Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

DoorDash, Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Accounts payable	321)	216)	157)	161)	80)
Current operating lease liabilities	68)	68)	55)	26)	15)
Convertible notes	—)	—)	—)	—)	364)
Litigation reserves	160)	75)	37)	107)	178)
Sales tax payable and accrued sales and indirect taxes	337)	245)	194)	167)	149)
Accrued operations related expenses	446)	331)	220)	217)	139)
Accrued advertising	142)	112)	124)	102)	62)
Dasher and merchant payable	1,136)	950)	702)	424)	110)
Insurance reserves	1,049)	758)	418)	143)	55)
Contract liabilities	396)	308)	251)	183)	108)
Other	383)	347)	386)	230)	142)
Accrued expenses and other current liabilities	4,049)	3,126)	2,332)	1,573)	943)
Current liabilities	4,438)	3,410)	2,544)	1,760)	1,402)
Non-current operating lease liabilities	468)	454)	456)	373)	238)
Other liabilities	129)	162)	21)	9)	13)
Non-current liabilities	597)	616)	477)	382)	251)
Total liabilities	5,035)	4,026)	3,021)	2,142)	1,653)
Redeemable non-controlling interests	7)	7)	14)	—)	—)
Common stock, $0.00001 par value	—)	—)	—)	—)	—)
Additional paid-in capital	13,165)	11,887)	10,633)	6,752)	6,313)
Accumulated other comprehensive income (loss)	(107)	73)	(33)	(4)	—)
Accumulated deficit	(5,255)	(5,154)	(3,846)	(2,081)	(1,613)
Stockholders’ equity	7,803)	6,806)	6,754)	4,667)	4,700)
Total liabilities, redeemable non-controlling interests and stockholders’ equity	12,845)	10,839)	9,789)	6,809)	6,353)

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).

The financial data demonstrates significant trends in liabilities and equity over the five-year period from 2020 to 2024.

Current liabilities

There is a consistent increase in current liabilities, rising from US$1,402 million in 2020 to US$4,438 million in 2024. This growth is driven by several components:

Accounts payable: More than quadrupled, from US$80 million in 2020 to US$321 million in 2024, indicating increased purchases or obligations to suppliers.
Current operating lease liabilities: Increased substantially from US$15 million to US$68 million by 2023, remaining stable into 2024.
Sales tax payable and accrued taxes: Grew steadily from US$149 million to US$337 million, suggesting higher taxable sales or tax accruals.
Accrued operations related expenses: More than tripled, climbing from US$139 million to US$446 million, which could reflect growing operational costs or accrual policies.
Dasher and merchant payable: Expanded over tenfold, from US$110 million to US$1,136 million by 2024, highlighting significant increases in amounts payable to service providers and partners.
Insurance reserves: Rose nearly twentyfold from US$55 million to US$1,049 million, a major increase potentially pointing to heightened risk exposures or reserved liabilities.
Contract liabilities: Increased from US$108 million to US$396 million, showing growth in deferred revenue or obligations under contract terms.
Accrued advertising: Fluctuated moderately, increasing overall from US$62 million to US$142 million, indicating rises in accrued marketing expenses.
Accrued expenses and other current liabilities: More than quadrupled, moving from US$943 million to US$4,049 million, representing a broad expansion in accrued costs and miscellaneous liabilities.

Non-current liabilities

Non-current liabilities play a smaller but growing role, rising from US$251 million in 2020 to US$597 million in 2024.

Non-current operating lease liabilities: More than doubled from US$238 million to approximately US$468 million, suggesting commitments for future lease obligations.
Other liabilities: Showed volatility, increasing sharply from US$13 million in 2020 to US$162 million in 2023 before moderating to US$129 million in 2024.

Total liabilities

Total liabilities have grown significantly from US$1,653 million in 2020 to US$5,035 million in 2024, driven primarily by increases in current liabilities.

Redeemable non-controlling interests

These appear starting in 2022 at US$14 million, decreasing to US$7 million by 2024, indicating minor equity interests that are redeemable.

Stockholders’ equity

Stockholders’ equity rose from US$4,700 million in 2020 to US$7,803 million in 2024, showing capital growth despite a steadily increasing accumulated deficit. This is supported by a significant increase in additional paid-in capital, which nearly doubles from US$6,313 million to US$13,165 million over the time span.

The accumulated deficit expands substantially from -US$1,613 million to -US$5,255 million, indicating continued net losses or distributions exceeding earnings.

Accumulated other comprehensive income (loss) exhibits volatility, moving from negative US$4 million in 2021 to a positive US$73 million in 2023 before shifting to a negative US$107 million in 2024, reflecting fluctuating unrealized gains or losses.

Summary of Trends

The data reveals a pattern of rapid growth in liabilities, particularly in current liabilities related to payables, reserves, and accrued expenses, reflecting expansion in operations, higher obligations to partners, and increased risk retention.

Equity has increased due to capital injections, although the rising accumulated deficit signals ongoing operational losses or distributions. The growing scale of liabilities and equity combined suggests significant corporate growth, investment, and possibly elevated risk and cost structures during the period analyzed.

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DoorDash, Inc. (NASDAQ:DASH)

Balance Sheet: Liabilities and Stockholders’ Equity