Stock Analysis on Net
Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH)

$24.99

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., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
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
Office lease impairment expenses
Change in fair value of deal-contingent forward contract
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 operating assets and liabilities, net of assets acquired and liabilities assumed from acquisition
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Purchases of property and equipment
Capitalized software and website development costs
Purchases of marketable securities
Maturities of marketable securities
Sales of marketable securities
Purchases of non-marketable equity securities
Acquisitions, net of cash acquired
Other investing activities
Net cash (used in) provided by 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
Other financing activities
Net cash provided by (used in) financing activities
Foreign currency effect on cash, cash equivalents, and restricted cash
Net increase (decrease) in cash, cash equivalents, and restricted cash

Based on: 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).

Net Income (Loss)
The net income figures demonstrate a predominantly negative trend throughout 2021 and 2022, with losses deepening to a peak loss of -642 million USD in December 2022. Starting in the first quarter of 2024, the company shifts to positive net income, showing a steady improvement and reaching 284 million USD by March 2025.
Depreciation and Amortization
Depreciation and amortization expenses have generally increased from 29 million USD in early 2021 to 159 million USD in mid-2025, indicating growing investment in capital assets or software development, reflecting ongoing capitalization policies.
Stock-Based Compensation
Stock-based compensation exhibits an upward trajectory over the period, starting at 97 million USD in early 2021 and peaking intermittently around 311 million USD in mid-2023, before moderately declining and fluctuating around the 235 to 282 million USD range through early 2025.
Operating Lease Expenses
Expenses relating to operating leases including right-of-use asset reductions and accretion liabilities show a gradual increase from 11 million USD in Q1 2021 to 27 million USD by Q2 2025. Office lease impairments appear as irregular, one-off expenses with notable spikes in Q4 2024 and minimally in Q3 2023.
Adjustments to Non-Marketable Equity Securities
This category is volatile, with a significant impairment recorded at 303 million USD in Q4 2022, followed by smaller impairments and adjustments in 2023 and 2024. This indicates losses or write-downs in the value of such investments over the periods.
Working Capital Items
Cash flow effects from working capital show inconsistency. Accounts receivable fluctuate substantially, with sharp negative impacts in late 2021 and late 2023. Prepaid expenses and other current assets shift from positive to significantly negative values, indicating variations in prepayments or asset recognition strategies. Accrued expenses and current liabilities vary widely with considerable increases in late 2021 and late 2022, contributing positively to cash flows.
Cash Flows from Operating Activities
Net cash provided by operating activities reflects strong operational cash generation, improving from losses in early 2022 to consistent positive inflows exceeding 500 million USD from early 2023 onward, indicating improved operational efficiency or profitability.
Investing Activities
Investing cash flows are negative for most periods, primarily driven by purchases of marketable securities and capital expenditures on property, equipment, and software development. Occasional maturities of marketable securities provide some cash inflows. Large negative cash outflows are observed in acquisition-related activities in 2025, indicating strategic investments or restructuring.
Financing Activities
Financing cash flows show a complex pattern. Early periods record net cash outflows mainly due to stock repurchases and convertible note repayments. In 2025, there is a pronounced positive cash inflow attributable to convertible notes issuance and warrants issuance totaling significant proceeds. Stock repurchases are sizeable but intermittent, peaking in 2021 and early 2023.
Cash and Cash Equivalents
Overall cash levels fluctuate with a significant decline through 2021 and early 2022 followed by recovery and growth from mid-2022. The net increase in cash is particularly strong in late 2024 through early 2025, supported by improved cash from operations and substantial financing inflows.
Foreign Currency Effects
Foreign currency effects on cash balances are relatively minor but exhibit volatility across quarters, sometimes dampening or enhancing net cash changes.
Summary of Key Insights
The data reveals a company transitioning from a phase of sustained net losses and operational cash challenges to achieving profitability and solid cash flow generation from operations by 2024. Investments in capital assets and software are ongoing, while strategic equity investments have resulted in some impairments. Active financial management is evident via convertible debt issuances and share repurchases. Overall liquidity trends improve markedly in recent years, supported by positive operational cash flows and financing activities.