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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: 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
Cost of revenue, exclusive of depreciation and amortization -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 52.69% 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 -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 -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 -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 -6.62 -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 -0.04 -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 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 0.79 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 -0.06 0.00 -0.06 0.00 -0.08 0.00 -0.08 -1.11
Other income (expense), net 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 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 -0.18 -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 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 0.00 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 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: 2026-06-30), 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).

The financial trajectory demonstrates a significant transition from substantial operational losses to consistent profitability over the analyzed period. A pivotal shift occurred between 2022 and 2024, characterized by a systematic reduction in operating expenses as a percentage of revenue and an expansion of gross margins.

Gross Profitability and Cost Structure
Gross profit margins exhibited volatility in the early period, reaching a low of 44.22% in December 2022. However, a sustained recovery trend followed, with margins expanding to 52.69% by June 2026. This improvement is directly correlated with a reduction in the cost of revenue, which declined from a peak of 55.78% in late 2022 to 47.31% by the end of the series.
Operating Expense Optimization
A marked increase in operational efficiency is evident through the compression of operating expenses. Sales and marketing expenses saw the most dramatic decline, falling from highs of 34.98% in 2021 to approximately 18.43% by June 2026. General and administrative expenses also trended downward, moving from a range of 14-18% to roughly 11-12%. Research and development costs remained relatively stable, fluctuating between 9% and 13% of revenue, suggesting a consistent baseline investment in technology despite broader cost-cutting measures.
Operating Income Turnaround
The company transitioned from deep operational deficits to positive territory. Operating losses peaked in December 2022 at 20.35% of revenue. Following this trough, operating margins improved steadily throughout 2023, eventually turning positive in September 2024 at 3.95%. Profitability was maintained through June 2026, with operating margins fluctuating between 3.50% and 7.49%.
Net Income and Non-Operating Factors
Net income mirrored the operating trend but was subject to significant non-operating volatility. A severe net loss of 35.31% was recorded in December 2022, largely driven by a one-time "Other income (expense), net" hit of 16.78%. Interest income became a consistent contributor to the bottom line, peaking at 2.21% in December 2023. The company achieved consistent net profitability starting in the third quarter of 2024, with net income attributable to common stockholders peaking at 8.68% in June 2025 before stabilizing around 4.5% by mid-2026.

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