Stock Analysis on Net
Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH)

$24.99

Income Statement
Quarterly Data

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.

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DoorDash, Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 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
Revenue
Cost of revenue, exclusive of depreciation and amortization
Gross profit
Sales and marketing
Research and development
General and administrative
Depreciation and amortization
Restructuring charges
Income (loss) from operations
Interest income, net
Interest expense
Other income (expense), net
Income (loss) before income taxes
(Provision for) benefit from income taxes
Net income (loss) including redeemable non-controlling interests
Net loss attributable to redeemable non-controlling interests
Net income (loss) attributable to DoorDash, Inc. common stockholders

Based on: 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).

Revenue demonstrates a consistent and significant upward trajectory, growing from 1,077 million USD in March 2021 to 4,036 million USD by March 2026. This growth is accompanied by a steady increase in gross profit, which expanded from 514 million USD to 2,044 million USD over the same period. The gross margin has shown a gradual improvement, shifting from approximately 47.7% in early 2021 to roughly 50.6% by the first quarter of 2026, indicating enhanced efficiency in direct cost management relative to revenue growth.

Operating Expense Trends
Sales and marketing expenses increased in absolute terms from 333 million USD to 746 million USD; however, as a percentage of revenue, these costs declined from approximately 31% in March 2021 to 18.5% in March 2026, suggesting improved customer acquisition efficiency and scaling benefits. Research and development expenditures grew more aggressively in relative terms, increasing from 82 million USD to 398 million USD, reflecting a heightened commitment to platform innovation. General and administrative costs also rose, though they exhibited some volatility, particularly peaking in June 2024 before stabilizing.
Transition to Operational Profitability
A critical inflection point occurred in the third quarter of 2024, where income from operations turned positive for the first time at 107 million USD. Prior to this, the company experienced persistent operating losses, which peaked at 370 million USD in December 2022. Since the shift to profitability in late 2024, operating income has remained positive, reaching 151 million USD by March 2026, signaling a successful transition from a growth-at-all-costs model to a sustainable operational framework.
Net Income and Non-Operating Factors
Net losses attributable to common stockholders were substantial in the early periods, with a notable spike to a loss of 640 million USD in December 2022. This outlier was primarily driven by a significant negative entry in other income/expense of 305 million USD during that quarter. Similar to the operating trend, net income became positive in September 2024 (162 million USD) and has since maintained a positive trend, ending at 184 million USD in March 2026.
Interest and Tax Dynamics
Interest income, net, showed a marked increase from 2 million USD in early 2021 to a peak of 71 million USD in September 2025, suggesting a significant accumulation of cash balances or short-term investments. Tax provisions remained volatile, oscillating between benefits and provisions, which contributed to minor fluctuations in the final net income figures.

Overall, the financial profile reveals a company that has successfully scaled its top-line revenue while optimizing its cost structure. The reduction in the relative weight of sales and marketing expenses and the expansion of gross margins were the primary drivers in moving the company from heavy operational losses to consistent quarterly profitability starting in the second half of 2024.