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.

Paying user area

Try for free

DoorDash, Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

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 investments
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).

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.