Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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.
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DoorDash, Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2020
- Operating Profit Margin since 2020
- Current Ratio since 2020
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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DoorDash, Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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).
Total liabilities exhibited a consistent upward trend from March 31, 2021, to December 31, 2025, increasing from US$1,347 million to US$9,613 million. This growth was particularly pronounced between June 30, 2022, and December 31, 2025. Stockholders’ equity also generally increased over the period, rising from US$4,555 million to US$10,033 million, though with some fluctuations, particularly between September 30, 2022, and March 31, 2023. The combined total of liabilities, redeemable non-controlling interests, and stockholders’ equity mirrored this overall growth, expanding from US$5,902 million to US$19,659 million.
- Accounts Payable
- Accounts payable demonstrated volatility throughout the observed period. It increased significantly from March 31, 2021 (US$75 million) to December 31, 2021 (US$161 million), then decreased to US$157 million by December 31, 2022. A subsequent increase was observed, peaking at US$397 million by December 31, 2025. This suggests potential fluctuations in supplier credit terms or purchasing patterns.
- Current Operating Lease Liabilities
- Current operating lease liabilities showed a steady increase from US$19 million in March 31, 2021, to US$105 million in December 31, 2025. This consistent growth indicates an expanding commitment to leased assets, potentially reflecting business expansion and a preference for operating leases over capital leases.
- Accrued Expenses and Other Current Liabilities
- Accrued expenses and other current liabilities exhibited the most substantial growth among the current liabilities, increasing from US$1,000 million in March 31, 2021, to US$5,645 million in December 31, 2025. This significant rise warrants further investigation to determine the underlying drivers, which could include increased operational complexity, changes in accounting practices, or a rise in unearned revenue.
- Non-Current Liabilities
- Non-current liabilities generally increased over the period, though less dramatically than accrued expenses. The most significant change occurred between March 31, 2024, and June 30, 2025, with the introduction and subsequent growth of convertible notes, net, reaching US$2,721 million in June 30, 2025. Excluding the convertible notes, the non-current liabilities showed a moderate increase.
- Stockholders’ Equity Components
- Additional paid-in capital experienced substantial growth, increasing from US$6,278 million in March 31, 2021, to US$14,092 million in December 31, 2025, likely driven by equity issuances. Accumulated deficit remained negative throughout the period, but its rate of increase slowed and eventually began to decrease after June 30, 2023, indicating improving profitability. Accumulated other comprehensive income (loss) fluctuated, experiencing a significant loss in earlier periods before becoming positive in later periods.
- Redeemable Non-Controlling Interests
- Redeemable non-controlling interests remained relatively stable and low throughout most of the period, with a slight increase towards the end of the observed timeframe, reaching US$13 million by December 31, 2025. This suggests a limited impact from non-controlling interests on the overall financial structure.
In summary, the company experienced significant growth in both liabilities and stockholders’ equity. The substantial increase in accrued expenses and other current liabilities, coupled with the introduction of convertible notes, warrants further scrutiny. The growth in stockholders’ equity, driven primarily by additional paid-in capital, suggests successful fundraising efforts. The overall trend indicates a rapidly expanding business, but also increasing financial obligations.