Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
DoorDash, Inc., liquidity ratios (quarterly data)
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).
The liquidity position exhibits a cyclical pattern characterized by a sustained initial decline, a period of relative stabilization, a temporary surge in mid-2025, and a subsequent sharp contraction heading into early 2026.
- Current Ratio
- A consistent downward trend is observed from March 2022 (2.51) through December 2023 (1.64). The ratio entered a period of stability throughout the first half of 2024 before increasing to a peak of 2.07 in June 2025. This recovery was short-lived, as the ratio declined significantly to 1.43 by March 2026.
- Quick Ratio
- The quick ratio mirrors the trajectory of the current ratio, beginning at 2.23 in March 2022 and decreasing to 1.35 by March 2024. A notable increase occurred during the first half of 2025, reaching 1.83 in June, before dropping to 1.14 by March 2026.
- Cash Ratio
- The cash ratio followed a nearly identical path, starting at 2.04 in early 2022 and dipping to 1.20 by March 2024. After peaking at 1.65 in June 2025, the ratio fell below the 1.00 threshold for the first time in the recorded period, ending at 0.97 in March 2026.
The minimal variance between the current, quick, and cash ratios indicates that current assets are primarily composed of cash and cash equivalents, with inventory playing a negligible role in the liquidity structure. The pronounced volatility observed between June 2025 and March 2026 suggests a significant shift in the balance of short-term assets relative to current liabilities.
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Current Ratio
DoorDash, Inc., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 8,592) | 8,643) | 10,493) | 9,735) | 7,853) | 7,386) | 6,760) | 6,617) | 6,130) | 5,597) | 5,142) | 4,605) | 4,587) | 4,720) | 4,690) | 4,833) | 4,418) | ||||||
| Current liabilities | 6,026) | 6,147) | 5,132) | 4,696) | 4,577) | 4,438) | 4,094) | 4,028) | 3,743) | 3,410) | 2,986) | 2,726) | 2,651) | 2,544) | 2,216) | 2,026) | 1,760) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.43 | 1.41 | 2.04 | 2.07 | 1.72 | 1.66 | 1.65 | 1.64 | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| Airbnb Inc. | 1.44 | 1.38 | 1.39 | 1.23 | 1.27 | 1.69 | 1.62 | 1.41 | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | ||||||
| Booking Holdings Inc. | 1.06 | 1.33 | 1.33 | 1.25 | 1.22 | 1.31 | 1.23 | 1.17 | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | ||||||
| Chipotle Mexican Grill Inc. | 0.92 | 1.23 | 1.54 | 1.65 | 1.52 | 1.52 | 1.62 | 1.71 | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | ||||||
| McDonald’s Corp. | 1.14 | 0.95 | 1.00 | 1.30 | 1.18 | 1.19 | 0.78 | 1.08 | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | ||||||
| Starbucks Corp. | 1.05 | 0.72 | 0.76 | 0.64 | 0.75 | 0.75 | 0.89 | 0.86 | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | ||||||
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).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 8,592 ÷ 6,026 = 1.43
2 Click competitor name to see calculations.
The liquidity profile of the entity exhibits a general transition from a highly liquid position to a more constrained current ratio, characterized by an initial period of steady decline, a mid-term stabilization, and subsequent volatility toward the end of the analyzed period.
- Asset and Liability Growth Patterns
- Current assets demonstrated a significant long-term expansion, rising from US$ 4,418 million in March 2022 to a peak of US$ 10,493 million in September 2025, before experiencing a contraction to US$ 8,592 million by March 2026. Parallel to this, current liabilities grew consistently and almost linearly from US$ 1,760 million in March 2022 to a peak of US$ 6,147 million in December 2025. The growth in short-term obligations was more persistent than the fluctuations in current assets, contributing to the overall compression of the liquidity ratio.
- Current Ratio Trend Analysis
- The current ratio underwent four distinct phases. First, a contraction phase occurred between March 2022 and December 2023, where the ratio fell from 2.51 to 1.64. Second, a period of stabilization was observed from March 2024 through December 2024, with the ratio remaining nearly flat between 1.64 and 1.66. Third, a liquidity surge occurred in the first half of 2025, peaking at 2.07 in June 2025. Finally, a sharp decline was recorded in late 2025 and early 2026, with the ratio dropping to 1.41 in December 2025 and ending at 1.43 in March 2026.
- Liquidity Risk Observations
- While the current ratio remained above 1.0 throughout the entire period—indicating that current assets always exceeded current liabilities—the downward trajectory from the 2.51 level seen in early 2022 suggests a reduction in the margin of safety for meeting short-term obligations. The most acute compression occurred between September 2025 and December 2025, where a decrease in current assets combined with a peak in current liabilities led to a rapid deterioration of the liquidity ratio from 2.04 to 1.41.
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Quick Ratio
DoorDash, Inc., quick ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 4,575) | 4,378) | 3,279) | 3,911) | 4,500) | 4,019) | 3,664) | 3,430) | 3,124) | 2,656) | 2,344) | 1,904) | 1,833) | 1,977) | 2,320) | 2,727) | 2,243) | ||||||
| Restricted cash | 300) | 273) | 4,080) | 2,750) | 202) | 190) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Short-term investments | 958) | 1,128) | 964) | 1,088) | 1,317) | 1,322) | 1,300) | 1,424) | 1,366) | 1,422) | 1,477) | 1,552) | 1,573) | 1,544) | 1,492) | 1,272) | 1,353) | ||||||
| Accounts receivable, net | 1,034) | 1,108) | 894) | 840) | 782) | 732) | 622) | 585) | 546) | 533) | 417) | 383) | 382) | 400) | 325) | 346) | 321) | ||||||
| Total quick assets | 6,867) | 6,887) | 9,217) | 8,589) | 6,801) | 6,263) | 5,586) | 5,439) | 5,036) | 4,611) | 4,238) | 3,839) | 3,788) | 3,921) | 4,137) | 4,345) | 3,917) | ||||||
| Current liabilities | 6,026) | 6,147) | 5,132) | 4,696) | 4,577) | 4,438) | 4,094) | 4,028) | 3,743) | 3,410) | 2,986) | 2,726) | 2,651) | 2,544) | 2,216) | 2,026) | 1,760) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 1.14 | 1.12 | 1.80 | 1.83 | 1.49 | 1.41 | 1.36 | 1.35 | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| Airbnb Inc. | 1.39 | 1.33 | 1.36 | 1.20 | 1.25 | 1.64 | 1.59 | 1.38 | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | ||||||
| Booking Holdings Inc. | 0.99 | 1.26 | 1.26 | 1.18 | 1.15 | 1.24 | 1.16 | 1.11 | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | ||||||
| Chipotle Mexican Grill Inc. | 0.78 | 1.01 | 1.32 | 1.46 | 1.39 | 1.34 | 1.41 | 1.52 | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | ||||||
| McDonald’s Corp. | 0.87 | 0.74 | 0.82 | 1.03 | 0.90 | 0.90 | 0.58 | 0.82 | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | ||||||
| Starbucks Corp. | 0.42 | 0.46 | 0.52 | 0.40 | 0.53 | 0.52 | 0.59 | 0.56 | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | ||||||
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).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 6,867 ÷ 6,026 = 1.14
2 Click competitor name to see calculations.
The liquidity position of the entity exhibits a cyclical pattern characterized by an initial period of contraction, a mid-term recovery, and a subsequent sharp decline toward the end of the analyzed period. The quick ratio, which serves as a primary indicator of short-term solvency, shifted from a peak of 2.23 in March 2022 to a low of 1.12 in December 2025, before stabilizing slightly at 1.14 in March 2026.
- Initial Liquidity Contraction (March 2022 – December 2023)
- A consistent downward trend in the quick ratio is observed during this period, falling from 2.23 to 1.35. This decline was driven by current liabilities increasing from 1,760 million to 3,410 million, growth that outpaced the relative increase in total quick assets, which rose from 3,917 million to 4,611 million.
- Asset Expansion and Ratio Recovery (March 2024 – June 2025)
- The liquidity ratio entered a phase of recovery starting in March 2024, climbing from 1.35 to a peak of 1.83 by June 2025. This improvement was supported by a substantial acceleration in the accumulation of quick assets, which grew from 5,036 million in March 2024 to 8,589 million in June 2025, effectively buffering the continued rise in current liabilities.
- Recent Liquidity Deterioration (September 2025 – March 2026)
- A significant erosion of the quick ratio occurred in the final quarters, dropping sharply from 1.80 in September 2025 to 1.12 in December 2025. This deterioration is attributable to a steep reduction in total quick assets, which fell from 9,217 million to 6,887 million in a single quarter, while current liabilities simultaneously reached their peak of 6,147 million. A marginal recovery to 1.14 was noted by March 2026 as liabilities slightly decreased to 6,026 million.
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Cash Ratio
DoorDash, Inc., cash ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 4,575) | 4,378) | 3,279) | 3,911) | 4,500) | 4,019) | 3,664) | 3,430) | 3,124) | 2,656) | 2,344) | 1,904) | 1,833) | 1,977) | 2,320) | 2,727) | 2,243) | ||||||
| Restricted cash | 300) | 273) | 4,080) | 2,750) | 202) | 190) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Short-term investments | 958) | 1,128) | 964) | 1,088) | 1,317) | 1,322) | 1,300) | 1,424) | 1,366) | 1,422) | 1,477) | 1,552) | 1,573) | 1,544) | 1,492) | 1,272) | 1,353) | ||||||
| Total cash assets | 5,833) | 5,779) | 8,323) | 7,749) | 6,019) | 5,531) | 4,964) | 4,854) | 4,490) | 4,078) | 3,821) | 3,456) | 3,406) | 3,521) | 3,812) | 3,999) | 3,596) | ||||||
| Current liabilities | 6,026) | 6,147) | 5,132) | 4,696) | 4,577) | 4,438) | 4,094) | 4,028) | 3,743) | 3,410) | 2,986) | 2,726) | 2,651) | 2,544) | 2,216) | 2,026) | 1,760) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.97 | 0.94 | 1.62 | 1.65 | 1.32 | 1.25 | 1.21 | 1.21 | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| Airbnb Inc. | 0.73 | 0.81 | 0.83 | 0.60 | 0.69 | 1.04 | 0.99 | 0.71 | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | ||||||
| Booking Holdings Inc. | 0.81 | 1.03 | 1.02 | 0.94 | 0.95 | 1.03 | 0.95 | 0.90 | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | ||||||
| Chipotle Mexican Grill Inc. | 0.70 | 0.88 | 1.24 | 1.37 | 1.30 | 1.22 | 1.32 | 1.43 | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | ||||||
| McDonald’s Corp. | 0.28 | 0.18 | 0.40 | 0.44 | 0.31 | 0.28 | 0.19 | 0.20 | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | ||||||
| Starbucks Corp. | 0.31 | 0.34 | 0.40 | 0.29 | 0.41 | 0.39 | 0.44 | 0.42 | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | ||||||
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).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,833 ÷ 6,026 = 0.97
2 Click competitor name to see calculations.
The analysis of the company's liquidity position reveals a volatile trend in the cash ratio over the observed period, transitioning from a position of high liquidity to a recent state where cash assets no longer fully cover current liabilities.
- Initial Liquidity Contraction (2022 - 2023)
- A consistent downward trend in the cash ratio is observed from March 31, 2022, to December 31, 2023, falling from 2.04 to 1.20. This contraction was driven by the rapid expansion of current liabilities, which grew from $1,760 million to $3,410 million, outstripping the growth of cash assets during this interval.
- Period of Stability (2024)
- Between March 31, 2024, and December 31, 2024, the cash ratio entered a phase of relative stability, remaining within a tight range between 1.20 and 1.25. During this time, the growth of total cash assets and current liabilities moved in approximate tandem, maintaining a consistent liquidity buffer.
- Liquidity Peak and Subsequent Decline (2025 - 2026)
- A significant surge in liquidity occurred during the first three quarters of 2025, with total cash assets peaking at $8,323 million in September 2025, driving the cash ratio to a high of 1.65 in June 2025. However, a sharp reduction in cash assets to $5,779 million by December 2025, combined with liabilities increasing to $6,147 million, resulted in the ratio falling below the 1.0 threshold. The period concluded with the cash ratio at 0.97 as of March 31, 2026, indicating that cash assets are currently insufficient to cover total current liabilities on a standalone basis.
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