Common-Size Income Statement
Quarterly Data
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DoorDash, Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2020
- Operating Profit Margin since 2020
- Current Ratio since 2020
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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DoorDash, Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals significant fluctuations in DoorDash’s profitability and expense management over the analyzed period, spanning from March 2021 to December 2025. Revenue is consistently represented as 100% by definition. A notable trend is the improvement in gross profit margin, alongside evolving expense structures.
- Gross Profit
- Gross profit as a percentage of revenue began at 47.73% in March 2021, increased to a peak of 55.10% in June 2021, and then generally declined to 44.22% by December 2022. However, a consistent upward trend is observed from December 2022 through December 2025, culminating in a gross profit margin of 51.07%. This suggests improving cost control in relation to revenue generation in the later periods.
- Cost of Revenue
- Cost of revenue, exclusive of depreciation and amortization, demonstrated a decreasing trend from -52.27% in March 2021 to -48.93% in December 2025. This decrease aligns with the observed increase in gross profit margin, indicating improved efficiency in managing the direct costs associated with delivering services.
- Sales and Marketing
- Sales and marketing expenses exhibited a substantial decline as a percentage of revenue, moving from -30.92% in March 2021 to -17.88% in December 2025. This suggests increasing marketing efficiency or a shift in growth strategy towards more organic acquisition methods. The most significant reduction occurred between 2022 and 2024.
- Research and Development
- Research and development expenses remained relatively stable between -7.61% and -13.75% from March 2021 to December 2022. A slight downward trend is then observed, decreasing to -10.59% in December 2025. This indicates a consistent, though fluctuating, investment in innovation.
- General and Administrative
- General and administrative expenses showed considerable volatility. Initially at -15.69% in March 2021, they peaked at -18.78% in June 2024 before decreasing to -12.14% in December 2025. This suggests potential inefficiencies or one-time expenses impacting administrative costs, followed by a period of cost control.
- Depreciation and Amortization
- Depreciation and amortization expenses gradually increased from -2.69% in March 2021 to -6.94% in September 2022, then decreased to -6.75% in December 2025. This suggests increasing investment in long-term assets initially, followed by stabilization.
- Restructuring Charges & Other Income/Expense
- Restructuring charges were minimal until December 2022 (-4.62%), then became infrequent. Other income (expense), net, was generally small, but experienced a significant negative impact in December 2022 (-16.78%), likely due to a specific event. A positive impact is observed in June 2025 (1.80%).
- Operating Income
- Income from operations demonstrated a significant improvement over the period. Starting at -9.19% in March 2021, it reached 3.95% in September 2024, and 3.72% in December 2025. This indicates a substantial shift towards profitability from operational activities.
- Net Income
- Net income (loss) followed a similar trajectory to operating income, moving from -10.21% in March 2021 to 5.39% in December 2025. The substantial losses experienced in the earlier periods have been mitigated, demonstrating a clear path towards sustained profitability. The impact of redeemable non-controlling interests is relatively small.
Overall, the common-size income statement indicates a company that has successfully navigated a period of high growth and investment towards improved profitability. The reduction in sales and marketing expenses, coupled with increasing gross margins, has been instrumental in this transformation. While general and administrative expenses experienced some volatility, the overall trend suggests a strengthening financial position.