DoorDash (DASH) Financials

DoorDash’s financial profile has improved substantially since 2022. Revenue, operating profitability and cash generation have all moved higher, although the company continues to invest heavily in acquisitions and shareholder returns.

• Revenue growth remains strong: Q2 2026 revenue reached $4.45 billion, up from $2.13 billion in Q2 2023 and $2.63 billion in Q2 2024. Revenue also increased 10.3% from $4.04 billion in Q1 2026.
• DoorDash has sustained a major profitability turnaround: Q2 2026 operating income was $156 million, compared with operating losses of $211 million in Q2 2023 and $201 million in Q2 2024. Net income improved to $199 million from a $172 million loss in Q2 2023.
• Gross margins have expanded: Gross profit was $2.35 billion in Q2 2026, representing a margin of approximately 52.7% of revenue. That compares with about 46.8% in Q2 2023 and 47.3% in Q2 2024, indicating improving revenue quality and operating leverage.
• Operating cash flow is a significant strength: Q2 2026 operating cash flow reached $944 million, up from $393 million in Q2 2023 and $530 million in Q2 2024. Cash generation substantially exceeded reported net income, aided by depreciation and other noncash adjustments.
• The balance sheet has grown over the long term: Total assets increased to $19.56 billion in Q2 2026 from $9.79 billion at the end of 2022. Total equity also rose to $9.92 billion from $6.75 billion over the same period.
• Liquidity remains considerable, but cash management is becoming more important: DoorDash held $4.42 billion in cash and equivalents, $923 million in short-term investments and $869 million in long-term investments at the end of Q2 2026. However, cash and equivalents declined from $4.58 billion in Q1 after substantial share repurchases.
• Share repurchases created a sizeable quarterly cash outflow: DoorDash spent $887 million repurchasing common equity in Q2 2026, compared with $162 million in Q1. Total financing cash flow was negative $896 million, contributing to a $136 million decline in cash during the quarter.
• Share-count reduction has not yet been consistent: Q2 2026 diluted weighted-average shares totaled 439.3 million, slightly above 438.4 million in Q2 2025. This suggests that stock-based compensation or other equity issuance has offset at least some of the benefit of recent buybacks.
• Acquisition-related assets have increased materially: Goodwill rose to $5.50 billion and intangible assets to $2.01 billion in Q2 2026, compared with $2.37 billion and $765 million, respectively, at the end of 2022. The larger asset base creates greater exposure to future impairment charges if acquired businesses underperform.
• Accrued expenses and leverage warrant monitoring: Accrued expenses reached $5.75 billion and total current liabilities were $6.15 billion in Q2 2026. Long-term debt was $2.73 billion, meaning DoorDash remains financially stable but has a substantial liability base relative to its cash balance.

Overall, the statements show a company transitioning from persistent losses to durable GAAP profitability and stronger cash generation. The key issues for investors are whether revenue growth can continue, whether acquisition investments produce adequate returns, and whether aggressive buybacks can be maintained without weakening financial flexibility.