DoorDash, Inc. (NASDAQ:DASH)

Property, plant, and equipment exhibited a consistent growth pattern over the five-year period. Significant increases were observed in several key areas, notably capitalized software and website development costs, and equipment for merchants. Accumulated depreciation and amortization also increased steadily, reflecting the ongoing use of these assets.

Capitalized Software and Website Development Costs

This category demonstrates the most substantial growth, increasing from US$288 million in 2021 to US$1,895 million in 2025. This represents a more than six-fold increase, suggesting a significant and sustained investment in technology and digital infrastructure. The growth rate appears to be accelerating, with larger absolute increases year-over-year.

Equipment for Merchants

Equipment for merchants also showed consistent growth, rising from US$160 million in 2021 to US$235 million in 2025. While not as dramatic as the increase in software costs, this indicates a continued investment in supporting the merchant network. A slight decrease was observed between 2021 and 2022, but the trend is generally upward.

Computer Equipment and Software

Computer equipment and software increased from US$47 million in 2021 to US$126 million in 2025, demonstrating a steady expansion of internal computing capabilities. The growth rate is consistent, with incremental increases each year.

Leasehold Improvements and Office Equipment

Leasehold improvements grew from US$98 million to US$268 million over the period, indicating expansion of leased facilities. Office equipment also experienced substantial growth, increasing from US$25 million to US$149 million, suggesting investment in internal office infrastructure. Both categories show accelerating growth towards the end of the period.

Construction in Progress

Construction in progress fluctuated over the period, peaking at US$74 million in 2022 before decreasing to US$48 million in 2025. This suggests varying levels of ongoing construction projects, with a recent slowdown in new construction activity.

Gross and Net Property, Plant, and Equipment

Gross property, plant, and equipment increased significantly, from US$649 million in 2021 to US$2,721 million in 2025, driven by the increases in the individual asset categories. Net property, plant, and equipment also increased, from US$402 million to US$1,067 million, but at a slower rate due to the impact of accumulated depreciation and amortization. The rate of increase in net property, plant, and equipment appears to be accelerating in the later years.

Accumulated Depreciation and Amortization

Accumulated depreciation and amortization increased consistently from US$-247 million in 2021 to US$-1,654 million in 2025. This reflects the ongoing consumption of the value of the company’s assets over time and is consistent with the growth in gross property, plant, and equipment.

Overall, the trends indicate a substantial and ongoing investment in both technology infrastructure and physical assets, supporting the company’s operational growth. The significant increase in capitalized software suggests a strategic focus on developing and maintaining proprietary technology.

The average age ratio of property, plant, and equipment exhibits a consistent upward trend over the observed period. Beginning at 38.06% in 2021, the ratio increased to 60.79% by 2025. This suggests a growing proportion of the asset base is comprised of assets closer to the end of their useful lives.

Average Age Ratio

The average age ratio demonstrates a notable increase from 38.06% to 60.79% between 2021 and 2025. The most significant increase occurred between 2022 and 2023, rising from 42.35% to 53.16%. The rate of increase slowed between 2023 and 2025, with a marginal change from 60.59% to 60.79%.

Useful Life and Age

The estimated total useful life of assets initially decreased from 5 years in 2021 to 4 years in 2022, then remained constant at 4 years through 2023 before increasing to 5 years in 2024 and 2025. Concurrently, the estimated age, representing the time elapsed since purchase, increased from 2 years in 2021-2022 to 3 years in 2024-2025. This indicates that, while the useful life was adjusted downward initially, more recent acquisitions are being depreciated over a longer period.

Remaining Useful Life

The estimated remaining useful life decreased from 3 years in 2021 to 2 years in 2022 and remained at 2 years through 2025. This decline, coupled with the increasing average age ratio, suggests a potential need for increased capital expenditure to replace aging assets in the near future. The consistency in remaining useful life from 2022 onward, despite the rising average age ratio, reinforces this observation.

The combination of a rising average age ratio and a consistently decreasing remaining useful life warrants attention. While adjustments to estimated total useful life have been made, the overall trend suggests the asset base is aging, potentially impacting future operational efficiency and requiring strategic investment in asset replacement or upgrades.

The values for accumulated depreciation and amortization, property and equipment, gross, and average age ratio demonstrate notable trends over the five-year period. Accumulated depreciation and amortization increased consistently, while gross property and equipment also exhibited growth, though at varying rates. The average age ratio shows a significant upward trend, indicating an aging asset base.

Accumulated Depreciation and Amortization

Accumulated depreciation and amortization increased substantially from US$247 million in 2021 to US$1,654 million in 2025. The rate of increase accelerated over time, with the largest absolute increase occurring between 2023 and 2025 (US$458 million). This suggests a higher level of depreciation expense being recognized in recent years.

Property and Equipment, Gross

Gross property and equipment also increased over the period, rising from US$649 million in 2021 to US$2,721 million in 2025. The growth rate was most pronounced between 2022 and 2023 (US$415 million) and again between 2023 and 2024 (US$454 million). This indicates continued investment in property and equipment.

Average Age Ratio

The average age ratio increased from 38.06% in 2021 to 60.79% in 2025. The most significant increase occurred between 2022 and 2023 (10.81 percentage points) and between 2023 and 2024 (7.43 percentage points). While the increase slowed between 2024 and 2025 (0.2 percentage points), the ratio remains elevated. This suggests that the company’s property and equipment are, on average, becoming older relative to their original cost. A consistently increasing average age ratio could indicate a need for increased capital expenditure to replace aging assets or a shift in depreciation methods.

The combination of rising accumulated depreciation and amortization, increasing gross property and equipment, and a significantly increasing average age ratio suggests a pattern of continued asset investment coupled with an aging asset base. Further investigation into the company’s capital expenditure plans and depreciation policies would be beneficial.

Property and equipment, gross, increased significantly over the five-year period, rising from US$649 million in 2021 to US$2,721 million in 2025. This indicates substantial investment in fixed assets during this time. Concurrently, depreciation expenses and amortization of capitalized software and website development costs also increased, moving from US$143 million in 2021 to US$535 million in 2025, which is expected given the growth in the gross value of property and equipment.

Gross Property and Equipment Growth

The most substantial increase in gross property and equipment occurred between 2023 and 2024, with an addition of US$454 million. The increase from 2024 to 2025 was also significant, at US$747 million, suggesting continued and accelerating investment.

Depreciation Expense Trend

Depreciation expense demonstrated a consistent upward trend throughout the period. While the increase from 2021 to 2022 was US$127 million, the increase from 2022 to 2023 was US$112 million, and from 2023 to 2024 was US$54 million. The increase from 2024 to 2025 was US$99 million. This suggests a potentially moderating rate of increase in depreciation expense relative to the growth in gross property and equipment.

Estimated Useful Life

The estimated total useful life of the assets fluctuated during the period. It was 5 years in 2021, decreased to 4 years in both 2022 and 2023, and then increased back to 5 years in 2024 and 2025. This variation could be due to changes in the composition of assets being acquired, revisions in depreciation policies, or adjustments based on actual asset performance. The shift to a shorter useful life in 2022 and 2023 may indicate the acquisition of assets with a faster obsolescence rate, while the return to 5 years in 2024 and 2025 could reflect a change in investment strategy or asset type.

The interplay between increasing gross property and equipment, rising depreciation expense, and fluctuating estimated useful life suggests a dynamic asset base. Further investigation into the specific types of assets being acquired and the rationale behind the changes in estimated useful life would provide a more comprehensive understanding of the company’s investment and depreciation strategies.

Accumulated depreciation and amortization exhibited a consistently increasing trend over the five-year period. Depreciation expenses and amortization of capitalized software and website development costs also increased annually, though at a slightly moderated pace in 2024. The reported time elapsed since purchase remained constant at two years for 2021-2023, then increased to three years for 2024 and 2025.

Accumulated Depreciation and Amortization

The value of accumulated depreciation and amortization more than doubled from 2021 to 2022, increasing from US$247 million to US$468 million. This growth continued, reaching US$808 million in 2023, US$1,196 million in 2024, and US$1,654 million in 2025. The rate of increase appears relatively consistent year-over-year, suggesting a steady depreciation process across the asset base.

Depreciation Expenses and Amortization

Depreciation expenses and amortization increased from US$143 million in 2021 to US$270 million in 2022, representing a substantial rise. Growth continued to US$382 million in 2023 and US$436 million in 2024. The increase from 2023 to 2024 was smaller than previous annual increases, potentially indicating a stabilization or shift in the composition of depreciable assets. Further growth was observed in 2025, reaching US$535 million.

Time Elapsed Since Purchase

The reported time elapsed since purchase remained at two years for the initial three years of the period. An increase to three years is noted for both 2024 and 2025. This suggests a significant portion of the property, plant, and equipment was acquired around the same time, and is now entering a later stage of its useful life, potentially impacting future depreciation expenses.

The consistent increase in accumulated depreciation alongside rising depreciation expense suggests ongoing utilization of property, plant, and equipment. The shift in time elapsed since purchase to three years in the latter part of the period warrants further investigation into asset replacement or upgrade plans.

Property and equipment, net, exhibited a consistent increase over the five-year period, rising from US$402 million in 2021 to US$1,067 million in 2025. Simultaneously, depreciation expenses and amortization of capitalized software and website development costs also increased substantially, moving from US$143 million in 2021 to US$535 million in 2025. Despite the growth in net property and equipment, the estimated remaining useful life remained constant at two years from 2022 through 2025, after a prior value of three years in 2021.

Net Property, Plant, and Equipment Growth

The increase in net property and equipment suggests ongoing investment in assets. The growth rate accelerated between 2024 and 2025, with an increase of US$289 million, compared to US$66 million between 2023 and 2024. This could indicate a period of more significant capital expenditure.

Depreciation Expense Trend

The substantial rise in depreciation expense is directly correlated with the increase in the asset base. The expense more than tripled over the period, indicating a larger proportion of assets are now subject to depreciation. The consistent increase suggests a steady application of depreciation methods.

Estimated Remaining Life

The reduction in estimated remaining life from three years in 2021 to two years in 2022, and its subsequent stability, warrants attention. The initial decrease could be due to a reassessment of asset lifecycles or a change in depreciation policies. Maintaining a consistent two-year remaining life over the last four years suggests a stable expectation of asset utilization and obsolescence. However, continued monitoring is recommended to ensure this estimate remains appropriate given the ongoing investment in new assets.

The combination of increasing asset values and a consistent, relatively short, estimated remaining life implies a potentially high rate of asset turnover or a strategy of frequent asset replacement. Further investigation into the composition of property and equipment and the company’s capital expenditure policies would provide additional context.