Cash Flow Statement
Quarterly Data
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. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2020
- Operating Profit Margin since 2020
- Current Ratio since 2020
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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DoorDash, Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 cash flow statement reveals a volatile pattern of cash generation and usage over the analyzed period. Initially, the company experienced consistent net losses, impacting operating cash flow negatively. However, a shift towards positive net income and improved operational efficiency is evident in recent quarters, culminating in substantial positive operating cash flow in late 2024 and early 2025.
Significant fluctuations are observed in investing and financing activities, largely driven by marketable securities transactions, convertible note issuances and repayments, and stock repurchase programs. These activities have created substantial swings in the overall cash position.
- Operating Activities
- Net cash used in operating activities was consistently negative from March 2021 through December 2021, peaking at a loss of US$642 million. A gradual improvement began in 2022, with net cash provided by operations reaching US$165 million in June 2022. This trend continued, with substantial positive cash flow in the latter half of 2023 and throughout 2024 and early 2025, peaking at US$871 million in September 2025. This improvement correlates with the reduction in net losses and increases in adjustments to reconcile net income to net cash flow, particularly stock-based compensation and changes in operating assets and liabilities.
- Investing Activities
- Investing activities demonstrate considerable volatility. Large outflows were consistently observed due to purchases of marketable securities, particularly a significant US$1,013 million outflow in June 2021. Maturities of marketable securities provided offsetting inflows, but these were not always sufficient to offset the purchases. In late 2024 and early 2025, acquisitions resulted in substantial cash outflows, notably a US$2,953 million outflow in December 2025. Capital expenditures remained relatively stable, ranging between US$23 million and US$74 million per quarter.
- Financing Activities
- Financing activities were heavily influenced by debt and equity transactions. A large cash outflow of US$496 million was recorded in March 2021, primarily due to repayment of convertible notes and taxes paid related to net share settlement. In June 2025, a significant inflow of US$2,375 million was driven by proceeds from the issuance of convertible notes. Stock repurchases were a recurring outflow, with a substantial US$400 million outflow in September 2022. The company also experienced fluctuations related to the exercise of stock options and deferred offering costs.
- Key Adjustments to Net Income
- Stock-based compensation consistently contributed a significant positive adjustment to net cash from operations, increasing from US$97 million in March 2021 to US$276 million in September 2025. Depreciation and amortization also provided a consistent, though smaller, positive adjustment, growing from US$29 million to US$267 million over the period. Changes in operating assets and liabilities were a major driver of cash flow, with significant swings throughout the period, reflecting the company’s working capital management.
- Funds Held at Payment Processors & Accounts Receivable
- Fluctuations in funds held at payment processors and accounts receivable significantly impacted operating cash flow. Large outflows from funds held at payment processors were observed in December 2021 (-US$189 million) and December 2025 (-US$187 million). Accounts receivable also showed considerable variability, with large outflows in several quarters, indicating potential challenges in collecting payments promptly.
Overall, the company’s cash flow profile has evolved from a period of substantial cash burn to one of increasing cash generation from operations, though this is coupled with significant strategic investments and financing activities. The recent trend suggests improved financial health, but continued monitoring of investment and financing decisions is warranted.