Stock Analysis on Net
Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH)

$24.99

Common-Size Balance Sheet: Assets
Quarterly Data

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

Microsoft Excel
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
Restricted cash
Short-term investments
Funds held at payment processors
Accounts receivable, net
Prepaid expenses and other current assets
Current assets
Long-term investments
Operating lease right-of-use assets
Property and equipment, net
Intangible assets, net
Goodwill
Other assets
Non-current assets
Total assets

Based on: 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 exhibits a fundamental structural shift from a highly liquid position toward a balance sheet dominated by non-current assets. Total current assets, which initially represented 85.14% of total assets in early 2021, experienced a sustained long-term decline, falling to 43.02% by June 2026. In inverse proportion, non-current assets grew from 14.86% to 56.98% over the same period, indicating a transition in the capital allocation strategy from cash preservation to long-term investment and acquisition.

Liquidity and Cash Management
A significant contraction in liquid holdings is observed. Cash and cash equivalents dropped from a peak of 67.89% to a low of 18.25% by September 2025, despite temporary recoveries in 2024. Short-term investments followed a similar trajectory, peaking at 21.58% in June 2021 before trending downward to 4.72% by June 2026. This suggests a systematic deployment of liquid reserves into other asset classes or operations.
Acquisition and Intangible Asset Growth
A sharp increase in intangible assets and goodwill occurred in mid-2022, signaling a major acquisition event. Goodwill rose abruptly from approximately 5.51% in March 2022 to 23.32% in June 2022, maintaining a high presence throughout the remainder of the period and reaching 28.09% by June 2026. Similarly, net intangible assets jumped from 1.11% to 8.15% during the same window, eventually climbing to 10.25% by the end of the analyzed period.
Operating and Fixed Assets
Property and equipment, net, remained relatively stable as a percentage of total assets, fluctuating between 4.24% and 7.05% before settling at 6.37% in June 2026. Operating lease right-of-use assets showed a gradual declining trend, decreasing from a peak of 5.19% in March 2022 to 2.32% in June 2026, suggesting a reduction in the relative weight of leased assets within the total asset base.
Restricted Cash Anomalies
Restricted cash appeared as a significant factor late in the period. A notable volatility is observed between December 2024 and September 2025, where restricted cash spiked from 1.48% to a peak of 22.70% in June 2025, before reverting to 1.57% by June 2026. This indicates a temporary reallocation of funds for specific contractual or regulatory requirements.

Overall, the trajectory shows a migration from a "cash-rich" startup profile to a more mature corporate structure characterized by significant goodwill and a higher proportion of non-current assets. The balance sheet evolved from being primarily funded by liquid instruments to one where over half of the total asset value is tied up in long-term investments, acquisitions, and intangible value.