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
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).
The income statement reveals a trajectory of increasing revenue alongside evolving profitability for the analyzed period. Revenue demonstrates consistent growth, expanding from US$4,888 million in 2021 to US$13,717 million in 2025. However, the path to net income has been uneven, marked by initial losses transitioning to profitability towards the end of the period.
- Revenue and Gross Profit
- Revenue increased steadily throughout the period, with growth rates accelerating from 22.7% (2022) to 29.7% (2023) and 23.2% (2024) before moderating to 17.9% (2025). This growth in revenue is mirrored by an increase in gross profit, rising from US$2,550 million in 2021 to US$6,979 million in 2025. The cost of revenue also increased, but at a rate generally lower than revenue growth, contributing to expanding gross margins.
- Operating Expenses
- Significant investment in operating expenses is evident. Sales and marketing expenses increased consistently, from US$1,619 million in 2021 to US$2,476 million in 2025, indicating continued efforts to acquire and retain customers. Research and development expenses also rose substantially, from US$430 million in 2021 to US$1,431 million in 2025, suggesting a focus on innovation and platform development. General and administrative expenses also increased, though at a slower pace than the other two categories. Depreciation and amortization also increased over the period.
- Operational Performance
- Income from operations initially declined, experiencing a loss of US$452 million in 2021 and a larger loss of US$1,124 million in 2022. However, operational performance improved significantly, with a loss of US$579 million in 2023, a small loss of US$38 million in 2024, and finally achieving a profit of US$723 million in 2025. This turnaround suggests increasing operational efficiency and the benefits of scale.
- Non-Operating Items and Net Income
- Interest income, net, increased substantially over the period, from US$3 million in 2021 to US$211 million in 2025, contributing positively to overall profitability. Other income (expense), net, was negative in 2022 and 2023, but became positive in 2024 and 2025. Net income (loss) attributable to DoorDash, Inc. common stockholders followed the trend of operational performance, moving from a loss of US$468 million in 2021 to a profit of US$935 million in 2025. The impact of redeemable non-controlling interests remained relatively small throughout the period.
- Tax Impact
- The company experienced a small provision for income taxes in early years, followed by a benefit in 2023, and then a provision again in 2024 and 2025, aligning with the shift from net losses to net income.
In summary, the financial performance demonstrates a transition from a growth-focused, loss-making phase to a more mature, profitable stage. While revenue growth remains strong, the increasing profitability is driven by improvements in operational efficiency and the positive impact of non-operating income.
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