DoorDash, Inc. (NASDAQ:DASH)

Current Ratio

The current ratio exhibits a declining trend from March 2022 (2.51) through December 2023 (1.64), indicating a gradual reduction in liquidity over this period. Beginning in March 2024, the ratio stabilizes around 1.64 to 1.66, followed by a notable improvement in June 2025 (2.07) and September 2025 (2.04), signaling a recovery in the firm's ability to cover short-term liabilities with current assets.

Quick Ratio

The quick ratio follows a similar trajectory to the current ratio, starting at 2.23 in March 2022 and declining consistently until it reaches a low of approximately 1.35 between December 2023 and March 2024. From this point onward, the ratio shows gradual improvement, culminating in a significant rise to 1.83 in June 2025 and slightly tapering to 1.80 in September 2025. This pattern suggests a strengthening in the company’s short-term liquidity when excluding inventory.

Cash Ratio

The cash ratio decreases steadily from 2.04 in March 2022 to a low range of about 1.20 to 1.25 between December 2023 and March 2024, demonstrating a reduction in cash and cash equivalents relative to current liabilities during this period. Beginning in March 2024, there is a consistent upward trend with marked improvement in mid-2025, reaching a peak of 1.65 in June 2025 before a slight decline to 1.62 in September 2025. This reflects a recovering cash position and improved capacity to settle immediate obligations.

The quarterly financial data reveals notable trends in liquidity and short-term financial position over the examined periods.

Current Assets

Current assets demonstrate an overall upward trajectory from US$4,418 million as of March 31, 2022, to US$10,493 million by September 30, 2025. The progression is marked by steady increases each quarter with occasional periods of accelerated growth, particularly from mid-2024 through 2025. This upward trend suggests improving resource availability to meet short-term obligations and possible growth in cash, receivables, or inventory components.

Current Liabilities

Current liabilities also show a rising trend, moving from US$1,760 million at the beginning point to US$5,132 million by September 30, 2025. The increase is consistent quarter over quarter, indicating higher short-term obligations, possibly driven by operational expansion or increased short-term borrowings and payables. While the liabilities grow significantly, the rate of growth appears proportionate to current assets but slightly lower in later periods.

Current Ratio

The current ratio declines from a strong 2.51 at the start of the timeline to a low around 1.64 during 2023 and early 2024, reflecting tightening liquidity relative to liabilities. Beginning in mid-2024, the ratio stabilizes and begins to recover, reaching above 2.0 by mid-2025, signaling a restoration of liquidity cushion. This behavior shows initial pressure on short-term financial flexibility, followed by improved working capital management or growth in liquid assets outpacing liabilities in recent periods.

In summary, both current assets and current liabilities have increased substantially over time, reflecting business growth and possibly expansion of operational scale. The current ratio trend indicates a phase of contracting liquidity that reverses in the final observed periods, evidencing improved short-term financial stability and prudent asset-liability management toward the end of the dataset.

The analysis of the quarterly financial data indicates several notable trends in the liquidity position over the observed periods.

Total Quick Assets

The total quick assets exhibit a generally upward trajectory throughout the timeline. Starting at 3,917 million USD in the first quarter of 2022, the value experienced slight fluctuations in the initial quarters but demonstrated sustained growth from early 2023 onwards. The increase becomes more pronounced towards the end of the period, reaching 9,217 million USD by the third quarter of 2025. This growth reflects a strengthening in liquid assets available to meet short-term obligations.

Current Liabilities

Current liabilities also show a consistent upward trend, increasing from 1,760 million USD in the first quarter of 2022 to 5,132 million USD in the third quarter of 2025. The gradual increase suggests a rise in short-term obligations over time, which may be related to business expansion, higher operational costs, or other liabilities that come due within a year.

Quick Ratio

The quick ratio, a key indicator of liquidity and the company's ability to meet immediate liabilities without selling inventory, reveals an initial decline from 2.23 in the first quarter of 2022 to 1.35 by the fourth quarter of 2022. This suggests that the growth rate of current liabilities outpaced that of quick assets during this period. From early 2023, the quick ratio stabilizes around the 1.35 to 1.42 range, indicating a consistent liquidity position relative to immediate liabilities. Notably, starting from the second quarter of 2025, the quick ratio improves significantly, reaching 1.83 by the third quarter of 2025. This improvement reflects stronger liquid asset coverage relative to current liabilities, signaling enhanced short-term financial stability.

In summary, while both quick assets and current liabilities show growth trends, the faster increase in liabilities during 2022 led to a weakening quick ratio. However, from 2023 onward, the liquidity position stabilizes, and recent quarters suggest a marked improvement in the company's ability to cover short-term obligations with its most liquid assets.

Total Cash Assets

The total cash assets demonstrated some fluctuations over the observed periods but exhibited an overall upward trend from March 31, 2022, through September 30, 2025. Initially, cash assets decreased from $3,596 million to $3,406 million by March 31, 2023, before beginning a steady rise, reaching $8,323 million by the end of the last period. This represents a notable increase in liquidity over the timeframe.

Current Liabilities

Current liabilities showed a consistent increasing trend throughout the periods. Starting at $1,760 million in March 31, 2022, liabilities rose steadily each quarter to reach $5,132 million by September 30, 2025. This continuous growth in short-term obligations indicates increasing operational or financial commitments requiring management attention regarding liquidity and liability management.

Cash Ratio

The cash ratio, which compares total cash assets to current liabilities, followed a pattern of decline initially and then improvement towards the end of the period observed. Beginning at a high ratio of 2.04 in March 31, 2022, it gradually decreased to a low point of 1.20 by December 31, 2022, and remained relatively stable around 1.20 to 1.28 through March 31, 2024. Subsequently, the ratio improved significantly, reaching a peak of 1.65 in June 30, 2025, before a slight dip to 1.62 by September 30, 2025. This indicates that after a phase of reduced liquidity relative to current liabilities, the company improved its cash position sufficiently to cover its short-term obligations more comfortably by the end of the period.