Common-Size Income Statement
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- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2020
- Operating Profit Margin since 2020
- Current Ratio since 2020
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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DoorDash, Inc., common-size consolidated income statement
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 common-size income statement reveals a significant shift in the company’s profitability and cost structure over the five-year period. Initially experiencing substantial losses, the company demonstrates a clear trajectory towards profitability by the end of the observed timeframe.
- Revenue
- Revenue consistently represents 100% of itself, as expected in a common-size analysis. This indicates that the observed changes in other line items are relative to revenue and not due to fluctuations in overall sales volume as presented.
- Gross Profit
- Gross profit as a percentage of revenue initially stands at 52.17% in 2021, declines to 45.50% in 2022, then exhibits a steady improvement, reaching 50.88% in 2025. This suggests increasing efficiency in managing the cost of revenue over time, despite an initial dip.
- Operating Expenses
- Significant reductions are observed in several operating expense categories. Sales and marketing expenses decreased consistently from 33.12% of revenue in 2021 to 18.05% in 2025. Research and development expenses also show a decreasing trend, moving from 8.80% to 10.43% over the same period. General and administrative expenses similarly decreased from 16.31% to 11.66%. These reductions in key operating expenses contribute substantially to the improvement in overall profitability.
- Operating Income (Loss)
- The company transitions from an operating loss of 9.25% of revenue in 2021 to an operating income of 5.27% in 2025. This turnaround is a direct result of the improvements in gross profit margin and the effective management of operating expenses. The largest swing occurred between 2024 and 2025.
- Non-Operating Items
- Interest income, net, increased from 0.06% to 1.54% of revenue, providing a growing positive contribution. Interest expense remained minimal and was eliminated after 2022. Other income (expense), net, fluctuated, with a significant negative impact in 2022, but became positive by 2025.
- Net Income (Loss)
- Net income (loss) mirrors the trend in operating income, moving from a loss of 9.57% of revenue in 2021 to a profit of 6.79% in 2025. The impact of redeemable non-controlling interests is relatively small, with net income attributable to DoorDash, Inc. common stockholders following a similar pattern, improving from a loss of 9.57% to a profit of 6.82%.
- Tax Provision
- The (provision for) benefit from income taxes shifted from a small provision in 2021 to a benefit in 2022, then back to a small provision in subsequent years, reflecting the company’s changing profitability and tax position.
In summary, the common-size income statement demonstrates a substantial improvement in financial performance. The company successfully reduced its operating expenses, improved its gross profit margin, and ultimately achieved profitability after several years of losses. The trend suggests a strengthening financial position and increasing operational efficiency.