Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH)

$24.99

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., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
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
Accounts payable
Current operating lease liabilities
Accrued expenses and other current liabilities
Current liabilities
Non-current operating lease liabilities
Convertible notes, net
Other liabilities
Non-current liabilities
Total liabilities
Redeemable non-controlling interests
Common stock, $0.00001 par value
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Stockholders’ equity
Total liabilities, redeemable non-controlling interests and stockholders’ equity

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).


The balance sheet demonstrates a substantial expansion in total capitalization, growing from 5,902 million US dollars in March 2021 to 19,711 million US dollars by March 2026. This growth is characterized by a significant increase in both total liabilities and stockholders' equity, reflecting an aggressive scaling of the capital base over the analyzed period.

Current Liabilities Trends
Current liabilities exhibited a consistent upward trajectory, rising from 1,094 million US dollars in March 2021 to 6,026 million US dollars in March 2026. The primary driver of this increase was accrued expenses and other current liabilities, which surged from 1,000 million US dollars to 5,653 million US dollars. Accounts payable also showed a general increase, though with more volatility, ending at 268 million US dollars in the final quarter.
Non-Current Liabilities and Debt Structure
Non-current liabilities remained relatively stable between 253 million and 697 million US dollars from March 2021 through March 2024. However, a structural shift occurred in June 2025 with the introduction of convertible notes totaling approximately 2,721 million US dollars. This issuance caused non-current liabilities to jump to 3,475 million US dollars by March 2026, indicating a strategic shift toward long-term debt financing.
Stockholders' Equity and Capital Contributions
Stockholders' equity more than doubled, increasing from 4,555 million US dollars in March 2021 to 10,198 million US dollars in March 2026. This growth was primarily fueled by additional paid-in capital, which rose from 6,278 million US dollars to 14,379 million US dollars, suggesting significant equity infusions over the period.
Accumulated Deficit and Profitability Indicators
The accumulated deficit trend indicates a period of intensifying losses followed by a recovery phase. The deficit widened from 1,723 million US dollars in March 2021 to a peak of 5,154 million US dollars in December 2023. Following this peak, a steady reduction in the deficit is observed, narrowing to 4,298 million US dollars by March 2026, which suggests an improvement in operational performance and a trend toward profitability.
Overall Leverage and Financial Position
The ratio of total liabilities to stockholders' equity shifted over time. In March 2021, liabilities represented approximately 29% of the total balance sheet. By March 2026, total liabilities increased to 9,501 million US dollars, representing approximately 48% of the total balance sheet. The increase in leverage is attributed both to the growth in operating liabilities and the strategic issuance of convertible notes in 2025.