Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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 balance sheet: liabilities and stockholders’ equity (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 capital structure exhibits a significant shift from a predominantly equity-funded base to an increased reliance on liabilities over the analyzed period. Total liabilities as a percentage of total liabilities, redeemable non-controlling interests, and stockholders' equity rose from 22.82% in March 2021 to 48.20% by March 2026. Correspondingly, stockholders' equity declined from 77.18% to 51.74% over the same timeframe.
- Current Liability Trends
- Current liabilities demonstrated a general upward trajectory, increasing from 18.54% in March 2021 to a peak of 34.55% in December 2024. This growth was primarily driven by accrued expenses and other current liabilities, which climbed from 16.94% to a high of 32.11% in June 2024 before stabilizing between 25% and 28% through March 2026. Accounts payable remained a relatively small and volatile component, generally fluctuating between 1% and 2.5%.
- Non-Current Liability Evolution
- Non-current liabilities remained stable and low, typically between 4% and 6%, until June 2025. At that point, a substantial increase occurred, with non-current liabilities rising to 19.62%. This spike is directly attributable to the introduction of convertible notes, net, which appeared in June 2025 at 16.05% and remained a significant liability component through March 2026, settling at 13.82%.
- Equity and Retained Earnings Analysis
- The equity section shows a marked transition in the company's financial health. Additional paid-in capital, which initially exceeded 100% of the total balance sheet in early 2021, trended downward to 72.95% by March 2026. More notably, the accumulated deficit deepened from -29.19% in March 2021 to a peak deficit of -50.72% in June 2023. Following this peak, the accumulated deficit showed a consistent recovery, improving to -21.81% by March 2026, suggesting a reduction in losses relative to the total balance sheet size.
- Lease Obligations
- Operating lease liabilities exhibited a gradual decline in common-size terms. Non-current operating lease liabilities decreased from 4.07% in March 2021 to 2.32% in March 2026. Current operating lease liabilities remained marginal throughout the period, generally staying below 0.65%.
Overall, the financial profile transitioned from a high-equity, low-liability structure to one with higher leverage, characterized by a surge in short-term accrued obligations and the strategic introduction of long-term convertible debt, alongside a positive trend in the reduction of the accumulated deficit.