Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
DoorDash, Inc., solvency 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).
The solvency profile exhibits a significant structural shift beginning in the second quarter of 2025. Prior to this period, the organization maintained consistently low levels of debt relative to equity, capital, and assets. However, a sharp increase in leverage is observed in June 2025, followed by a period of gradual deleveraging through September 2026.
- Debt-to-Equity and Capital Ratios
- From March 2022 through March 2025, the debt-to-equity ratio including operating lease liabilities remained stable, fluctuating narrowly between 0.07 and 0.09. A substantial spike occurred in June 2025, where the ratio rose to 0.36. Following this peak, a steady downward trend is observed, with the ratio declining to 0.31 by September 2026. A similar pattern is evident in the debt-to-capital ratios, which jumped from 0.06 in March 2025 to 0.27 in June 2025 before moderating to 0.24 by the end of the observed period.
- Debt-to-Assets Ratio
- The debt-to-assets ratio, including operating lease liabilities, showed minimal volatility between March 2022 and March 2025, remaining between 0.04 and 0.06. In June 2025, this ratio increased sharply to 0.19. Subsequently, the ratio experienced a gradual decline, reaching 0.16 by September 2026, indicating a slight reduction in the proportion of assets financed through debt.
- Financial Leverage
- Financial leverage demonstrates a consistent long-term upward trajectory. The ratio increased steadily from 1.47 in March 2022 to 1.62 by March 2025. This growth accelerated in June 2025, reaching 1.90, and peaked at 1.97 in June 2026 before settling at 1.92 in September 2026. This indicates an increasing reliance on debt to finance assets over the entire timeframe.
- Interest Coverage
- During the period from March 2022 to September 2023, the interest coverage ratio remained deeply negative, moving from -259.50 to -1,053.00. These values indicate that operating income was insufficient to cover interest expenses, reflecting significant operational losses relative to debt service requirements during those quarters.
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Debt to Equity
DoorDash, Inc., debt to equity 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) | |||||||||||||||||||||||||
| Convertible notes, net | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Stockholders’ equity | 10,717) | 9,921) | 10,198) | 10,033) | 9,495) | 8,923) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 0.25 | 0.27 | 0.27 | 0.27 | 0.29 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 0.32 | 0.32 | 0.24 | 0.23 | 0.26 | 0.25 | 0.24 | 0.23 | 0.25 | 0.25 | 0.24 | 0.22 | 0.39 | 0.38 | 0.36 | 0.36 | 0.38 | 0.42 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 11.29 | 4.49 | 2.50 | 2.37 | 2.23 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
Debt to equity = Total debt ÷ Stockholders’ equity
= 2,728 ÷ 10,717 = 0.25
2 Click competitor name to see calculations.
The financial data reveals a significant strengthening of the company's equity position and a corresponding improvement in its solvency profile over the analyzed period. After a period of fluctuation between 2022 and 2023, stockholders' equity entered a sustained growth trajectory beginning in March 2024, increasing from $6,999 million to $10,717 million by September 2026.
- Debt Stability
- Total debt remained nearly constant from June 2025 through September 2026, with values shifting marginally from $2,721 million to $2,728 million. This indicates a strategy of maintaining a stable level of leverage without significant new debt issuance.
- Debt to Equity Ratio Analysis
- The debt to equity ratio exhibits a consistent downward trend, decreasing from 0.30 in June 2025 to 0.25 by September 2026. This decline is attributed to the growth of the equity base outpacing the nominal increase in total debt.
- Solvency Outlook
- The reduction in the debt to equity ratio signifies a decrease in financial leverage and an increased reliance on equity financing. This trend suggests an enhanced capacity to meet long-term obligations and a reduction in overall financial risk.
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Debt to Equity (including Operating Lease Liability)
DoorDash, Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Convertible notes, net | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current operating lease liabilities | 104) | 104) | 105) | 105) | 81) | 78) | 70) | 68) | 66) | 64) | 64) | 68) | 63) | 58) | 55) | 55) | 45) | 47) | 31) | ||||||
| Non-current operating lease liabilities | 466) | 474) | 457) | 461) | 454) | 452) | 457) | 468) | 466) | 470) | 483) | 454) | 430) | 440) | 437) | 456) | 460) | 449) | 391) | ||||||
| Total debt (including operating lease liability) | 3,298) | 3,305) | 3,287) | 3,290) | 3,257) | 3,251) | 527) | 536) | 532) | 534) | 547) | 522) | 493) | 498) | 492) | 511) | 505) | 496) | 422) | ||||||
| Stockholders’ equity | 10,717) | 9,921) | 10,198) | 10,033) | 9,495) | 8,923) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 0.31 | 0.33 | 0.32 | 0.33 | 0.34 | 0.36 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.09 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 11.79 | 4.69 | 2.58 | 2.45 | 2.31 | ||||||
| Chipotle Mexican Grill Inc. | 2.28 | 2.46 | 2.18 | 1.79 | 1.55 | 1.35 | 1.33 | 1.24 | 1.24 | 1.15 | 1.24 | 1.32 | 1.39 | 1.41 | 1.52 | 1.58 | 1.60 | 1.68 | 1.67 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 3,298 ÷ 10,717 = 0.31
2 Click competitor name to see calculations.
The solvency profile is characterized by two distinct phases: a period of minimal leverage followed by a significant shift toward increased debt utilization beginning in the first quarter of 2025.
- Total Debt Dynamics
- Total debt, inclusive of operating lease liabilities, remained relatively stable between March 2022 and March 2024, fluctuating within a narrow range from US$ 422 million to US$ 547 million. A substantial increase occurred on March 31, 2025, when liabilities rose sharply to US$ 3,251 million. Following this escalation, debt levels remained elevated, peaking at US$ 3,305 million in June 2026 before settling at US$ 3,298 million by September 2026.
- Stockholders' Equity Expansion
- A consistent upward trajectory in stockholders' equity is observed throughout the analyzed period. Equity increased from US$ 4,652 million in March 2022 to US$ 10,717 million by September 2026. This sustained growth in the capital base provided a buffer that partially offset the impact of the significant debt increase observed in 2025.
- Debt to Equity Ratio Evolution
- The debt-to-equity ratio remained exceptionally low and stable between March 2022 and March 2024, oscillating between 0.06 and 0.09. The sharp increase in total debt in March 2025 caused the ratio to spike to 0.36. Subsequently, a gradual downward trend is noted, with the ratio declining to 0.31 by September 2026. This improvement in the ratio during the latter period is attributed to the growth of stockholders' equity outpacing the marginal increases in total debt.
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Debt to Capital
DoorDash, Inc., debt to capital 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) | |||||||||||||||||||||||||
| Convertible notes, net | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Stockholders’ equity | 10,717) | 9,921) | 10,198) | 10,033) | 9,495) | 8,923) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | ||||||
| Total capital | 13,445) | 12,648) | 12,923) | 12,757) | 12,217) | 11,644) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.20 | 0.22 | 0.21 | 0.21 | 0.22 | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 0.24 | 0.24 | 0.20 | 0.19 | 0.20 | 0.20 | 0.19 | 0.19 | 0.20 | 0.20 | 0.20 | 0.18 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 | 0.30 | ||||||
| Booking Holdings Inc. | 2.08 | 2.15 | 1.90 | 1.42 | 1.39 | 1.56 | 1.62 | 1.32 | 1.29 | 1.34 | 1.32 | 1.24 | 1.05 | 1.05 | 0.92 | 0.82 | 0.71 | 0.70 | 0.69 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | — | 1.03 | 1.03 | 1.05 | 1.06 | 1.07 | 1.10 | 1.11 | 1.15 | 1.14 | 1.15 | 1.14 | 1.15 | 1.16 | 1.18 | 1.20 | 1.23 | 1.23 | 1.21 | ||||||
| Starbucks Corp. | 2.37 | 2.28 | 2.09 | 2.01 | 1.80 | 1.96 | 1.92 | 1.92 | 2.04 | 2.18 | 2.35 | 2.08 | 2.18 | 2.22 | 2.39 | 2.37 | 2.34 | 2.21 | 2.34 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 2,728 ÷ 13,445 = 0.20
2 Click competitor name to see calculations.
An analysis of the solvency metrics indicates a significant expansion in the total capital base coupled with the introduction of debt obligations in the later periods of the observed timeframe.
- Total Capital Evolution
- Total capital exhibited a general upward trajectory, increasing from 4,652 million US$ in March 2022 to 13,445 million US$ by September 2026. A substantial increase is observed between March 31, 2025, and June 30, 2025, where capital rose from 8,389 million US$ to 11,644 million US$, representing a significant expansion of the financial structure.
- Debt Accumulation
- Debt obligations first appear in the record in June 2025 at 2,721 million US$. From this point forward, total debt remained relatively stagnant, showing a marginal increase to 2,728 million US$ by September 2026, indicating that borrowed funds were held at a consistent level throughout the final six quarters.
- Debt to Capital Ratio Trends
- The debt to capital ratio was first recorded at 0.23 in June 2025 and demonstrated a general downward trend, reaching 0.20 by September 2026. This decline suggests an improvement in solvency, as the growth in total capital significantly outpaced the nominal increase in total debt, reducing the proportion of the capital structure financed by debt.
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Debt to Capital (including Operating Lease Liability)
DoorDash, Inc., debt to capital (including operating lease liability) 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) | |||||||||||||||||||||||||
| Convertible notes, net | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current operating lease liabilities | 104) | 104) | 105) | 105) | 81) | 78) | 70) | 68) | 66) | 64) | 64) | 68) | 63) | 58) | 55) | 55) | 45) | 47) | 31) | ||||||
| Non-current operating lease liabilities | 466) | 474) | 457) | 461) | 454) | 452) | 457) | 468) | 466) | 470) | 483) | 454) | 430) | 440) | 437) | 456) | 460) | 449) | 391) | ||||||
| Total debt (including operating lease liability) | 3,298) | 3,305) | 3,287) | 3,290) | 3,257) | 3,251) | 527) | 536) | 532) | 534) | 547) | 522) | 493) | 498) | 492) | 511) | 505) | 496) | 422) | ||||||
| Stockholders’ equity | 10,717) | 9,921) | 10,198) | 10,033) | 9,495) | 8,923) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | ||||||
| Total capital (including operating lease liability) | 14,015) | 13,226) | 13,485) | 13,323) | 12,752) | 12,174) | 8,916) | 8,339) | 8,101) | 7,696) | 7,546) | 7,328) | 7,052) | 6,894) | 7,010) | 7,265) | 7,330) | 7,906) | 5,074) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.24 | 0.25 | 0.24 | 0.25 | 0.26 | 0.27 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.06 | 0.08 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Booking Holdings Inc. | 2.02 | 2.09 | 1.85 | 1.41 | 1.37 | 1.54 | 1.59 | 1.31 | 1.28 | 1.33 | 1.30 | 1.23 | 1.05 | 1.05 | 0.92 | 0.82 | 0.72 | 0.71 | 0.70 | ||||||
| Chipotle Mexican Grill Inc. | 0.70 | 0.71 | 0.69 | 0.64 | 0.61 | 0.58 | 0.57 | 0.55 | 0.55 | 0.54 | 0.55 | 0.57 | 0.58 | 0.58 | 0.60 | 0.61 | 0.62 | 0.63 | 0.62 | ||||||
| Starbucks Corp. | 1.52 | 1.53 | 1.49 | 1.44 | 1.38 | 1.41 | 1.41 | 1.41 | 1.46 | 1.51 | 1.54 | 1.48 | 1.52 | 1.53 | 1.57 | 1.58 | 1.57 | 1.54 | 1.55 | ||||||
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 3,298 ÷ 14,015 = 0.24
2 Click competitor name to see calculations.
The financial profile exhibits a period of relative stability followed by a significant structural shift in the capital composition. Between March 31, 2022, and March 31, 2025, the organization maintained a conservative solvency posture with minimal debt relative to its total capital. However, a substantial increase in leverage occurred in the first quarter of 2025, which fundamentally altered the debt-to-capital dynamic for the remainder of the period.
- Total Debt (including operating lease liability)
- Debt levels remained stable and low, fluctuating between 422 million and 547 million US dollars from March 2022 through March 2025. A sharp escalation is observed on March 31, 2025, where total debt jumped to 3,251 million US dollars. Following this spike, the debt level remained plateaued, ending the period at 3,298 million US dollars in September 2026.
- Total Capital (including operating lease liability)
- A consistent upward trajectory is observed in total capital, which grew from 5,074 million US dollars in March 2022 to 14,015 million US dollars by September 2026. This growth indicates a continuous expansion of the company's overall capital base, driven by both the increase in liabilities and the growth of equity or other capital components.
- Debt to Capital Ratio
- The solvency ratio remained consistently low and stable, ranging between 0.06 and 0.08 for the first thirteen quarters analyzed. Coinciding with the surge in total debt, the ratio spiked to 0.27 in March 2025. Subsequently, a gradual downward trend is observed as the ratio decreased to 0.24 by September 2026, suggesting that the growth in total capital began to outpace the increase in debt during the latter stages of the period.
The overall trend indicates a transition from a very low-leverage model to a more leveraged capital structure. While the debt-to-capital ratio remains well below 0.30, the abrupt increase in 2025 represents a significant departure from the previous three-year baseline of solvency.
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Debt to Assets
DoorDash, Inc., debt to assets 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) | |||||||||||||||||||||||||
| Convertible notes, net | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total assets | 20,580) | 19,561) | 19,711) | 19,659) | 17,971) | 16,950) | 13,572) | 12,845) | 12,277) | 11,837) | 11,450) | 10,839) | 10,013) | 9,601) | 9,646) | 9,789) | 9,552) | 9,928) | 6,822) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.13 | 0.14 | 0.14 | 0.14 | 0.15 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 0.09 | 0.09 | 0.09 | 0.09 | 0.07 | 0.08 | 0.10 | 0.09 | 0.08 | 0.08 | 0.10 | 0.09 | 0.09 | 0.10 | 0.12 | 0.12 | 0.10 | 0.12 | ||||||
| Booking Holdings Inc. | 0.71 | 0.68 | 0.66 | 0.64 | 0.59 | 0.60 | 0.59 | 0.60 | 0.58 | 0.59 | 0.61 | 0.58 | 0.54 | 0.53 | 0.48 | 0.49 | 0.42 | 0.39 | 0.44 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | — | 0.67 | 0.67 | 0.67 | 0.68 | 0.70 | 0.69 | 0.70 | 0.70 | 0.72 | 0.70 | 0.70 | 0.72 | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.67 | ||||||
| Starbucks Corp. | 0.47 | 0.49 | 0.50 | 0.50 | 0.51 | 0.49 | 0.49 | 0.50 | 0.52 | 0.53 | 0.51 | 0.52 | 0.54 | 0.54 | 0.53 | 0.54 | 0.54 | 0.55 | 0.51 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 2,728 ÷ 20,580 = 0.13
2 Click competitor name to see calculations.
The financial data indicates a period of significant asset expansion and a strengthening solvency position over the analyzed timeframe.
- Total Asset Growth
- A consistent upward trajectory in total assets is observed, starting from 6,822 million US dollars in March 2022 and increasing to 20,580 million US dollars by September 2026. The most substantial growth occurred between December 2024 and June 2025, during which assets increased from 12,845 million US dollars to 16,950 million US dollars.
- Debt Obligations
- Total debt is first recorded in June 2025 at 2,721 million US dollars. Following this inception, the debt level remained highly stable, experiencing only nominal increases to reach 2,728 million US dollars by the end of the observed period in September 2026.
- Debt to Assets Ratio
- A downward trend is evident in the debt to assets ratio, which declined from 0.16 in June 2025 to 0.13 by September 2026. This improvement in the solvency ratio is a direct result of the rapid expansion of the asset base relative to a nearly static debt load, indicating that a smaller percentage of total assets is being financed through debt over time.
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Debt to Assets (including Operating Lease Liability)
DoorDash, Inc., debt to assets (including operating lease liability) 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) | |||||||||||||||||||||||||
| Convertible notes, net | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total debt | 2,728) | 2,727) | 2,725) | 2,724) | 2,722) | 2,721) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Current operating lease liabilities | 104) | 104) | 105) | 105) | 81) | 78) | 70) | 68) | 66) | 64) | 64) | 68) | 63) | 58) | 55) | 55) | 45) | 47) | 31) | ||||||
| Non-current operating lease liabilities | 466) | 474) | 457) | 461) | 454) | 452) | 457) | 468) | 466) | 470) | 483) | 454) | 430) | 440) | 437) | 456) | 460) | 449) | 391) | ||||||
| Total debt (including operating lease liability) | 3,298) | 3,305) | 3,287) | 3,290) | 3,257) | 3,251) | 527) | 536) | 532) | 534) | 547) | 522) | 493) | 498) | 492) | 511) | 505) | 496) | 422) | ||||||
| Total assets | 20,580) | 19,561) | 19,711) | 19,659) | 17,971) | 16,950) | 13,572) | 12,845) | 12,277) | 11,837) | 11,450) | 10,839) | 10,013) | 9,601) | 9,646) | 9,789) | 9,552) | 9,928) | 6,822) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.16 | 0.17 | 0.17 | 0.17 | 0.18 | 0.19 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| Booking Holdings Inc. | 0.73 | 0.70 | 0.68 | 0.66 | 0.61 | 0.62 | 0.61 | 0.62 | 0.60 | 0.61 | 0.63 | 0.61 | 0.56 | 0.55 | 0.50 | 0.51 | 0.43 | 0.40 | 0.45 | ||||||
| Chipotle Mexican Grill Inc. | 0.59 | 0.61 | 0.60 | 0.56 | 0.54 | 0.52 | 0.51 | 0.49 | 0.50 | 0.48 | 0.49 | 0.50 | 0.51 | 0.51 | 0.53 | 0.54 | 0.55 | 0.55 | 0.55 | ||||||
| Starbucks Corp. | 0.79 | 0.80 | 0.79 | 0.83 | 0.83 | 0.82 | 0.81 | 0.82 | 0.84 | 0.86 | 0.84 | 0.84 | 0.85 | 0.86 | 0.84 | 0.85 | 0.85 | 0.86 | 0.82 | ||||||
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 3,298 ÷ 20,580 = 0.16
2 Click competitor name to see calculations.
The solvency profile of the entity exhibits two distinct phases: a prolonged period of minimal leverage followed by a significant expansion of the debt base in mid-2025. Throughout the observed timeframe, total assets have grown consistently, though the relationship between debt and assets shifted fundamentally in the second quarter of 2025.
- Total Debt Trends
- From March 2022 through March 2025, total debt, including operating lease liabilities, remained relatively stable, fluctuating within a narrow range between 422 million and 547 million USD. A substantial inflection point occurred on June 30, 2025, when debt levels surged to 3,251 million USD. Following this increase, debt levels remained elevated for the remainder of the period, peaking at 3,305 million USD in June 2026 and ending at 3,298 million USD in September 2026.
- Total Asset Growth
- A sustained upward trajectory in total assets is observed, increasing from 6,822 million USD in March 2022 to 20,580 million USD by September 2026. This indicates a substantial expansion of the balance sheet over the period. A notable acceleration in asset accumulation occurred between March 2025 and June 2025, where assets grew from 13,572 million USD to 16,950 million USD, coinciding with the sharp increase in total debt.
- Debt to Assets Ratio Analysis
- The debt-to-assets ratio was characterized by extreme stability between March 2022 and March 2025, maintaining a low range between 0.04 and 0.06. The leverage spike in June 2025 caused the ratio to rise sharply to 0.19. Subsequently, a gradual downward trend is observed from June 2025 to September 2026, with the ratio moderating to 0.16. This decline indicates that the continued growth of the asset base is outpacing the growth of debt, thereby slowly improving the solvency ratio despite the higher absolute debt levels.
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Financial Leverage
DoorDash, Inc., financial leverage 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) | |||||||||||||||||||||||||
| Total assets | 20,580) | 19,561) | 19,711) | 19,659) | 17,971) | 16,950) | 13,572) | 12,845) | 12,277) | 11,837) | 11,450) | 10,839) | 10,013) | 9,601) | 9,646) | 9,789) | 9,552) | 9,928) | 6,822) | ||||||
| Stockholders’ equity | 10,717) | 9,921) | 10,198) | 10,033) | 9,495) | 8,923) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 1.92 | 1.97 | 1.93 | 1.96 | 1.89 | 1.90 | 1.62 | 1.65 | 1.62 | 1.65 | 1.64 | 1.59 | 1.53 | 1.50 | 1.48 | 1.45 | 1.40 | 1.34 | 1.47 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 3.69 | 3.51 | 2.71 | 2.68 | 3.47 | 3.16 | 2.49 | 2.61 | 3.29 | 3.11 | 2.53 | 2.35 | 4.19 | 3.78 | 2.88 | 2.90 | 3.63 | 3.60 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 23.47 | 9.12 | 6.01 | 6.12 | 5.12 | ||||||
| Chipotle Mexican Grill Inc. | 3.84 | 4.03 | 3.66 | 3.18 | 2.88 | 2.63 | 2.59 | 2.52 | 2.49 | 2.40 | 2.50 | 2.63 | 2.74 | 2.73 | 2.84 | 2.93 | 2.93 | 3.04 | 3.03 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
Financial leverage = Total assets ÷ Stockholders’ equity
= 20,580 ÷ 10,717 = 1.92
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by a substantial expansion of the asset base and a corresponding increase in financial leverage. Total assets grew from 6,822 million US$ to 20,580 million US$, representing a significant increase in the company's resource scale. While stockholders' equity also trended upward, moving from 4,652 million US$ to 10,717 million US$, the growth in assets outpaced the growth in equity, leading to a higher reliance on liabilities to fund expansion.
- Total Asset Expansion
- An overall upward trajectory is observed in total assets, which more than tripled over the analyzed period. A notable acceleration occurred between March 31, 2025, and June 30, 2025, where assets jumped from 13,572 million US$ to 16,950 million US$. This suggests a period of aggressive investment or acquisition during the second quarter of 2025.
- Equity Growth and Stability
- Stockholders' equity exhibited moderate volatility in 2022 and 2023, peaking early at 7,410 million US$ in June 2022 before receding to 6,396 million US$ by June 2023. Following this period, a consistent recovery and growth phase began, resulting in a peak of 10,717 million US$ by September 30, 2026.
- Financial Leverage Analysis
- The financial leverage ratio demonstrates three distinct phases. Initially, the ratio remained relatively stable between 1.34 and 1.59 from June 2022 through December 2023. During 2024, the ratio plateaued, fluctuating narrowly between 1.62 and 1.65. A sharp structural shift occurred in the second quarter of 2025, where the ratio rose to 1.90 and remained elevated, peaking at 1.97 in June 2026. This indicates a strategic shift toward higher leverage to support the expanded asset base.
The correlation between the spike in total assets and the increase in the financial leverage ratio in 2025 suggests that the growth in the balance sheet was not funded solely by equity. The increase in the ratio toward 2.0 indicates that for every dollar of equity, the company is now supporting nearly two dollars in assets, reflecting a more aggressive solvency profile compared to the 2022-2024 period.
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Interest Coverage
DoorDash, Inc., interest coverage 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) | |||||||||||||||||||||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | 466) | 200) | 184) | 213) | 244) | 285) | 193) | 141) | 162) | (157) | (23) | (154) | (73) | (170) | (161) | (640) | (295) | (263) | (167) | ||||||
| Add: Net income attributable to noncontrolling interest | (1) | (1) | (1) | —) | (1) | (1) | (1) | (2) | (1) | (1) | (2) | (2) | (2) | (2) | (1) | (2) | (1) | —) | —) | ||||||
| Add: Income tax expense | 19) | 8) | 8) | 9) | 5) | (13) | 6) | 37) | (6) | 1) | 7) | 17) | 6) | (9) | 17) | (17) | (5) | (9) | —) | ||||||
| Add: Interest expense | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1) | —) | 1) | —) | ||||||
| Earnings before interest and tax (EBIT) | 484) | 207) | 191) | 222) | 248) | 271) | 198) | 176) | 155) | (157) | (18) | (139) | (69) | (181) | (145) | (658) | (301) | (271) | (167) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | — | — | — | — | — | — | — | — | — | — | — | — | -1,053.00 | -1,285.00 | -687.50 | -698.50 | -445.50 | -345.50 | -259.50 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Airbnb Inc. | — | 68.26 | 171.79 | 1,046.67 | 307.00 | 301.82 | 643.20 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 9.31 | 9.42 | 7.42 | 5.23 | 4.48 | 4.16 | 4.91 | 6.63 | 7.16 | 7.79 | 7.63 | 7.11 | 8.82 | 9.14 | 10.82 | 11.03 | 11.24 | 7.95 | 3.94 | ||||||
| McDonald’s Corp. | — | 7.88 | 7.92 | 7.89 | 7.88 | 7.92 | 7.80 | 7.87 | 7.95 | 8.19 | 8.60 | 8.73 | 8.82 | 8.73 | 7.84 | 7.48 | 7.44 | 7.64 | 8.43 | ||||||
| Starbucks Corp. | 6.53 | 5.39 | 5.06 | 5.62 | 7.59 | 8.69 | 9.40 | 9.84 | 10.50 | 10.61 | 11.07 | 10.82 | 10.22 | 10.01 | 9.66 | 9.76 | 12.25 | 12.95 | 13.08 | ||||||
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
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (484 + 207 + 191 + 222)
÷ (0 + 0 + 0 + 0)
= —
2 Click competitor name to see calculations.
The financial trajectory exhibits a significant transition from operational losses to sustained profitability over the analyzed period. A fundamental shift in solvency risk is observable as the company moved from a period of negative earnings before interest and tax (EBIT) to a consistent positive trend starting in the latter half of 2024.
- Earnings Before Interest and Tax (EBIT) Trend
- Operational performance was characterized by substantial losses from March 2022 through December 2023, with a peak deficit of 658 million US dollars recorded in December 2022. A recovery phase began in 2024, although volatility persisted through the first half of that year. A definitive pivot to profitability occurred on September 30, 2024, with EBIT reaching 155 million US dollars. Following this inflection point, a steady upward trend is observed, culminating in a high of 484 million US dollars by September 30, 2026.
- Interest Coverage and Debt Servicing
- During the initial period of analysis, interest coverage ratios were deeply negative, reflecting an inability to cover interest expenses through operational earnings. The ratio deteriorated sharply from -259.50 in March 2022 to a low of -1,285.00 in June 2023. While specific ratio data is absent for the later periods, the transition of EBIT into positive territory indicates a total reversal of this solvency pressure, suggesting that the company shifted from relying on external funding or cash reserves to service interest to utilizing operational cash flow.
- Solvency Outlook
- The progression from negative to positive EBIT suggests a strengthening of the solvency profile. The consistent growth in earnings from late 2024 through 2026 indicates an improved capacity to meet fixed financial obligations and a reduction in the financial risk associated with debt servicing.
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