Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- 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 balance sheet: liabilities and stockholders’ equity
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased significantly, while stockholders’ equity decreased over the period. Several specific liability accounts demonstrated substantial changes, warranting further examination.
- Current Liabilities
- Current liabilities as a percentage of the total increased from 25.85% in 2021 to 34.55% in 2024, before decreasing slightly to 31.27% in 2025. This increase was largely driven by growth in accrued expenses and other current liabilities, which rose from 23.10% to 31.52% over the same period. Dasher and merchant payables also increased consistently, moving from 6.23% to 8.84% in 2024, then settling at 8.66% in 2025. Sales tax payable and accrued sales and indirect taxes also showed an upward trend, increasing from 2.45% to 3.00%.
- Non-Current Liabilities
- Non-current liabilities experienced a dramatic increase, particularly in 2025, rising from 5.61% in 2021 to 17.63% in 2025. This surge is primarily attributable to the introduction of convertible notes, which represented 13.86% of the total in 2025. Non-current operating lease liabilities decreased steadily throughout the period, from 5.48% to 2.34%.
- Specific Liability Accounts
- Insurance reserves demonstrated a significant increase from 2.10% in 2021 to 8.17% in 2024, before decreasing to 5.67% in 2025. Litigation reserves fluctuated, decreasing initially but rising again to 1.34% in 2025. Accounts payable remained relatively stable, fluctuating between 1.60% and 2.50%.
- Stockholders’ Equity
- Stockholders’ equity decreased from 68.54% in 2021 to 51.04% in 2025. This decline was primarily driven by a reduction in additional paid-in capital, which fell from 99.16% to 71.68%. The accumulated deficit decreased in magnitude, moving from -30.56% to -21.97%, but remained a substantial offset to equity. Redeemable non-controlling interests were minimal throughout the period, increasing to 0.07% in 2025.
- Total Liabilities
- Total liabilities increased from 31.46% in 2021 to 48.90% in 2025, reflecting the combined effect of increases in both current and non-current liabilities. This represents a substantial shift in the company’s capital structure, with a greater reliance on debt financing or obligations like convertible notes.
In summary, the company experienced a notable increase in its liability position, coupled with a decrease in stockholders’ equity. The introduction of convertible notes in 2025 significantly impacted the non-current liability structure. Changes in accrued liabilities and payables were key drivers of the increase in current liabilities. These trends suggest a potential shift in the company’s financing strategy and risk profile.