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.

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

US$ in millions

Microsoft Excel
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: 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).


Liabilities

Total liabilities demonstrated a consistent upward trend from $1,347 million in March 2021 to $8,463 million by September 2025. This increase was primarily influenced by growth in both current and non-current liabilities components.

Current liabilities increased steadily from $1,094 million to $5,132 million over the period, with notable rises in accrued expenses and other current liabilities, which grew from $1,000 million to $4,794 million. Accounts payable exhibited volatility but overall trended upwards from $75 million to $257 million. Current operating lease liabilities also increased moderately from $19 million to $81 million.

Non-current liabilities rose from $253 million to $3,331 million. Non-current operating lease liabilities remained relatively stable, fluctuating around $240 million to $454 million. A significant driver of non-current liabilities growth was the emergence of convertible notes, net, which appeared only in the later periods and reached $2,722 million by September 2025. Other liabilities saw a transient spike, peaking at $214 million in December 2023 before declining and stabilizing around $155 million.

Redeemable Non-Controlling Interests

Redeemable non-controlling interests showed a slight decline, decreasing from $16 million at their peak towards lower single-digit values in recent quarters. The balance fluctuated modestly but remained relatively small compared to total liabilities and equity.

Stockholders’ Equity

Stockholders’ equity rose substantially from $4,555 million in March 2021 to $9,495 million by March 2025. This growth was supported by increases in additional paid-in capital, which nearly doubled from $6,278 million to $13,760 million over the period.

The accumulated deficit expanded substantially initially, reaching a peak negative balance of approximately -$5,396 million in September 2024, and then showed a gradual improvement to -$4,533 million by September 2025, indicating some recovery in retained earnings or net income generation.

Accumulated other comprehensive income (loss) was volatile, swinging between negative and positive territory without a clear sustained trend, indicating fluctuations in items such as foreign currency translation adjustments or unrealized gains and losses.

Total Capital Structure

The total of liabilities, redeemable non-controlling interests, and stockholders’ equity increased from $5,902 million to $17,971 million, more than tripling over the observed period. This reflects overall expansion in the company's financial size and capital base.

The increased reliance on liabilities, especially the significant issuance of convertible notes, suggests a shift towards more debt financing in later years. The growth in equity capital and the reduction in accumulated deficit in the final periods may indicate strengthening financial health and capital adequacy.