Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

DoorDash, Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	10,722)	8,635)	6,583)	4,888)	2,886)
Cost of revenue, exclusive of depreciation and amortization	(5,542)	(4,589)	(3,588)	(2,338)	(1,368)
Gross profit	5,180)	4,046)	2,995)	2,550)	1,518)
Sales and marketing	(2,037)	(1,876)	(1,682)	(1,619)	(957)
Research and development	(1,168)	(1,003)	(829)	(430)	(321)
General and administrative	(1,452)	(1,235)	(1,147)	(797)	(556)
Depreciation and amortization	(561)	(509)	(369)	(156)	(120)
Restructuring charges	—)	(2)	(92)	—)	—)
Loss from operations	(38)	(579)	(1,124)	(452)	(436)
Interest income, net	199)	152)	32)	3)	7)
Interest expense	—)	—)	(2)	(14)	(32)
Other income (expense), net	(5)	(107)	(305)	—)	3)
Income (loss) before income taxes	156)	(534)	(1,399)	(463)	(458)
(Provision for) benefit from income taxes	(39)	(31)	31)	(5)	(3)
Net income (loss) including redeemable non-controlling interests	117)	(565)	(1,368)	(468)	(461)
Net loss attributable to redeemable non-controlling interests	6)	7)	3)	—)	—)
Net income (loss) attributable to DoorDash, Inc. common stockholders	123)	(558)	(1,365)	(468)	(461)

Based on: 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), 10-K (reporting date: 2020-12-31).

Revenue: There is a consistent upward trend in revenue, with the company growing from $2,886 million in 2020 to an estimated $10,722 million in 2024. This indicates strong sales growth and market expansion over the years.
Cost of Revenue (exclusive of depreciation and amortization): The cost of revenue has also increased significantly, from $1,368 million in 2020 to $5,542 million in 2024. While absolute costs have risen, the relative proportion compared to revenue would be important to assess operational efficiency further.
Gross Profit: Gross profit shows a positive increasing trend, rising from $1,518 million in 2020 to $5,180 million in 2024. This growth aligns with rising revenue and suggests improving gross margin performance or scaling benefits.
Operating Expenses: Sales and marketing expenses increased steadily from $957 million in 2020 to $2,037 million in 2024. Research and development expenses grew markedly from $321 million in 2020 to $1,168 million in 2024, indicating increased investment in innovation and product development. General and administrative expenses also trended upward, reaching $1,452 million in 2024 from $556 million in 2020. Overall, operating expenses exhibit a consistent rise, reflecting scaling operations and increased spending in strategic areas.
Depreciation and Amortization: These non-cash expenses have increased substantially, from $120 million in 2020 to $561 million in 2024, which may reflect growing asset bases or capital investments.
Restructuring Charges: Restructuring charges appeared in 2022 and 2023 at $92 million and $2 million respectively before disappearing in 2024. This indicates some strategic restructuring activities which were not recurring in the latest period.
Loss from Operations: The company experienced operational losses in all years reported, although there is notable improvement in 2023 and 2024 with losses decreasing from $1,124 million in 2022 to $38 million loss projected for 2024. This trend reflects improving operational efficiency or cost controls despite expanding expenses.
Interest Income and Expense: Interest income increased significantly over the years, reaching $199 million in 2024 from $7 million in 2020, which might suggest higher cash reserves or investments. Interest expense decreased from $32 million in 2020 to negligible levels in more recent years, indicating lower debt or more favorable financing conditions.
Other Income (Expense), net: Other income and expenses show variability, with significant negative amounts in 2022 (-$305 million) and 2023 (-$107 million), improving substantially to near neutral in 2024 (-$5 million). This suggests non-operating sources of volatility that have subsided.
Income Before Taxes: The company recorded losses before income taxes until 2023, with a substantial loss in 2022 (-$1,399 million). However, there is a positive turnaround projected for 2024 at $156 million, indicating improving overall profitability.
Provision for Income Taxes: The tax provision remains modest and fluctuates, with some years showing benefits and others provisions. The amounts range from a small benefit of $31 million in 2022 to provisions of $31 million in 2023 and $39 million projected for 2024. This reflects changes in taxable income and tax management strategies.
Net Income (Loss) Including Redeemable Non-Controlling Interests: Net losses were consistent from 2020 to 2023, peaking at a loss of $1,368 million in 2022, but the company is forecasted to return to profitability in 2024 with a net income of $117 million. This indicates a strong recovery and overall improvement in financial performance.
Net Income (Loss) Attributable to DoorDash, Inc. Common Stockholders: The trend in net income attributable to common stockholders parallels the total net income pattern, with heavy losses in prior years and a positive profit forecast for 2024 at $123 million. This underlines a significant turnaround at the shareholder level.

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DoorDash, Inc. (NASDAQ:DASH)

Income Statement