DoorDash, Inc.
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
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FY2025 · Filed Feb 18, 2026
DASH$178.25-1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2024 | 2025 | |
| Cash flows from operating activities | |||
| Net income (loss) including redeemable non-controlling interests | $(565) | $117 | $932 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 509 | 561 | 747 |
| Stock-based compensation | 1,088 | 1,099 | 1,051 |
| Reduction of operating lease right-of-use assets and accretion of operating lease liabilities | 108 | 103 | 118 |
| Amortization of deferred contract costs | 45 | 60 | 77 |
| Office lease impairment expenses | — | 83 | 11 |
| Adjustments to non-marketable equity securities, including impairment, net | 101 | 4 | (17) |
| Other | (30) | (31) | 37 |
| Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | |||
| Funds held at payment processors | 86 | (87) | (113) |
| Accounts receivable, net | (141) | (222) | (359) |
| Prepaid expenses and other current assets | (105) | (146) | (247) |
| Other assets | (96) | (279) | (240) |
| Accounts payable | 70 | 82 | 54 |
| Accrued expenses and other current liabilities | 702 | 943 | 577 |
| Payments for operating lease liabilities | (113) | (116) | (125) |
| Other liabilities | 14 | (39) | (72) |
| Net cash provided by operating activities | 1,673 | 2,132 | 2,431 |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (123) | (104) | (257) |
| Capitalized software and website development costs | (201) | (226) | (348) |
| Purchases of investments | (1,946) | (1,951) | (1,376) |
| Maturities of investments | 1,940 | 1,774 | 1,379 |
| Sales of investments | 7 | 70 | 433 |
| Purchases of non-marketable investments | (17) | — | (47) |
| Acquisitions, net of cash acquired | — | — | (4,151) |
| Settlement of deal-contingent forward contract | — | — | (24) |
| Other investing activities | (2) | (7) | — |
| Net cash used in investing activities | (342) | (444) | (4,391) |
| Cash flows from financing activities | |||
| Proceeds from issuance of convertible notes, net of issuance costs | — | — | 2,720 |
| Proceeds from issuance of warrants | — | — | 341 |
| Purchase of convertible note hedges | — | — | (680) |
| Proceeds from exercise of stock options | 6 | 14 | 9 |
| Repurchase of common stock | (750) | (224) | — |
| Payments of acquisition-related deferred cash consideration | — | — | (20) |
| Other financing activities | (8) | 6 | (10) |
| Net cash provided by (used in) financing activities | (752) | (204) | 2,360 |
| Foreign currency effect on cash and cash equivalents, and restricted cash and cash equivalents | 5 | (35) | 60 |
| Net increase in cash and cash equivalents, and restricted cash and cash equivalents | 584 | 1,449 | 460 |
| Cash and cash equivalents, and restricted cash and cash equivalents | |||
| Beginning of period | 2,188 | 2,772 | 4,221 |
| End of period | $2,772 | $4,221 | $4,681 |
| Reconciliation of cash and cash equivalents, and restricted cash and cash equivalents to the consolidated balance sheets | |||
| Cash and cash equivalents | $2,656 | $4,019 | $4,378 |
| Restricted cash | 105 | 190 | 273 |
| Long-term restricted cash and cash equivalents included in other assets | 11 | 12 | 30 |
| Total cash, cash equivalents, and restricted cash | $2,772 | $4,221 | $4,681 |
| Non-cash investing and financing activities | |||
| Purchases of property and equipment not yet settled | $13 | $48 | $41 |
| Stock-based compensation included in capitalized software and website development costs | $161 | $165 | $193 |
| Deferred cash consideration for acquisitions | $— | $— | $67 |
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