Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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DoorDash, Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
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DoorDash, Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 progressive shift from a predominantly equity-funded base toward a more balanced distribution between liabilities and equity. Total liabilities as a percentage of the total balance sheet rose steadily from 22.82% in March 2021 to 49.23% by June 2026, indicating an increased reliance on external financing and operational obligations over time.
- Current Liability Trends
- Current liabilities show a consistent upward trajectory, growing from 18.54% in March 2021 to a peak of 34.55% in December 2024. This growth is primarily driven by accrued expenses and other current liabilities, which nearly doubled from 16.94% to 29.38% over the analyzed period. Accounts payable remained relatively low and stable, generally fluctuating between 1.27% and 2.50%.
- Non-Current Liability Structural Shift
- Non-current liabilities remained stable and low, typically between 4% and 6%, until mid-2025. A significant structural change occurred in June 2025 with the introduction of convertible notes, net, which immediately accounted for 16.05% of the total balance sheet. This introduction shifted the non-current liability profile from approximately 4.42% in March 2025 to 17.78% by June 2026.
- Equity and Capital Contributions
- Stockholders' equity experienced a gradual decline, falling from 77.18% in March 2021 to 50.72% by June 2026. Additional paid-in capital, which initially exceeded 100% of the total balance sheet due to the offsetting effect of the accumulated deficit, declined to 75.69% by the end of the period. This suggests that while capital contributions were substantial, they now represent a smaller proportion of the overall financial structure.
- Accumulated Deficit and Comprehensive Income
- The accumulated deficit widened significantly in the first half of the period, reaching a peak of -50.72% in June 2023. A period of improvement followed, with the deficit narrowing to -21.81% by March 2025, before widening again to -25.49% by June 2026. Accumulated other comprehensive income remained a marginal component of the balance sheet, fluctuating slightly around zero for most of the period before showing a small positive trend in 2025.
Overall, the financial profile transitioned from a high-equity, low-debt position to one characterized by increased operational accruals and the strategic implementation of long-term convertible debt. The reduction in the relative weight of stockholders' equity is a direct result of both the expansion of the liability base and the historical impact of the accumulated deficit.