Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
DoorDash, Inc., short-term (operating) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the financial turnover ratios and related periods over the observed quarters reveals several noteworthy trends and fluctuations.
- Receivables Turnover Ratio
- This ratio exhibited an overall declining trend after reaching a peak in late 2023. Starting from a lower data point in early 2021, it rose to around 20 in September 2023, followed by a gradual decrease toward 14 by mid-2025. This suggests a slowing in the rate at which receivables are collected, indicating potentially slower cash inflows from sales on credit over time.
- Payables Turnover Ratio
- The payables turnover ratio fluctuated considerably, with notable volatility between 2022 and 2024. It initially decreased from early 2022 to mid-2022, then surged to a peak value close to 31 by late 2024 before decreasing again by mid-2025. These swings indicate variations in how quickly the company settles its payables, reflecting changes in supplier payment behavior or working capital management strategies.
- Working Capital Turnover Ratio
- The working capital turnover ratio demonstrated a strong upward trend from early 2021 through late 2023, rising from under 2 to above 4, signaling improved efficiency in generating revenue from working capital. However, from late 2023 onward, this ratio gradually declined to about 2.36 by mid-2025, indicating a reduction in efficiency in utilizing working capital to support sales.
- Average Receivable Collection Period (Days)
- This metric generally reflected a modest shortening in collection periods from about 26 days in early 2021 to a low near 18 days in late 2023. After this low point, it increased somewhat, stabilizing around 25–26 days by mid-2025. The initial decrease corresponds with the increase in receivables turnover, while the subsequent increase aligns with the observed decline in that ratio.
- Average Payables Payment Period (Days)
- The average days taken to pay suppliers showed fluctuations, with a decline from roughly 29 days in mid-2021 to a low near 12 days in late 2023, followed by an increase back to around 21 days by mid-2025. This trend mirrors some of the volatility seen in the payables turnover ratio and suggests periodic shifts in payment terms or supplier negotiations.
Overall, the data reflect a period of increasing operational efficiency up to late 2023, particularly visible in the working capital turnover and receivables collection metrics. However, from late 2023 through mid-2025, there is evidence of a reversal or moderation in these trends, with a general slowdown in turnover ratios and lengthening of collection and payment periods. These changes may imply evolving challenges in working capital management or shifts in business conditions impacting cash flow dynamics.
Turnover Ratios
Average No. Days
Receivables Turnover
DoorDash, Inc., receivables turnover calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Revenue | 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) | 1,300) | 1,275) | 1,236) | 1,077) | ||||||
| Accounts receivable, net | 840) | 782) | 732) | 622) | 585) | 546) | 533) | 417) | 383) | 382) | 400) | 325) | 346) | 321) | 349) | 286) | 245) | 282) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | 14.16 | 14.37 | 14.65 | 16.32 | 16.43 | 16.69 | 16.20 | 19.54 | 20.07 | 18.75 | 16.46 | 18.66 | 16.30 | 16.41 | 14.01 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 62.26 | 64.55 | 75.52 | 61.94 | 60.03 | 58.52 | 48.38 | 46.60 | 41.69 | 47.07 | 52.17 | 53.27 | 43.30 | 53.74 | 53.67 | — | — | — | ||||||
| Booking Holdings Inc. | 5.73 | 7.32 | 7.42 | 6.32 | 5.87 | 6.68 | 6.57 | 5.98 | 6.90 | 8.87 | 7.67 | 7.01 | 6.51 | 7.77 | 8.07 | 5.93 | 5.57 | 9.64 | ||||||
| Chipotle Mexican Grill Inc. | 110.26 | 113.07 | 78.59 | 117.86 | 109.32 | 113.59 | 85.44 | 134.08 | 152.24 | 136.37 | 80.79 | 118.06 | 97.41 | 87.64 | 75.77 | 94.54 | 90.40 | 92.26 | ||||||
| McDonald’s Corp. | 3.75 | 4.00 | 4.10 | 4.04 | 4.10 | 4.41 | 3.92 | 4.22 | 4.12 | 4.18 | 4.14 | 4.80 | 5.20 | 5.93 | 5.23 | 5.19 | 5.07 | 4.77 | ||||||
| Starbucks Corp. | 31.48 | 29.12 | 29.80 | 31.83 | 32.90 | 31.49 | 30.38 | 30.71 | 28.67 | 28.30 | 27.44 | 27.91 | 31.27 | 29.45 | 30.92 | 29.76 | 27.09 | 26.09 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Receivables turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Accounts receivable, net
= (3,284 + 3,032 + 2,873 + 2,706)
÷ 840 = 14.16
2 Click competitor name to see calculations.
The revenue exhibits a consistent upward trajectory from March 31, 2021, through June 30, 2025. Starting at $1,077 million, revenue steadily grows each quarter, reaching $3,284 million by the end of the observed period. This indicates strong and sustained business expansion or increased market penetration over the four-year span.
Accounts receivable, net also shows a general upward trend during the same period. Beginning at $282 million on March 31, 2021, it fluctuates mildly in initial quarters but then rises more sharply from June 30, 2023, onwards, ending at $840 million by June 30, 2025. The increase in accounts receivable corresponds with the growth in revenue, suggesting higher sales levels and possibly extended credit terms or larger outstanding balances.
The receivables turnover ratio data is only available starting March 31, 2022. Initially, it registers at 14.01 and increases to a peak of 20.07 by September 30, 2023. Subsequently, the ratio exhibits a downward trend towards the end of the period, declining to around 14.16 by June 30, 2025. Since receivables turnover measures how efficiently the company collects its receivables, the initial increase suggests improved collection efficiency or shorter credit periods. However, the later decline might indicate a reduction in collection pace or a shift towards longer collection cycles.
- Revenue
- Demonstrates a strong, consistent increase from $1,077 million to $3,284 million, indicating sustained growth.
- Accounts Receivable, net
- Increases broadly from $282 million to $840 million, reflecting higher sales volumes and possibly longer credit terms.
- Receivables Turnover Ratio
- Rises from 14.01 to a peak of 20.07, then declines back to about 14.16; this suggests initial improvements in collection efficiency followed by a gradual slowdown.
Overall, the data indicates robust revenue growth accompanied by a proportional increase in receivables. The variation in receivables turnover ratio highlights changing efficiency in collections, which warrants monitoring for credit risk management.
Payables Turnover
DoorDash, Inc., payables turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | 1,616) | 1,500) | 1,453) | 1,374) | 1,385) | 1,330) | 1,229) | 1,156) | 1,135) | 1,069) | 1,014) | 931) | 880) | 763) | 635) | 585) | 555) | 563) | ||||||
| Accounts payable | 345) | 329) | 321) | 191) | 163) | 203) | 216) | 149) | 173) | 208) | 157) | 238) | 207) | 203) | 161) | 86) | 96) | 75) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Payables turnover1 | 17.23 | 17.36 | 17.26 | 27.84 | 31.29 | 23.89 | 21.25 | 29.36 | 23.98 | 18.72 | 22.85 | 13.48 | 13.83 | 12.50 | 14.52 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 5.85 | 7.32 | 6.21 | 5.67 | 5.70 | 6.73 | 6.14 | 6.83 | 9.11 | 8.52 | 6.82 | 7.52 | 6.54 | 8.32 | 6.91 | 6.29 | 6.98 | 9.91 | ||||||
| Chipotle Mexican Grill Inc. | 39.61 | 38.90 | 39.38 | 36.30 | 38.20 | 38.02 | 36.86 | 34.04 | 42.59 | 36.87 | 35.61 | 38.60 | 39.82 | 36.05 | 35.79 | 32.44 | 38.26 | 34.83 | ||||||
| McDonald’s Corp. | 9.74 | 9.25 | 8.10 | 8.93 | 8.77 | 8.91 | 7.46 | 9.30 | 9.50 | 9.05 | 7.53 | 9.57 | 10.74 | 11.40 | 7.99 | 10.16 | 10.42 | 10.52 | ||||||
| Starbucks Corp. | 14.25 | 15.04 | 16.59 | 16.66 | 17.76 | 18.13 | 16.92 | 17.11 | 17.49 | 18.12 | 16.57 | 15.70 | 17.03 | 16.81 | 17.06 | 17.36 | 17.82 | 17.44 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Payables turnover
= (Cost of revenue, exclusive of depreciation and amortizationQ2 2025
+ Cost of revenue, exclusive of depreciation and amortizationQ1 2025
+ Cost of revenue, exclusive of depreciation and amortizationQ4 2024
+ Cost of revenue, exclusive of depreciation and amortizationQ3 2024)
÷ Accounts payable
= (1,616 + 1,500 + 1,453 + 1,374)
÷ 345 = 17.23
2 Click competitor name to see calculations.
The analysis of the financial data reveals several noteworthy trends in the cost structure and payables management over the observed periods.
- Cost of revenue, exclusive of depreciation and amortization
-
This expense item exhibits a clear upward trajectory throughout the timeframe. Starting at $563 million in March 2021, it steadily increased each quarter, reaching $1,616 million by June 2025. The growth is consistent, with occasional moderate accelerations, particularly between mid-2023 and mid-2025, indicating sustained increases in the operational costs associated with generating revenue. This rising cost base may reflect business expansion, inflationary pressures, increased input prices, or higher volume of transactions.
- Accounts payable
-
Accounts payable balances fluctuate over the periods but generally trend upward. Beginning at $75 million in March 2021, there is volatility in the intermediate quarters, with values swinging between approximately $86 million to $238 million. From early 2023 onward, the balances mostly increase, reaching $345 million by June 2025. The fluctuations suggest changing payment practices or timing effects, while the overall increase could be attributed to the growth in operational activities and extended supplier credit terms.
- Payables turnover ratio
-
The payables turnover ratio, which measures how frequently payables are settled within a period, shows notable variability. Data is available only from September 2021 onward. Initially, the ratio experiences a decline from 14.52 to 12.5, then fluctuates moderately between 12.5 and approximately 14 before increasing significantly to peaks as high as 31.29 during late 2023 and early 2024. Subsequently, it decreases to the range of 17 to 27 in the latest periods. These variations suggest changes in the payment cycle efficiency, possibly as a result of shifts in working capital management strategies or supplier negotiation terms.
Overall, the increasing cost of revenue is a dominant trend, accompanied by a rising accounts payable balance, indicating higher operational scale and possibly longer payment periods. The payables turnover ratio's volatility implies adjustments in payment policies or fiscal timing that impact cash flow dynamics. These insights provide a comprehensive understanding of the company's evolving cost and liability management practices over time.
Working Capital Turnover
DoorDash, Inc., working capital turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 9,735) | 7,853) | 7,386) | 6,760) | 6,617) | 6,130) | 5,597) | 5,142) | 4,605) | 4,587) | 4,720) | 4,690) | 4,833) | 4,418) | 4,565) | 4,707) | 5,179) | 5,025) | ||||||
| Less: Current liabilities | 4,696) | 4,577) | 4,438) | 4,094) | 4,028) | 3,743) | 3,410) | 2,986) | 2,726) | 2,651) | 2,544) | 2,216) | 2,026) | 1,760) | 1,760) | 1,339) | 1,251) | 1,094) | ||||||
| Working capital | 5,039) | 3,276) | 2,948) | 2,666) | 2,589) | 2,387) | 2,187) | 2,156) | 1,879) | 1,936) | 2,176) | 2,474) | 2,807) | 2,658) | 2,805) | 3,368) | 3,928) | 3,931) | ||||||
| Revenue | 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) | 1,300) | 1,275) | 1,236) | 1,077) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | 2.36 | 3.43 | 3.64 | 3.81 | 3.71 | 3.82 | 3.95 | 3.78 | 4.09 | 3.70 | 3.03 | 2.45 | 2.01 | 1.98 | 1.74 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 2.65 | 2.46 | 1.58 | 1.55 | 1.64 | 1.64 | 1.51 | 1.25 | 1.41 | 1.31 | 1.22 | 1.17 | 1.13 | 1.10 | 0.99 | — | — | — | ||||||
| Booking Holdings Inc. | 5.41 | 6.77 | 4.90 | 5.99 | 7.26 | 6.04 | 5.77 | 3.65 | 2.82 | 2.77 | 2.33 | 4.14 | 3.16 | 2.32 | 1.59 | 1.07 | 1.02 | 0.74 | ||||||
| Chipotle Mexican Grill Inc. | 15.71 | 20.15 | 18.49 | 17.10 | 14.35 | 15.74 | 16.73 | 16.40 | 16.17 | 24.45 | 34.00 | 32.42 | 37.95 | 29.78 | 14.86 | 10.78 | 11.18 | 10.14 | ||||||
| McDonald’s Corp. | 7.33 | 13.15 | 13.25 | — | 33.38 | — | 8.64 | 3.33 | 7.11 | 3.99 | 5.39 | 4.03 | 6.64 | 23.54 | 3.13 | 5.58 | 5.19 | 9.32 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 18.11 | 205.59 | 50.26 | 48.92 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Working capital turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Working capital
= (3,284 + 3,032 + 2,873 + 2,706)
÷ 5,039 = 2.36
2 Click competitor name to see calculations.
The analysis of the financial data over the given periods reveals notable trends in both working capital and revenue figures, as well as the efficiency of working capital usage as depicted by the working capital turnover ratio.
- Working Capital
- Working capital shows a general declining trend from the beginning of the period in March 2021, starting at 3,931 million USD and decreasing to a low of 1,879 million USD by June 30, 2023. This decline indicates a reduction in current assets relative to current liabilities over this time span. However, from mid-2023 onwards, working capital experiences a consistent upward trajectory, reaching 5,039 million USD by June 30, 2025. This rebound suggests improved liquidity or possibly changes in current assets and liabilities management in the latter periods.
- Revenue
- Revenue exhibits a continuous and steady increase throughout all periods, starting at 1,077 million USD in March 2021 and rising progressively to 3,284 million USD by June 30, 2025. This steady growth indicates strong sales performance and expanding business operations over the analyzed timeframe.
- Working Capital Turnover Ratio
- The working capital turnover ratio, available from December 31, 2021 onwards, illustrates the efficiency with which working capital is utilized to generate revenue. The ratio begins at 1.74 and climbs steadily to a peak of 4.09 by September 30, 2023, demonstrating an increasing efficiency in using working capital to support revenue growth. After this peak, the ratio tends to stabilize with modest fluctuations, ending at 2.36 by June 30, 2025. The initial rise suggests enhanced operational efficiency or optimization in managing short-term assets and liabilities, while the later stabilization and decline might indicate the sizable increase in working capital towards the end of the period, potentially moderating the turnover ratio.
In summary, the data reflect a period of decreasing working capital coupled with increasing revenue and improving efficiency in working capital usage until around mid-2023. From this point, working capital increases significantly, indicating possibly a strategic shift or operational change, while revenue growth remains robust but the efficiency as measured by turnover ratio declines. These dynamics highlight evolving financial management strategies for short-term resource allocation in the context of sustained revenue expansion.
Average Receivable Collection Period
DoorDash, Inc., average receivable collection period calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||
| Receivables turnover | 14.16 | 14.37 | 14.65 | 16.32 | 16.43 | 16.69 | 16.20 | 19.54 | 20.07 | 18.75 | 16.46 | 18.66 | 16.30 | 16.41 | 14.01 | — | — | — | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | 26 | 25 | 25 | 22 | 22 | 22 | 23 | 19 | 18 | 19 | 22 | 20 | 22 | 22 | 26 | — | — | — | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 6 | 6 | 5 | 6 | 6 | 6 | 8 | 8 | 9 | 8 | 7 | 7 | 8 | 7 | 7 | — | — | — | ||||||
| Booking Holdings Inc. | 64 | 50 | 49 | 58 | 62 | 55 | 56 | 61 | 53 | 41 | 48 | 52 | 56 | 47 | 45 | 62 | 66 | 38 | ||||||
| Chipotle Mexican Grill Inc. | 3 | 3 | 5 | 3 | 3 | 3 | 4 | 3 | 2 | 3 | 5 | 3 | 4 | 4 | 5 | 4 | 4 | 4 | ||||||
| McDonald’s Corp. | 97 | 91 | 89 | 90 | 89 | 83 | 93 | 87 | 89 | 87 | 88 | 76 | 70 | 62 | 70 | 70 | 72 | 76 | ||||||
| Starbucks Corp. | 12 | 13 | 12 | 11 | 11 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 12 | 12 | 12 | 12 | 13 | 14 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 14.16 = 26
2 Click competitor name to see calculations.
The data on receivables turnover and average receivable collection period reveals several key trends over the observed quarters.
- Receivables Turnover
- The receivables turnover ratio demonstrates variability with an overall pattern of increase followed by a gradual decline. Starting at 14.01 in March 2021, the ratio rises steadily and reaches a peak of 20.07 by September 2023. After this peak, a decline is noted, ending at 14.16 by June 2025. This indicates that the efficiency in collecting receivables improved significantly during the initial periods but has somewhat diminished more recently.
- Average Receivable Collection Period
- This metric inversely reflects the receivables turnover trend. Initially, the collection period decreases from 26 days recorded in March 2021 to a low of 18 days in September 2023, demonstrating faster collections. Subsequently, this period extends again and reaches 26 days by June 2025. The changes imply that the speed of cash collections initially improved but then eased back to earlier levels.
Overall, the data suggests a phase of enhanced receivables management and improved liquidity from 2021 into 2023, followed by a period where collection efficiencies declined somewhat, returning to collection durations comparable to those observed at the beginning of the period. This pattern should warrant further examination of underlying factors such as credit policies, customer payment behaviors, or operational changes influencing these trends.
Average Payables Payment Period
DoorDash, Inc., average payables payment period calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||
| Payables turnover | 17.23 | 17.36 | 17.26 | 27.84 | 31.29 | 23.89 | 21.25 | 29.36 | 23.98 | 18.72 | 22.85 | 13.48 | 13.83 | 12.50 | 14.52 | — | — | — | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average payables payment period1 | 21 | 21 | 21 | 13 | 12 | 15 | 17 | 12 | 15 | 19 | 16 | 27 | 26 | 29 | 25 | — | — | — | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 62 | 50 | 59 | 64 | 64 | 54 | 59 | 53 | 40 | 43 | 54 | 49 | 56 | 44 | 53 | 58 | 52 | 37 | ||||||
| Chipotle Mexican Grill Inc. | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 11 | 9 | 10 | 10 | 9 | 9 | 10 | 10 | 11 | 10 | 10 | ||||||
| McDonald’s Corp. | 37 | 39 | 45 | 41 | 42 | 41 | 49 | 39 | 38 | 40 | 48 | 38 | 34 | 32 | 46 | 36 | 35 | 35 | ||||||
| Starbucks Corp. | 26 | 24 | 22 | 22 | 21 | 20 | 22 | 21 | 21 | 20 | 22 | 23 | 21 | 22 | 21 | 21 | 20 | 21 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q2 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 17.23 = 21
2 Click competitor name to see calculations.
- Payables turnover
- The payables turnover ratio shows fluctuating trends from the first available data in March 2022 through June 2025. Initial ratios in early 2022 hover around the low to mid-teens, starting at 14.52 and dipping slightly to 12.5 in the subsequent quarter. Through the remainder of 2022, the ratio increases gradually, peaking at 13.83 before settling near 13.48. A notable jump occurs in 2023, with the ratio reaching a high of 29.36 in the last quarter, followed by a slight decrease but remaining elevated in the 20s and low 30s range for most of the year. Into 2024 and early 2025, the ratio generally declines but stays above the earlier 2022 levels, fluctuating between 17.2 and 31.3. This pattern indicates periods of tighter payment cycles interspersed with some moderation, suggesting variability in how quickly payables are being settled over time.
- Average payables payment period
- The average payables payment period, measured in days, inversely correlates with the payables turnover ratio as expected. Starting in early 2022 at 25 days, the period lengthens slightly in the following quarter to 29 days before gradually decreasing to around 26–27 days by the end of that year. A significant reduction in the payment period is observed throughout 2023, with values dropping to as low as 12 days in the last quarter. This decline suggests a faster payment processing pace during 2023. In 2024, the payment period oscillates modestly between 12 and 17 days, indicating some variability but generally maintaining a shorter cycle than observed in 2022. By early 2025, the payment period extends again to approximately 21 days, reflecting a moderate increase in duration but still shorter than the initial periods recorded in 2022.
- Overall assessment
- The data reveals a general trend towards accelerated payment of payables during 2023, with the payables turnover ratio increasing substantially and the average payment period decreasing accordingly. This shift may reflect operational or strategic changes aimed at faster supplier settlements. However, a partial reversal or stabilization occurs in 2024 and early 2025, where payment cycles lengthen slightly but remain more efficient than at the start of the recorded periods. These fluctuations highlight dynamic working capital management practices influenced possibly by evolving business conditions or credit terms.