DoorDash, Inc. (NASDAQ:DASH)

The financial leverage of the company shows a generally increasing trend over the observed periods, starting from 1.47 and gradually rising to approximately 1.9 by the end of the timeline. This suggests a growing proportion of debt relative to equity within the capital structure.

Debt to Equity Ratios

The standard debt to equity ratio data is only available for the last two periods, where it slightly decreases from 0.3 to 0.29. When including operating lease liabilities, the ratio remains relatively stable from March 2022 through June 2024, fluctuating minimally around 0.07 to 0.08. However, there is a notable increase in the last two periods to 0.36 and 0.34, indicating a higher reliance on debt including lease obligations.

Debt to Capital Ratios

Similar to the debt to equity ratios, debt to capital ratios including operating leases maintain stability around 0.06 to 0.08 until June 2024. Subsequently, a marked increase is observed, climbing to 0.27 and 0.26 in the final two quarters. The regular debt to capital ratio data available for the last two reporting periods slightly declines from 0.23 to 0.22, consistent with a modest reduction in traditional debt levels relative to total capital.

Debt to Assets Ratios

Debt to assets ratios including operating lease liabilities stay low and stable around 0.04 to 0.06 through most of the timeline, but increase sharply to 0.19 and 0.18 in the concluding periods. The standard debt to assets ratio data shows a modest decrease from 0.16 to 0.15 over the final two quarters, again reflecting some variability in the composition of liabilities.

Interest Coverage Ratios

The interest coverage ratio is consistently negative and worsening from March 2022 through June 2023, dropping from -259.5 to -1285. This indicates that the company is experiencing significant challenges in covering interest expenses from its earnings. The absence of data in later periods could imply changes in reporting or operational structures, but the early trend points toward strained interest coverage capacity.

Overall, the company's leverage profile reveals an increasing dependency on debt, especially when accounting for operating lease liabilities. The jump in ratios in the final periods suggests strategic changes or increased borrowing commitments. The persistently negative interest coverage ratios early in the period highlight ongoing difficulties in generating sufficient earnings to service debt costs, implying financial stress or high investment burdens. Careful monitoring of these metrics is recommended to assess risk exposure and financial sustainability moving forward.

The financial data over the observed periods indicates key trends in the company's capital structure and leverage. The available information includes total debt, stockholders' equity, and the debt to equity ratio.

Total Debt

The total debt value is only available for the last two periods, showing a stable level of approximately US$2,721 million to US$2,722 million. This suggests that debt remained essentially unchanged in the most recent quarters, implying a consistent approach to debt management or stabilization after prior fluctuations not visible due to missing data.

Stockholders’ Equity

Stockholders’ equity exhibits an overall upward trend from US$4,652 million as of March 31, 2022, to US$9,495 million by September 30, 2025. This nearly doubles the equity base over the period, indicating sustained growth in net assets attributable to shareholders. The growth appears somewhat steady, though minor fluctuations occurred – for instance, a peak near June 2022 followed by a modest decline until early 2023, then a consistent increase thereafter through 2025.

Debt to Equity Ratio

The debt to equity ratio is reported only for the last two periods and remains relatively low, moving slightly from 0.3 to 0.29. This low level of leverage suggests a conservative capital structure with equity capital significantly exceeding debt, which may imply lower financial risk and greater flexibility for future borrowing if needed.

In summary, the data points toward a company that has managed to grow its equity base substantially while maintaining a stable and moderate level of debt in recent periods. The low and slightly declining debt to equity ratio further supports the observation of a cautious approach to financial leverage, potentially prioritizing equity financing or retained earnings for capital needs. The stability in total debt combined with the growth in equity suggests improved financial strength and possibly enhanced capacity to withstand economic fluctuations or pursue growth opportunities.

The financial data reveals several noteworthy trends regarding the company's debt, equity, and leverage ratios over the observed periods.

Total debt (including operating lease liability)

The total debt has remained relatively stable from March 2022 through March 2025, fluctuating mostly between approximately $422 million and $547 million. However, in the last two reported quarters, there is a dramatic and unprecedented increase to over $3.2 billion, which represents a significant change compared to previous values.

Stockholders’ equity

Stockholders’ equity demonstrates a consistent upward trajectory over the entire period. Starting from about $4.6 billion in the first quarter of 2022, it progressively increases to nearly $9.5 billion by the third quarter of 2025. This steady growth suggests ongoing accumulation of retained earnings or other equity injections fueling the company's net asset base.

Debt to equity ratio (including operating lease liability)

The debt to equity ratio maintains a relatively low and stable range of about 0.06 to 0.09 for the majority of the time frame, indicating low leverage and a conservative capital structure. Notably, coinciding with the sharp rise in total debt observed in the last two quarters, the ratio spikes to around 0.34 to 0.36, signaling a significant increase in leverage relative to equity.

Overall, the company exhibited conservative financial leverage and steady equity growth throughout most of the reported quarters. The sudden and substantial increase in total debt towards the end of the period materially alters the company's financial risk profile, reflected by a marked expansion of the debt to equity ratio. This suggests a shift toward higher borrowing or obligations which could imply strategic investment, refinancing activity, or other financial maneuvers requiring further contextual analysis.

The analysis of the quarterly financial data reveals several key trends regarding the company's capital structure over the period observed.

Total Capital

The total capital shows a general upward trend from the earliest available value in the dataset to the most recent. Initial figures start at 4,652 million USD and rise significantly, reaching 12,217 million USD by the last quarter reported. This reflects a substantial increase in the company's financial base, indicating potential growth, reinvestment, or equity infusion over time.

Total Debt

Total debt data is only available for the last two periods, with values of approximately 2,721 million and 2,722 million USD respectively. The nearly stable debt level in these periods suggests a cautious approach to additional borrowing or a stable debt management policy in the more recent quarters.

Debt to Capital Ratio

The debt to capital ratio is reported only for the last two quarters, registering at 0.23 and 0.22 respectively. This slight decrease indicates a marginal reduction in financial leverage relative to the total capital. The ratio suggests that debt constitutes just over one-fifth of the total capital, pointing to a balanced capital structure with a moderate reliance on debt financing.

Overall, the company's increasing total capital paired with stable debt levels and a slight reduction in leverage indicates strengthening equity or other capital forms relative to debt. This progression may imply a strategic focus on enhancing financial stability and reducing risk exposure associated with debt obligations.

The analysis of the quarterly financial data indicates distinct trends in the company's debt and capital structure over the observed periods.

Total Debt (Including Operating Lease Liability)

The total debt remained relatively stable from March 2022 through March 2024, fluctuating narrowly between $422 million and $547 million. Starting from June 2025, there is a notable and substantial increase in total debt, jumping sharply to over $3.2 billion and maintaining that elevated level thereafter. This suggests a significant new borrowing or reclassification event during this latter period.

Total Capital (Including Operating Lease Liability)

Total capital experienced considerable volatility early on, beginning at approximately $5.1 billion in March 2022 and rising steeply to nearly $7.9 billion by June 2022. Thereafter, it showed some minor fluctuations but generally held between $6.8 billion and $8.3 billion up to December 2024. However, from March 2025 onward, total capital surged markedly, reaching nearly $12.8 billion by September 2025. This substantial growth in capital coincides with the increased debt levels seen in the same period.

Debt to Capital Ratio (Including Operating Lease Liability)

The debt to capital ratio remained low and stable, fluctuating between 0.06 and 0.08 through December 2024, indicating a conservative leverage position during these quarters. However, starting in March 2025, the ratio increases dramatically to approximately 0.26–0.27. This considerable rise in leverage indicates a heightened reliance on debt financing relative to the company’s capital base, reflecting the significant debt increase noted earlier.

Overall, the data portrays a period of financial stability with modest leverage and capital fluctuations through the end of 2024, followed by a pronounced shift in the first half of 2025 characterized by a sharp increase in both total debt and total capital, along with a substantial rise in leverage. This change may reflect strategic financial maneuvers such as large-scale financing, acquisitions, or restructuring efforts undertaken by the company in the most recent quarters.

Total Assets

The total assets demonstrate a consistent upward trend over the entire period. Beginning at 6,822 million USD, assets increased steadily across the quarters, reaching 17,971 million USD by September 30, 2025. This growth indicates expansion or accumulation of resources over time, suggesting an active asset management strategy or increased investment activity.

Total Debt

Total debt figures are only available for the last two quarters, showing 2,721 million USD and 2,722 million USD respectively. The near-constant debt level during this period suggests a stable debt position without significant new borrowing or repayment actions in recent quarters.

Debt to Assets Ratio

The debt to assets ratio is provided only for the last two quarters, showing a slight decline from 0.16 to 0.15. This implies a marginal improvement in the leverage position, indicating that the company’s asset base grew slightly faster than its debt, enhancing financial stability.

Overall Observations

The company appears to be increasing its asset base significantly over time, which could be associated with growth initiatives or capital expenditures. Despite the rising asset levels, total debt remains flat in the observed periods, leading to a slight decrease in leverage. This combination suggests a cautious approach to debt financing or successful internal funding of growth. The limited debt data restricts a comprehensive assessment of the company's indebtedness trends across earlier periods.

Total Debt (Including Operating Lease Liability)

The total debt has remained relatively stable between March 2022 and March 2024, fluctuating modestly around the 490 to 550 million US dollar range. There is a slight increase observed towards the end of 2023, but the values remain within a narrow range.

A significant and abrupt increase in total debt is observed starting June 2025, where the amount jumps dramatically to over 3,250 million US dollars. This marks a notable shift in the company's debt structure, indicating either large new borrowings or a major change in financial obligations.

Total Assets

Total assets show a consistent upward trend throughout the entire period from March 2022 to September 2025. The asset base grows from approximately 6,800 million US dollars in early 2022 to nearly 18,000 million US dollars by the third quarter of 2025.

The growth appears steady without any sharp declines, suggesting ongoing asset accumulation or appreciation. The most significant increase occurs in the period following June 2025, coinciding with the sharp rise in total debt, which may imply asset acquisition financed by increased leverage.

Debt to Assets Ratio (Including Operating Lease Liability)

The debt to assets ratio remains low and stable, around 0.04 to 0.06, from March 2022 through December 2024, indicating a conservative capital structure with relatively low leverage.

Starting from June 2025, this ratio rises sharply to approximately 0.18 to 0.19, signaling a substantial increase in leverage. This spike aligns with the marked increases in total debt and total assets observed during the same period.

The ratio, despite the increase, stays below 0.2, which may still be within manageable limits depending on industry norms, but the change represents a significant shift in financial risk profile.

Overall Analysis

The company demonstrates a pattern of steady asset growth coupled with low and stable leverage ratios for the majority of the observed period. The financial structure appears conservative until mid-2025.

A notable structural shift occurs in the latter half of 2025, marked by a large increase in total debt, total assets, and consequently a higher debt to assets ratio. This suggests a strategic change, potentially involving significant financing activities or investments.

Further investigation into the nature of these changes would be required to understand the implications for financial stability, risk, and future performance.

The financial data reflects several notable trends for the company over the observed periods. Total assets have demonstrated a general upward trajectory with fluctuations. From March 31, 2022, to September 30, 2025, total assets increased significantly from approximately $6.8 billion to nearly $18.0 billion, indicating substantial growth in the company's asset base. The most pronounced acceleration in asset growth appears between June 30, 2025, and September 30, 2025.

Stockholders' equity also shows an overall increasing pattern, rising from around $4.7 billion at the beginning of the period to approximately $9.5 billion by September 30, 2025. Despite some intermediate declines and periods of plateauing—most notably from June 30, 2022, through June 30, 2023—equity growth resumes strongly from late 2023 onward. The steady rise in equity in the latter part of the timeline suggests improved retained earnings or capital inflows contributing to the company's net worth.

The financial leverage ratio, calculated as total assets divided by stockholders' equity, exhibits a gradual upward trend throughout the timeline. Starting from 1.47 at the end of Q1 2022, it declines slightly to a low near 1.34 by mid-2022, then steadily increases afterward, reaching approximately 1.89 by September 30, 2025. This trend indicates a growing reliance on debt or liabilities relative to equity financing. The increasing leverage, particularly the sharp rise observed in 2025, may signal a strategic shift towards more debt-funded asset growth or adjustments in capital structure.

Total assets

Substantial growth overall, increasing from roughly $6.8 billion to nearly $18.0 billion, with most rapid increases occurring in 2025.

Stockholders' equity

General upward trend from about $4.7 billion to $9.5 billion; phases of stagnation or slight decline occurred mid-2022 to mid-2023 but followed by consistent growth afterward.

Financial leverage ratio

Gradual increase from 1.47 to 1.89, suggesting higher leverage and increased debt usage over time, with a pronounced rise in 2025.

Overall, the company exhibits asset expansion accompanied by increasing equity and a rising leverage ratio, indicating both growth and increased financial risk through greater debt exposure. Continuous monitoring of leverage and asset quality will be important to assess sustainability and risk profile.

The analysis of the quarterly financial data reveals several notable trends in earnings before interest and tax (EBIT), interest expense, and interest coverage over the reported periods.

Earnings Before Interest and Tax (EBIT)

The EBIT values demonstrate significant volatility and a notable improvement trend towards the later periods. From March 2022 to December 2022, EBIT was consistently negative, reaching a low point of -658 million US dollars at the end of 2022. The first quarter of 2023 shows a modest recovery, with EBIT improving to -145 million US dollars, fluctuating thereafter but remaining generally negative through mid-2023. Starting in September 2024, EBIT transitions into positive territory, indicating improved operating profitability, peaking at 271 million US dollars at the end of 2025. This progression from large losses to consistent positive EBIT suggests enhanced operational efficiency or revenue growth during this timeframe.

Interest Expense

The interest expense reported is minimal and sporadic, with only two quarters (June 30, 2022, and December 31, 2022) showing an expense of 1 million US dollars. Subsequent quarters report no interest expense, which could indicate debt repayment, refinancing, or lower borrowing costs. This low and irregular interest expense contributes to the fluctuating interest coverage ratio metrics.

Interest Coverage Ratio

This ratio remains negative and deteriorates considerably from March 2022 through June 2023, reflecting EBIT far below interest expense levels and implying difficulties in covering interest obligations through operating earnings. The magnitude of the negative ratios (ranging from approximately -259.5 to -1285) signals severe financial strain during this period. However, interest coverage ratios are absent in the most recent quarters, likely due to zero or negligible interest expenses, coinciding with improved EBIT figures.

In summary, the company's operating performance demonstrated a marked turnaround from substantial quarterly operating losses to sustained profitability by late 2024, accompanied by minimal interest expenses and an improving capacity to service debt obligations. These patterns suggest strategic or market-driven changes positively impacting profitability and financial stability over the monitored periods.