DoorDash (DASH) financial statements
DoorDash reported revenue of $13.7B in fiscal 2025, up 73.4% a year over 7 years.
Net income was $935M and the operating margin 5.3%, against -72.2% in 2018.
Free cash flow was $1.8B.
The diluted share count rose 892% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DoorDash's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $291M | $885M | $2.9B | $4.9B | $6.6B | $8.6B | $10.7B | $13.7B |
| Cost of revenue | $228M | $523M | $1.4B | $2.3B | $3.6B | $4.6B | $5.5B | $6.7B |
| Gross profit | $63M | $362M | $1.5B | $2.5B | $3.0B | $4.0B | $5.2B | $7.0B |
| Research and development | $51M | $107M | $321M | $430M | $829M | $1.0B | $1.2B | $1.4B |
| Selling, general and admin | $213M | $839M | $1.5B | $2.4B | $2.8B | $3.1B | $3.5B | $4.1B |
| Operating income | -$210M | -$616M | -$436M | -$452M | -$1.1B | -$579M | -$38M | $723M |
| Interest expense | $1M | $0 | $32M | $14M | $2M | — | — | — |
| Pre-tax income | -$204M | -$666M | -$458M | -$463M | -$1.4B | -$534M | $156M | $939M |
| Income tax | $0 | $1M | $3M | $5M | -$31M | $31M | $39M | $7M |
| Net income | -$204M | -$667M | -$461M | -$468M | -$1.4B | -$558M | $123M | $935M |
| EPS (diluted) | -$4.67 | -$15.44 | -$7.39 | -$1.39 | -$3.68 | -$1.42 | $0.29 | $2.13 |
| Diluted shares | 44M | 43M | 62M | 337M | 371M | 393M | 430M | 440M |
| Gross margin | 21.6% | 40.9% | 52.6% | 52.2% | 45.5% | 46.9% | 48.3% | 50.9% |
| Operating margin | -72.2% | -69.6% | -15.1% | -9.2% | -17.1% | -6.7% | -0.4% | 5.3% |
| Net margin | -70.1% | -75.4% | -16.0% | -9.6% | -20.7% | -6.5% | 1.1% | 6.8% |
Balance sheet
Fiscal years, from DoorDash's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $215M | $765M | $4.9B | $3.8B | $3.5B | $4.1B | $5.3B | $5.5B |
| Receivables | — | $58M | $291M | $349M | $400M | $533M | $732M | $1.1B |
| Total current assets | — | $998M | $5.5B | $4.6B | $4.7B | $5.6B | $7.4B | $8.6B |
| Property, plant and equipment | — | $101M | $210M | $402M | $637M | $712M | $778M | $1.1B |
| Goodwill | $0 | $306M | $316M | $316M | $2.4B | $2.4B | $2.3B | $5.5B |
| Total assets | — | $1.7B | $6.4B | $6.8B | $9.8B | $10.8B | $12.8B | $19.7B |
| Total current liabilities | — | $382M | $1.4B | $1.8B | $2.5B | $3.4B | $4.4B | $6.1B |
| Total liabilities | — | $550M | $1.7B | $2.1B | $3.0B | $4.0B | $5.0B | $9.6B |
| Shareholders' equity | -$436M | -$1.1B | $4.7B | $4.7B | $6.8B | $6.8B | $7.8B | $10.0B |
| Net debt | -$215M | -$257M | -$4.3B | -$2.5B | -$2.0B | -$2.7B | -$4.0B | -$4.4B |
Cash flow
Fiscal years, from DoorDash's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$159M | -$467M | $252M | $692M | $367M | $1.7B | $2.1B | $2.4B |
| Capital spending | $16M | $92M | $159M | $237M | $346M | $324M | $330M | $605M |
| Free cash flow | -$175M | -$559M | $93M | $455M | $21M | $1.3B | $1.8B | $1.8B |
| Stock-based compensation | $24M | $18M | $322M | $486M | $889M | $1.1B | $1.1B | $1.1B |
| Share buybacks (net) | -$60M | $0 | $0 | $0 | -$400M | -$750M | -$224M | $0 |
| Net borrowing | — | — | — | — | — | $0 | $0 | $2.7B |
| Free cash flow margin | -60.1% | -63.2% | 3.2% | 9.3% | 0.3% | 15.6% | 16.8% | 13.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for DASH.
Open DASH in InvestinglyQuestions
What was DoorDash's revenue in 2025?
$13.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does DoorDash generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From DoorDash's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.