DoorDash, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data DoorDash, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	291	885	2,886	4,888	6,583	8,635	10,722	13,717
Cost of revenue	228	523	1,368	2,338	3,588	4,589	5,542	6,738
Gross profit	63	362	1,518	2,550	2,995	4,046	5,180	6,979
Research and development	51	107	321	430	829	1,003	1,168	1,431
Selling and marketing	135	594	957	1,619	1,682	1,876	2,037	2,476
General and administrative	78	245	556	797	1,147	1,235	1,452	1,600
Operating income	-210	-616	-436	-452	-1,124	-579	-38	723
Interest expense	1	0	32	14	2
Other non-operating income	0	-68	3	0	-305	-107	-5	5
Pre-tax income	-204	-666	-458	-463	-1,399	-534	156	939
Income tax	0	1	3	5	-31	31	39	7
Net income to minority interests			0	0	-3	-7	-6	-3
Net income	-204	-667	-461	-468	-1,365	-558	123	935
EBITDA	-201	-584	-316	-296	-755	-70	523	1,470
EPS, basic	-4.67	-15.44	-7.39	-1.39	-3.68	-1.42	0.30	2.19
EPS, diluted	-4.67	-15.44	-7.39	-1.39	-3.68	-1.42	0.29	2.13
Shares, basic (weighted)	44.3	43.3	62.4	337	371	393	412	427
Shares, diluted (weighted)	44.3	43.3	62.4	337	371	393	430	440

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	215	257	4,345	2,504	1,977	2,656	4,019	4,378
Short-term investments		508	514	1,253	1,544	1,422	1,322	1,128
Receivables		58	291	349	400	533	732	1,108
Other current assets		125	221	139	358	146	253	397
Total current assets		998	5,517	4,565	4,720	5,597	7,386	8,643
Property, plant and equipment		101	210	402	637	712	778	1,067
Lease right-of-use assets		166	203	336	436	436	389	437
Goodwill	0	306	316	316	2,370	2,432	2,315	5,519
Intangible assets		103	74	61	765	659	510	2,260
Long-term investments			0	650	397	583	835	837
Other non-current assets		28	33	68	129	420	632	896
Total assets		1,732	6,353	6,809	9,789	10,839	12,845	19,659
Accounts payable		20	80	161	157	216	321	397
Accrued liabilities		345	943	1,573	2,332	3,126	4,049	5,645
Deferred revenue		13	108	183	251	308	396	547
Total current liabilities		382	1,402	1,760	2,544	3,410	4,438	6,147
Lease liabilities		167	238	373	456	454	468	461
Other non-current liabilities		1	13	9	21	162	129	281
Total liabilities		550	1,653	2,142	3,021	4,026	5,035	9,613
Paid-in capital		70	6,313	6,752	10,633	11,887	13,165	14,092
Retained earnings		-1,152	-1,613	-2,081	-3,846	-5,154	-5,255	-4,320
Other comprehensive income			0	-4	-33	73	-107	261
Shareholders' equity	-436	-1,082	4,700	4,667	6,754	6,806	7,803	10,033
Total equity	-436	-1,082	4,700	4,667	6,754	6,806	7,803	10,033
Total liabilities and equity		1,732	6,353	6,809	9,789	10,839	12,845	19,659

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-204	-667	-461	-468	-1,368	-565	117	932
Depreciation and amortization	9	32	120	156	369	509	561	747
Stock-based compensation	24	18	322	486	889	1,088	1,099	1,051
Deferred income tax			0	1	-35	-1	1	-37
Change in receivables	-17	-40	-248	-94	-33	-141	-222	-359
Change in payables	25	-13	54	79	-15	70	82	54
Cash from operations	-159	-467	252	692	367	1,673	2,132	2,431
Capital expenditures	-13	-78	-106	-129	-176	-123	-104	-257
Acquisitions	0	-315	-28	0	71	0	0	-4,151
Purchases of investments	-390	-762	-593	-2,344	-1,948	-1,946	-1,951	-1,376
Sales and maturities of investments	49	440	583	720	1,552	1,940	1,774	1,379
Cash from investing	-357	-570	-192	-2,047	-300	-342	-444	-4,391
Debt issued						0	0	2,720
Stock issued	5	3	5	32	11	6	14	9
Share buybacks	-60	0	0	0	-400	-750	-224	0
Cash from financing	666	1,109	3,996	-483	-375	-752	-204	2,360
Exchange rate effect	0	0	2	-1	-10	5	-35	60
Net change in cash	150	72	4,058	-1,839	-318	584	1,449	460
Free cash flow	-172	-545	146	563	191	1,550	2,028	2,174
Interest paid		0	0	42	0	0
Income taxes paid		0	1	4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $193.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	51.4%	Gross profit / revenue.
Operating margin	4.5%	Operating income / revenue.
EBITDA margin	10.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.5%	Pre-tax income / revenue.
Net margin	5.3%	Net income / revenue.
FCF margin	16.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.8%	Cash from operations / revenue.
Effective tax rate	3.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.
Return on invested capital (ROIC)	12.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.7%	Research and development expense / revenue.
Stock-based pay / revenue	7.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	36.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	34.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	32.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	35.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	181.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	660.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	634.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	14.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	87.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	57.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	7.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	124.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	71.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	28.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	53.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	26.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	25.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	47.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.37x	Current assets / current liabilities.
Quick ratio	1.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.87x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	49.2%	Total liabilities / total assets.
Working capital	$2.26B	Current assets - current liabilities.
Goodwill and intangibles / assets	38.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Fixed asset turnover	12.8x	Revenue / average property, plant and equipment.
Receivables turnover	14.4x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
Days payables	14 days	365 x average accounts payable / cost of revenue.
FCF conversion	308.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	8.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.91	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.17	Revenue / diluted weighted shares.
FCF per share	$5.91	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.44	Cash from operations / diluted weighted shares.
Book value per share	$22.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.51	Tangible book value / shares outstanding.
Cash per share	$12.17	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	40.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$83.78B	Share price x shares outstanding.
Enterprise value	$78.44B	Market cap + total debt - cash - short-term investments.
P/E	99.6x	Market cap / net income. Only when net income is positive.
P/S	5.27x	Market cap / revenue.
P/B	8.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	34.6x	Market cap / tangible book value, when positive.
P/FCF	32.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.6x	Market cap / cash from operations, when positive.
EV/Sales	4.94x	Enterprise value / revenue.
EV/EBIT	110x	Enterprise value / operating income, when both are positive.
EV/EBITDA	45.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.1%	Free cash flow / market cap.
Earnings yield	1.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.

What was DoorDash, Inc.'s revenue in fiscal 2025?

DoorDash, Inc. reported revenue of $13.72B for fiscal 2025, 27.9% higher than the year before.

Was DoorDash, Inc. profitable in fiscal 2025?

Yes. Net income was $935.0M, a net margin of 6.8%.

How much free cash flow did DoorDash, Inc. generate in fiscal 2025?

Cash from operations of $2.43B minus capital expenditures of $257.0M left free cash flow of $2.17B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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