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, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	397)	321)	216)	157)	161)
Current operating lease liabilities	105)	68)	68)	55)	26)
Litigation reserves	263)	160)	75)	37)	107)
Sales tax payable and accrued sales and indirect taxes	589)	337)	245)	194)	167)
Accrued operations related expenses	502)	446)	331)	220)	217)
Accrued advertising	170)	142)	112)	124)	102)
Dasher and merchant payable	1,703)	1,136)	950)	702)	424)
Insurance reserves	1,114)	1,049)	758)	418)	143)
Contract liabilities	547)	396)	308)	251)	183)
Other	757)	383)	347)	386)	230)
Accrued expenses and other current liabilities	5,645)	4,049)	3,126)	2,332)	1,573)
Current liabilities	6,147)	4,438)	3,410)	2,544)	1,760)
Non-current operating lease liabilities	461)	468)	454)	456)	373)
Convertible notes, net	2,724)	—)	—)	—)	—)
Other liabilities	281)	129)	162)	21)	9)
Non-current liabilities	3,466)	597)	616)	477)	382)
Total liabilities	9,613)	5,035)	4,026)	3,021)	2,142)
Redeemable non-controlling interests	13)	7)	7)	14)	—)
Common stock, $0.00001 par value	—)	—)	—)	—)	—)
Additional paid-in capital	14,092)	13,165)	11,887)	10,633)	6,752)
Accumulated other comprehensive income (loss)	261)	(107)	73)	(33)	(4)
Accumulated deficit	(4,320)	(5,255)	(5,154)	(3,846)	(2,081)
Stockholders’ equity	10,033)	7,803)	6,806)	6,754)	4,667)
Total liabilities, redeemable non-controlling interests and stockholders’ equity	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).

Overall, the presented financial information reveals a significant increase in both liabilities and stockholders’ equity over the five-year period. While stockholders’ equity demonstrates consistent growth, the expansion of liabilities, particularly in later years, warrants closer examination. Several liability accounts exhibit substantial increases, while changes in stockholders’ equity are driven primarily by additional paid-in capital and a diminishing accumulated deficit.

Current Liabilities: Current liabilities demonstrate a consistent upward trend, increasing from US$1,760 million in 2021 to US$6,147 million in 2025. This growth is largely attributable to increases in ‘Dasher and merchant payable’, ‘Insurance reserves’, ‘Sales tax payable and accrued sales and indirect taxes’, and ‘Accrued operations related expenses’. ‘Dasher and merchant payable’ experienced the most substantial growth, rising from US$424 million to US$1,703 million over the period. ‘Insurance reserves’ also saw a considerable increase, growing from US$143 million to US$1,114 million. The ‘Accrued expenses and other current liabilities’ account also increased significantly, more than tripling from US$1,573 million to US$5,645 million.
Non-Current Liabilities: Non-current liabilities also increased over the period, though the most significant jump occurs in 2025 with the introduction of ‘Convertible notes, net’ at US$2,724 million. Prior to 2025, growth was more moderate, increasing from US$382 million in 2021 to US$616 million in 2023, before decreasing slightly to US$597 million in 2024. ‘Non-current operating lease liabilities’ remained relatively stable, fluctuating between US$373 million and US$468 million. The addition of ‘Convertible notes, net’ in 2025 dramatically increases the total non-current liabilities to US$3,466 million.
Total Liabilities: Total liabilities increased substantially, rising from US$2,142 million in 2021 to US$9,613 million in 2025. This increase is driven by the growth in both current and non-current liabilities, with the 2025 figure being significantly impacted by the introduction of ‘Convertible notes, net’. The rate of increase accelerates in the later years of the period.
Stockholders’ Equity: Stockholders’ equity shows consistent growth, increasing from US$4,667 million in 2021 to US$10,033 million in 2025. The primary driver of this growth is ‘Additional paid-in capital’, which increased from US$6,752 million to US$14,092 million. ‘Accumulated deficit’ decreased over the period, moving from a negative US$2,081 million in 2021 to a negative US$4,320 million in 2025, indicating improving profitability or reduced losses. ‘Accumulated other comprehensive income (loss)’ fluctuated, but ended the period at a positive US$261 million, contributing to the overall equity increase.
Redeemable Non-Controlling Interests: Redeemable non-controlling interests remained relatively small, fluctuating between US$7 million and US$14 million throughout the period, ending at US$13 million in 2025.
Total Liabilities and Stockholders’ Equity: The combined total of liabilities, redeemable non-controlling interests, and stockholders’ equity increased significantly, from US$6,809 million in 2021 to US$19,659 million in 2025. This growth reflects the overall expansion of the company’s financial structure, driven by both increased liabilities and growing equity.

In summary, the company experienced substantial growth in both liabilities and equity. The increasing liabilities, particularly in the later years, require further investigation to assess the associated risks and the company’s ability to meet its obligations. The growth in stockholders’ equity is positive, driven by capital infusions and a reduction in accumulated deficits.

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DoorDash, Inc. (NASDAQ:DASH)

Balance Sheet: Liabilities and Stockholders’ Equity