Neil Mehta's Trades and Holdings in Q1 2026

Breaking down the stocks Neil Mehta (Greenoaks) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Greenoaks' 13F filed on May 15, 2026.

Who are Neil Mehta and Greenoaks?

Greenoaks is a concentrated investment firm founded in 2012 by Neil Mehta, a former Benchmark partner. The firm maintains the conviction that only a small handful of companies truly define each generation. With approximately $7 billion under management, Greenoaks employs a high-conviction, research-intensive approach to identify these exceptional businesses across both private and public markets. Mehta's strategy involves building deep partnerships with intensely focused management teams and maintaining positions for decades as these companies execute their long-term vision.

Greenoaks.com
Listen to an interview with Neil Mehta
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Neil Mehta's Greenoaks Capital continued its hallmark high-conviction, decades-long partnership approach in Q1 2026, keeping a highly concentrated ten-stock portfolio anchored by Carvana, Coupang, and top holdings Klaviyo and Bbb Foods Inc, the latter capturing rapid market share as a hard-discount grocery disruptor in Mexico. The firm added on-demand logistics platform DoorDash as a new position while fully exiting restaurant-technology holding Toast, a rotation reflecting Mehta's thesis of backing only a rare handful of category-defining businesses across consumer software infrastructure and emerging-market retail rather than reacting to short-term competitive noise.

New Investments

DoorDash

Neil Mehta bought $75.08M of DoorDash in Q1 2026. In the current quarter (Q2 2026), the company delivered another strong print, with revenue up 35.6% year over year to $4.45 billion, Marketplace GOV up 36% to $33.1 billion, Total Orders up 27% to 970 million, and Adjusted EBITDA climbing 40% to $914 million, underscoring continued share gains and operating leverage. Sequentially from Q1 2026, revenue stepped up from roughly $4.04 billion and EPS remained positive at $0.46, although net income eased from about $213 million to around $184 million as the business absorbed the Deliveroo acquisition and growth investments, while the stock is still down about 14.12% over the past year and trades at a rich ~108x P/E and 5.7x price‑to‑sales multiple, implying a premium valuation versus most consumer internet peers. Q2 2026 EPS of $0.46 was a marginal miss versus the $0.47 consensus, but the revenue beat to $4.45 billion, a post‑earnings share move of roughly 3.39% higher, a new $1.05 billion share repurchase authorization, and the launch of drone delivery services collectively signal management confidence and provide clear near‑term catalysts for further value creation.

• Q2 2026 revenue rose 35.6% YoY to $4.45 billion, Total Orders grew 27% YoY to 970 million, and Marketplace GOV increased 36% YoY to $33.1 billion..
• Adjusted EBITDA in Q2 2026 increased 40% YoY to $914 million, while net income was roughly $200 million versus about $213 million in the prior quarter..
• Shares are down 14.12% over the last 12 months, with a 52‑week trading range of $143.30–$285.50, and the stock is currently valued at around 108x P/E and 5.7x price‑to‑sales..

Added, Trimmed, and Exited

Added

Greenoaks significantly increased its stake in Coupang, adding 10,327,000 shares (a jump from 15.38M to 25.7M shares, now valued at ~$485.3M), and also modestly added to Amazon, growing the position by 28,501 shares (from ~$10.5M to ~$15.4M in value).
What it means: The dramatic scale-up in Coupang—now clearly one of the fund's larger holdings—suggests Neil Mehta and team see substantial upside in the Korean e-commerce leader, likely reflecting confidence in its profitability inflection and regional dominance. The smaller add to Amazon appears more opportunistic, potentially a valuation-driven top-up on a long-standing mega-cap holding rather than a major thesis shift.

Trimmed

Greenoaks meaningfully reduced five positions this quarter: Figma Inc (-1,632,853 shares, cutting the stake by roughly 52% to just 1.5M shares), Veeva Systems (-444,926 shares, down to 250,000 shares), ServiceTitan (-307,532 shares), Navan Inc (-1,698,000 shares), and Carvana (a smaller trim of -32,779 shares despite it remaining the fund's largest position at over $1.3B).
What it means: The steep cuts to Figma Inc and Veeva Systems (down 72.9% and 71.7% in value, respectively) signal a notable de-risking or profit-taking on names that may have run up substantially or where conviction has waned, while the more modest trim to Carvana looks like routine position sizing given it remains the portfolio's anchor holding. Collectively, these trims—paired with the large add to Coupang—suggest Greenoaks is reallocating capital toward its highest-conviction international consumer/e-commerce bet while paring back exposure to newer or more richly valued enterprise software and consumer-tech names.

Exited

Greenoaks fully liquidated its position in Toast Inc, selling all 680,317 shares (previously valued at ~$24.2M).
What it means: The complete exit from Toast Inc indicates the firm has lost conviction in the restaurant point-of-sale software company, potentially due to competitive pressures or a reassessment of its long-term growth trajectory relative to other opportunities, freeing up capital for higher-conviction bets like the new DoorDash position and the increased Coupang stake.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.