DASHHIGH SIGNALFINANCIAL10-K

DoorDash achieved a dramatic turnaround with operating income swinging from -$38M loss to $723M profit while revenue grew 28% and the company significantly expanded its balance sheet.

This represents a fundamental transformation in DoorDash's profitability profile, moving from operating losses to substantial operating profits of over $700M, indicating the company has successfully scaled its marketplace business model. The massive increase in total liabilities (+91%) alongside strong asset growth (+53%) suggests significant business expansion or potential acquisitions, requiring careful monitoring of debt composition and cash flow sustainability.

Comparing 2026-02-18 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

DoorDash delivered exceptional financial performance with revenue growing 28% to $13.7B while achieving a remarkable operating profit turnaround of over 2000%, moving from losses to $723M in operating income. The company's balance sheet expanded dramatically with total assets increasing 53% to $19.7B, though total liabilities nearly doubled to $9.6B, which warrants scrutiny despite the strong profitability gains. The combination of substantially higher capital expenditures (+147%) and the significant liability increase suggests major business investments or acquisitions that investors should evaluate for long-term value creation potential.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+2002.6%
-$38.0M→$723.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+660.2%
$123.0M→$935.0M

Net income grew 660.2% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
+147.1%
$104.0M→$257.0M

Capital expenditure jumped 147.1% — major investment cycle underway; assess returns on deployment.

Total Liabilities
Balance Sheet
+90.9%
$5.0B→$9.6B

Liabilities grew 90.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Interest Expense
P&L
-85.7%
$14.0M→$2.0M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Assets
Balance Sheet
+53%
$12.8B→$19.7B

Asset base grew 53% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+51.4%
$732.0M→$1.1B

Receivables surged 51.4% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
+38.5%
$4.4B→$6.1B

Current liabilities surged 38.5% — significant near-term obligations; verify ability to meet short-term debt.

Stockholders Equity
Balance Sheet
+28.6%
$7.8B→$10.0B

Equity base grew 28.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+27.9%
$10.7B→$13.7B

Revenue growing 27.9% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-14
ADDED
The registrant had outstanding 409,966,858 shares of Class A common stock, 24,459,494 shares of Class B common stock, and no shares of Class C common stock as of February 12, 2026.
Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.
Our Marketplaces serve three primary constituents: merchants, consumers, and Dashers 1 .
Our Marketplaces provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.
In December 2025, our Marketplaces served over 56 million monthly active users 2 and, as of December 31, 2025, we had over 35 million DashPass, Wolt+ and Deliveroo Plus members 3 .
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REMOVED
The registrant had outstanding 394,485,016 shares of Class A common stock, 25,611,068 shares of Class B common stock, and no shares of Class C common stock as of February 7, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.
Our Marketplaces serve three primary constituents: merchants, consumers, and the independent contractors who use our platform to generate earnings, or "Dashers 1 ." Our Marketplaces provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.
In December 2024, our Marketplaces served over 42 million monthly active users 2 and, as of December 31, 2024, we had over 22 million DashPass and Wolt+ members.
In addition to our Marketplaces, we offer our Commerce Platform, which is a suite of services that help merchants grow, run, and operate their businesses on their own channels.
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