297 million, up 16%. GAAP net income was $111 million. Adjusted EBITDA was $313 million, up 19%.
Chief Executive Chris Rogers said the business was “performing incredibly well” and that the company had “meaningfully accelerated our growth over the past three quarters.” Chief Financial Officer Emily Reuter said advertising and other revenue was “once again outpacing GTV growth” and that the company was “well on track to return the majority of free cash flow to shareholders via share repurchases in 2026.”
The quarter before that, Instacart surpassed $10 billion in GTV and $1 billion in total revenue for the first time. GTV was $10,288 million, up 13%, and total revenue was $1,019 million, up 14%. GAAP net income was $144 million, up 36%. Adjusted EBITDA was $300 million, up 23%. Rogers called it “a milestone quarter” and said the results “prove that our strategy is working.” Reuter said the company had delivered “a ninth consecutive quarter of double-digit GTV growth” and “our fastest advertising and other revenue growth since Q3 2023.”
For the third quarter of 2026, Instacart guided GTV to $10,300 million to $10,550 million, or $10,425 million at the midpoint, which it said represented 14% year-over-year growth. Adjusted EBITDA guidance was $320 million to $340 million, or $330 million at the midpoint, representing 19% year-over-year growth at the midpoint. The company said it had widened those ranges “to reflect our increased operating scale.”
The $17 billion equity value and mixed structure are the terms the two companies put on the table.
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