Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2020
- Price to Book Value (P/BV) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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DoorDash, Inc., common-size consolidated income statement (quarterly data)
Based on: 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 Gross Profit Trends
- Revenue remained constant as the baseline at 100% throughout the periods. Gross profit as a percentage of revenue fluctuated over time, initially increasing from 47.73% in March 2021 to a peak in the mid-50% range by mid-2021. It then declined to the low 40% range toward the end of 2021 and early 2022, before recovering steadily in subsequent periods. Most recently, gross profit improved to over 50% by March 2025, indicating enhanced operational efficiency or better cost management.
- Cost of Revenue (Excluding Depreciation and Amortization)
- Costs directly associated with revenue showed variability, initially decreasing from 52.27% in early 2021 to around 44-45% by mid-2021, signaling improved cost efficiency. This was followed by a sharp increase past 55% by late 2022, suggesting rising costs or margin pressure. From early 2023 onwards, costs began a gradual decline again, reaching just below 50% by March 2025, supporting the observed improvement in gross profit margin.
- Operating Expense Patterns
- Sales and marketing expenses as a percentage of revenue decreased consistently over time from nearly 31% in early 2021 to under 20% by late 2024, demonstrating a strategic effort to control or optimize marketing spend. Research and development expenses fluctuated somewhat, peaking at about 13.75% in late 2022 before trending downward to near 10% by early 2025, indicative of a potential reprioritization in spending on innovation or product development. General and administrative expenses exhibited volatility, initially rising above 17% in 2022, but then showing a marked decline to roughly 11% by early 2025, reflecting possible efficiency improvements or cost-cutting in administrative functions. Depreciation and amortization expenses increased through 2022, peaking near 7%, before declining slightly to stabilize around 5% by 2025.
- Non-Operating Items and Restructuring Charges
- Interest income showed a strong upward trend, increasing steadily from negligible levels in early 2021 to above 2% of revenue by late 2023, before slightly moderating but maintaining elevated levels, which suggests growing returns on investments or cash reserves. Interest expense remained minor and irregular, without clear trends. Other income and expense items fluctuated significantly, including notable negative impact around late 2022, likely related to extraordinary or one-time events. Restructuring charges were limited but spiked dramatically to nearly -4.6% of revenue in late 2022, indicating a significant restructuring event or cost, before returning close to zero in subsequent quarters.
- Profitability and Income Metrics
- Operating losses intensified from early 2021 through late 2022, reaching a peak loss of over 20% of revenue, reflecting higher costs and restructuring effects. However, starting in early 2023, operating losses narrowed substantially and eventually turned positive by late 2024 into early 2025, indicating a return to operating profitability. Correspondingly, income before taxes reflected this pattern, with deep losses in 2022 followed by a recovery and eventual profitability by early 2025. Net income attributable to common stockholders mirrored these trends, starting with losses exceeding 10% of revenue in early 2021, worsening through 2022, and then improving steadily to positive territory by 2024 and surpassing 6% of revenue by early 2025. The tax impact on earnings was relatively modest and inconsistent, sometimes providing a benefit and other times a charge, with no clear trend. Small, positive net losses attributable to redeemable non-controlling interests were observed starting mid-2022 but remained a minor component of overall results.