Common-Size Income Statement
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2020
- Return on Equity (ROE) since 2020
- Total Asset Turnover since 2020
- Price to Earnings (P/E) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Debt
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DoorDash, Inc., common-size consolidated income statement (quarterly data)
Based on: 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 over the analyzed period demonstrates a transition from a high-growth, loss-leading phase toward operational profitability and margin stabilization. The most significant shift is observed in the movement from consistent operating losses to positive operating margins starting in the third quarter of 2024.
- Gross Profitability and Cost of Revenue
- Gross profit margins exhibited volatility in the early stages, reaching a low of 44.22% in December 2022. However, a consistent upward trend followed, with margins improving to approximately 50-51% by 2025 and early 2026. This improvement is mirrored by a reduction in the cost of revenue, which decreased from a peak of 55.78% of revenue in late 2022 to approximately 49% in the most recent quarters.
- Operating Expense Efficiency
- A systematic reduction in operating expenses as a percentage of revenue served as the primary driver for profitability. Sales and marketing expenses saw a substantial decline, falling from peaks above 34% in 2021 to approximately 18% by March 2026. General and administrative expenses followed a similar downward trajectory, decreasing from highs of 18.28% to 10.70%. Research and development costs remained relatively more stable, generally fluctuating between 9% and 13% of revenue, indicating a sustained but controlled investment in product evolution.
- Operating and Net Income Transition
- Operating losses peaked in December 2022 at 20.35% of revenue. A steady recovery began in 2023, leading to the first instance of positive operating income in September 2024 (3.95%). This positive trend continued, peaking at 7.49% in September 2025. Net income followed this pattern, pivoting from severe losses—most notably a net loss of 35.31% in December 2022—to consistent profitability starting in the second half of 2024, with the highest margin of 8.68% recorded in June 2025.
- Non-Operating Items and Other Factors
- Interest income as a percentage of revenue grew steadily from near zero to a peak of 2.21% in December 2023, suggesting an increase in cash reserves. Depreciation and amortization costs trended upward, moving from 2.69% in early 2021 to approximately 6.67% by March 2026, reflecting an expanding asset base. Occasional restructuring charges and other net expenses created periodic volatility in the pre-tax income, particularly in December 2022, but these did not disrupt the long-term trend toward profitability.