Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
DoorDash, Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 an increased reliance on liabilities. Total liabilities as a percentage of total liabilities, redeemable non-controlling interests, and stockholders’ equity rose from 22.82% in March 2021 to a peak of 49.23% in June 2026, indicating a significant increase in the organization's leverage over the analyzed period.
- Current Liability Trends
- Current liabilities demonstrate a sustained upward trajectory, increasing from 18.54% in March 2021 to 31.05% by September 2026. This growth is primarily driven by accrued expenses and other current liabilities, which expanded from 16.94% to a peak of 32.11% in June 2024 before stabilizing around 29% in the final quarters. Accounts payable remained relatively low and stable, generally fluctuating between 1% and 2.5% of the total balance sheet.
- Non-Current Liability and Financing Shifts
- Non-current liabilities remained stable between 4% and 6% for the majority of the period until a structural shift occurred in June 2025. At this juncture, non-current liabilities spiked to 19.62%, coinciding with the introduction of convertible notes, which accounted for 16.05% of the total capital structure. This suggests a strategic pivot toward long-term debt financing. Following this issuance, convertible notes remained a significant component of the balance sheet, settling at 13.26% by September 2026.
- Equity and Retained Earnings Analysis
- Stockholders’ equity declined from 77.18% in March 2021 to 52.07% by September 2026. A critical observation is the movement of the accumulated deficit; it widened significantly from -29.19% in March 2021 to a peak deficit of -50.72% in June 2023. However, a recovery trend is evident from mid-2023 onwards, with the deficit narrowing to -21.96% by September 2026, suggesting an improvement in operational profitability or a reduction in net losses.
- Paid-in Capital and Comprehensive Income
- Additional paid-in capital showed substantial volatility, peaking at 117.25% in June 2023 before experiencing a notable decline starting in June 2025, falling to 73.57% by September 2026. This reduction corresponds with the increase in total liabilities and the introduction of convertible instruments. Accumulated other comprehensive income remained a marginal factor, fluctuating slightly between negative and positive values without exerting a significant impact on the overall equity position.
Overall, the financial profile transitioned from a low-leverage position characterized by high contributed capital and expanding losses to a more leveraged position with a stabilizing deficit and a more diversified debt profile.
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