Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
DoorDash, Inc., profitability ratios (quarterly data)
Based on: 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 financial trajectory from March 2022 through June 2026 is characterized by an initial period of margin compression and increasing losses, followed by a sustained and consistent recovery that culminated in a transition to positive profitability across all measured metrics.
- Gross Profit Margin
- A V-shaped trend is observed, starting at 51.81% in March 2022 and declining to a low of 45.50% by December 2022. From early 2023, a steady upward trend ensued, with the margin recovering to 51.41% by June 2026, indicating a successful restoration of core pricing power or cost-of-goods-sold efficiency.
- Operating and Net Profit Margins
- Both metrics experienced significant deterioration through 2022, with the operating margin reaching a trough of -17.07% and the net profit margin dropping to -20.74% in December 2022. A consistent recovery phase began in early 2023. The net profit margin reached a positive inflection point in December 2024 (1.15%), while the operating margin turned positive in March 2025 (1.58%). Both ratios peaked in the second half of 2025 before experiencing a slight moderation by mid-2026.
- Return on Equity (ROE) and Return on Assets (ROA)
- Return metrics mirrored the trend of the profit margins, with both ROE and ROA bottoming out in early 2023 at -20.85% and -14.09%, respectively. A programmatic improvement followed, with both indicators crossing into positive territory in the fourth quarter of 2024. ROE peaked at 9.32% in December 2025, and ROA reached its maximum of 4.80% in September 2025, reflecting a substantial improvement in the efficiency of asset utilization and shareholder equity generation.
Overall, the period reflects a strategic pivot from a high-loss growth phase to a period of operational optimization. The convergence of improving gross margins and the shift toward positive net income and returns suggests a transition toward a sustainable and profitable business model.
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Return on Sales
Return on Investment
Gross Profit Margin
DoorDash, Inc., gross profit margin calculation (quarterly data)
| 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 | 2,347) | 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 | 4,454) | 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 | 51.41% | 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. | 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. | 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% | ||||||
Based on: 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 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (2,347 + 2,044 + 2,020 + 1,759)
÷ (4,454 + 4,036 + 3,955 + 3,446)
= 51.41%
2 Click competitor name to see calculations.
The financial trajectory from March 2022 to June 2026 is characterized by consistent growth in both top-line revenue and absolute gross profit. While revenue increased from 1,456 million to 4,454 million and gross profit rose from 693 million to 2,347 million, the gross profit margin experienced a distinct U-shaped pattern, shifting from an initial period of contraction to a sustained phase of expansion.
- Initial Margin Compression
- A downward trend in gross profit margin is observed during the first four quarters of the analysis. The margin declined from 51.81% in March 2022 to a period low of 45.50% by December 2022, suggesting a temporary increase in the cost of revenue relative to sales growth during this timeframe.
- Sustained Margin Recovery
- Beginning in March 2023, a consistent upward trend in profitability is evident. The gross profit margin climbed steadily from 45.63% in March 2023 to 51.41% by June 2026. This gradual recovery indicates an improving efficiency in managing direct costs as the business scaled.
- Scalability and Efficiency
- The convergence of the June 2026 margin (51.41%) with the March 2022 level (51.81%) demonstrates that the company successfully returned to its original profitability profile despite a significant increase in the volume of operations. The ability to maintain these margins while increasing revenue by over 200% suggests strong operational leverage and optimized cost structures.
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Operating Profit Margin
DoorDash, Inc., operating profit margin calculation (quarterly data)
| 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 | 156) | 151) | 147) | 258) | 163) | 155) | 117) | 107) | (201) | (61) | (89) | (108) | (211) | (171) | (370) | (308) | (273) | (173) | ||||||
| Revenue | 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 | 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. | 32.87% | 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. | 14.65% | 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. | 7.62% | 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% | ||||||
Based on: 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 Q2 2026 Calculation
Operating profit margin = 100
× (Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (156 + 151 + 147 + 258)
÷ (4,454 + 4,036 + 3,955 + 3,446)
= 4.48%
2 Click competitor name to see calculations.
The financial performance from March 2022 through June 2026 indicates a comprehensive transition from accelerating operational losses to sustained profitability. While revenue grew consistently throughout the entire period, the operating profit margin experienced a distinct U-shaped trajectory, moving from a period of margin compression to a period of operational recovery and eventual positive returns.
- Revenue Growth Trends
- A consistent upward trajectory in revenue is observed, increasing from 1,456 million US dollars in March 2022 to 4,454 million US dollars by June 2026. This steady expansion provided the necessary scale to support the eventual shift toward positive operating income.
- Operating Income Transition
- Operational results are divided into three distinct phases. The first phase, spanning from March 2022 to December 2022, saw losses deepen from -173 million to -370 million US dollars. The second phase, from March 2023 to June 2024, was characterized by a gradual reduction in losses, despite a temporary setback in June 2024. The final phase began in September 2024, marking the pivot to profitability with an initial operating income of 107 million US dollars, which remained positive through June 2026.
- Operating Profit Margin Analysis
- The operating profit margin initially deteriorated, reaching a trough of -17.07% in December 2022. Following this low point, a sustained recovery occurred over the next two years, with the margin improving steadily until it reached a break-even point near December 2024 (-0.35%). Profitability was formally established in March 2025 at 1.58% and peaked at 5.48% in September 2025. In the final three quarters of the analysis, the margin stabilized, fluctuating slightly between 4.48% and 4.88%.
- Operational Efficiency Insights
- The data suggests that after December 2022, the growth in revenue began to outpace the growth in operating expenses. The ability to maintain a positive operating margin for the final nine quarters of the reported period indicates that the operational model achieved scalability, allowing the organization to convert revenue growth into operating profit.
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Net Profit Margin
DoorDash, Inc., net profit margin calculation (quarterly data)
| 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 | 200) | 184) | 213) | 244) | 285) | 193) | 141) | 162) | (157) | (23) | (154) | (73) | (170) | (161) | (640) | (295) | (263) | (167) | ||||||
| Revenue | 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 | 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. | 25.53% | 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. | 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. | 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% | ||||||
Based on: 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 Q2 2026 Calculation
Net profit margin = 100
× (Net income (loss) attributable to DoorDash, Inc. common stockholdersQ2 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ1 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ4 2025
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (200 + 184 + 213 + 244)
÷ (4,454 + 4,036 + 3,955 + 3,446)
= 5.29%
2 Click competitor name to see calculations.
A comprehensive analysis of the financial performance indicates a significant transition from substantial operational losses toward sustainable profitability. This trajectory is characterized by consistent revenue expansion and a structural improvement in net profit margins over the observed period.
- Revenue Growth Trajectory
- Revenue exhibited a continuous upward trend, increasing from 1,456 million USD in March 2022 to 4,454 million USD by June 2026. This represents a substantial scaling of the top line, providing the necessary volume to support the eventual transition to positive net income.
- Net Income Evolution
- The company experienced three distinct phases regarding net income. An initial period of widening losses occurred between March 2022 and December 2022, with net losses peaking at 640 million USD. A second phase of recovery began in March 2023, characterized by a steady reduction in losses. The third phase, beginning in September 2024, marked a pivot to consistent profitability, with quarterly net income remaining positive through June 2026, reaching a peak of 285 million USD in June 2025.
- Net Profit Margin Dynamics
- The net profit margin followed a V-shaped recovery pattern. The margin deteriorated from -9.97% in March 2022 to a trough of -20.74% in December 2022. Following this low point, a steady improvement was observed, with the margin returning to positive territory in December 2024 at 1.15%. Profitability peaked in September 2025 at 6.83% before experiencing a slight compression to 5.29% by June 2026.
- Profitability Correlation
- The data indicates that profitability was achieved not through immediate cost-cutting, but through the scaling of revenue. As revenue surpassed the 2.7 billion USD threshold in the second half of 2024, the company reached a break-even point, suggesting that the business model achieved sufficient operating leverage to cover its fixed and variable cost structures.
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Return on Equity (ROE)
DoorDash, Inc., ROE calculation (quarterly data)
| 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 | 200) | 184) | 213) | 244) | 285) | 193) | 141) | 162) | (157) | (23) | (154) | (73) | (170) | (161) | (640) | (295) | (263) | (167) | ||||||
| Stockholders’ equity | 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 | 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. | 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. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 Q2 2026 Calculation
ROE = 100
× (Net income (loss) attributable to DoorDash, Inc. common stockholdersQ2 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ1 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ4 2025
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ3 2025)
÷ Stockholders’ equity
= 100 × (200 + 184 + 213 + 244)
÷ 9,921 = 8.48%
2 Click competitor name to see calculations.
The financial performance reflects a definitive transition from a period of significant operational losses to sustained profitability. This shift is characterized by a recovery in net income and a concurrent expansion of the equity base, leading to a positive and stabilizing return on equity.
- Net Income Trajectory
- A period of substantial net losses occurred between March 2022 and June 2024, with a peak loss of 640 million USD recorded in December 2022. Following this trough, a consistent trend of loss reduction was observed, culminating in the first positive quarterly net income of 162 million USD in September 2024. Profitability continued through June 2026, with quarterly earnings peaking at 285 million USD in June 2025.
- Stockholders' Equity Expansion
- Stockholders' equity exhibited a steady upward trend throughout the analyzed period. Starting at 4.65 billion USD in March 2022, the equity base grew to 9.92 billion USD by June 2026. This growth occurred independently of the net income fluctuations, indicating a strengthening of the company's overall capital position.
- Return on Equity (ROE) Analysis
- The return on equity closely mirrored the volatility and recovery of net income. ROE reached its lowest point in March 2023 at -20.85%. A progressive recovery followed, with the ratio crossing into positive territory in December 2024 at 1.58%. The ratio then climbed to a peak of 9.32% in December 2025 before stabilizing within a range of 8.48% to 9.08% through the first half of 2026.
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Return on Assets (ROA)
DoorDash, Inc., ROA calculation (quarterly data)
| 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 | 200) | 184) | 213) | 244) | 285) | 193) | 141) | 162) | (157) | (23) | (154) | (73) | (170) | (161) | (640) | (295) | (263) | (167) | ||||||
| Total assets | 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 | 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. | 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. | 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. | 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% | ||||||
Based on: 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 Q2 2026 Calculation
ROA = 100
× (Net income (loss) attributable to DoorDash, Inc. common stockholdersQ2 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ1 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ4 2025
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ3 2025)
÷ Total assets
= 100 × (200 + 184 + 213 + 244)
÷ 19,561 = 4.30%
2 Click competitor name to see calculations.
The financial performance demonstrates a significant transition from a period of substantial operational losses to consistent profitability. A clear trajectory is observed where increasing asset accumulation has eventually synchronized with positive net income, resulting in a reversal of the Return on Assets (ROA) trend from deep negative territory to a stable positive range.
- Net Income Performance
- A period of volatility and net losses characterized the initial years, reaching a peak deficit of 640 million US dollars in December 2022. However, a consistent recovery trend began in early 2023, leading to the first instance of positive net income in September 2024. From late 2024 through June 2026, profitability remained positive, with quarterly earnings generally fluctuating between 184 million and 285 million US dollars.
- Asset Base Expansion
- Total assets exhibited a sustained upward trend throughout the analyzed period, growing from 6,822 million US dollars in March 2022 to 19,561 million US dollars by June 2026. A notable acceleration in asset growth occurred between March 2024 and June 2025, where the asset base increased from 11,450 million to 16,950 million US dollars.
- Return on Assets (ROA) Dynamics
- The ROA mirrored the net income trajectory, hitting a low of -14.09% in March 2023. A steady improvement followed, with the ratio crossing the breakeven point in December 2024 at 0.96%. The ratio peaked at 4.80% in September 2025 before stabilizing between 4.30% and 4.70% in the final quarters. This shift indicates that the company has successfully transitioned from leveraging assets to fund losses to utilizing its expanded asset base to generate positive returns.
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