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DoorDash, Inc. (NASDAQ:DASH)

Common-Size Income Statement
Quarterly Data

DoorDash, Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenue, exclusive of depreciation and amortization -47.03 -47.31 -49.36 -48.93 -48.96 -49.21 -49.47 -50.57 -50.78 -52.66 -52.92 -53.37 -53.42 -53.21 -52.53 -55.78 -54.73 -54.73 -52.40 -48.85 -45.88 -44.90 -52.27
Gross profit 52.97% 52.69% 50.64% 51.07% 51.04% 50.79% 50.53% 49.43% 49.22% 47.34% 47.08% 46.63% 46.58% 46.79% 47.47% 44.22% 45.27% 45.27% 47.60% 51.15% 54.12% 55.10% 47.73%
Sales and marketing -16.57 -18.43 -18.48 -17.88 -16.72 -18.48 -19.33 -18.83 -17.85 -19.35 -20.06 -19.97 -20.75 -22.08 -24.37 -23.60 -24.57 -26.18 -28.43 -31.77 -34.98 -34.55 -30.92
Research and development -10.81 -12.01 -9.86 -10.59 -10.30 -10.69 -10.09 -10.34 -10.68 -11.52 -11.10 -10.99 -11.55 -12.61 -11.35 -13.75 -13.29 -12.75 -10.16 -10.23 -9.02 -8.09 -7.61
General and administrative -9.23 -12.08 -10.70 -12.14 -11.61 -11.81 -10.95 -11.28 -11.64 -18.78 -12.69 -13.89 -13.35 -15.99 -14.00 -16.50 -18.28 -18.10 -16.83 -17.23 -14.75 -17.48 -15.69
Depreciation and amortization -6.76 -6.62 -6.67 -6.75 -4.90 -4.84 -5.01 -4.91 -5.10 -5.32 -5.65 -5.64 -5.91 -6.00 -6.04 -6.11 -6.94 -5.04 -4.05 -3.77 -3.22 -2.99 -2.69
Restructuring charges -0.02 -0.04 -1.19 0.00 -0.03 0.00 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 -4.62 -0.29 -0.19 0.00 0.00 0.00 0.00 0.00
Income (loss) from operations 9.58% 3.50% 3.74% 3.72% 7.49% 4.96% 5.11% 4.07% 3.95% -7.64% -2.43% -3.86% -4.99% -9.89% -8.40% -20.35% -18.11% -16.98% -11.88% -11.85% -7.84% -8.01% -9.19%
Interest income, net 0.80 0.79 0.84 1.06 2.06 1.49 1.62 1.78 2.00 1.86 1.79 2.21 1.85 1.59 1.33 0.94 0.53 0.31 0.07 0.08 0.00 0.00 0.19
Interest expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 0.00 -0.06 0.00 -0.08 0.00 -0.08 -1.11
Other income (expense), net 0.11 0.36 0.15 0.83 -2.35 1.80 -0.20 0.28 -0.22 -0.19 -0.08 -4.39 -0.05 -0.19 -0.05 -16.78 -0.12 -0.19 0.34 0.08 -0.08 0.00 0.00
Income (loss) before income taxes 10.49% 4.65% 4.73% 5.61% 7.20% 8.25% 6.53% 6.13% 5.73% -5.97% -0.72% -6.04% -3.19% -8.49% -7.13% -36.25% -17.70% -16.92% -11.47% -11.77% -7.92% -8.09% -10.12%
(Provision for) benefit from income taxes -0.41 -0.18 -0.20 -0.23 -0.15 0.40 -0.20 -1.29 0.22 -0.04 -0.28 -0.74 -0.28 0.42 -0.84 0.94 0.29 0.56 0.00 -0.15 0.00 -0.16 -0.09
Net income (loss) including redeemable non-controlling interests 10.07% 4.47% 4.53% 5.39% 7.05% 8.65% 6.33% 4.84% 5.95% -6.01% -0.99% -6.77% -3.47% -8.06% -7.96% -35.31% -17.40% -16.36% -11.47% -11.92% -7.92% -8.25% -10.21%
Net loss attributable to redeemable non-controlling interests 0.02 0.02 0.02 0.00 0.03 0.03 0.03 0.07 0.04 0.04 0.08 0.09 0.09 0.09 0.05 0.11 0.06 0.00 0.00 0.00 0.00 0.00 0.00
Net income (loss) attributable to DoorDash, Inc. common stockholders 10.10% 4.49% 4.56% 5.39% 7.08% 8.68% 6.37% 4.91% 5.99% -5.97% -0.92% -6.69% -3.37% -7.97% -7.91% -35.20% -17.34% -16.36% -11.47% -11.92% -7.92% -8.25% -10.21%

Based on: 10-Q (reporting date: 2026-09-30), 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).

A significant transition from operational losses to consistent profitability is evident over the analyzed period. The company shifted from a high-growth, high-spend phase characterized by net losses exceeding 10% of revenue to a sustainable model yielding a net income margin of 10.10% by September 2026.

Gross Margin Evolution
Gross profit margins exhibited volatility in the early periods, dipping to a low of 44.22% in December 2022. However, a sustained upward trajectory followed, with gross profit reaching 52.97% by September 2026. This expansion is primarily driven by a steady reduction in the cost of revenue, which declined from a peak of 55.78% in late 2022 to 47.03% by the end of the series.
Operating Expense Management
A disciplined reduction in operating expenses as a percentage of revenue is observed across multiple categories. Sales and marketing expenses saw the most dramatic decline, falling from 34.98% in September 2021 to 16.57% in September 2026, suggesting increased brand equity and improved customer acquisition efficiency. General and administrative expenses similarly contracted from peaks near 18.78% to 9.23%, indicating improved organizational scalability.
Research and Development Trends
Investment in research and development remained relatively stable compared to other operating expenses, generally fluctuating between 9% and 13% of revenue. This consistency suggests a maintained commitment to product innovation despite the broader push for cost optimization.
Operating Income and Profitability Pivot
Operating margins underwent a complete reversal, moving from deep losses—peaking at -20.35% in December 2022—to positive territory starting in September 2024. The operating margin improved to 9.58% by September 2026, reflecting strong operating leverage where revenue growth significantly outpaced the growth of operating costs.
Net Income and Non-Operating Items
The bottom line mirrored the operational recovery. After experiencing a severe net loss of 35.31% in December 2022, the company achieved positive net income starting in the third quarter of 2024. Interest income provided a modest positive contribution, peaking at 2.21% of revenue in December 2023 before stabilizing around 0.80%. The final result shows a net income attributable to common stockholders of 10.10% of revenue by September 2026.

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