Stock Analysis on Net
Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH)

$24.99

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.

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DoorDash, Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
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
Depreciation and amortization
Stock-based compensation
Reduction of operating lease right-of-use assets and accretion of operating lease liabilities
Amortization of deferred contract costs
Office lease impairment expenses
Adjustments to non-marketable equity securities, including impairment, net
Other
Funds held at payment processors
Accounts receivable, net
Prepaid expenses and other current assets
Other assets
Accounts payable
Accrued expenses and other current liabilities
Payments for operating lease liabilities
Other liabilities
Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Purchases of property and equipment
Capitalized software and website development costs
Purchases of investments
Maturities of investments
Sales of investments
Purchases of non-marketable equity securities
Acquisitions, net of cash acquired
Settlement of deal-contingent forward contract
Other investing activities
Net cash used in investing activities
Proceeds from issuance of convertible notes, net of issuance costs
Proceeds from issuance of warrants
Purchase of convertible note hedges
Proceeds from exercise of stock options
Deferred offering costs paid
Repayment of convertible notes
Taxes paid related to net share settlement of equity awards
Repurchase of common stock
Payments of acquisition-related deferred cash consideration
Other financing activities
Net cash provided by (used in) financing activities
Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents
Cash and cash equivalents, and restricted cash and cash equivalents, beginning of period
Cash and cash equivalents, and restricted cash and cash equivalents, end of period

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).

The cash flow statement reveals a significant evolution in the company’s financial position over the five-year period. Initially experiencing negative net income, the company transitioned to profitability in 2024, with continued growth in 2025. Operating cash flow demonstrated a substantial improvement, while investment and financing activities exhibited considerable fluctuations.

Operating Activities
Net cash provided by operating activities increased markedly from US$692 million in 2021 to US$2,431 million in 2025. This improvement was driven by a shift from net loss to net income, coupled with substantial increases in non-cash adjustments such as depreciation and amortization, and stock-based compensation. Notably, adjustments to reconcile net income to net cash provided by operating activities consistently remained positive and increased over time, indicating effective working capital management. However, changes in assets and liabilities were volatile, with a significant decrease in 2025.
Investing Activities
Net cash used in investing activities was consistently negative throughout the period, primarily due to significant purchases of investments. While maturities and sales of investments provided some offsetting cash inflows, these were insufficient to counteract the substantial outflows. The company’s investment activity decreased in magnitude from US$2,047 million in 2021 to US$4,391 million in 2025, largely due to a large acquisition in 2025. Purchases of property and equipment and capitalized software remained relatively stable.
Financing Activities
Net cash flow from financing activities fluctuated considerably. 2021 and 2022 saw net cash outflows, driven by repayment of convertible notes and taxes paid related to net share settlement. 2023 experienced a substantial net cash outflow due to repurchase of common stock. However, 2025 showed a significant net cash inflow of US$2,360 million, primarily from proceeds from the issuance of convertible notes and warrants. The company also engaged in stock option exercises and experienced some activity related to convertible note hedges.
Cash Position
The company experienced a decrease in cash and cash equivalents in 2021 and 2022. However, beginning in 2023, the cash position improved, culminating in a balance of US$4,681 million in 2025. This improvement was driven by the positive trend in operating cash flow and the significant financing inflows in 2025. The foreign currency effect on cash was relatively small, with a positive impact in 2025.
Working Capital
Significant fluctuations were observed in several working capital accounts. Accounts receivable, net, increased in absolute value as a cash outflow each year. Prepaid expenses and other current assets also consistently represented a cash outflow. Accounts payable showed some variability, while accrued expenses and other current liabilities generally increased, providing a cash inflow. Funds held at payment processors also fluctuated, representing both inflows and outflows.

Overall, the company demonstrated a strengthening financial position, transitioning from losses to profitability and significantly improving its operating cash flow. While investment activities remained a consistent use of cash, the company successfully leveraged financing activities, particularly in 2025, to bolster its cash reserves.