Common-Size Balance Sheet: Assets
Quarterly Data
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DoorDash, Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
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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.