DoorDash, Inc. (NASDAQ:DASH)

Return on Investment

DoorDash, Inc., profitability ratios (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
Return on Sales
Gross profit margin	51.91%	51.41%	50.89%	50.88%	50.49%	50.04%	49.19%	48.31%	47.62%	46.93%	46.78%	46.86%	46.33%	46.03%	45.63%	45.50%	47.09%	49.23%	51.81%
Operating profit margin	5.25%	4.48%	4.88%	5.27%	5.48%	4.56%	1.58%	-0.35%	-2.40%	-4.78%	-5.15%	-6.71%	-10.55%	-13.79%	-15.67%	-17.07%	-14.97%	-12.41%	-9.99%
Net profit margin	6.23%	5.29%	6.29%	6.82%	6.83%	6.57%	3.02%	1.15%	-1.69%	-4.24%	-4.61%	-6.46%	-12.81%	-16.47%	-18.98%	-20.74%	-14.51%	-12.17%	-9.97%
Return on Investment
Return on equity (ROE)	9.92%	8.48%	9.08%	9.32%	9.09%	8.75%	4.04%	1.58%	-2.27%	-5.68%	-6.00%	-8.20%	-15.92%	-19.79%	-20.85%	-20.21%	-12.89%	-9.26%	-11.29%
Return on assets (ROA)	5.17%	4.30%	4.70%	4.76%	4.80%	4.61%	2.50%	0.96%	-1.40%	-3.44%	-3.67%	-5.15%	-10.43%	-13.19%	-14.09%	-13.94%	-9.21%	-6.91%	-7.70%

The financial data indicates a significant turnaround in profitability, transitioning from a period of deepening losses in 2022 to consistent positive returns by 2024 and 2025. A critical inflection point is observed between December 2022 and March 2023, after which all profitability metrics began a steady upward trajectory.

Gross Profit Margin: A U-shaped trend is evident, with margins declining from 51.81% in March 2022 to a low of 45.50% in December 2022. Following this trough, a consistent recovery occurred, with the margin returning to its initial levels and reaching 51.91% by September 2026, suggesting a restoration of core pricing power or improved cost of goods sold management.
Operating and Net Profit Margins: Both metrics exhibited severe contraction throughout 2022, with the net profit margin reaching a bottom of -20.74% in December 2022. A sustained recovery followed, leading to a pivotal shift into positive territory. The operating profit margin turned positive in March 2024 (1.58%), while the net profit margin achieved positivity slightly earlier in December 2023 (1.15%). By September 2026, these margins stabilized at 5.25% and 6.23%, respectively, indicating a successful transition to operational profitability.
Return on Equity (ROE) and Return on Assets (ROA): Investment returns mirrored the margin recovery. ROE plummeted to -20.85% by March 2023 before trending upward to finish at 9.92% in September 2026. Similarly, ROA shifted from a low of -14.09% in March 2023 to a positive 5.17% by the end of the period. The synchronization of these recoveries suggests that the improvement in bottom-line profitability is effectively translating into higher returns for both asset holders and shareholders.

The overall trajectory demonstrates a successful shift from a high-burn growth phase to a sustainable profitability model. The convergence of recovering gross margins and the emergence of positive net income suggests an optimization of operational efficiencies and a scalable cost structure.

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DoorDash, Inc., gross profit margin 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)
Gross profit	2,445)	2,347)	2,044)	2,020)	1,759)	1,668)	1,532)	1,420)	1,332)	1,245)	1,183)	1,074)	1,008)	998)	966)	804)	770)	728)	693)
Revenue	4,616)	4,454)	4,036)	3,955)	3,446)	3,284)	3,032)	2,873)	2,706)	2,630)	2,513)	2,303)	2,164)	2,133)	2,035)	1,818)	1,701)	1,608)	1,456)
Profitability Ratio
Gross profit margin¹	51.91%	51.41%	50.89%	50.88%	50.49%	50.04%	49.19%	48.31%	47.62%	46.93%	46.78%	46.86%	46.33%	46.03%	45.63%	45.50%	47.09%	49.23%	51.81%
Benchmarks
Gross Profit Margin, Competitors²
Airbnb Inc.	—	82.90%	82.91%	82.96%	83.04%	83.23%	83.05%	83.08%	83.07%	82.59%	82.86%	82.83%	82.67%	82.33%	82.04%	82.15%	81.95%	81.58%	80.89%
Chipotle Mexican Grill Inc.	23.84%	24.13%	24.64%	25.38%	25.72%	25.98%	26.37%	26.67%	26.87%	27.10%	26.66%	26.20%	25.91%	25.67%	25.05%	23.88%	23.00%	22.49%	22.20%
McDonald’s Corp.	—	57.38%	57.35%	57.41%	57.42%	56.99%	56.82%	56.75%	56.62%	56.97%	57.01%	57.12%	57.24%	57.45%	57.53%	56.97%	56.13%	55.29%	54.54%
Starbucks Corp.	22.07%	21.63%	21.90%	22.77%	23.68%	24.97%	26.05%	26.84%	27.54%	27.67%	27.81%	27.37%	26.52%	26.22%	25.78%	25.96%	26.87%	27.72%	28.59%

¹ Q3 2026 Calculation
Gross profit margin = 100 × (Gross profit_{Q3 2026} + Gross profit_{Q2 2026} + Gross profit_{Q1 2026} + Gross profit_{Q4 2025}) ÷ (Revenue_{Q3 2026} + Revenue_{Q2 2026} + Revenue_{Q1 2026} + Revenue_{Q4 2025})
= 100 × (2,445 + 2,347 + 2,044 + 2,020) ÷ (4,616 + 4,454 + 4,036 + 3,955) = 51.91%

² Click competitor name to see calculations.

A consistent upward trajectory is observed in both total revenue and gross profit from March 31, 2022, through September 30, 2026. Revenue increased from 1,456 million US dollars to 4,616 million US dollars, while gross profit grew from 693 million US dollars to 2,445 million US dollars over the same period. This indicates significant scaling of the business operations.

Gross Profit Margin Compression: During the 2022 fiscal year, a period of margin contraction occurred. The gross profit margin declined from a peak of 51.81% in March 31, 2022, to a low of 45.50% by December 31, 2022. This downward trend suggests a period where the cost of revenue grew at a faster rate than total revenue.
Gross Profit Margin Recovery and Expansion: Beginning in the first quarter of 2023, a steady and sustained recovery in profitability margins is evident. The margin rose from 45.63% in March 31, 2023, to 51.91% by September 30, 2026. This incremental improvement indicates successful cost management or a shift in revenue mix toward higher-margin services as the company scaled.
Long-term Efficiency Gains: By the end of the analyzed period, the gross profit margin not only recovered from its 2022 lows but slightly exceeded the initial baseline established in March 2022. The ability to maintain a margin above 51% while simultaneously increasing quarterly revenue by more than three-fold suggests improved operational leverage and efficiency in the cost of goods sold.

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DoorDash, Inc., operating profit margin 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)
Income (loss) from operations	442)	156)	151)	147)	258)	163)	155)	117)	107)	(201)	(61)	(89)	(108)	(211)	(171)	(370)	(308)	(273)	(173)
Revenue	4,616)	4,454)	4,036)	3,955)	3,446)	3,284)	3,032)	2,873)	2,706)	2,630)	2,513)	2,303)	2,164)	2,133)	2,035)	1,818)	1,701)	1,608)	1,456)
Profitability Ratio
Operating profit margin¹	5.25%	4.48%	4.88%	5.27%	5.48%	4.56%	1.58%	-0.35%	-2.40%	-4.78%	-5.15%	-6.71%	-10.55%	-13.79%	-15.67%	-17.07%	-14.97%	-12.41%	-9.99%
Benchmarks
Operating Profit Margin, Competitors²
Airbnb Inc.	—	20.81%	20.49%	20.78%	22.65%	22.50%	22.17%	23.00%	15.01%	15.21%	15.86%	15.31%	23.42%	21.53%	20.69%	21.45%	20.46%	17.49%	13.17%
Booking Holdings Inc.	32.78%	32.87%	32.63%	32.79%	32.74%	32.85%	32.49%	31.83%	27.92%	28.39%	28.07%	27.31%	31.85%	31.29%	29.59%	29.85%	28.74%	27.56%	23.83%
Chipotle Mexican Grill Inc.	14.12%	14.65%	15.27%	16.23%	16.38%	16.65%	17.01%	16.94%	16.97%	16.75%	15.99%	15.78%	15.63%	15.42%	14.89%	13.44%	12.15%	11.36%	10.65%
McDonald’s Corp.	—	46.22%	46.27%	46.10%	46.09%	45.80%	45.22%	45.19%	44.90%	45.29%	45.99%	45.68%	45.68%	45.40%	40.96%	40.42%	39.48%	39.87%	43.71%
Starbucks Corp.	7.77%	7.62%	7.18%	7.90%	10.81%	12.51%	13.96%	14.95%	15.92%	16.08%	16.64%	16.32%	15.31%	14.92%	14.26%	14.32%	15.33%	16.27%	16.92%

¹ Q3 2026 Calculation
Operating profit margin = 100 × (Income (loss) from operations_{Q3 2026} + Income (loss) from operations_{Q2 2026} + Income (loss) from operations_{Q1 2026} + Income (loss) from operations_{Q4 2025}) ÷ (Revenue_{Q3 2026} + Revenue_{Q2 2026} + Revenue_{Q1 2026} + Revenue_{Q4 2025})
= 100 × (442 + 156 + 151 + 147) ÷ (4,616 + 4,454 + 4,036 + 3,955) = 5.25%

² Click competitor name to see calculations.

The analyzed period is characterized by a significant transition from operational losses to consistent profitability. A distinct V-shaped recovery in operating profit margins is evident, beginning after a peak deficit in late 2022 and culminating in a positive margin trajectory that stabilized through 2026.

Operating Margin Trend Analysis: A period of margin deterioration occurred between March 31, 2022, and December 31, 2022, where the operating profit margin declined from -9.99% to a trough of -17.07%. Following this low point, a sustained upward trend was established. The margin improved steadily throughout 2023 and 2024, moving from -15.67% in March 2023 to -0.35% by December 31, 2024.; The inflection point into operational profitability was achieved on March 31, 2025, with the margin turning positive at 1.58%. This positive momentum peaked at 5.48% by September 30, 2025, before entering a phase of relative stabilization, ending the period at 5.25% on September 30, 2026.
Revenue and Operational Income Relationship: Revenue exhibited consistent quarterly growth, increasing from 1,456 million US dollars in March 2022 to 4,616 million US dollars by September 2026. This growth in scale coincided with a reduction in operational losses, which shifted from a maximum loss of 370 million US dollars in December 2022 to a positive operational income of 442 million US dollars by the end of the observed period.; The synchronization of expanding revenue and improving margins suggests an increase in operational efficiency and a successful transition toward a sustainable cost structure relative to income generation.

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DoorDash, Inc., net profit margin 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)
Revenue	4,616)	4,454)	4,036)	3,955)	3,446)	3,284)	3,032)	2,873)	2,706)	2,630)	2,513)	2,303)	2,164)	2,133)	2,035)	1,818)	1,701)	1,608)	1,456)
Profitability Ratio
Net profit margin¹	6.23%	5.29%	6.29%	6.82%	6.83%	6.57%	3.02%	1.15%	-1.69%	-4.24%	-4.61%	-6.46%	-12.81%	-16.47%	-18.98%	-20.74%	-14.51%	-12.17%	-9.97%
Benchmarks
Net Profit Margin, Competitors²
Airbnb Inc.	—	20.45%	19.90%	20.51%	22.03%	22.67%	22.60%	23.85%	16.96%	46.11%	48.23%	48.32%	56.87%	25.31%	23.30%	22.54%	20.29%	16.91%	12.12%
Booking Holdings Inc.	25.52%	25.53%	22.23%	20.08%	19.37%	19.23%	22.58%	24.78%	21.85%	22.46%	21.81%	20.07%	25.70%	23.04%	22.14%	17.89%	15.24%	10.54%	4.16%
Chipotle Mexican Grill Inc.	10.83%	11.42%	11.96%	12.88%	13.04%	13.32%	13.59%	13.56%	13.51%	13.23%	12.70%	12.45%	12.27%	12.00%	11.49%	10.41%	9.61%	9.28%	8.74%
McDonald’s Corp.	—	31.72%	31.62%	31.85%	32.04%	32.21%	31.75%	31.72%	31.79%	32.25%	33.36%	33.22%	33.31%	33.06%	29.36%	26.65%	25.41%	25.77%	29.93%
Starbucks Corp.	5.17%	3.89%	3.63%	4.99%	7.18%	8.61%	9.73%	10.40%	11.16%	11.38%	11.70%	11.46%	10.80%	10.46%	10.09%	10.18%	13.03%	14.07%	14.47%

¹ Q3 2026 Calculation
Net profit margin = 100 × (Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q3 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q2 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q1 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q4 2025}) ÷ (Revenue_{Q3 2026} + Revenue_{Q2 2026} + Revenue_{Q1 2026} + Revenue_{Q4 2025})
= 100 × (466 + 200 + 184 + 213) ÷ (4,616 + 4,454 + 4,036 + 3,955) = 6.23%

² Click competitor name to see calculations.

The financial performance over the analyzed period reflects a transition from significant operational losses to sustained profitability. A consistent upward trajectory in revenue is coupled with a systematic recovery of the net profit margin, which shifted from deep negative territory to a stable positive range.

Revenue Growth Trends: Revenue exhibited uninterrupted growth, increasing from US$ 1,456 million in March 2022 to US$ 4,616 million by September 2026. This steady expansion provided the necessary scale to support the eventual improvement in profit margins.
Net Profit Margin Volatility and Recovery: The net profit margin experienced a sharp decline during 2022, reaching a peak deficit of -20.74% in December 2022. This was followed by a consistent recovery phase throughout 2023 and the first half of 2024, as margins narrowed from -18.98% in March 2023 to -4.24% by June 2024.
Profitability Inflection Point: A definitive shift toward profitability occurred in the second half of 2024. The net profit margin transitioned into positive territory in December 2024 at 1.15%, marking the end of the period of net losses attributable to common stockholders.
Margin Stabilization Phase: Between March 2025 and September 2026, the net profit margin stabilized, fluctuating within a tight corridor between 5.29% and 6.83%. This pattern suggests that the organization reached a level of operational efficiency where revenue growth is now effectively translating into consistent bottom-line returns.

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DoorDash, Inc., ROE 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)
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)
Profitability Ratio
ROE¹	9.92%	8.48%	9.08%	9.32%	9.09%	8.75%	4.04%	1.58%	-2.27%	-5.68%	-6.00%	-8.20%	-15.92%	-19.79%	-20.85%	-20.21%	-12.89%	-9.26%	-11.29%
Benchmarks
ROE, Competitors²
Airbnb Inc.	—	34.50%	32.96%	30.63%	30.56%	33.73%	31.98%	31.48%	21.65%	60.53%	62.55%	58.69%	59.85%	45.46%	38.34%	34.05%	29.40%	23.80%	16.92%
Booking Holdings Inc.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	374.67%	109.92%	66.51%	38.58%	11.89%
Chipotle Mexican Grill Inc.	56.09%	64.52%	60.31%	54.26%	47.69%	43.70%	44.73%	41.97%	41.08%	37.99%	38.57%	40.13%	40.55%	40.27%	41.60%	37.97%	34.75%	35.10%	32.06%
McDonald’s Corp.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Starbucks Corp.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

¹ Q3 2026 Calculation
ROE = 100 × (Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q3 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q2 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q1 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q4 2025}) ÷ Stockholders’ equity
= 100 × (466 + 200 + 184 + 213) ÷ 10,717 = 9.92%

² Click competitor name to see calculations.

The financial trajectory indicates a significant transition from a period of substantial operational losses to sustained net profitability. This shift is characterized by a steady recovery in earnings and a concurrent expansion of the equity base, resulting in a positive trend for return on equity (ROE) starting in late 2024.

Net Income Performance: A period of consistent net losses was observed from March 2022 through June 2024, with a peak loss of 640 million US dollars in December 2022. A recovery trend emerged throughout 2023, leading to the first instance of positive net income in September 2024. Profitability continued to scale through September 2026, ending the period at 466 million US dollars.
Equity Growth: Stockholders' equity demonstrated an overall upward trend, increasing from 4.65 billion US dollars in March 2022 to 10.72 billion US dollars by September 2026. Despite some fluctuations between 2022 and 2023, the capital base grew steadily from 2024 onwards, providing a larger foundation for the company's financial operations.
Return on Equity (ROE) Evolution: ROE remained negative for the first half of the analyzed period, reaching its lowest point of -20.85% in March 2023. Following this trough, a consistent improvement was observed, with the ratio crossing into positive territory in December 2024 at 1.58%. From 2025 through September 2026, ROE stabilized and grew, fluctuating between 4.04% and 9.92%, signaling an improved ability to generate profit relative to shareholders' investments.

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DoorDash, Inc., ROA 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)
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)
Profitability Ratio
ROA¹	5.17%	4.30%	4.70%	4.76%	4.80%	4.61%	2.50%	0.96%	-1.40%	-3.44%	-3.67%	-5.15%	-10.43%	-13.19%	-14.09%	-13.94%	-9.21%	-6.91%	-7.70%
Benchmarks
ROA, Competitors²
Airbnb Inc.	—	9.36%	9.38%	11.31%	11.41%	9.73%	10.13%	12.63%	8.29%	18.40%	20.13%	23.21%	25.47%	10.85%	10.13%	11.80%	10.13%	6.55%	4.70%
Booking Holdings Inc.	25.40%	24.29%	22.20%	18.47%	17.54%	15.69%	20.00%	21.23%	18.00%	17.62%	17.31%	17.62%	20.68%	16.78%	15.96%	12.06%	11.06%	6.30%	2.32%
Chipotle Mexican Grill Inc.	14.60%	16.01%	16.49%	17.07%	16.55%	16.64%	17.26%	16.67%	16.47%	15.81%	15.41%	15.27%	14.79%	14.75%	14.64%	12.98%	11.86%	11.55%	10.58%
McDonald’s Corp.	—	14.66%	14.45%	14.39%	13.89%	14.09%	14.49%	14.90%	14.68%	15.44%	16.06%	15.08%	16.00%	15.86%	13.22%	12.25%	12.19%	12.35%	13.98%
Starbucks Corp.	7.01%	4.89%	4.25%	5.80%	7.82%	9.89%	11.03%	12.00%	13.52%	14.16%	14.71%	14.01%	13.17%	12.43%	11.75%	11.73%	14.80%	15.19%	15.24%

¹ Q3 2026 Calculation
ROA = 100 × (Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q3 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q2 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q1 2026} + Net income (loss) attributable to DoorDash, Inc. common stockholders_{Q4 2025}) ÷ Total assets
= 100 × (466 + 200 + 184 + 213) ÷ 20,580 = 5.17%

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An analysis of the financial performance from March 31, 2022, to September 30, 2026, reveals a significant structural transition from operational losses to sustained profitability. The Return on Assets (ROA) exhibits a clear recovery trajectory, shifting from deep negative territory to a positive and stabilizing trend, indicating improved efficiency in utilizing the expanding asset base to generate earnings.

Net Income Trajectory: The company experienced substantial net losses throughout 2022 and 2023, with a peak loss of 640 million US dollars in December 2022. A consistent recovery began in 2023, leading to a pivot toward profitability in the second half of 2024. Starting from September 30, 2024, net income remained positive, showing an upward trend that culminated in a peak quarterly profit of 466 million US dollars by September 30, 2026.
Asset Base Expansion: Total assets grew steadily and substantially over the analyzed period, increasing from 6,822 million US dollars in March 2022 to 20,580 million US dollars by September 30, 2026. This represents a tripling of the asset base, suggesting significant scaling of operations and infrastructure during the transition to profitability.
Return on Assets (ROA) Performance: The ROA mirrored the net income trend, reaching its lowest point between December 2022 and March 2023, with values dipping to -13.94% and -14.09%, respectively. A period of steady improvement followed, with the ratio crossing into positive territory in December 2024 at 0.96%. From early 2025 through September 2026, the ROA stabilized within a range of 4.30% to 5.17%, demonstrating that the company successfully scaled its earnings faster than its asset growth in the latter stages of the period.

The correlation between the expanding asset base and the rising ROA suggests an improvement in operational leverage. While the company previously operated with negative returns during a phase of heavy investment, the current trend indicates a sustainable model where increased assets are contributing effectively to net income growth.

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