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: 2026-03-31), 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 from March 2022 through March 2026 reveals a transition in the company's efficiency regarding asset utilization and liability management. While early periods showed relative stability, the later stages of the period are characterized by increased volatility in payment cycles and a significant improvement in working capital turnover.
- Receivables Management
- A gradual deterioration in receivables efficiency is observed. The receivables turnover ratio remained relatively stable between 16.20 and 20.07 from March 2022 through December 2023, but entered a downward trend thereafter, reaching a low of 12.38 in December 2025 before recovering slightly to 14.24 in March 2026. This trend is mirrored in the average receivable collection period, which expanded from a low of 18 days in June 2023 to a peak of 29 days in December 2025, suggesting a slower conversion of receivables into cash toward the end of the analyzed timeframe.
- Payables Management
- Payables turnover exhibits significant volatility throughout the period. The ratio fluctuated between a minimum of 12.50 in March 2022 and a peak of 31.29 in June 2024. Correspondingly, the average payables payment period shifted from 29 days in early 2022 to as low as 12 days in June 2024. The payment cycle appears to fluctuate sharply, with periods of rapid settlement followed by extensions, such as the increase to 22 days in December 2025, indicating a non-linear approach to managing vendor obligations.
- Working Capital Efficiency
- Working capital turnover demonstrates a general long-term upward trajectory, indicating increased efficiency in using short-term assets and liabilities to support operations. The ratio rose from 1.98 in March 2022 to a peak of 4.09 in June 2023. Despite a temporary decline to 2.36 in early 2025, a sharp increase is observed in the final quarters, with the ratio climbing to 5.74 by March 2026. This suggests a substantial improvement in the company's ability to generate revenue relative to its invested working capital.
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Turnover Ratios
Average No. Days
Receivables Turnover
DoorDash, Inc., receivables turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 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 | 1,034) | 1,108) | 894) | 840) | 782) | 732) | 622) | 585) | 546) | 533) | 417) | 383) | 382) | 400) | 325) | 346) | 321) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Receivables turnover1 | 14.24 | 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. | 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. | 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. | 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. | 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Receivables turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Accounts receivable, net
= (4,036 + 3,955 + 3,446 + 3,284)
÷ 1,034 = 14.24
2 Click competitor name to see calculations.
An analysis of the financial data from March 31, 2022, to March 31, 2026, reveals a period of significant revenue expansion accompanied by a gradual decline in receivables collection efficiency. While top-line growth remained consistent throughout the period, the rate of increase in accounts receivable eventually outpaced revenue growth, resulting in a downward trend in the receivables turnover ratio.
- Revenue Growth Trends
- Revenue exhibited a continuous and strong upward trajectory, increasing from 1,456 million USD in March 2022 to 4,036 million USD by March 2026. This growth was characterized by steady quarterly gains, with a notable acceleration in the latter half of 2025.
- Accounts Receivable Expansion
- The net accounts receivable balance grew substantially over the analyzed period, rising from 321 million USD in March 2022 to a peak of 1,108 million USD in December 2025, before settling at 1,034 million USD in March 2026. The growth in the receivable balance suggests an increase in the volume of credit extended or a longer period of outstanding invoices as the business scaled.
- Receivables Turnover Performance
- The receivables turnover ratio experienced three distinct phases. Initially, the ratio remained relatively stable between 16.30 and 18.66 through 2022. A peak in operational efficiency was reached in June 2023, where the ratio hit 20.07. However, from December 2023 onward, a consistent decline was observed, with the ratio dropping to a low of 12.38 in December 2025. A slight recovery to 14.24 occurred by March 2026.
- Operational Implications
- The divergence between the accelerating revenue and the declining turnover ratio indicates a lengthening of the cash conversion cycle. The reduction in the turnover ratio from its 2023 peak suggests that receivables are being collected more slowly relative to the volume of sales generated, which may point to changes in customer credit terms or shifts in the collection process during the 2024-2025 period.
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Payables Turnover
DoorDash, Inc., payables turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization | 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 | 268) | 397) | 257) | 345) | 329) | 321) | 191) | 163) | 203) | 216) | 149) | 173) | 208) | 157) | 238) | 207) | 203) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Payables turnover1 | 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. | 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. | 36.99 | 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. | 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Payables turnover
= (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
+ Cost of revenue, exclusive of depreciation and amortizationQ2 2025)
÷ Accounts payable
= (1,992 + 1,935 + 1,687 + 1,616)
÷ 268 = 26.98
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a consistent expansion in the cost of revenue coupled with significant volatility in the payables turnover ratio over the period from March 31, 2022, to March 31, 2026. While operational costs grew steadily, the efficiency and timing of payments to suppliers fluctuated markedly, indicating shifts in working capital management.
- Cost of Revenue Trends
- A sustained upward trajectory is observed in the cost of revenue, exclusive of depreciation and amortization. Figures rose from 763 million USD in March 2022 to 1,992 million USD by March 2026. This represents a substantial increase in the scale of operational expenditures, reflecting growth in the volume of business activity and associated procurement costs.
- Accounts Payable Dynamics
- Accounts payable exhibited non-linear fluctuations. Initial levels remained relatively stable between 149 million USD and 238 million USD through September 2023. A notable shift occurred starting in December 2024, with balances increasing to 321 million USD and reaching a peak of 397 million USD in December 2025. This indicates periods of increased credit utilization from suppliers or delayed payment cycles toward the end of 2024 and 2025.
- Payables Turnover Volatility
- The payables turnover ratio demonstrated significant instability throughout the analyzed period. Between March 2022 and September 2022, the ratio remained stable in the 12.50 to 13.83 range. A sharp increase followed, peaking at 31.29 in June 2024, suggesting a period of highly accelerated payment cycles or a reduction in the relative volume of outstanding payables.
- A subsequent correction occurred from September 2024 through December 2025, where the ratio declined and stabilized between 16.97 and 24.34. This downward trend coincided with the aforementioned increase in accounts payable balances. The period concludes with a sharp recovery to 26.98 in March 2026, indicating a rapid clearing of obligations at the end of the period.
- Operational Insights
- The divergence between the steady growth in revenue costs and the erratic movement of the turnover ratio suggests that the company did not maintain a uniform payment strategy. The fluctuation in turnover ratios, particularly the peak in mid-2024 followed by a decline in 2025, indicates periodic adjustments in liquidity management and supplier credit terms to support scaling operations.
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Working Capital Turnover
DoorDash, Inc., working capital turnover calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 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 | 6,026) | 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 | 2,566) | 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 | 4,036) | 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 | 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. | 1.75 | 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. | 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: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Working capital turnover
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ Working capital
= (4,036 + 3,955 + 3,446 + 3,284)
÷ 2,566 = 5.74
2 Click competitor name to see calculations.
The analysis of working capital turnover reveals three distinct operational phases characterized by varying levels of asset efficiency and capital allocation strategies.
- Efficiency Expansion Phase (March 2022 – June 2023)
- A period of significant improvement in operating efficiency is observed, with the working capital turnover ratio increasing from 1.98 to 4.09. This trend was driven by a simultaneous increase in revenue—rising from 1,456 million to 2,133 million—and a reduction in working capital, which declined from 2,658 million to 1,879 million. This suggests a highly efficient utilization of short-term assets to generate sales.
- Capital Accumulation and Dilution Phase (June 2023 – September 2025)
- A reversal in the turnover trend occurred as working capital began to grow at a pace exceeding revenue growth. While revenue climbed steadily to 3,446 million by September 2025, working capital surged to a peak of 5,361 million. Consequently, the turnover ratio declined from 4.09 to 2.36, indicating a decrease in the efficiency of short-term asset utilization and a potentially larger cushion of liquidity or an increase in short-term operational investments.
- Aggressive Optimization Phase (December 2025 – March 2026)
- A sharp inflection point is evident starting in December 2025. Working capital was reduced drastically from 5,361 million in September 2025 to 2,496 million by December 2025, while revenue continued its upward trajectory to 4,036 million by March 2026. This rapid reduction in the denominator resulted in a substantial spike in the working capital turnover ratio, reaching a peak of 5.74. This suggests a strategic move to optimize the balance sheet or a significant liquidation of short-term assets to enhance operational velocity.
Overall, the data indicates that while revenue growth has been linear and consistent, the management of working capital has been volatile. The company transitioned from a lean operational model to a capital-heavy position, and finally to an aggressive optimization phase that yielded the highest turnover efficiency in the observed period.
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Average Receivable Collection Period
DoorDash, Inc., average receivable collection period calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||
| Receivables turnover | 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 | 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 | 5 | 6 | 6 | 6 | 8 | 8 | 9 | 8 | 7 | 7 | 8 | 7 | ||||||
| Booking Holdings Inc. | 46 | 52 | 56 | 64 | 50 | 49 | 58 | 62 | 55 | 56 | 61 | 53 | 41 | 48 | 52 | 56 | 47 | ||||||
| Chipotle Mexican Grill Inc. | 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 | 13 | 12 | 12 | 13 | 12 | 11 | 11 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 12 | 12 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 14.24 = 26
2 Click competitor name to see calculations.
The analysis of short-term operating activity indicates a cyclical fluctuation in the efficiency of receivables management, characterized by a period of operational optimization followed by a gradual decline in collection speed.
- Receivables Turnover Trends
- The turnover ratio exhibited volatility with a notable peak in the first half of 2023, reaching a maximum of 20.07 in June 2023. Following this peak, a consistent downward trajectory was observed, with the ratio declining to a low of 12.38 by December 2025. A modest recovery occurred in the final quarter analyzed, with the ratio increasing to 14.24 by March 31, 2026.
- Average Receivable Collection Period
- The collection period remained stable at 22 days through most of 2022, improving to a low of 18 days in June 2023, coinciding with the peak turnover rate. However, starting in December 2023, the collection period began a steady increase, peaking at 29 days in December 2025. This indicates a lengthening of the time required to convert receivables into cash. The period concluded with a slight reduction to 26 days by March 2026.
- Operational Correlation and Insights
- A clear inverse correlation exists between the turnover ratio and the collection period. The window of highest efficiency between March 2023 and September 2023 saw the lowest collection days. The subsequent period of decelerated turnover from December 2023 through December 2025 corresponds directly with the increase in the average collection period, suggesting a potential shift in customer payment behavior or a change in credit terms offered by the organization.
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Average Payables Payment Period
DoorDash, Inc., average payables payment period calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||
| Payables turnover | 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 | 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. | 54 | 69 | 56 | 62 | 50 | 59 | 64 | 64 | 54 | 59 | 53 | 40 | 43 | 54 | 49 | 56 | 44 | ||||||
| Chipotle Mexican Grill Inc. | 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. | 21 | 24 | 25 | 26 | 24 | 22 | 22 | 21 | 20 | 22 | 21 | 21 | 20 | 22 | 23 | 21 | 22 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 26.98 = 14
2 Click competitor name to see calculations.
The analysis of the short-term operating activity ratios reveals a general trend toward a more accelerated payables settlement cycle, characterized by significant quarterly volatility. The average payables payment period has decreased substantially from its peak at the start of the observed period, reflecting changes in the timing of obligations to suppliers and vendors.
- Payables Turnover Trends
- A general upward trajectory in the payables turnover ratio is observed, moving from 12.50 in March 2022 to a peak of 31.29 in June 2024. While the ratio experienced several contractions—most notably falling to 17.26 in September 2024 and 16.97 in December 2025—it concluded the period at 26.98 in March 2026. This indicates a higher frequency of payables clearing throughout the analyzed timeframe compared to the 2022 baseline.
- Average Payables Payment Period Analysis
- The duration required to settle obligations shifted from a high of 29 days in March 2022 to a low of 12 days in September 2023 and June 2024. A period of relative stabilization occurred between December 2023 and June 2025, where the payment period remained constant at 21 days. However, this stability was followed by further fluctuations, ending with a reduction to 14 days by March 2026.
- Operational Implications of Payment Cycles
- The inverse correlation between the turnover ratio and the payment period is consistent throughout the data. The reduction in the average payment period suggests a shift toward more rapid liquidity outflows to creditors. The volatility observed in 2024 and 2025, where the period oscillated between 12 and 22 days, indicates fluctuations in working capital management or adjustments in supplier credit terms.
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