Common-Size Balance Sheet: Assets
DoorDash, Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of assets exhibited significant shifts between 2021 and 2025. A notable trend is the decreasing proportion of highly liquid assets, coupled with an increasing reliance on longer-term assets and goodwill. Current assets as a percentage of total assets decreased substantially initially, then showed some recovery, while non-current assets demonstrated the opposite pattern.
- Liquidity and Short-Term Investments
- Cash and cash equivalents experienced a considerable decline from 36.77% of total assets in 2021 to 22.27% in 2025. Short-term investments followed a similar downward trajectory, decreasing from 18.40% to 5.74% over the same period. This suggests a strategic shift away from holding liquid assets towards potentially higher-return, but less liquid, investments or operational deployments. Funds held at payment processors remained relatively stable, fluctuating between 4.51% and 3.28% of total assets.
- Current Assets
- The proportion of current assets decreased significantly from 67.04% in 2021 to 48.22% in 2022. While there was a partial recovery to 57.50% in 2024, current assets ultimately decreased to 43.96% in 2025. This decline was not uniform across components; accounts receivable showed some increase over the period, while other current assets fluctuated. The inclusion of prepaid expenses and other current assets as a combined line item in later years makes direct comparison with earlier periods challenging.
- Long-Term Assets
- Long-term investments increased from 9.55% in 2021 to 6.50% in 2024 before decreasing to 4.26% in 2025. Operating lease right-of-use assets consistently decreased as a percentage of total assets, falling from 4.93% to 2.22%. Property and equipment, net, remained relatively stable, fluctuating between 5.90% and 6.57%.
- Intangible Assets and Goodwill
- Intangible assets, net, experienced substantial volatility, increasing significantly from 0.90% in 2021 to 7.81% in 2022, then decreasing to 3.97% in 2024, and finally rising sharply to 11.50% in 2025. Goodwill exhibited an even more pronounced increase, growing from 4.64% in 2021 to 28.07% in 2025. This substantial growth in goodwill suggests significant acquisitions or internal development of intangible value. The increasing proportion of goodwill relative to total assets warrants further investigation into potential impairment risks.
- Other Assets
- Other assets decreased from 7.03% in 2021 to 3.87% in 2023, then showed a slight increase to 4.56% in 2025. This category represents a relatively small, but fluctuating, portion of the asset base.
Overall, the asset composition shifted from a liquidity-focused approach in 2021 to a greater emphasis on long-term investments, intangible assets, and goodwill by 2025. This transformation suggests a change in strategic priorities, potentially involving expansion through acquisitions or significant investments in intangible assets. The increasing proportion of goodwill requires careful monitoring for potential future impairment.
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