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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
An analysis of the liquidity position over the observed period reveals a general downward trajectory in all primary liquidity metrics, characterized by an initial decline, a temporary recovery in mid-2025, and a subsequent compression to historical lows by late 2025 and 2026.
- Current Ratio
- The current ratio experienced a consistent decline from a peak of 2.51 in March 2022 to 1.64 by December 2023. After a period of stability throughout the first three quarters of 2024, a significant increase was recorded in June 2025, reaching 2.07. However, this trend reversed sharply by December 31, 2025, where the ratio fell to 1.41, eventually stabilizing between 1.37 and 1.46 through September 2026.
- Quick Ratio
- The quick ratio closely mirrors the movement of the current ratio, starting at 2.23 in March 2022 and descending to a floor of 1.35 by March 2024. A temporary peak of 1.83 occurred in June 2025, followed by a marked decline to 1.12 by December 2025. The ratio remained constrained in the 1.10 to 1.17 range during the first three quarters of 2026.
- Cash Ratio
- The cash ratio demonstrates the most significant contraction in absolute terms, beginning at 2.04 in March 2022 and decreasing to 1.20 by March 2024. Following a peak of 1.65 in June 2025, the ratio dropped below the 1.0 threshold for the first time in December 2025, reaching 0.94. Through September 2026, the ratio fluctuated narrowly between 0.92 and 0.98, indicating that cash and cash equivalents are no longer sufficient to cover total current liabilities independently.
The minimal variance between the current, quick, and cash ratios suggests that the entity maintains negligible inventory levels, which is consistent with a platform-based business model. The overarching trend indicates a strategic or operational shift toward lower liquidity reserves, with the most critical transition occurring after June 2025, leading to a tighter liquidity profile by the end of the analysis period.
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Current Ratio
DoorDash, Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 9,361) | 8,416) | 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 | 6,391) | 6,152) | 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 | 1.46 | 1.37 | 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. | — | 1.41 | 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. | — | 1.09 | 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. | 0.81 | 0.72 | 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. | — | 1.08 | 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. | 0.76 | 0.92 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,361 ÷ 6,391 = 1.46
2 Click competitor name to see calculations.
The liquidity position exhibits a general downward trend in the current ratio over the analyzed period, transitioning from a high of 2.51 in March 2022 to 1.46 by September 2026. Despite this overall decline, the ratio remains consistently above 1.0, indicating that short-term obligations are adequately covered by current assets throughout the duration of the period.
- Current Ratio Trajectory
- A significant reduction in the current ratio is observed between March 2022 and June 2023, falling from 2.51 to 1.69. This initial contraction suggests that current liabilities grew at a faster rate than current assets during this window. Following this decline, the ratio entered a period of relative stability between December 2023 and March 2024, maintaining a consistent level of 1.64.
- Asset and Liability Expansion
- Current assets demonstrated substantial growth, rising from 4,418 million USD in March 2022 to a peak of 10,493 million USD in September 2025, eventually settling at 9,361 million USD by September 2026. In parallel, current liabilities showed a steady and nearly uninterrupted increase, climbing from 1,760 million USD in March 2022 to 6,391 million USD in September 2026, which exerted downward pressure on the liquidity ratio.
- Recent Volatility and Stabilization
- A temporary surge in liquidity is noted in June 2025, where the current ratio peaked at 2.07, driven by a sharp increase in current assets to 9,735 million USD. This peak was followed by a sharp correction in December 2025, with the ratio dropping to 1.41 as assets decreased to 8,643 million USD and liabilities rose to 6,147 million USD. The period concludes with a slight recovery to 1.46 by September 2026.
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Quick Ratio
DoorDash, Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 5,053) | 4,424) | 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) | ||||||
| Short-term investments | 929) | 923) | 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) | ||||||
| Restricted cash | 301) | 308) | 300) | 273) | 4,080) | 2,750) | 202) | 190) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Accounts receivable, net | 1,212) | 1,100) | 1,034) | 1,108) | 894) | 840) | 782) | 732) | 622) | 585) | 546) | 533) | 417) | 383) | 382) | 400) | 325) | 346) | 321) | ||||||
| Total quick assets | 7,495) | 6,755) | 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 | 6,391) | 6,152) | 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 | 1.17 | 1.10 | 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. | — | 1.35 | 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. | — | 1.02 | 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. | 0.69 | 0.59 | 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. | — | 0.82 | 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. | 0.50 | 0.26 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 7,495 ÷ 6,391 = 1.17
2 Click competitor name to see calculations.
The liquidity position of the entity experienced a general decline over the analyzed period, characterized by a reduction in the quick ratio from a peak of 2.23 in March 2022 to 1.17 by September 2026. While the organization maintained a ratio above 1.0 throughout the timeframe, indicating a consistent ability to cover short-term obligations with liquid assets, the margin of safety narrowed significantly.
- Total Quick Assets Trend
- Quick assets exhibited a period of relative stability followed by significant growth and a subsequent correction. Assets rose from 3,917 million USD in March 2022 to a peak of 9,217 million USD in September 2025. However, a sharp contraction occurred in December 2025, where assets fell to 6,887 million USD, before stabilizing between 6,755 million USD and 7,495 million USD through the remainder of the period.
- Current Liabilities Expansion
- A consistent and nearly linear upward trend is observed in current liabilities. Obligations increased from 1,760 million USD in March 2022 to 6,391 million USD in September 2026. This steady accumulation of short-term debt and obligations acted as a primary driver in the compression of the liquidity ratio.
- Quick Ratio Volatility and Stabilization
- The quick ratio underwent three distinct phases. First, a steady decline occurred from March 2022 to December 2023, moving from 2.23 to 1.35. Second, a recovery phase was observed between March 2024 and June 2025, where the ratio climbed back to 1.83 due to rapid asset accumulation. Third, a sharp correction occurred in December 2025, dropping the ratio to 1.12, after which it remained relatively flat, fluctuating narrowly between 1.10 and 1.17 through September 2026.
The overall analysis suggests that while liquid asset growth was substantial for a period, it was eventually offset by the persistent growth of current liabilities and a significant reduction in liquid holdings in late 2025, leading to a more constrained liquidity profile in the final quarters of the observation period.
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Cash Ratio
DoorDash, Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 5,053) | 4,424) | 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) | ||||||
| Short-term investments | 929) | 923) | 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) | ||||||
| Restricted cash | 301) | 308) | 300) | 273) | 4,080) | 2,750) | 202) | 190) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 6,283) | 5,655) | 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 | 6,391) | 6,152) | 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 | 0.98 | 0.92 | 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. | — | 0.67 | 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. | — | 0.82 | 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. | 0.62 | 0.52 | 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. | — | 0.20 | 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. | 0.36 | 0.15 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 6,283 ÷ 6,391 = 0.98
2 Click competitor name to see calculations.
The company's liquidity profile experienced significant volatility over the analyzed period, transitioning from a position of substantial cash surplus to a state where current liabilities exceed available cash assets.
- Cash Ratio Trajectory
- A marked decline is observed from March 2022 to December 2023, with the cash ratio falling from 2.04 to 1.20. This period indicates that current liabilities grew at a rate that outpaced the accumulation of cash assets, reducing the immediate coverage of short-term obligations.
- Intermediate Liquidity Strengthening
- Between March 2024 and September 2025, the liquidity position recovered, with the cash ratio ascending from 1.20 to a peak of 1.62. This improvement was driven by a significant surge in total cash assets, which reached a period high of 8,323 million by September 2025.
- Recent Liquidity Compression
- A sharp deterioration in the cash ratio occurred in December 2025, dropping to 0.94. Throughout 2026, the ratio remained consistently below the 1.0 threshold, fluctuating between 0.92 and 0.98. This shift indicates that the company no longer maintains enough cash to cover all current liabilities instantaneously.
- Analysis of Underlying Components
- Total cash assets increased overall from 3,596 million in March 2022 to 6,283 million in September 2026, despite a substantial reduction in late 2025. Concurrently, current liabilities exhibited a steady and aggressive upward trend, rising from 1,760 million to 6,391 million. The consistent growth of liabilities eventually overtook the growth of cash assets, resulting in the observed decline in the cash ratio.
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