DASH: 2Q:26 EPS Preview: Unlikely a Clearing Event on Core GOV Growth & '27 Margins

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DASH: 2Q:26 EPS Preview: Unlikely a Clearing Event on Core GOV Growth & '27 Margins

e core order growth +16.5% y/y in 2Q, despite 170bps tougher

comps, given weather (~100bps), exiting 4 int'l markets & product testing headwinds EBITDA (MM)

in 1Q, forecast 2H:26 order growth remains stable on 2yr stack. See core order 2yr 2026E 754.0 A 832.0 E 994.2 E 1.04B E 3.62B E

growth as key focus on the print, given 4pt deceleration in 1Q:26. Believe core US Prior NC 819.6 E 1.01B E 1.04B E 3.62B E

restaurant and Wolt order growth is largely stable, while grocery (+36% y/y) remains a 2027E 1.03B E 1.12B E 1.26B E 1.30B E 4.71B E

tailwind. Expect core AOV strength to moderate through '26 from the +7% y/y in 1Q. Prior 1.05B E 1.12B E 1.27B E 1.30B E 4.75B E

Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

Believe uncertainty around magnitude of '27 incremental EBITDA margin

improvement likely remains an overhang. Do not expect mgmt color until at least 3Q Ken Gawrelski

call. Expect DASH to reiterate expectations for an improvement in 2H:26 incremental Equity Analyst | Wells Fargo Securities, LLC

margins (vs 1H:26). See progress on tech replatforming remaining on schedule and look Ken.Gawrelski@wellsfargo.com | 617-210-3707

for color on early implications on product launch velocity and tailwinds to GOV growth. Zachary Morrissey

Consensus 2027 estimates already reflect incremental EBITDA margins of 4.8%. Associate Equity Analyst | Wells Fargo Securities, LLC

Zachary.Morrissey@wellsfargo.com | 212-214-5344

David UmanskyEstimates, rating and price target. Hold total orders ~unch across FY26 / FY27 / FY28

(3.9B / 4.4B / 4.9B).