DASH DoorDash, Inc.

Overview and Growth

In fiscal 2025, DoorDash, Inc. recorded $13.72B of revenue, net income of $935.00M, and an operating cash inflow of $2.43B. At $13.72B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 27.9% above fiscal 2024 revenue of $10.72B, marking a year-over-year increase. The company reported diluted EPS of $2.13, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 634.5% increase from fiscal 2024 diluted EPS of $0.29. Asset turnover was 0.7x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $6.98B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 50.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $723.00M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 5.3%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $935.00M, after the operating, financing, tax, and other items recognized for the period. Net margin was 6.8%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $939.00M of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 6.8% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $7.00M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 0.7%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 9.3%, indicating the profitability achieved on book capital. Net income represented 4.8% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

Total assets were $19.66B, supported by $9.61B of liabilities and $10.03B of shareholder equity. At period end, current assets of $8.64B compared with current liabilities of $6.15B, defining the company’s short-term resource position. Current assets covered current liabilities by 1.41x, leaving a positive buffer for near-term obligations. The company held $4.38B in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 71.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The liabilities-to-assets relationship was 48.9%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 22.3%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 53.0% from $12.85B in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $2.43B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 2.6x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $257.00M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 10.6% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $2.17B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 15.8% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 11.1% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.