Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Selected Financial Data since 2020
- Net Profit Margin since 2020
- Total Asset Turnover since 2020
- Price to Earnings (P/E) since 2020
- Price to Operating Profit (P/OP) since 2020
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DoorDash, Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
- Revenue and Cost of Revenue Trends
- The revenue remained constant as the base at 100% in all reported quarters. The cost of revenue, excluding depreciation and amortization, displayed fluctuations but generally maintained a range between approximately -44.9% and -55.78% over the periods. Notably, there was an increase in cost ratios from early 2022 through late 2022, peaking near -55.78%, before gradually declining towards the -49.0% range by the latest quarters. This trend indicates variability in the cost structure directly related to revenue.
- Gross Profit Trends
- Gross profit margins, inversely related to cost of revenue, showed considerable volatility, ranging from around 44.22% up to 55.1%. Early in the timeline, margins were higher but declined through 2022 and early 2023. However, beginning in late 2023 and continuing through 2025, gross profit margins exhibited a clear improvement trend, surpassing 50% in several quarters, which suggests an enhanced efficiency or pricing strategy.
- Operating Expenses Overview
- Sales and marketing expenses as a percentage of revenue demonstrated a consistent downward trend over the time frame, decreasing from approximately -30.92% in early 2021 to about -16.72% by the first quarter of 2025. Research and development expenses fluctuated between roughly -7.6% and -13.75%, peaking in 2021-2022 and then generally trending downward closer to the -10% range in recent periods. General and administrative costs also varied, with notable spikes early on but a reduction trend emerging later, reaching near -10.95% by 2024-2025. This overall reduction in operating expenses relative to revenue suggests ongoing cost control measures.
- Depreciation and Amortization
- Depreciation and amortization costs increased from about -2.69% to a high of nearly -6.94% in late 2022, indicating rising capital expenditure or asset base. Following this peak, there was a modest decline, stabilizing around -4.84% to -5.65% in recent quarters, reflecting adjustments in asset utilization or amortization schedules.
- Restructuring Charges
- Restructuring charges appeared sporadically in several periods, with minor impacts mostly below -0.3% except for a significant charge near -4.62% in the fourth quarter of 2022. The irregular nature and relatively small scale of these charges suggest they were occasional adjustments rather than ongoing expenses.
- Profitability Measures
- Income (loss) from operations initially reflected negative margins around -8% to -20%, with a notable decline reaching -20.35% at the end of 2022. Starting in 2023, the operational losses decreased substantially, turning positive by late 2024 and further improving with margins reaching approximately 7.49% by early 2025. This reflects a significant operational turnaround.
- Interest and Other Income/Expense
- Interest income, net, showed a steady increase over the entire period, rising from near zero to over 2% of revenue, indicating growing returns on cash or investments. Interest expense remained minimal and inconsistent, with occasional negligible amounts. Other income (expense), net, presented variability, including a large negative impact of approximately -16.78% at the end of 2022, but was mostly minor or positive in other periods, showing some volatility in non-operating results.
- Income Before Taxes and Tax Provision
- Income before income taxes followed operational income trends, starting with losses exceeding -10%, declining to a low near -36.25% at the end of 2022, and then recovering to positive values surpassing 7% by early 2025. Income tax provisions displayed variability, with some quarters showing tax benefits and others showing provisions, generally small in magnitude relative to revenue.
- Net Income Trends
- Net income attributable to common stockholders mirrored the overall profitability pattern, with consistent losses early on, peaking in negativity around -35.2% by the fourth quarter of 2022. Beginning in late 2024, net income turned positive and improved progressively, reaching over 7% of revenue in early 2025. This positive trend indicates improved financial health and effective cost control alongside revenue management.
- Summary
- The data reveals a company initially operating at a loss, with relatively high costs of revenue and operating expenses. A clear inflection point appears around late 2022, characterized by elevated restructuring and extraordinary costs, followed by a structured period of financial improvement. Key drivers of the turnaround include reductions in sales and marketing expenses, stabilized cost of revenue, improved gross margins, and growing interest income. The transition to positive operating and net income margins by 2024-2025 highlights operational efficiency gains and effective expense management, resulting in a stronger overall financial position.