DoorDash-Instacart Talks Have No Set Price as Shares Fall 6.1%

Key Facts

DoorDash is in talks to buy Instacart, but a deal remains uncertain and could collapse, according to a Semafor report; no proposed price or deal structure has been set. The news comes as Instacart explores sale options and holds talks with delivery platforms, while the terms of any agreement with DoorDash remain unknown. In the Oct. 26 session, DoorDash shares fell 6.1%, while shares of Maplebear, Instacart's parent, rose 7.9%, according to MT Newswires via Yahoo Finance. The two stocks' moves offer an indication of investors' differing responses to the report, but do not establish that a deal is imminent or that the parties have settled its terms. The following day, DoorDash shares closed at $170.56, according to EL7 data.

A potential combination of the two companies would broaden their service reach: Instacart's platform is centered on grocery stores, while DoorDash focuses on restaurants, according to Semafor's description. Semafor said a merger would bring the two businesses together on a broad delivery platform, but that remains a possibility tied to talks that have not resulted in a publicly announced agreement. DoorDash's second-quarter 2026 results show that its existing business was growing, with total orders up 27% year over year to 970 million. Revenue rose 36% to $4.5 billion in the same quarter, the company said. By comparison, Instacart's gross transaction value was $10.351 billion, up 14% year over year, while revenue rose 14% to $1.043 billion, according to its quarterly results. These figures provide a picture of the scale and growth of the two businesses ahead of any deal, without indicating its value or how it would be financed.

Instacart reported second-quarter GAAP net income of $111 million and free cash flow of $480 million. The company also reported adjusted EBITDA of $313 million, up 19% year over year, and free cash flow up 156% year over year. In Reuters coverage via Investing.com, an eMarketer analyst said Instacart faces pressure from two directions: grocery stores developing their own digital channels and larger platforms able to add grocery delivery to other services. The analyst added that a potential deal could give the company greater resources and reach to compete than it could achieve on its own. That view puts the potential expansion in the context of competition for consumers and bundled services, while neither party has announced an agreement or final commercial terms.

This is not the first time reports have described talks between the two companies; in 2021, DoorDash held talks to buy Instacart at a potential valuation of $40 billion to $50 billion, Reuters reported, citing The Information. Those talks ended in part because of concerns that the merger would win regulatory approval, according to the report. On the current talks, Reuters cited the possibility that any acquisition would face antitrust scrutiny because it would strengthen the position of two of the largest food-delivery platforms in the United States and come amid a broader wave of consolidation. The platforms' relationship is not limited to competition: Instacart said its partnership with Uber Eats lets customers order restaurant delivery through its app, with Uber Eats drivers handling the deliveries. The partnership illustrates commercial cooperation alongside competition in delivery, while any potential acquisition remains subject to regulatory review.

DoorDash has previously expanded through acquisitions; it completed its purchase of Wolt in June 2022 in an all-stock deal and said the move increased its presence to 27 countries, including the United States. In May 2025, it announced an agreement to acquire Deliveroo for 180 pence in cash per share, valuing the total issued and expected-to-be-issued share capital at about £2.9 billion. The two deals provide disclosed precedents for expansion through acquisitions, but do not reveal possible terms for a purchase of Instacart. DoorDash is scheduled to report third-quarter 2026 results on Nov. 4, according to a date published by the company. That date follows the Oct. 26 session, when its shares fell 6.1%, and its close at $170.56 on Oct. 27. Until any announcement, the price, deal structure and fate of the talks remain unresolved, according to Semafor.