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)

Microsoft Excel
Sep 30, 2025 Jun 30, 2025 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 1.43 2.04 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 0.45 0.46 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 26.68 25.21 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 28.56% 27.71% 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 2.53 2.67 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
Convertible notes, net 15.15 16.05 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
Other liabilities 0.86 0.90 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 18.54% 19.62% 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 47.09% 47.33% 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 0.07 0.03 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 0.00 0.00
Additional paid-in capital 76.57 79.29 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) 1.49 1.54 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 -25.22 -28.18 -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 52.84% 52.64% 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% 100.00% 100.00%

Based on: 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).

Liability Composition
Current liabilities as a percentage of total liabilities and equity have generally increased from 18.54% in early 2021 to a peak around 34.55% in late 2024, before declining somewhat to 28.56% by the third quarter of 2025. This reflects a rising short-term obligation burden over the period with some recent easing. Accrued expenses and other current liabilities follow a similar pattern, moving from just under 17% to above 34% mid-period, indicating increased operational accruals and short-term liabilities.
Accounts Payable and Lease Liabilities
Accounts payable fluctuated notably, rising from roughly 1.27% in Q1 2021 to near 3% by Q1 2022, then generally trending downwards and stabilizing around 1.4-2.5% afterward, suggesting varying supplier payment obligations. Current operating lease liabilities show a gradual increase over time, from 0.32% to around 0.63%, then a slight reduction to 0.45% by late 2025, indicating modest growth but some contraction in lease commitments.
Non-Current Liabilities
Non-current liabilities experienced fluctuations, initially around 4.29%, peaking near 6.1% in early 2024 before declining significantly to below 5% in 2025. Notably, convertible notes appeared only in 2025, representing a sizeable 15-16% of total liabilities and equity, adding materially to long-term debt structure. Non-current operating lease liabilities decreased steadily from over 5% in 2021 to approximately 2.5% in late 2025, indicating reduced long-term lease commitments.
Stockholders’ Equity and Capital Accounts
Equity as a proportion of total financing declined from roughly 77% in early 2021 to around 53% by late 2025, signifying increasing leverage or dilution. Additional paid-in capital remained relatively stable in the 100%+ range through much of the timeline, peaking near 117% in mid-2023, but then declined sharply to under 80% by 2025, reflecting possible capital structure adjustments or share repurchases. Accumulated deficit expanded notably from -29% to peaks near -50% by early 2023 but then reduced substantially to about -25% by late 2025, demonstrating a trend of narrowing losses or improved retained earnings over recent periods.
Other Comprehensive Income and Redeemable Interests
Accumulated other comprehensive income exhibited volatility with mostly small absolute values, fluctuating between negative values near -3% and positive values slightly above 1.5%, showing modest swings in unrealized gains or losses. Redeemable non-controlling interests emerged in 2022, gradually declining from 0.17% to near negligible levels below 0.1%, indicating minimal influence on the overall capital base.
Overall Capital Structure Trends
The total sum of liabilities, redeemable non-controlling interests, and equity remained constant at 100% by definition. However, the relative shares shifted: current liabilities and accrued expenses grew as a portion, while stockholders’ equity diminished. The emergence of convertible notes as a significant non-current liability in 2025 stands out as a structural change. The data suggest the company has taken on more short-term obligations and non-current convertible debt while experiencing some recovery in accumulated deficits, resulting in increased financial leverage and changes in capital composition.