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DoorDash, Inc. (NASDAQ:DASH)

Common-Size Balance Sheet: Assets
Quarterly Data

DoorDash, Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 24.55 22.62 23.21 22.27 18.25 23.07 33.16 31.29 29.84 28.98 27.28 24.50 23.41 19.83 19.00 20.20 24.29 27.47 32.88 36.77 45.00 53.93 67.89
Short-term investments 4.51 4.72 4.86 5.74 5.36 6.42 9.70 10.29 10.59 12.03 11.93 13.12 14.75 16.16 16.31 15.77 15.62 12.81 19.83 18.40 20.43 21.58 7.91
Restricted cash 1.46 1.57 1.52 1.39 22.70 16.22 1.49 1.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Funds held at payment processors 3.21 2.62 3.07 2.99 2.10 1.90 2.37 3.39 2.73 3.35 3.44 3.28 3.85 3.09 3.01 4.51 2.63 2.48 4.29 4.70 1.87 1.94 2.15
Accounts receivable, net 5.89 5.62 5.25 5.64 4.97 4.96 5.76 5.70 5.07 4.94 4.77 4.92 4.16 3.99 3.96 4.09 3.40 3.49 4.71 5.13 4.50 3.96 4.78
Prepaid expenses and other current assets 5.86 5.87 5.68 5.95 5.00 4.86 5.38 5.35 6.83 6.61 6.11 5.81 5.18 4.88 5.28 3.66 3.16 2.44 3.05 2.04 2.23 2.36 2.41
Current assets 45.49% 43.02% 43.59% 43.96% 58.39% 57.43% 57.86% 57.50% 55.06% 55.90% 53.54% 51.64% 51.35% 47.96% 47.55% 48.22% 49.10% 48.68% 64.76% 67.04% 74.03% 83.78% 85.14%
Long-term investments 3.91 4.44 4.31 4.26 4.72 4.28 6.20 6.50 6.48 5.65 5.64 5.38 4.73 3.97 3.26 4.06 3.82 4.99 9.43 9.55 8.71 0.00 0.00
Operating lease right-of-use assets 2.18 2.32 2.22 2.22 2.20 2.31 2.83 3.03 3.10 3.22 3.91 4.02 4.05 4.34 4.29 4.45 4.56 4.29 5.19 4.93 4.73 4.24 3.49
Property and equipment, net 6.32 6.37 5.79 5.43 5.43 5.35 6.23 6.06 5.97 5.92 6.16 6.57 6.89 7.05 6.80 6.51 6.16 5.33 6.67 5.90 5.58 4.95 4.24
Intangible assets, net 9.25 10.25 10.75 11.50 4.89 5.25 3.71 3.97 4.70 4.95 5.42 6.08 6.62 7.37 7.70 7.81 7.69 8.15 1.11 0.90 1.01 1.08 1.19
Goodwill 26.87 28.09 27.90 28.07 19.87 20.82 17.77 18.02 20.04 20.03 20.84 22.44 23.42 24.96 24.91 24.21 23.01 23.32 5.51 4.64 4.97 5.11 5.35
Other assets 5.98 5.50 5.45 4.56 4.50 4.57 5.39 4.92 4.66 4.33 4.49 3.87 2.93 4.34 5.48 4.74 5.65 5.25 7.33 7.03 0.96 0.84 0.59
Non-current assets 54.51% 56.98% 56.41% 56.04% 41.61% 42.57% 42.14% 42.50% 44.94% 44.10% 46.46% 48.36% 48.65% 52.04% 52.45% 51.78% 50.90% 51.32% 35.24% 32.96% 25.97% 16.22% 14.86%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset composition of the balance sheet exhibits a significant structural transition from a highly liquid position to one characterized by increased non-current asset holdings, primarily driven by strategic acquisitions and shifts in capital allocation.

Liquidity and Current Asset Trends
A pronounced contraction in the proportion of cash and cash equivalents is observed, declining from a peak of 67.89% in March 2021 to 24.55% by September 2026. Similarly, short-term investments followed a downward trajectory, decreasing from 21.58% in June 2021 to 4.51% by the end of the analyzed period. This trend reflects a transition from a cash-heavy posture toward the deployment of capital into long-term investments and intangible assets. Total current assets, which initially represented 85.14% of the balance sheet, experienced a significant correction in mid-2022 and have since stabilized between 43% and 58%.
Non-Current Asset Expansion and Intangibles
The weight of non-current assets expanded substantially, rising from 14.86% in March 2021 to 54.51% by September 2026. This growth is almost entirely attributable to a sharp increase in goodwill and intangible assets starting in June 2022. Goodwill surged from approximately 5% to over 23% in a single quarter, eventually peaking at 28.09% in June 2026. This pattern indicates a period of significant inorganic growth through acquisitions. Intangible assets followed a similar trajectory, increasing from near 1% to a peak of 11.50% in December 2025 before settling at 9.25%.
Fixed Assets and Operating Leases
Property and equipment, net, remained relatively stable as a percentage of total assets, fluctuating within a narrow range between 4.24% and 7.05%, suggesting that physical infrastructure growth has scaled proportionally with the overall balance sheet. Conversely, operating lease right-of-use assets have shown a gradual decline, moving from 5.19% in March 2022 down to 2.18% by September 2026, indicating a diminishing reliance on leased assets relative to the total asset base.
Anomalous Fluctuations in Restricted Cash
A notable volatility is observed in restricted cash during 2025. After remaining absent or negligible for several years, restricted cash spiked to 16.22% in December 2024 and peaked at 22.70% in June 2025, before returning to a baseline of approximately 1.46% by September 2026. This temporary surge suggests a short-term regulatory requirement, escrow arrangement, or specific contractual obligation that was subsequently resolved.

Overall, the asset profile has evolved from that of a venture-backed growth entity holding excessive liquidity to a mature corporate structure with a significant portion of value tied to acquired intangible assets and goodwill.

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