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: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 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
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 operating assets and liabilities, net of assets acquired and liabilities assumed from acquisitions
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 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) 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
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

Based on: 10-Q (reporting date: 2026-03-31), 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).

A significant transition in financial performance is observed, characterized by a shift from consistent quarterly net losses between 2021 and early 2024 to sustained positive net income beginning in the third quarter of 2024. While net losses peaked at 642 million in the fourth quarter of 2022, the company achieved a turnaround, with net income reaching a peak of 284 million in the first quarter of 2025 and maintaining profitability through the first quarter of 2026.

Operating Cash Flow Dynamics
Net cash provided by operating activities shows a robust growth trend, decoupling from net income trends in the earlier periods. From 2021 through 2023, operating cash flow remained positive despite net losses, largely supported by significant non-cash adjustments. Stock-based compensation served as a primary driver, increasing from approximately 97 million in early 2021 to a range between 231 million and 311 million in subsequent years. Depreciation and amortization also trended upward, growing from 29 million in March 2021 to 269 million by March 2026, contributing to the cash flow buffer.
Investment and Acquisition Activity
Investing activities are characterized by heavy allocations toward marketable securities and strategic acquisitions. A notable escalation in capital deployment occurred in 2025, with acquisitions totaling approximately 1.15 billion in the second quarter and 2.95 billion in the fourth quarter of 2025. This aggressive expansion coincided with a strategy of managing liquidity through the purchase and maturity of short-term investments, which remained a constant feature of the investing cash flows throughout the analyzed period.
Financing and Capital Structure
Financing activities remained relatively muted until the second quarter of 2025, which saw a substantial influx of cash totaling 2.375 billion. This was primarily driven by the issuance of convertible notes totaling 2.722 billion and warrants of 341 million, offset by 680 million used for convertible note hedges. Additionally, the company initiated a pattern of common stock repurchases, with significant outflows observed in 2022 and 2023, and a further 162 million spent in the first quarter of 2026.
Liquidity and Asset Management
Changes in operating assets and liabilities have exhibited high volatility. Significant fluctuations are observed in accrued expenses and other current liabilities, which peaked at 486 million in the third quarter of 2025. The management of funds held at payment processors and accounts receivable shows a cyclical pattern, often resulting in substantial quarterly swings that impact the overall net increase or decrease in cash and cash equivalents.

Overall, the financial trajectory indicates a transition from a growth-phase company relying on non-cash adjustments to sustain operations toward a profitable entity capable of funding large-scale acquisitions through a combination of internal operating cash flow and strategic debt issuance.