| DASH |
Report |
Marketplace GOV |
BEAT |
pred ~$33.5B vs. cons ~$32.9B |
MEDIUM |
| DASH |
Report |
Revenue |
BEAT |
pred ~$4.42B vs. cons ~$4.33B |
MEDIUM |
| DASH |
Report |
Adjusted EBITDA |
IN-LINE |
pred ~$840M vs. cons ~$835M |
MEDIUM |
| DASH |
Guide |
Q3'26 Marketplace GOV guide |
BETTER |
guide ~$34.6B vs. cons ~$34.1B (Q3'26) |
MEDIUM |
| DASH |
Guide |
Q3'26 Adjusted EBITDA guide |
LOWER |
guide ~$890M (mid) vs. cons ~$915M (Q3'26) |
MEDIUM |
| DASH |
Guide |
FY26 Adj. EBITDA margin framework (% of GOV) |
UNCHANGED |
guide ~2.6% vs. cons ~2.6% (FY26); reaffirm ex-Deliveroo slightly above 2025 + ~$200M Deliveroo |
MEDIUM |
| DASH |
Return |
Day-1 residual (stock − beta × S&P 500) |
-4.0% |
— |
MEDIUM |
| DASH |
Return |
5-day cumulative residual |
-6.0% (FADE) |
Stock ran ~+19% in two weeks and ~+38% off March lows into the print, so a likely GOV/revenue beat is already priced. The move-lower catalyst is margin: a heavy-spend year (gas relief >$50M/qtr, parallel tech replatforming, new-vertical build, drones/AV) means Adj. EBITDA lands only in-line and the Q3 EBITDA guide sits below consensus. Out-period math dominates — even after a top-line beat, analysts trim EBITDA/EPS estimates for the visible margin drag and GAAP profit erosion, so the initial sell-the-news dip follows through rather than recovers. |
LOW |