DoorDash
DASH · NasdaqServices-Business Services, NEC · Fiscal year ends Dec 31
DoorDash reported revenue of $13.7B in the fiscal year ended Dec 2025, up 27.9% from the year before. Operating income was $723M, an operating margin of 5.3%, and net income was $935M. Operating cash flow of $2.4B less capital expenditure of $257M left free cash flow of $2.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.9B | $6.6B | $8.6B | $10.7B | $13.7B |
| Research & development | $430M | $829M | $1B | $1.2B | $1.4B |
| Operating income | −$452M | −$1.1B | −$579M | −$38M | $723M |
| Interest expense | $14M | $2M | – | – | – |
| Pre-tax income | −$463M | −$1.4B | −$534M | $156M | $939M |
| Income tax | $5M | −$31M | $31M | $39M | $7M |
| Net income | −$468M | −$1.4B | −$558M | $123M | $935M |
| Diluted EPS | −1.39 | −3.68 | −1.42 | 0.29 | 2.13 |
| Diluted shares | 337M | 371M | 393M | 430M | 440M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.5B | $2B | $2.7B | $4B | $4.4B |
| Receivables | $349M | $400M | $533M | $732M | $1.1B |
| Current assets | $4.6B | $4.7B | $5.6B | $7.4B | $8.6B |
| Goodwill | $316M | $2.4B | $2.4B | $2.3B | $5.5B |
| Total assets | $6.8B | $9.8B | $10.8B | $12.8B | $19.7B |
| Payables | $161M | $157M | $216M | $321M | $397M |
| Deferred revenue | $183M | $251M | $308M | $396M | $547M |
| Current liabilities | $1.8B | $2.5B | $3.4B | $4.4B | $6.1B |
| Total liabilities | $2.1B | $3B | $4B | $5B | $9.6B |
| Shareholders' equity | $4.7B | $6.8B | $6.8B | $7.8B | $10B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $692M | $367M | $1.7B | $2.1B | $2.4B |
| Capital expenditure | $129M | $176M | $123M | $104M | $257M |
| Free cash flow | $563M | $191M | $1.6B | $2B | $2.2B |
| Depreciation & amortisation | $156M | $369M | $509M | $561M | $747M |
| Stock-based compensation | $486M | $889M | $1.1B | $1.1B | $1.1B |
| Acquisitions | $0 | −$71M | $0 | $0 | $4.2B |
| Share buybacks | $0 | $400M | $750M | $224M | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.7% | 31.2% | 24.2% | 27.9% |
| EPS growth (YoY) | – | – | – | – | 634.5% |
| Operating margin | −9.2% | −17.1% | −6.7% | −0.4% | 5.3% |
| Net margin | −9.6% | −20.7% | −6.5% | 1.1% | 6.8% |
| Return on equityBlank when equity is negative | −10.0% | −20.2% | −8.2% | 1.6% | 9.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −9.0% | −15.5% | −7.8% | −0.5% | 5.4% |
| Free cash flow margin | 11.5% | 2.9% | 18.0% | 18.9% | 15.8% |
| Cash conversion (CFO ÷ net income) | −1.48x | −0.27x | −3.00x | 17.3x | 2.60x |
| Receivable days | 26 | 22 | 23 | 25 | 29 |
| Interest cover | −32.3x | −562x | – | – | – |
| Current ratio | 2.59x | 1.86x | 1.64x | 1.66x | 1.41x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.