DoorDash 2Q'26: Growth Beyond the Restaurant
DoorDash’s 2Q 2026 orders rose 27% and marketplace GOV grew 36%, with DashPass driving a slight acceleration in U.S. restaurant demand.
Thursday, August 6, 2026
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Investor Letters
All letters- Upslope Capital Management Q2 2026 MICC $12B
- Vulcan Value Partners Q2 2026 EFX $19BEG $14B
- Biglari Holdings 2025 RACE $73B
- Massif Capital fourth quarter of 2025 EQX $15BGMIN $11B
- Pershing Square Holdings 2025 BN $85BHLT $68B
- Palm Valley Capital Third Quarter 2025 PHYS $11B
- Rowan Street Capital first half of 2025 ADYEY $32B
- Pershing Square Holdings Six-month period ended June 30, 2025 BN $85BCMG $42B
[scuttleslops] ODFL, AMD, INTC, CDNS, URI, VRSK, KNSL, WSO
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DoorDash: The Infrastructure of Local Commerce
DoorDash built a last-mile logistics network around restaurant delivery, then extended it to groceries, convenience, and other local…
Under the Hood - Adobe Inc. ($ADBE)
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[scuttleslops] CDNS, SNPS, TREX, WISE, Class I Rails, China
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$FOX dropped 25% buying $ROKU. Is the market wrong? | Simeon McMillan, Accrued Interest
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Adobe Business History
Adobe built PostScript, Photoshop and PDF into desktop-publishing standards, using free Acrobat Reader and integrated Creative Suite tools…
Under The Hood - Rollins ($ROL)
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OTIS · long Otis Worldwide CORP
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DoorDash
DoorDash positions itself as infrastructure for local commerce.
Airbnb’s Cost of Market Creation and Regulatory Survival
Airbnb spent 1.1% of 2025 GBV on field operations and policy as regulatory costs persisted; New York’s short-term-rental crackdown cut…
U-Haul Bought at the Top
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[scuttlebits] CPRT, ADBE, FIG, NVDA, QCOM, FDS, Memory chips
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[ZTS] Zoetis could use a booster shot
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Under The Hood, Universal Health Services - $UHS
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The last Bristol Myers' blog post was wrong on the core thesis
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Adobe Deep Dive
Adobe trades at 14x earnings after a 65% decline, with AI, Canva and Figma threatening subscriptions, customer acquisition and…
Adobe Expert Insight Interview (No Paywall)
Adobe trades at 11x earnings despite $24.5 billion of revenue, 37% operating margins and 12% profit growth; a former data-science head…
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Investor letters we follow
- 1851 Capital
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