Stock Analysis on Net
Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH) 

Common-Size Income Statement

DoorDash, Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Revenue 100.00 100.00 100.00 100.00 100.00
Cost of revenue, exclusive of depreciation and amortization -51.69 -53.14 -54.50 -47.83 -47.40
Gross profit 48.31% 46.86% 45.50% 52.17% 52.60%
Sales and marketing -19.00 -21.73 -25.55 -33.12 -33.16
Research and development -10.89 -11.62 -12.59 -8.80 -11.12
General and administrative -13.54 -14.30 -17.42 -16.31 -19.27
Depreciation and amortization -5.23 -5.89 -5.61 -3.19 -4.16
Restructuring charges 0.00 -0.02 -1.40 0.00 0.00
Loss from operations -0.35% -6.71% -17.07% -9.25% -15.11%
Interest income, net 1.86 1.76 0.49 0.06 0.24
Interest expense 0.00 0.00 -0.03 -0.29 -1.11
Other income (expense), net -0.05 -1.24 -4.63 0.00 0.10
Income (loss) before income taxes 1.45% -6.18% -21.25% -9.47% -15.87%
(Provision for) benefit from income taxes -0.36 -0.36 0.47 -0.10 -0.10
Net income (loss) including redeemable non-controlling interests 1.09% -6.54% -20.78% -9.57% -15.97%
Net loss attributable to redeemable non-controlling interests 0.06 0.08 0.05 0.00 0.00
Net income (loss) attributable to DoorDash, Inc. common stockholders 1.15% -6.46% -20.74% -9.57% -15.97%

Based on: 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), 10-K (reporting date: 2020-12-31).

The financial data reveals distinct trends in various expense categories and profitability metrics over the five-year period analyzed. The revenue base remains constant at 100%, serving as a reference for all other ratios expressed as a percentage of revenue.

Cost of Revenue and Gross Profit
The cost of revenue, excluding depreciation and amortization, increased from 47.4% in 2020 to a peak of 54.5% in 2022, indicating rising costs relative to revenue during this period. Subsequently, it declined to 51.69% by 2024, suggesting some improvement in cost control. Correspondingly, gross profit margin experienced a decline from 52.6% in 2020 to 45.5% in 2022 but then improved steadily to 48.31% in 2024, reflecting the changes in cost management efficiencies.
Sales and Marketing Expenses
Sales and marketing expenses as a percentage of revenue displayed a significant downward trend, decreasing from 33.16% in 2020 to 19% in 2024. This indicates enhanced operational efficiency or strategic reprioritization in marketing efforts, contributing positively to the overall cost structure.
Research and Development Expenses
Research and development expenses demonstrated fluctuations, with an initial decline from 11.12% in 2020 to 8.8% in 2021, followed by an increase to 12.59% in 2022. Since then, these costs have gradually decreased to 10.89% in 2024, indicating variable investment levels in innovation aligned with strategic objectives.
General and Administrative Expenses
General and administrative costs have decreased consistently from 19.27% in 2020 to 13.54% in 2024. The reduction suggests improved administrative efficiencies and cost control within the organization over the years assessed.
Depreciation and Amortization
Depreciation and amortization expenses showed some variability, initially decreasing from 4.16% in 2020 to 3.19% in 2021, increasing to 5.89% in 2023, and then declining again to 5.23% in 2024. This volatility may correspond to asset acquisitions, disposals, or changes in amortization policies.
Restructuring Charges
Restructuring charges appear only in 2022 and 2023, amounting to 1.4% and 0.02% of revenue respectively, signifying that restructuring activities mainly occurred during these years and have been effectively minimized or concluded by 2024.
Loss from Operations
Loss from operations showed a notable improvement over the period. It decreased from -15.11% in 2020 to a low of -0.35% in 2024, with some volatility in between. This reflects enhanced operational efficiency and cost controls, moving the company closer to operational breakeven status.
Interest Income and Expense
Interest income demonstrated an increasing trend, growing from 0.24% in 2020 to 1.86% in 2024, suggesting improved investment income or interest-bearing assets. Interest expense decreased from -1.11% in 2020 to negligible levels in subsequent years, indicating reduced debt or favorable interest conditions.
Other Income (Expense), Net
Other income (expense), net, displayed volatility with a noted expense of -4.63% in 2022, improving to a minimal -0.05% in 2024. This suggests one-time or irregular items affecting net results, with trends pointing toward stabilization.
Income Before Taxes and Tax Provision
Income before income taxes mirrored operational improvements, increasing from a loss of -15.87% in 2020 to positive territory at 1.45% in 2024. Tax provisions remained relatively stable and minimal, generally under 0.5%, with minor fluctuations between benefit and provision, suggesting a modest tax impact on earnings.
Net Income (Loss)
Net income attributable to common stockholders improved markedly, moving from a loss of -15.97% of revenue in 2020 to a gain of 1.15% in 2024. This trend indicates successful efforts to improve profitability, reduce operational losses, and enhance shareholder value over the analyzed timeframe.