DoorDash reported third-quarter earnings that missed analyst expectations and said it expects to spend “several hundred million dollars” on new initiatives and development in 2026.

The stock plummeted 20% following the report.

Here’s how the company did compared to LSEG estimates:

• Earnings: 55 cents per share vs 69 cents per share expected
• Revenue: $3.45 billion vs $3.36 billion expected.

“We wish there was a way to grow a baby into an adult without investment, or to see the baby grow into an adult overnight, but we do not believe this is how life or business works,” the company wrote in its earnings release to explain the boosted spending.

DoorDash said it is developing a new global tech platform that progressed in 2025 but is expected to accelerate in 2026, noting the direct and opportunity costs in the near term. The company announced its Dot autonomous delivery robot in September.

The food delivery platform’s revenue increased 27% from a year earlier.

DoorDash posted net income of $244 million, or 55 cents per share, in Q3, up from $162 million, or 38 cents per share, a year ago.

Total orders grew 21% over the prior year to 776 million, just above the 770.13 million expected by FactSet.

The company expects Adjusted EBITDA for the fourth quarter in the range of $710 million to $810 million, a midpoint of $760 million. Analysts polled by FactSet expected a midpoint of $806.8 million for Q4.