Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

DoorDash, Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	4,378)	4,019)	2,656)	1,977)	2,504)
Restricted cash	273)	190)	105)	—)	—)
Short-term investments	1,128)	1,322)	1,422)	1,544)	1,253)
Funds held at payment processors	587)	436)	356)	441)	320)
Accounts receivable, net	1,108)	732)	533)	400)	349)
Prepaid expenses	414)	237)	165)	—)	—)
Deferred contract costs	79)	64)	51)	—)	—)
Other receivable	279)	133)	163)	—)	—)
Other current assets	397)	253)	146)	358)	139)
Prepaid expenses and other current assets	1,169)	687)	525)	358)	139)
Current assets	8,643)	7,386)	5,597)	4,720)	4,565)
Long-term investments	837)	835)	583)	397)	650)
Operating lease right-of-use assets	437)	389)	436)	436)	336)
Property and equipment, net	1,067)	778)	712)	637)	402)
Intangible assets, net	2,260)	510)	659)	765)	61)
Goodwill	5,519)	2,315)	2,432)	2,370)	316)
Other assets	896)	632)	420)	464)	479)
Non-current assets	11,016)	5,459)	5,242)	5,069)	2,244)
Total assets	19,659)	12,845)	10,839)	9,789)	6,809)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets experienced substantial growth over the analyzed period, increasing from US$6.809 billion in 2021 to US$19.659 billion in 2025. This growth was primarily driven by significant increases in non-current assets, particularly goodwill and intangible assets. Current assets also demonstrated consistent growth throughout the period.

Liquidity and Current Assets: Current assets increased steadily from US$4.565 billion in 2021 to US$8.643 billion in 2025. Cash and cash equivalents fluctuated, decreasing initially to US$1.977 billion in 2022 before rising to US$4.378 billion in 2025. Accounts receivable, net, exhibited a strong upward trend, more than tripling from US$349 million to US$1.108 billion over the five-year period. Restricted cash and funds held at payment processors also showed growth, albeit from a smaller base. Prepaid expenses and other current assets increased significantly, particularly in the later years of the period.
Long-Term Investments and Fixed Assets: Long-term investments experienced volatility, decreasing from US$650 million in 2021 to US$397 million in 2022, then increasing to US$837 million in 2025. Operating lease right-of-use assets remained relatively stable, with a slight decrease observed in 2024. Property and equipment, net, demonstrated consistent growth, increasing from US$402 million to US$1.067 billion.
Intangible Assets and Goodwill: Intangible assets, net, experienced substantial growth, particularly between 2022 and 2025, rising from US$765 million to US$2.260 billion. Goodwill saw the most dramatic increase, growing from US$316 million in 2021 to US$5.519 billion in 2025. This suggests significant acquisitions or internal development contributing to increased brand value or other intangible benefits.
Other Assets: Other assets showed moderate growth, increasing from US$479 million in 2021 to US$896 million in 2025. This category represents a smaller portion of total assets compared to the other asset classes.
Non-Current Asset Composition: The composition of non-current assets shifted considerably. While long-term investments and fixed assets experienced growth, the dominant driver of the increase in non-current assets was the substantial rise in goodwill and intangible assets. In 2021, goodwill and intangible assets comprised approximately 28% of non-current assets; by 2025, they represented over 75% of this category. This indicates a strategic shift towards investments that generate significant intangible value.

The overall trend indicates a company undergoing significant expansion and investment, with a growing emphasis on intangible assets and goodwill. The increase in accounts receivable suggests increased sales activity, while the fluctuations in cash and cash equivalents may reflect operational needs and investment strategies.

DoorDash, Inc. (NASDAQ:DASH)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items