Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
DoorDash, Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 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), 10-K (reporting date: 2020-12-31).
- Liabilities Trends
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Overall, total liabilities as a percentage of the total capital structure, including redeemable non-controlling interests and stockholders’ equity, exhibited an increasing trend, rising from 26.02% in 2020 to 39.20% in 2024. This indicates a gradual increase in reliance on external obligations relative to equity.
Current liabilities increased steadily from 22.07% in 2020 to 34.55% in 2024, suggesting growing short-term obligations. Accrued expenses and other current liabilities contributed significantly to this rise, growing from 14.84% to 31.52% over the period, more than doubling and representing an expanding component of current liabilities.
More specifically, accounts payable showed a fluctuating pattern, increasing from 1.26% in 2020 to 2.50% in 2024, with a dip in 2022 followed by recovery. Likewise, accrued operations related expenses rose from 2.19% to 3.47%, despite some variability.
Dasher and merchant payable increased markedly, rising from 1.73% to 8.84%, marking a significant growth that reflects increasing payables to partners or service providers.
Insurance reserves reflected an especially strong upward trajectory, climbing from 0.87% to 8.17%, which signals heightened provisions or obligations related to insurance over the analyzed years.
Conversely, current operating lease liabilities experienced moderate growth through 2023 but declined slightly in 2024 from 0.63% to 0.53%. Non-current operating lease liabilities decreased overall, from 3.75% in 2020 to 3.64% in 2024, peaking mid-period at 5.48% in 2021.
Non-current liabilities increased from 3.95% to a high of 5.68% in 2023 before decreasing to 4.65% in 2024, indicating some variability but general stability in longer-term obligations.
Convertible notes, reported only in 2020 at 5.73%, were not present in subsequent years, suggesting redemption, conversion, or extinguishment of these instruments post-2020.
Litigation reserves decreased significantly from 2.80% in 2020 to 0.38% in 2022, before rising again to 1.25% by 2024, indicating initial resolution or reduction of contingent liabilities, followed by some increase possibly due to new or ongoing claims.
Sales tax payable and accrued taxes remained relatively stable, fluctuating narrowly between 1.98% and 2.62%, indicating consistent tax-related liabilities.
Other current liabilities and other liabilities showed mixed trends. Other current liabilities grew from 2.24% to a peak of 3.94% in 2022 then declined to 2.98% by 2024; while other liabilities increased notably in 2023 to 1.49% before decreasing to 1.00% in 2024.
- Stockholders’ Equity and Capital Structure
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Stockholders’ equity as a percentage of the total capital structure declined steadily, falling from 73.98% in 2020 to 60.75% in 2024, reflecting the relative increase in liabilities and suggesting dilution or accumulated losses impacting equity proportions.
Within equity components, additional paid-in capital remained the dominant element, staying consistently high at over 99% initially and then rising to above 108% and 109% in 2022 and 2023 before falling to 102.49% in 2024. This pattern indicates capital injections or equity-based financing fluctuations.
The accumulated deficit expanded substantially, increasing from negative 25.39% in 2020 to a negative peak of 47.55% in 2023, then improving slightly to negative 40.91% in 2024. This deterioration suggests growing cumulative losses over the period, partially receding in the latest year.
Accumulated other comprehensive income (loss) was minor and fluctuating, with small negative balances in some years (notably -0.34% in 2022 and -0.83% in 2024) and positive in 2023 at 0.67%, indicating limited but variable unrealized gains or losses from other comprehensive income components.
Redeemable non-controlling interests appeared modestly in 2022 and declined from 0.14% to 0.05% by 2024, indicating minimal influence on the overall capital structure but a slight reduction in such interests over the recent years.
- Summary of Financial Position Evolution
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The data reveal a trend towards increased leverage with total liabilities rising substantially as a percent of the total financing. The increase in current liabilities drove much of this growth, particularly driven by accrued expenses and increasing payables to dashers and merchants.
Simultaneously, equity proportions contracted, heavily impacted by growing accumulated deficits, which underscores ongoing losses or negative retained earnings. This dynamic suggests challenges in profitability or reinvestment strategies resulting in expanding liabilities and reduced equity cushion.
Notably, the elimination of convertible notes post-2020 and fluctuations in litigation reserves and insurance reserves reflect changes in financing structures and contingent liability provisions.
Overall, the company’s capital structure shows a shift towards increased external obligations relative to equity, with growing operational liabilities and accumulated deficits indicating potential financial stress or expansion funded by liabilities rather than equity growth.