Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2020
- Return on Equity (ROE) since 2020
- Total Asset Turnover since 2020
- Price to Earnings (P/E) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Debt
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Solvency Ratios (Summary)
DoorDash, Inc., solvency ratios (quarterly data)
Based on: 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 solvency profile reveals a distinct shift in capital structure starting in mid-2025, characterized by a significant increase in debt levels following a period of relative stability. While the company maintained low leverage ratios for several years, a sharp escalation in debt-to-equity and debt-to-asset metrics occurs in the second quarter of 2025, suggesting a strategic shift in financing or a substantial increase in liabilities.
- Debt and Asset Ratios
- From March 2022 through March 2025, debt-to-equity and debt-to-asset ratios remained consistently low, with the debt-to-assets ratio including operating lease liabilities hovering between 0.04 and 0.06. However, a sharp increase is observed on June 30, 2025, where the debt-to-equity ratio including operating lease liabilities rose to 0.36 and the debt-to-assets ratio increased to 0.19. Following this spike, these ratios exhibit a gradual downward trend through March 2026, with debt-to-equity settling at 0.32.
- Financial Leverage
- A consistent upward trajectory in financial leverage is evident throughout the analyzed period. The ratio rose steadily from 1.47 in March 2022 to 1.65 by December 2024. This trend accelerated in June 2025, jumping to 1.90 and peaking at 1.96 in December 2025, before slightly moderating to 1.93 by March 2026. This indicates an increasing reliance on debt to finance assets over time.
- Interest Coverage
- During the period for which data is available (March 2022 to September 2023), the interest coverage ratio remained deeply negative, indicating that operating earnings were insufficient to cover interest expenses. The ratio deteriorated significantly from -259.50 in March 2022 to a low of -1,285.00 in June 2023, before showing a slight improvement to -1,053.00 in September 2023. This pattern reflects severe operational losses relative to interest obligations during the early stages of the period.
Debt Ratios
Coverage Ratios
Debt to Equity
DoorDash, Inc., debt to equity calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial trajectory indicates a substantial strengthening of the company's solvency position, characterized by a significant expansion of stockholders' equity and a conservative approach to leverage. After initial volatility between early 2022 and 2023, equity entered a period of consistent growth starting in 2024, increasing from 6,999 million USD in March 2024 to 10,198 million USD by March 2026.
- Total Debt Trends
- Debt obligations were not recorded for the majority of the analyzed period, first appearing in June 2025 at 2,721 million USD. Between June 2025 and March 2026, total debt remained nearly stagnant, showing only a marginal increase to 2,725 million USD.
- Debt to Equity Ratio Analysis
- The debt to equity ratio emerged in June 2025 at 0.30 and exhibited a gradual downward trend, reaching 0.27 by March 2026. This contraction in the ratio is primarily driven by the growth rate of stockholders' equity outpacing the minimal increase in total debt.
- Solvency Outlook
- The maintenance of a debt to equity ratio below 0.31 suggests a low-leverage capital structure. The widening gap between the growth of equity and the stability of debt indicates an improving capacity to meet long-term obligations and a reduced reliance on external borrowing.
Debt to Equity (including Operating Lease Liability)
DoorDash, Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Current operating lease liabilities | |||||||||||||||||||||||
| Non-current operating lease liabilities | |||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits a distinct structural shift between the first and second halves of the analyzed period, moving from a position of minimal leverage to a state of increased debt utilization.
- Total Debt Trends
- From March 2022 through March 2025, total debt, including operating lease liabilities, remained relatively stable, fluctuating within a narrow range between US$ 422 million and US$ 547 million. A significant inflection point occurred in June 2025, where total debt increased sharply to US$ 3,251 million. This elevated level of indebtedness persisted through March 2026, peaking at US$ 3,290 million in December 2025.
- Stockholders' Equity Growth
- Equity demonstrated a consistent long-term upward trajectory. Following an initial surge in June 2022 to US$ 7,410 million, equity grew steadily from US$ 6,396 million in June 2023 to US$ 10,198 million by March 2026. This sustained growth suggests a continuous increase in the company's net asset base.
- Debt-to-Equity Ratio Dynamics
- The debt-to-equity ratio remained low and stable, ranging between 0.06 and 0.09, from March 2022 to March 2025, indicating a conservative capital structure. The sudden increase in total debt in June 2025 caused the ratio to spike to 0.36. Between June 2025 and March 2026, a gradual downward trend is observed, with the ratio declining to 0.32. This improvement is attributed to the ongoing growth in stockholders' equity, which partially offset the impact of the significantly higher debt load.
Debt to Capital
DoorDash, Inc., debt to capital calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Total capital | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
The organization's capital structure underwent a significant transformation between March 2022 and March 2026, characterized by a substantial expansion of the total capital base and the introduction of long-term debt in the latter portion of the period.
- Total Capital Growth
- A consistent upward trajectory in total capital is observed, growing from 4,652 million US dollars in March 2022 to 12,923 million US dollars by March 2026. While capital levels remained relatively stable between 6,396 million and 7,803 million from June 2022 through December 2024, a period of accelerated growth began in March 2025, with capital increasing by approximately 54% over the subsequent year.
- Debt Integration and Stability
- No debt was recorded for the majority of the analysis period. Debt first appears in June 2025 at 2,721 million US dollars. Following this initial issuance, the total debt level remained remarkably stable, exhibiting only a marginal increase to 2,725 million US dollars by March 2026.
- Debt to Capital Ratio Analysis
- The debt to capital ratio emerged in June 2025 at 0.23. Despite the presence of new debt, the ratio experienced a gradual decline, reaching 0.21 by December 2025 and maintaining that level through March 2026. This downward trend indicates that the growth in total capital outpaced the accumulation of debt, resulting in a strengthened solvency position relative to the total capital structure.
Debt to Capital (including Operating Lease Liability)
DoorDash, Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Current operating lease liabilities | |||||||||||||||||||||||
| Non-current operating lease liabilities | |||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Total capital (including operating lease liability) | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits two distinct phases: a period of minimal leverage from March 2022 through March 2025, followed by a significant structural shift in the capital composition beginning in June 2025.
- Total Debt Trends
- Between March 2022 and March 2025, total debt, including operating lease liabilities, remained relatively flat, fluctuating within a narrow range between 422 million and 547 million US dollars. A substantial increase occurred in June 2025, where debt surged to 3,251 million US dollars. This elevated level of leverage persisted through March 2026, peaking at 3,290 million US dollars in December 2025.
- Total Capital Growth
- Total capital demonstrated a consistent upward trajectory over the analyzed period. From March 2022 to March 2025, capital grew steadily from 5,074 million to 8,916 million US dollars. Coinciding with the increase in debt, total capital jumped to 12,174 million US dollars in June 2025 and continued to expand, reaching 13,485 million US dollars by March 2026.
- Debt to Capital Ratio Analysis
- The debt to capital ratio remained highly stable and low for the first three years, oscillating between 0.06 and 0.08. In June 2025, the ratio experienced a sharp increase to 0.27, reflecting the impact of the sudden rise in total debt. Following this peak, a gradual downward trend is observed, with the ratio declining to 0.24 by March 2026, suggesting a slight redistribution of capital or a faster rate of capital growth relative to debt accumulation.
Overall, the data indicates a transition from a low-leverage financial strategy to a more leveraged position in mid-2025. Despite the significant increase in absolute debt, the subsequent modest decline in the debt to capital ratio indicates a stabilizing solvency trend in the most recent quarters.
Debt to Assets
DoorDash, Inc., debt to assets calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
An analysis of solvency indicators reveals a period of substantial asset expansion coupled with highly stable debt levels, resulting in an improving debt-to-assets profile during the latter portion of the observed period.
- Asset Growth Trends
- Total assets demonstrate a consistent and significant upward trajectory, increasing from 6,822 million US dollars in March 2022 to 19,711 million US dollars by March 2026. A notable acceleration in asset accumulation is observed between March 2025 and June 2025, where assets rose from 13,572 million to 16,950 million US dollars.
- Debt Obligations
- Total debt remains remarkably stagnant during the final four quarters of the data set. From June 2025 to March 2026, total debt increased marginally from 2,721 million to 2,725 million US dollars, indicating a period of minimal new borrowing and a stable liability structure.
- Debt to Assets Ratio Interpretation
- The debt-to-assets ratio exhibits a gradual downward trend, decreasing from 0.16 in June 2025 to 0.14 by March 2026. This decline is driven by the fact that asset growth far outpaced the nominal increase in debt, thereby reducing the proportion of total assets financed through debt and enhancing the overall solvency position.
Debt to Assets (including Operating Lease Liability)
DoorDash, Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Total debt | |||||||||||||||||||||||
| Current operating lease liabilities | |||||||||||||||||||||||
| Non-current operating lease liabilities | |||||||||||||||||||||||
| Total debt (including operating lease liability) | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The solvency profile exhibits two distinct phases between March 2022 and March 2026: a prolonged period of minimal leverage and consistent asset growth, followed by a significant capital restructuring event in mid-2025.
- Total Asset Expansion
- A consistent upward trend in total assets is observed, increasing from US$6,822 million in March 2022 to US$19,711 million by March 2026. The growth was steady throughout the first three years, with a more pronounced acceleration beginning in June 2025, where assets rose from US$13,572 million to over US$16,900 million in a single quarter.
- Debt Obligation Dynamics
- Total debt, including operating lease liabilities, remained relatively stagnant between March 2022 and March 2025, fluctuating within a narrow range of US$422 million to US$547 million. A sharp inflection point occurred in June 2025, characterized by a substantial increase in debt to US$3,251 million. This level of indebtedness remained elevated through March 2026, ending at US$3,287 million.
- Debt to Assets Ratio Analysis
- For the period spanning March 2022 to March 2025, the debt to assets ratio remained exceptionally low, declining slightly from 0.06 to 0.04. This indicates a conservative capital structure where assets grew significantly faster than liabilities. Following the debt surge in June 2025, the ratio spiked to 0.19. However, a gradual compression is noted in the subsequent quarters, with the ratio settling at 0.17 by March 2026 as asset growth continued to offset the increased debt load.
Overall, while the leverage ratio increased significantly in 2025, the company maintains a solvency position where total assets substantially exceed total debt, with the final ratio remaining well below 0.20.
Financial Leverage
DoorDash, Inc., financial leverage calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Stockholders’ equity | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Financial leverage1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The company's solvency profile demonstrates a sustained increase in financial leverage over the analyzed period, driven by a growth in total assets that outpaced the growth in stockholders' equity.
- Total Asset Expansion
- Total assets experienced a significant upward trajectory, rising from US$ 6,822 million in March 2022 to US$ 19,711 million by March 2026. A notable acceleration in asset growth is observed in mid-2025, specifically between March 31 and June 30, 2025, where assets increased from US$ 13,572 million to US$ 16,950 million.
- Stockholders' Equity Trends
- Equity grew from US$ 4,652 million in March 2022 to US$ 10,198 million in March 2026. While the overall trend is positive, a period of volatility was observed between June 2022 and June 2023, during which equity values fluctuated before maintaining a consistent quarterly increase from December 2023 onward.
- Financial Leverage Dynamics
- The financial leverage ratio transitioned through three distinct phases. Following an initial dip to 1.34 in June 2022, the ratio climbed steadily to 1.65 by December 2024. A sharp increase occurred in June 2025, with the ratio jumping to 1.90 and peaking at 1.96 in September 2025. This indicates a strategic shift toward a more leveraged capital structure in the latter half of the period, as the growth in total assets significantly exceeded the growth in equity.
Interest Coverage
DoorDash, Inc., interest coverage calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Add: Net income attributable to noncontrolling interest | |||||||||||||||||||||||
| Add: Income tax expense | |||||||||||||||||||||||
| Add: Interest expense | |||||||||||||||||||||||
| Earnings before interest and tax (EBIT) | |||||||||||||||||||||||
| Solvency Ratio | |||||||||||||||||||||||
| Interest coverage1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Interest coverage
= (EBITQ1 2026
+ EBITQ4 2025
+ EBITQ3 2025
+ EBITQ2 2025)
÷ (Interest expenseQ1 2026
+ Interest expenseQ4 2025
+ Interest expenseQ3 2025
+ Interest expenseQ2 2025)
= ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial trajectory of the company is characterized by a significant pivot from operational losses to sustained profitability between 2022 and early 2026. This transition is most evident in the movement of Earnings Before Interest and Tax (EBIT), which shifted from deep negatives to consistent positive margins.
- EBIT Trend Analysis
- Operating performance exhibited substantial volatility and losses throughout 2022 and 2023, reaching a low of negative 658 million US dollars in December 2022. A recovery phase began in 2023, with losses narrowing to 69 million US dollars by September 2023. A critical inflection point occurred in September 2024, when EBIT turned positive for the first time in the observed period at 155 million US dollars. Profitability strengthened throughout 2025, peaking at 271 million US dollars in June 2025, before stabilizing at 191 million US dollars by March 2026.
- Interest Expense and Obligations
- Interest expenses remained negligible during the analyzed period, with minimal entries of 1 million US dollars recorded in June and December 2022. The absence of significant interest costs in subsequent quarters suggests a low debt-servicing burden relative to the scale of operations.
- Interest Coverage Ratio Interpretation
- During the initial loss-making period from March 2022 to June 2023, the interest coverage ratio was deeply negative, reflecting the inability of operating earnings to cover interest obligations. These ratios reached an extreme low of negative 1,285.00 in June 2023. However, as EBIT improved and eventually turned positive in late 2024, the solvency risk associated with interest coverage diminished significantly, transitioning from a position of operational deficit to one of operational surplus.