Analysis of Geographic Areas
DoorDash, Inc. operates in 2 regions: United States and International.
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- 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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Area Asset Turnover
DoorDash, Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
Asset turnover ratios for the examined geographic areas demonstrate distinct performance trends over the five-year period. The United States exhibits a consistent upward trajectory, while the International segment shows substantial improvement from a low base.
- United States
- The asset turnover ratio for the United States experienced a slight decrease from 6.87 in 2021 to 6.59 in 2022. However, subsequent years reveal a strong positive trend, increasing to 7.93 in 2023, 9.72 in 2024, and reaching 10.15 in 2025. This indicates increasing efficiency in utilizing assets to generate revenue within the United States.
- International
- The International segment’s asset turnover ratio began at a significantly lower level of 0.39 in 2021. A marked improvement is observed in 2022, rising to 2.68. This upward momentum continued through 2023 (5.11) and 2024 (6.60), before moderating slightly to 6.02 in 2025. While still below the United States ratio, the International segment demonstrates considerable progress in asset utilization.
- Comparative Analysis
- A substantial difference in asset turnover ratios between the two geographic areas is apparent throughout the period. The United States consistently maintains a significantly higher ratio, suggesting more effective asset management. The International segment’s increasing ratio indicates a closing of the gap, but a considerable disparity remains. The rate of improvement in the International segment is notably higher than the already strong performance in the United States, suggesting potential for further gains in efficiency.
Overall, the asset turnover trends suggest successful strategies in both geographic areas, with the International segment showing particularly strong growth in asset utilization. Continued monitoring of these ratios will be important to assess the sustainability of these trends.
Area Asset Turnover: United States
DoorDash, Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
The financial performance related to asset utilization within the United States demonstrates a positive trajectory over the observed period. Revenue consistently increased annually, while long-lived assets experienced more moderate growth. This resulted in a notable improvement in area asset turnover.
- Revenue
- Revenue exhibited a consistent upward trend, increasing from US$4,877 million in 2021 to US$11,460 million in 2025. The largest year-over-year increase occurred between 2023 and 2024, with growth of approximately 22.7%.
- Long-lived assets
- Long-lived assets increased from US$710 million in 2021 to US$1,129 million in 2025. Growth was most pronounced between 2021 and 2022, increasing by 33.6%. However, the rate of increase slowed in subsequent years, with a relatively small decrease observed between 2022 and 2023.
- Area asset turnover
- Area asset turnover, a measure of how efficiently assets are used to generate revenue, increased from 6.87 in 2021 to 10.15 in 2025. A slight decrease was observed between 2021 and 2022, but the ratio then increased consistently through 2025. The most significant improvement in asset turnover occurred between 2023 and 2024, rising from 7.93 to 9.72. This indicates a growing ability to generate sales from the existing asset base.
The increasing area asset turnover suggests improved operational efficiency and effective asset management within the United States. The consistent revenue growth, coupled with relatively stable long-lived asset investment, contributed to this positive trend. The acceleration in asset turnover in recent years warrants further investigation to understand the drivers of this improvement and whether it is sustainable.
Area Asset Turnover: International
DoorDash, Inc.; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Long-lived assets
= ÷ =
The financial performance related to international operations demonstrates a significant upward trend in revenue and long-lived assets between 2021 and 2025. This growth is accompanied by a substantial increase in area asset turnover, indicating improving efficiency in asset utilization.
- Revenue
- Revenue from international areas increased dramatically from US$11 million in 2021 to US$2,257 million in 2025. The most substantial growth occurred between 2021 and 2022, followed by continued, though moderating, increases in subsequent years. This represents a compound annual growth rate exceeding 100% over the five-year period.
- Long-lived assets
- Long-lived assets allocated to international areas also experienced considerable growth, rising from US$28 million in 2021 to US$375 million in 2025. While the increase is substantial, the rate of growth is less pronounced than that of revenue, suggesting a potentially efficient scaling of assets relative to sales.
- Area asset turnover
- The area asset turnover ratio exhibits a strong positive trend. Starting at 0.39 in 2021, it increased to 2.68 in 2022, and further to 5.11 in 2023. The ratio peaked at 6.60 in 2024 before decreasing slightly to 6.02 in 2025. This indicates that the company is generating more revenue per dollar of long-lived assets invested in international operations, and is becoming increasingly efficient in its asset utilization. The slight decrease in 2025 warrants further investigation, but does not negate the overall positive trend.
Overall, the financial metrics suggest a successful expansion of international operations, characterized by robust revenue growth and improving asset efficiency. The increasing area asset turnover ratio is a particularly positive indicator, demonstrating the company’s ability to effectively leverage its assets to generate sales in these markets.
Revenue
DoorDash, Inc., revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Revenue exhibits a consistent upward trajectory across the observed period. The United States remains the dominant revenue contributor, while International revenue demonstrates substantial growth, albeit from a smaller base.
- United States Revenue
- Revenue from the United States increased steadily from US$4,877 million in 2021 to US$11,460 million in 2025. This represents a cumulative growth of approximately 135.1% over the five-year period. The rate of growth appears relatively consistent year-over-year, indicating sustained demand within this market.
- International Revenue
- International revenue experienced the most significant proportional growth. Starting at US$11 million in 2021, it rose to US$2,257 million in 2025, a substantial increase of over 20,000%. Growth accelerated significantly between 2021 and 2022, and continued at a strong pace throughout the period, though the percentage increase decelerated as the base grew larger. This suggests successful expansion into new markets and increasing adoption of the service internationally.
- Total Revenue
- Total revenue, combining both geographic areas, grew from US$4,888 million in 2021 to US$13,717 million in 2025, representing a cumulative growth of approximately 180.6%. The growth rate of total revenue is influenced by the strong performance of both the United States and International segments. The contribution of International revenue to the total revenue increased substantially over the period, moving from a negligible percentage in 2021 to a more significant portion by 2025.
- Relative Contribution
- In 2021, the United States accounted for nearly all of the total revenue. By 2025, while the United States still represents the majority of revenue, the International segment’s contribution has become increasingly noteworthy. This shift indicates a diversification of revenue streams and reduced reliance on a single geographic market.
The observed trends suggest a successful growth strategy, with both domestic and international markets contributing to overall revenue expansion. The rapid growth in International revenue is particularly noteworthy and warrants further investigation to understand the drivers and sustainability of this trend.
Long-lived assets
DoorDash, Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Long-lived assets exhibited consistent growth across both the United States and International segments over the five-year period. The United States consistently represents the majority of these assets, though the International segment demonstrates a higher growth rate.
- United States
- Long-lived assets in the United States increased from US$710 million in 2021 to US$1,129 million in 2025. Growth was most pronounced between 2021 and 2022, with an increase of US$239 million. Subsequent annual increases were more moderate, ranging from US$14 million to US$38 million. A slight decrease was observed between 2022 and 2023, followed by a further slight decrease between 2023 and 2024.
- International
- The International segment experienced substantial growth in long-lived assets, increasing from US$28 million in 2021 to US$375 million in 2025. This represents a significant compound annual growth rate. Growth accelerated each year, with increases of US$96 million, US$43 million, US$33 million, and US$175 million between 2021-2022, 2022-2023, 2023-2024, and 2024-2025 respectively. This indicates increasing investment in long-lived assets within international markets.
- Total
- Total long-lived assets grew from US$738 million in 2021 to US$1,504 million in 2025. The rate of total asset growth mirrored the growth in the International segment, accelerating over time. The largest single-year increase occurred between 2024 and 2025, with an increase of US$337 million, driven primarily by the International segment’s expansion.
- Segment Contribution
- In 2021, the United States accounted for approximately 96.2% of total long-lived assets. By 2025, this proportion decreased to approximately 75.1%, reflecting the increasing contribution of the International segment. This shift suggests a strategic reallocation of investment towards international operations.
The observed trends suggest a continued commitment to expanding infrastructure and operations, particularly within international markets. The increasing proportion of long-lived assets held internationally warrants further investigation to understand the specific nature of these investments and their potential impact on future financial performance.