29 Oct 2026
DoorDash is buying Instacart for $17 billion
DoorDash agreed on 29 Oct 2026 to pay $65 for each Instacart share, a 26% premium, at least three quarters of it in cash. If regulators block the deal, DoorDash owes Instacart $1.25 billion. In the quarter to Sep 2026, orders worth $33.9B went through DoorDash and $10.5B through Instacart. Instacart's orders are fewer but bigger: $115 on average, against $34 at DoorDash.
The deal
From the merger agreement and the joint press release filed with the SEC.
- Price per share
- $65.00
- Cash, stock or a mix
- Equity value
- $17B
- At least 75% in cash
- Premium
- 26%
- To the close on 22 Oct 2026
- Fee if blocked
- $1.25B
- Paid by DoorDash to Instacart
- Fee to walk away
- $650M
- If Instacart takes a rival bid
- Expected close
- Late 2027
- Or the first half of 2028
DoorDash and Instacart, quarter to Sep 2026
Each company's figures as reported in its earnings release, against the same quarter a year earlier.
| DoorDash | Instacart | |
|---|---|---|
| Orders | 993 million Up 28% | 91.4 million Up 10% |
| Gross order value | $33.9B Up 36% | $10.5B Up 15% |
| Revenue | $4.6B Up 34% | $1.1B Up 17% |
| Net income | $466M Up 91% | $147M Up 2.0% |
| Adjusted EBITDA | $1.1B Up 41% | $342M Up 23% |
| Free cash flow | $787M Up 9.0% | $307M Up 13% |
| Average order value | $34 | $115 |
About the data
- Instacart shareholders can take $65 in cash, 0.3372 DoorDash shares, or a mix of $48.75 and 0.0843 shares; DoorDash stock is capped at a quarter of the total.
- Gross order value is DoorDash's Marketplace GOV and Instacart's GTV. Both count the value of orders with taxes, tips and fees, membership fees included. Instacart's also counts orders through stores' own sites that it runs (Instacart Enterprise); DoorDash's counts only its own apps.
- The deal needs Instacart shareholders' approval and antitrust clearance in the US, Canada and Israel. It can run up to two years before either side may walk away.