DoorDash, Inc. filed a Form 425 on October 29, 2026, covering remarks from its Q3 2026 earnings call that addressed the proposed acquisition of Maplebear Inc. (Instacart) and the company's expectations for synergies from the combined business.

Key Highlights

  • Merger agreement dated October 28, 2026: DoorDash, Ibiza Merger Sub, Inc., and Instacart entered into an Agreement and Plan of Merger, according to the filing.
  • $500 million synergy target: The filing references expectations for "a multiyear path to $500 million or more in annual synergies, net of investments," as discussed during the call.
  • Year-one synergy reinvestment: According to the filing, 100% of total synergies in year one are expected to be reinvested back into the business.
  • DashMart accuracy gap disclosed: CEO Tony Xu stated DashMart fulfillments are "near perfect" in accuracy, while third-party store deliveries are "only in the low 90s."
  • Cross-platform restaurant listings planned: CFO Ravi Inukonda disclosed plans to list DoorDash's restaurants platform on Instacart as a top-line growth driver.
  • Ads and software cross-sell identified: The filing notes CPG advertisers and Instacart's first-party software infrastructure as additional synergy sources for the combined company.

DoorDash Outlines Instacart Integration Strategy on Q3 2026 Earnings Call

The Form 425 filed by DoorDash, Inc. (NASDAQ:DASH) on October 29, 2026, relates to the proposed transaction with Maplebear Inc. (Instacart) and reproduces the transcript of DoorDash's Q3 2026 earnings call held that same morning. The call featured Co-Founder, Chair and CEO Tony Xu and CFO Ravi Inukonda, with Weston Twigg, Senior Director of Investor Relations, serving as host. The filing is also deemed filed under Rule 14a-12 of the Securities Exchange Act of 1934, with Maplebear Inc. listed as the subject company under Commission File No. 001-41805.

Xu discussed DoorDash's rationale for the Instacart acquisition in the context of grocery delivery, describing it as part of a "sequencing roadmap" that began roughly five years ago with the company's entry into new verticals. He noted that inventory management through DashMarts has produced near-perfect delivery accuracy, compared to the "low 90s" accuracy rate through third-party stores. He described the acquisition as enabling added density in the last-mile network, which he said would bring "fulfillment efficiencies to offer faster delivery as well as lower costs throughout the system."

Inukonda outlined the synergy components, grouping them into growth-oriented and efficiency-oriented categories. On the growth side, he cited cross-listing of merchants, the addition of DoorDash's restaurant platform to Instacart, higher advertising spend from CPG advertisers reaching a larger consumer base, and cross-selling of Instacart's first-party software to grocers on DoorDash's platform. On the efficiency side, he pointed to increased Dasher and shopper density as volume grows, along with potential savings in sales and marketing and customer support. The call also included statements that are forward-looking in nature, which the filing explicitly notes "are subject to risks and uncertainties that could cause actual results to differ materially from those described."

What Was Disclosed

DoorDash filed a Form 425 covering its Q3 2026 earnings call, which discussed the pending Instacart merger announced October 28, 2026, including a stated multiyear target of $500 million or more in annual net synergies and plans to reinvest all year-one synergies into the business.