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: 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 analysis of short-term operating activity ratios reveals fluctuating trends in asset and liability management, with a notable shift in working capital efficiency toward the end of the observed period.
- Receivables Management
- The receivables turnover ratio exhibited a period of improvement, peaking at 20.07 in June 2023, before entering a gradual decline to 12.38 by December 2025. This trend is inversely mirrored in the average receivable collection period, which remained relatively stable between 18 and 22 days until December 2023, subsequently increasing to a peak of 29 days in December 2025. By June 2026, the collection period normalized to 25 days, indicating a slight long-term deceleration in the speed of converting receivables into cash.
- Payables Management
- Payables turnover shows significant volatility throughout the period. The ratio reached a high of 31.29 in June 2024, corresponding with a low in the average payables payment period of 12 days. Following this, a period of extension in payment terms occurred, with the payment period rising to 22 days by December 2025. The most recent data indicates a return to more aggressive payment cycles, with the turnover ratio rising to 25.65 and the payment period shortening to 14 days by June 2026.
- Working Capital Efficiency
- Working capital turnover demonstrated a steady upward trajectory from 1.98 in March 2022 to a peak of 4.09 in June 2023. After a period of relative stability and a temporary dip to 2.36 in mid-2025, a sharp acceleration is observed starting in December 2025, with the ratio climbing to 7.02 by June 2026. This suggests a substantial increase in the efficiency with which working capital is utilized to support revenue generation in the final quarters of the analyzed timeframe.
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Turnover Ratios
Average No. Days
Receivables Turnover
DoorDash, Inc., receivables turnover 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) | ||||||||||||||||||||||||
| 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) | ||||||
| Accounts receivable, net | 1,100) | 1,034) | 1,108) | 894) | 840) | 782) | 732) | 622) | 585) | 546) | 533) | 417) | 383) | 382) | 400) | 325) | 346) | 321) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Receivables turnover1 | 14.45 | 14.24 | 12.38 | 14.13 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 62.96 | 66.21 | 65.81 | 66.35 | 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 | ||||||
| Booking Holdings Inc. | 6.51 | 7.87 | 7.05 | 6.49 | 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 | ||||||
| Chipotle Mexican Grill Inc. | 123.86 | 127.86 | 76.22 | 122.99 | 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 | ||||||
| McDonald’s Corp. | — | 4.06 | 3.93 | 3.67 | 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 | ||||||
| Starbucks Corp. | 29.85 | 30.92 | 29.11 | 29.53 | 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 | ||||||
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
Receivables turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Accounts receivable, net
= (4,454 + 4,036 + 3,955 + 3,446)
÷ 1,100 = 14.45
2 Click competitor name to see calculations.
An analysis of the quarterly operating activity reveals a consistent expansion in revenue alongside a corresponding increase in net accounts receivable, resulting in a gradual decline in the receivables turnover ratio over the observed period.
- Revenue and Receivables Growth
- Revenue demonstrated uninterrupted quarterly growth, rising from 1,456 million USD in March 2022 to 4,454 million USD by June 2026. During this same period, net accounts receivable increased from 321 million USD to 1,100 million USD. The growth in receivables slightly outpaced the growth in revenue, which exerted downward pressure on the turnover efficiency.
- Receivables Turnover Trends
- The receivables turnover ratio experienced three distinct phases. From March 2022 to June 2023, the ratio was relatively strong and peaked at 20.07. A subsequent period of contraction occurred between September 2023 and September 2024, where the ratio declined from 19.54 to 16.32. The most significant deceleration occurred between December 2024 and December 2025, with the ratio reaching a period low of 12.38 before stabilizing around 14.45 in the first half of 2026.
- Operational Efficiency Insights
- The downward trend in the turnover ratio indicates that the company is taking longer to collect its receivables relative to its sales volume. While the business has scaled significantly in terms of total revenue, the efficiency of converting these credit sales into cash has diminished. The transition from a turnover ratio of approximately 16-20 in the early period to approximately 14 in the later period suggests a shift in credit terms or a change in the composition of the customer base that requires longer collection cycles.
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Payables Turnover
DoorDash, Inc., payables turnover 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) | ||||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | 2,107) | 1,992) | 1,935) | 1,687) | 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) | ||||||
| Accounts payable | 301) | 268) | 397) | 257) | 345) | 329) | 321) | 191) | 163) | 203) | 216) | 149) | 173) | 208) | 157) | 238) | 207) | 203) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Payables turnover1 | 25.65 | 26.98 | 16.97 | 24.34 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 5.49 | 6.70 | 5.28 | 6.47 | 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 | ||||||
| Chipotle Mexican Grill Inc. | 36.95 | 36.99 | 41.82 | 33.65 | 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 | ||||||
| McDonald’s Corp. | — | 7.74 | 7.20 | 8.32 | 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 | ||||||
| Starbucks Corp. | 18.01 | 17.50 | 15.50 | 14.83 | 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 | ||||||
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
Payables turnover
= (Cost of revenue, exclusive of depreciation and amortizationQ2 2026
+ Cost of revenue, exclusive of depreciation and amortizationQ1 2026
+ Cost of revenue, exclusive of depreciation and amortizationQ4 2025
+ Cost of revenue, exclusive of depreciation and amortizationQ3 2025)
÷ Accounts payable
= (2,107 + 1,992 + 1,935 + 1,687)
÷ 301 = 25.65
2 Click competitor name to see calculations.
The cost of revenue exhibits a consistent and substantial upward trajectory, increasing from 763 million USD in March 2022 to 2,107 million USD by June 2026. This steady growth reflects a continuous expansion in operational scale and expenditures associated with core service delivery over the analyzed period.
- Payables Turnover Volatility
- The payables turnover ratio demonstrates significant fluctuation. After a period of relative stability between 12.50 and 13.83 in early 2022, the ratio shifted upward, reaching a peak of 31.29 in June 2024. This indicates periods of accelerated payment cycles to creditors, interspersed with intervals of slower turnover.
- Correlation Between Payables and Cost of Revenue
- Accounts payable balances do not scale linearly with the growth in the cost of revenue. For example, in September 2023, accounts payable decreased to 149 million USD while costs continued to rise, resulting in a turnover spike to 29.36. Conversely, the highest recorded accounts payable balance of 397 million USD in December 2025 coincided with a turnover low of 16.97, suggesting a strategic or circumstantial increase in the duration of outstanding liabilities.
- Analysis of Recent Trends
- From December 2024 through June 2026, the turnover ratio entered a cyclical pattern, oscillating between approximately 17 and 27. The sharp increase from 16.97 in December 2025 to 26.98 in March 2026 highlights a rapid settlement of obligations, followed by a slight moderation to 25.65 by June 2026.
- Operational Liquidity Implications
- The divergence between the linear growth of costs and the volatile movement of payables suggests shifts in vendor payment terms or changes in working capital management strategies. The ability to maintain high turnover ratios during periods of increasing cost indicates efficient liability clearance, while the periodic troughs suggest an increased reliance on short-term credit to fund operational growth.
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Working Capital Turnover
DoorDash, Inc., working capital turnover 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) | ||||||||||||||||||||||||
| Current assets | 8,416) | 8,592) | 8,643) | 10,493) | 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) | ||||||
| Less: Current liabilities | 6,152) | 6,026) | 6,147) | 5,132) | 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) | ||||||
| Working capital | 2,264) | 2,566) | 2,496) | 5,361) | 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) | ||||||
| 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) | ||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||
| Working capital turnover1 | 7.02 | 5.74 | 5.50 | 2.36 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 1.78 | 1.75 | 2.38 | 2.17 | 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 | ||||||
| Booking Holdings Inc. | 14.22 | 24.65 | 4.84 | 4.79 | 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 | ||||||
| Chipotle Mexican Grill Inc. | — | — | 42.77 | 18.90 | 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 | ||||||
| McDonald’s Corp. | — | 17.54 | — | — | 7.33 | 13.15 | 13.25 | — | 33.38 | — | 8.64 | 3.33 | 7.11 | 3.99 | 5.39 | 4.03 | 6.64 | 23.54 | ||||||
| Starbucks Corp. | — | 70.34 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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
Working capital turnover
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ Working capital
= (4,454 + 4,036 + 3,955 + 3,446)
÷ 2,264 = 7.02
2 Click competitor name to see calculations.
The analysis of working capital turnover reveals a dynamic relationship between revenue growth and the management of short-term assets and liabilities. While revenue shows a consistent and strong upward trajectory from March 2022 through June 2026, the working capital turnover ratio exhibits significant volatility, indicating shifts in operational efficiency and capital allocation strategies.
- Revenue Growth Trends
- Revenue demonstrated uninterrupted growth throughout the analyzed period, increasing from 1,456 million USD in March 2022 to 4,454 million USD by June 2026. This steady expansion provided the primary driver for the fluctuations in the turnover ratio.
- Efficiency Gains and Stabilization (March 2022 – March 2025)
- An initial period of increasing operational efficiency is observed between March 2022 and June 2023, where the working capital turnover ratio rose from 1.98 to 4.09. This was achieved through a combination of rising revenues and a reduction in working capital, which bottomed at 1,879 million USD. Following this peak, the ratio entered a period of relative stability, fluctuating between 3.43 and 3.95 through March 2025, suggesting that working capital was scaled proportionally with revenue growth.
- Working Capital Expansion and Ratio Compression (June 2025 – September 2025)
- A notable divergence occurred in mid-2025. Working capital surged to a peak of 5,361 million USD by September 2025. This substantial increase in short-term capital requirements led to a compression of the turnover ratio, which fell to 2.36. This period indicates a temporary decline in the efficiency of working capital utilization relative to the revenue generated.
- Rapid Optimization and Peak Efficiency (December 2025 – June 2026)
- The final phase of the period is characterized by a sharp correction in working capital levels and continued revenue acceleration. Between September 2025 and December 2025, working capital decreased significantly from 5,361 million USD to 2,496 million USD. This contraction, paired with revenue growth, caused the turnover ratio to spike to 5.50. The trend culminated in June 2026 with a turnover ratio of 7.02, the highest in the series, reflecting a highly optimized use of working capital to generate sales.
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Average Receivable Collection Period
DoorDash, Inc., average receivable collection period 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 | ||||||||||||||||||||||||
| Receivables turnover | 14.45 | 14.24 | 12.38 | 14.13 | 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 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average receivable collection period1 | 25 | 26 | 29 | 26 | 26 | 25 | 25 | 22 | 22 | 22 | 23 | 19 | 18 | 19 | 22 | 20 | 22 | 22 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | ||||||||||||||||||||||||
| Airbnb Inc. | 6 | 6 | 6 | 6 | 6 | 6 | 5 | 6 | 6 | 6 | 8 | 8 | 9 | 8 | 7 | 7 | 8 | 7 | ||||||
| Booking Holdings Inc. | 56 | 46 | 52 | 56 | 64 | 50 | 49 | 58 | 62 | 55 | 56 | 61 | 53 | 41 | 48 | 52 | 56 | 47 | ||||||
| Chipotle Mexican Grill Inc. | 3 | 3 | 5 | 3 | 3 | 3 | 5 | 3 | 3 | 3 | 4 | 3 | 2 | 3 | 5 | 3 | 4 | 4 | ||||||
| McDonald’s Corp. | — | 90 | 93 | 99 | 97 | 91 | 89 | 90 | 89 | 83 | 93 | 87 | 89 | 87 | 88 | 76 | 70 | 62 | ||||||
| Starbucks Corp. | 12 | 12 | 13 | 12 | 12 | 13 | 12 | 11 | 11 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 12 | 12 | ||||||
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 14.45 = 25
2 Click competitor name to see calculations.
An analysis of short-term operating activity indicates a period of peak efficiency in early 2023, followed by a gradual extension of the credit collection cycle through 2025.
- Receivables Turnover
- The turnover ratio demonstrated moderate volatility, initially fluctuating between 16.30 and 18.66 during 2022. A peak in operational efficiency was reached in June 2023, where the ratio climbed to 20.07. Following this peak, a consistent downward trend was observed, with the ratio descending to a period low of 12.38 in December 2025. A slight recovery occurred in the first half of 2026, with the ratio rising to 14.45 by June 30, 2026.
- Average Receivable Collection Period
- The collection period moved in inverse correlation with the turnover ratio. After maintaining a range of 20 to 22 days through 2022, the period shortened to a minimum of 18 days in June 2023, marking the highest point of liquidity efficiency for receivables. Subsequently, the collection window widened steadily, increasing from 23 days in December 2023 to a maximum of 29 days in December 2025. The period concluded with a slight contraction, returning to 25 days by June 30, 2026.
The overall trend suggests a deterioration in the speed of receivable conversions between mid-2023 and late 2025. The increase of 11 days in the collection period from its lowest to highest point reflects a slowdown in cash inflows from credit sales, although the slight improvement observed in early 2026 indicates a potential stabilization of the collection process.
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Average Payables Payment Period
DoorDash, Inc., average payables payment period 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 | ||||||||||||||||||||||||
| Payables turnover | 25.65 | 26.98 | 16.97 | 24.34 | 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 | ||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||
| Average payables payment period1 | 14 | 14 | 22 | 15 | 21 | 21 | 21 | 13 | 12 | 15 | 17 | 12 | 15 | 19 | 16 | 27 | 26 | 29 | ||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 66 | 54 | 69 | 56 | 62 | 50 | 59 | 64 | 64 | 54 | 59 | 53 | 40 | 43 | 54 | 49 | 56 | 44 | ||||||
| Chipotle Mexican Grill Inc. | 10 | 10 | 9 | 11 | 9 | 9 | 9 | 10 | 10 | 10 | 10 | 11 | 9 | 10 | 10 | 9 | 9 | 10 | ||||||
| McDonald’s Corp. | — | 47 | 51 | 44 | 37 | 39 | 45 | 41 | 42 | 41 | 49 | 39 | 38 | 40 | 48 | 38 | 34 | 32 | ||||||
| Starbucks Corp. | 20 | 21 | 24 | 25 | 26 | 24 | 22 | 22 | 21 | 20 | 22 | 21 | 21 | 20 | 22 | 23 | 21 | 22 | ||||||
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 25.65 = 14
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a general contraction in the time taken to settle obligations with suppliers over the observed period, indicating a shift toward a more accelerated payment cycle.
- Average Payables Payment Period Trends
- The payment period began at a high of 29 days in March 2022 and remained relatively stable through the third quarter of that year. A sharp decline occurred in December 2022, where the period dropped to 16 days. This downward trajectory continued into 2023, reaching a low of 12 days by September 2023, which represents a significant reduction in the duration of outstanding payables.
- Period of Expansion and Volatility
- A temporary increase in the payment duration was observed starting in September 2024, with the period extending to 21 days and peaking at 22 days in December 2025. This phase suggests a temporary extension of credit terms or a strategic shift in working capital management. However, this trend reversed in the first half of 2026, as the period returned to 14 days.
- Payables Turnover Correlation
- The payables turnover ratio exhibits a consistent inverse correlation with the payment period. The highest turnover rates, specifically the peak of 31.29 in June 2024, align precisely with the shortest payment periods of 12 days. Conversely, the reduction in turnover to 17.26 in September 2024 corresponds with the extension of the payment period to 21 days, confirming that fluctuations in turnover are the primary driver of changes in the payment cycle.
Overall, the transition from a 29-day payment cycle in early 2022 to a 14-day cycle by mid-2026 demonstrates a more aggressive approach to liability settlement. The volatility observed between 2024 and 2025 indicates periodic adjustments in supplier payment strategies, but the long-term trend points toward a faster turnover of short-term obligations.
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