Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

DoorDash, Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income (loss) including redeemable non-controlling interests	932)	117)	(565)	(1,368)	(468)
Depreciation and amortization	747)	561)	509)	369)	156)
Stock-based compensation	1,051)	1,099)	1,088)	889)	486)
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities	118)	103)	108)	81)	52)
Amortization of deferred contract costs	77)	60)	45)	—)	—)
Office lease impairment expenses	11)	83)	—)	2)	—)
Adjustments to non-marketable equity securities, including impairment, net	(17)	4)	101)	303)	—)
Other	37)	(31)	(30)	18)	75)
Funds held at payment processors	(113)	(87)	86)	(86)	(174)
Accounts receivable, net	(359)	(222)	(141)	(33)	(94)
Prepaid expenses and other current assets	(247)	(146)	(105)	(165)	85)
Other assets	(240)	(279)	(96)	(90)	(51)
Accounts payable	54)	82)	70)	(15)	79)
Accrued expenses and other current liabilities	577)	943)	702)	566)	595)
Payments for operating lease liabilities	(125)	(116)	(113)	(75)	(44)
Other liabilities	(72)	(39)	14)	(29)	(5)
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions	(525)	136)	417)	73)	391)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	1,499)	2,015)	2,238)	1,735)	1,160)
Net cash provided by operating activities	2,431)	2,132)	1,673)	367)	692)
Purchases of property and equipment	(257)	(104)	(123)	(176)	(129)
Capitalized software and website development costs	(348)	(226)	(201)	(170)	(108)
Purchases of investments	(1,376)	(1,951)	(1,946)	(1,948)	(2,344)
Maturities of investments	1,379)	1,774)	1,940)	1,552)	720)
Sales of investments	433)	70)	7)	387)	224)
Purchases of non-marketable investments	(47)	—)	(17)	(15)	(409)
Acquisitions, net of cash acquired	(4,151)	—)	—)	71)	—)
Settlement of deal-contingent forward contract	(24)	—)	—)	—)	—)
Other investing activities	—)	(7)	(2)	(1)	(1)
Net cash used in investing activities	(4,391)	(444)	(342)	(300)	(2,047)
Proceeds from issuance of convertible notes, net of issuance costs	2,720)	—)	—)	—)	—)
Proceeds from issuance of warrants	341)	—)	—)	—)	—)
Purchase of convertible note hedges	(680)	—)	—)	—)	—)
Proceeds from exercise of stock options	9)	14)	6)	11)	32)
Deferred offering costs paid	—)	—)	—)	—)	(10)
Repayment of convertible notes	—)	—)	—)	—)	(333)
Taxes paid related to net share settlement of equity awards	—)	—)	—)	—)	(172)
Repurchase of common stock	—)	(224)	(750)	(400)	—)
Payments of acquisition-related deferred cash consideration	(20)	—)	—)	—)	—)
Other financing activities	(10)	6)	(8)	14)	—)
Net cash provided by (used in) financing activities	2,360)	(204)	(752)	(375)	(483)
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents	60)	(35)	5)	(10)	(1)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents	460)	1,449)	584)	(318)	(1,839)
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period	4,221)	2,772)	2,188)	2,506)	4,345)
Cash and cash equivalents, and restricted cash and cash equivalents, end of period	4,681)	4,221)	2,772)	2,188)	2,506)

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).

A significant transition in financial performance is observed between 2021 and 2025, characterized by a shift from substantial net losses to consistent profitability and strengthened operational cash generation. While the company experienced a peak loss in 2022, a steady recovery followed, resulting in positive net income starting in 2024 and accelerating into 2025.

Operating Cash Flow and Profitability: Net cash provided by operating activities exhibits a strong upward trajectory, growing from 692 million in 2021 to 2,431 million by 2025. This growth is supported by the transition of net income from a loss of 1,368 million in 2022 to a profit of 932 million in 2025. The operational cash flow remains consistently higher than net income, indicating a high volume of non-cash charges.
Non-Cash Adjustments: Stock-based compensation represents a primary driver of the reconciliation between net income and operating cash flow, remaining consistently high and peaking at 1,099 million in 2024. Additionally, depreciation and amortization have scaled steadily from 156 million in 2021 to 747 million in 2025, reflecting an expanding asset base.
Working Capital Trends: A negative trend is observable in accounts receivable, which increased from a 94 million drag in 2021 to a 359 million drag by 2025, suggesting higher credit extensions or slower collections. Conversely, accrued expenses provided significant cash inflows through 2024, although this decreased substantially in 2025 to 577 million.
Investing Activities and Capital Expenditure: Investment in infrastructure has increased, with the combined spend on property, equipment, and capitalized software rising from 237 million in 2021 to 605 million in 2025. The most notable event occurred in 2025, where net cash used in investing activities surged to 4,391 million, primarily driven by acquisitions totaling 4,151 million.
Financing and Liquidity Position: Financing activities shifted from a focus on equity reduction via stock repurchases between 2022 and 2024 to significant capital raising in 2025. The issuance of convertible notes and warrants provided 3,061 million in gross proceeds in 2025, partially offset by 680 million spent on convertible note hedges. This strategy facilitated the large-scale acquisitions of 2025 while maintaining a robust cash position, with end-of-period cash and equivalents reaching 4,681 million.

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DoorDash, Inc. (NASDAQ:DASH)

Cash Flow Statement