Stock Analysis on Net
Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

DoorDash, Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Accounts payable 2.42 2.50 1.56 1.38 1.77 1.99 1.49 1.80 2.16 1.60 2.49 2.09 2.98 2.36 1.35 1.55 1.27
Current operating lease liabilities 0.52 0.53 0.54 0.54 0.56 0.63 0.63 0.60 0.57 0.56 0.47 0.47 0.45 0.38 0.42 0.37 0.32
Accrued expenses and other current liabilities 30.78 31.52 31.25 32.11 30.36 28.84 27.70 25.99 24.76 23.82 20.24 17.85 22.37 23.10 19.28 18.31 16.94
Current liabilities 33.72% 34.55% 33.35% 34.03% 32.69% 31.46% 29.82% 28.39% 27.48% 25.99% 23.20% 20.41% 25.80% 25.85% 21.06% 20.24% 18.54%
Non-current operating lease liabilities 3.37 3.64 3.80 3.97 4.22 4.19 4.29 4.58 4.53 4.66 4.82 4.52 5.73 5.48 5.33 4.82 4.07
Other liabilities 1.05 1.00 1.13 1.41 1.87 1.49 0.29 0.29 0.28 0.21 0.37 0.43 0.28 0.13 0.22 0.23 0.22
Non-current liabilities 4.42% 4.65% 4.93% 5.38% 6.09% 5.68% 4.58% 4.87% 4.81% 4.87% 5.18% 4.96% 6.01% 5.61% 5.55% 5.05% 4.29%
Total liabilities 38.14% 39.20% 38.27% 39.41% 38.78% 37.14% 34.41% 33.27% 32.29% 30.86% 28.38% 25.36% 31.81% 31.46% 26.61% 25.28% 22.82%
Redeemable non-controlling interests 0.04 0.05 0.07 0.08 0.10 0.06 0.09 0.11 0.13 0.14 0.17 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.00001 par value 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 0.00 0.00 0.00
Additional paid-in capital 99.06 102.49 104.61 105.80 106.35 109.67 115.61 117.25 113.00 108.62 108.07 101.01 101.35 99.16 103.68 104.24 106.37
Accumulated other comprehensive income (loss) 0.05 -0.83 0.99 -0.21 -0.01 0.67 -0.68 0.09 0.19 -0.34 -3.06 -1.08 -0.21 -0.06 0.00 0.00 0.00
Accumulated deficit -37.30 -40.91 -43.95 -45.08 -45.21 -47.55 -49.43 -50.72 -45.61 -39.29 -33.56 -25.29 -32.95 -30.56 -30.29 -29.52 -29.19
Stockholders’ equity 61.81% 60.75% 61.65% 60.51% 61.13% 62.79% 65.50% 66.62% 67.57% 69.00% 71.45% 74.64% 68.19% 68.54% 73.39% 74.72% 77.18%
Total liabilities, redeemable non-controlling interests and stockholders’ equity 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%

Based on: 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 analysis of the financial data over multiple quarters reveals notable trends in the composition of liabilities and stockholders' equity proportions relative to the total liabilities, redeemable non-controlling interests, and stockholders’ equity.

Accounts Payable
This liability component shows some fluctuations without a clear long-term directional trend. It generally moves between approximately 1.3% and 2.5%, peaking around the last quarters of 2024 and early 2025, indicating variability in short-term vendor obligations relative to the capital structure.
Current Operating Lease Liabilities
The percentage of current operating lease liabilities gradually increased from 0.32% in early 2021 to about 0.6% by mid-2023 and has since stabilized around 0.53%-0.56%, suggesting a moderate rise in short-term lease obligations followed by a plateau.
Accrued Expenses and Other Current Liabilities
This category rose significantly from approximately 17% in early 2021 to over 30% by mid-2024, maintaining levels near 31% towards early 2025. The upward trend indicates growing accrued obligations and other short-term liabilities impacting the company’s current financial commitments.
Current Liabilities
Current liabilities as a whole increased from about 18.5% at the outset of 2021 to over 34% by late 2024, remaining high in early 2025. This reflects a consistent increase in short-term liabilities in relation to the overall financing structure.
Non-current Operating Lease Liabilities
Non-current lease liabilities showed a peak near 5.7% during early 2022, followed by a steady decline to 3.37% by early 2025. This suggests a reduction in long-term lease commitments or possible lease terminations for long-term leases.
Other Liabilities
These liabilities were minimally represented early on (around 0.22%-0.28%), but a marked increase occurred late 2022 to early 2023, reaching up to around 1.87%. Thereafter, this proportion decreased somewhat but remained elevated compared to earlier periods, implying episodic recognition of other obligations.
Non-current Liabilities
The share of non-current liabilities showed a peak near 6% in early 2022 and again by early 2024, but more recently it has declined to around 4.4% by early 2025. This indicates a reduction in long-term debt or obligations over the observed period.
Total Liabilities
Total liabilities relative to total financing increased from about 22.8% in early 2021 to almost 39.4% by mid-2024, before slightly decreasing to around 38% by early 2025. This overall rise points to an increasing reliance on liabilities over this timeframe.
Redeemable Non-controlling Interests
These interests appeared from late 2022 onwards at low levels, declining gradually from about 0.17% to 0.04% in early 2025, indicating a shrinking minority redeemable interests component.
Additional Paid-in Capital
This equity component decreased modestly from 106.4% in early 2021 to just below 99.1% by early 2025. The decline suggests some diminution of contributed capital relative to the overall capital structure.
Accumulated Other Comprehensive Income (Loss)
This item fluctuated from negligible values early on to larger negative and positive swings in intermediate periods. The variability indicates impacts from other comprehensive income elements such as foreign currency translations or valuation changes, without a clear persistent trend.
Accumulated Deficit
The accumulated deficit grew larger in magnitude over time, moving from approximately -29.2% in early 2021 to -37.3% by early 2025, demonstrating ongoing cumulative losses offsetting equity.
Stockholders’ Equity
The proportion of stockholders’ equity decreased gradually from about 77.2% in early 2021 to around 61.8% by early 2025, consistent with increasing liabilities and a growing accumulated deficit dampening net equity.
Total Liabilities, Redeemable Non-controlling Interests, and Stockholders’ Equity
This total consistently summed to 100%, confirming the proportional relationships analyzed above.

In summary, the company exhibits increasing total liabilities over the observed period, driven largely by growth in current liabilities and accrued expenses, while non-current liabilities and lease obligations have decreased or stabilized more recently. Concurrently, stockholders' equity has declined proportionally, influenced by a rising accumulated deficit and a slight reduction in additional paid-in capital. These patterns suggest ongoing financial leverage expansion and operational costs outpacing earnings accumulation during the timeframe reviewed.