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-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, as indicated by the current, quick, and cash ratios, demonstrates a generally declining trend from March 31, 2022, through December 31, 2023, followed by some fluctuation and a more pronounced decrease in the most recent period. While ratios initially suggest a strong ability to cover short-term obligations, the latter part of the observed period indicates a potential weakening in this capacity.
- Current Ratio
- The current ratio decreased consistently from 2.51 in March 2022 to 1.64 in December 2023. This suggests a diminishing capacity to meet short-term liabilities with short-term assets. A slight increase is observed through March 2025 (1.72), but a significant drop to 1.41 is noted by June 2025. This final decrease warrants further investigation.
- Quick Ratio
- Mirroring the current ratio, the quick ratio also exhibited a downward trend from 2.23 in March 2022 to 1.35 in December 2023. This indicates a similar decline in the ability to cover immediate liabilities with the most liquid assets. The quick ratio experiences a more substantial increase than the current ratio, reaching 1.83 in June 2025, before falling to 1.12 in December 2025. This volatility suggests changes in inventory management or current liabilities.
- Cash Ratio
- The cash ratio demonstrates the most consistent decline, moving from 2.04 in March 2022 to 1.20 in December 2023. This signifies a reduction in the proportion of current assets held as cash. A modest recovery is seen through March 2025 (1.32), but a substantial decrease to 0.94 in December 2025 is observed, indicating a reduced ability to cover immediate obligations solely with available cash.
Overall, the observed trends suggest a potential shift in the company’s liquidity management strategy or changes in its operating cycle. The declines in all three ratios, particularly the sharp drops in the most recent quarter, necessitate a deeper analysis of the underlying components of current assets and current liabilities to understand the drivers of these changes and assess any potential risks to short-term financial health.
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Current Ratio
DoorDash, Inc., current ratio calculation (quarterly data)
| 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 | 8,643) | 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 | 6,147) | 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 | 1.41 | 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. | 1.38 | 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. | 1.33 | 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. | 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. | 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. | 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-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 Q4 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 8,643 ÷ 6,147 = 1.41
2 Click competitor name to see calculations.
The current ratio exhibited a generally declining trend from March 31, 2022, through December 31, 2023, before showing some fluctuation and a subsequent decrease. Initial values indicated a relatively strong liquidity position, but this position weakened over the analyzed period.
- Overall Trend
- The current ratio began at 2.51 in March 2022 and decreased to a low of 1.64 by December 2023. A slight increase was observed in the first half of 2024, stabilizing around 1.64-1.65. However, a more pronounced decline occurred in late 2024 and early 2025, falling to 1.41 by December 2025.
- Initial Decline (2022)
- From March to December 2022, the current ratio decreased from 2.51 to 1.86. This decline suggests that current liabilities were growing at a faster rate than current assets during this period. While still above 1.0, indicating sufficient current assets to cover current liabilities, the margin of safety was diminishing.
- Stabilization and Subsequent Drop (2023-2025)
- The ratio continued to fall in the first half of 2023, reaching 1.69. It then stabilized around 1.64-1.65 through the first three quarters of 2024. The significant drop to 1.41 by December 2025 represents a notable weakening in the short-term liquidity position. This suggests a potential increase in short-term obligations or a decrease in readily available current assets.
- Peak and Trough
- The highest recorded current ratio was 2.51 in March 2022. The lowest recorded current ratio was 1.41 in December 2025. This represents a 43.8% decrease over the analyzed timeframe.
- Recent Increase (Early 2025)
- A temporary increase to 2.07 and 2.04 was observed in March and June 2025, respectively. This suggests a short-term improvement in liquidity, potentially due to a seasonal influx of current assets or a reduction in current liabilities. However, this improvement was not sustained, as the ratio fell sharply in the subsequent quarter.
The observed trends indicate a gradual erosion of the short-term liquidity position, culminating in a significantly lower current ratio by the end of the analyzed period. Further investigation into the composition of current assets and current liabilities would be necessary to determine the underlying causes of these fluctuations and assess the potential risks to the company’s short-term financial health.
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Quick Ratio
DoorDash, Inc., quick ratio calculation (quarterly data)
| 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 | 4,378) | 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 | 273) | 4,080) | 2,750) | 202) | 190) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Short-term marketable securities | 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 | 1,108) | 894) | 840) | 782) | 732) | 622) | 585) | 546) | 533) | 417) | 383) | 382) | 400) | 325) | 346) | 321) | |||||
| Total quick assets | 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 | 6,147) | 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 | 1.12 | 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. | 1.33 | 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. | 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. | 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. | 0.74 | 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. | 0.46 | 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-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 Q4 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 6,887 ÷ 6,147 = 1.12
2 Click competitor name to see calculations.
The quick ratio exhibited a generally declining trend from March 31, 2022, through December 31, 2023, before stabilizing and then increasing in subsequent periods. Initial values indicated a strong liquidity position, but this position weakened over the analyzed timeframe, followed by a recovery.
- Initial Decline (Mar 31, 2022 – Dec 31, 2023)
- The quick ratio began at 2.23 and decreased to 1.35 over this period. This suggests a diminishing ability to meet short-term obligations with highly liquid assets. The decrease coincided with increases in current liabilities, indicating a faster growth rate of short-term obligations compared to quick assets.
- Stabilization and Improvement (Mar 31, 2024 – Jun 30, 2025)
- From March 31, 2024, the quick ratio stabilized around 1.35 for several quarters, then demonstrated a positive trend, reaching 1.83 by June 30, 2025. This improvement is attributable to a more substantial increase in total quick assets relative to current liabilities. The ratio peaked at 1.83, indicating a strengthened short-term liquidity position.
- Recent Decrease (Sep 30, 2025 – Dec 31, 2025)
- A notable decrease in the quick ratio occurred between September 30, 2025, and December 31, 2025, falling from 1.80 to 1.12. This decline is primarily driven by a significant increase in current liabilities, outpacing any change in quick assets. This recent drop warrants further investigation to understand the underlying causes and potential implications for short-term solvency.
- Asset and Liability Trends
- Total quick assets generally increased over the entire period, although with some quarterly fluctuations. Current liabilities consistently increased throughout the period, with the most substantial increases occurring in the latter half of 2023 and the end of 2025. The interplay between these two components largely dictates the observed trends in the quick ratio.
Overall, the quick ratio demonstrates a period of weakening liquidity followed by a recovery, and then a recent decline. While the ratio generally remained above 1.0, indicating sufficient liquid assets to cover immediate liabilities for most of the period, the recent decrease to 1.12 suggests a potential vulnerability that should be monitored closely.
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Cash Ratio
DoorDash, Inc., cash ratio calculation (quarterly data)
| 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 | 4,378) | 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 | 273) | 4,080) | 2,750) | 202) | 190) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||
| Short-term marketable securities | 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 | 5,779) | 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 | 6,147) | 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 | 0.94 | 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. | 0.81 | 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. | 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. | 0.88 | 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. | 0.18 | 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. | 0.34 | 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-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 Q4 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,779 ÷ 6,147 = 0.94
2 Click competitor name to see calculations.
The cash ratio exhibited a general declining trend from March 31, 2022, through December 31, 2023, before stabilizing and then increasing significantly in the first half of 2025. Throughout the observed period, the ratio remained above 1.0, indicating a consistent ability to cover current liabilities with available cash.
- Overall Trend
- The cash ratio began at 2.04 in March 2022 and decreased to a low of 1.20 in both December 2022 and December 2023. A period of relative stability followed through September 2024, with the ratio fluctuating between 1.20 and 1.25. A notable increase is then observed, reaching 1.65 by June 2025, before decreasing to 0.94 by December 2025.
- Initial Decline (March 2022 - December 2023)
- From March 2022 to December 2023, the cash ratio experienced a consistent, though moderate, decline. This suggests that while cash assets decreased, current liabilities increased at a faster rate. The decline from 2.04 to 1.20 represents a substantial reduction in the proportion of current liabilities covered by cash.
- Stabilization and Increase (January 2024 - June 2025)
- Following December 2023, the cash ratio stabilized for several quarters, hovering around 1.21 to 1.32. This indicates a period where the growth of cash assets and current liabilities were more balanced. The subsequent increase to 1.65 by June 2025 suggests a significant build-up in cash relative to current obligations.
- Recent Decrease (July 2025 - December 2025)
- The cash ratio experienced a sharp decrease in the latter half of 2025, falling to 0.94 by December. This indicates a substantial increase in current liabilities, or a significant decrease in cash assets, or a combination of both. This recent decline warrants further investigation to understand the underlying drivers.
- Cash Asset and Liability Dynamics
- Total cash assets increased overall from US$3,596 million in March 2022 to US$7,749 million in June 2025, before decreasing to US$5,779 million in December 2025. Current liabilities also increased substantially over the period, rising from US$1,760 million in March 2022 to US$6,147 million in December 2025. The differing rates of growth in these two items explain the observed fluctuations in the cash ratio.
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