DoorDash, Inc. (DASH) Cash Flow Statement
Where DASH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.43B +14.0% vs 2024
- Capital expenditures
- $257.0M 1.9% of revenue
- Free cash flow
- $2.17B 15.8% margin
- Returned to shareholders
- —
- Change in cash
- $442.0M cash at year-end $4.68B
Cash from operations
$2.43B
Capital expenditures
−$257.0M
Investments (net)
+$365.0M
Acquisitions & other
−$4.50B
Net borrowing (repayment)
+$2.72B
Other financing
−$360.0M
Currency & other
+$42.0M
Change in cash
$442.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DASH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DASH cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$159.0M2018 | $2.43B2025 | — | |
| Capital expenditures | $16.0M2018 | $257.0M2025 | +48.7%/yr | |
| Free cash flow | −$175.0M2018 | $2.17B2025 | — | |
| Free cash flow margin | −60.1%2018 | 15.8%2025 | +76.0 pts | |
| Operating cash flow / net income | 18.222024 | 2.612025 | −15.61 | |
| Stock-based compensation | $24.0M2018 | $1.05B2025 | +71.6%/yr | |
| Share buybacks (net) | $60.0M2018 | $02025 | −100.0% | |
| Capex / revenue | 5.5%2018 | 1.9%2025 | −3.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DASH cash flow by activity
OperatingInvestingFinancingChange in cash
DASH net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DASH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $932.0M | $117.0M | −$565.0M | −$1.37B | −$468.0M | −$461.0M | −$667.0M | −$204.0M |
| Depreciation & amortization | $747.0M | $561.0M | $509.0M | $369.0M | $156.0M | $120.0M | $32.0M | $9.0M |
| Stock-based compensation | $1.05B | $1.10B | $1.09B | $889.0M | $486.0M | $322.0M | $18.0M | $24.0M |
| Change in working capital | −$525.0M | $252.0M | $530.0M | $148.0M | $435.0M | $192.0M | $60.0M | $12.0M |
| Other non-cash items | $226.0M | $103.0M | $111.0M | $329.0M | $83.0M | $79.0M | $90.0M | $0 |
| Cash from operating activities | $2.43B | $2.13B | $1.67B | $367.0M | $692.0M | $252.0M | −$467.0M | −$159.0M |
| Investing activities | ||||||||
| Capital expenditures | −$257.0M | −$330.0M | −$324.0M | −$346.0M | −$237.0M | −$159.0M | −$92.0M | −$16.0M |
| Investments (net) | $365.0M | −$444.0M | −$404.0M | −$300.0M | −$1.81B | −$6.0M | −$162.0M | −$341.0M |
| Acquisitions & other investing | −$4.50B | $330.0M | $386.0M | $346.0M | −$1.0M | −$27.0M | −$316.0M | $0 |
| Cash from investing activities | −$4.39B | −$444.0M | −$342.0M | −$300.0M | −$2.05B | −$192.0M | −$570.0M | −$357.0M |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | $0 | −$224.0M | −$750.0M | −$400.0M | $22.0M | $3.29B | $0 | −$60.0M |
| Net borrowing (repayment) | $2.72B | $0 | $0 | $0 | −$333.0M | $333.0M | $333.0M | $333.0M |
| Shares issued | $0 | $0 | $0 | $0 | $3.29B | $3.67B | $1.11B | $725.0M |
| Other financing | −$360.0M | $20.0M | −$2.0M | $25.0M | −$3.46B | −$3.30B | −$335.0M | −$332.0M |
| Cash from financing activities | $2.36B | −$204.0M | −$752.0M | −$375.0M | −$483.0M | $4.00B | $1.11B | $666.0M |
| Summary | ||||||||
| Net change in cash | $442.0M | $1.45B | $584.0M | −$318.0M | −$1.84B | $4.06B | $72.0M | $150.0M |
| Cash at end of period | $4.68B | $4.22B | $2.77B | $2.19B | $2.51B | $4.34B | $287.0M | $215.0M |
| Free cash flow | $2.17B | $1.80B | $1.35B | $21.0M | $455.0M | $93.0M | −$559.0M | −$175.0M |
| Free cash flow margin | 15.8% | 16.8% | 15.6% | 0.3% | 9.3% | 3.2% | −63.2% | −60.1% |
| Capex / revenue | 1.9% | 3.1% | 3.8% | 5.3% | 4.8% | 5.5% | 10.4% | 5.5% |
| Operating cash flow / net income | 2.61 | 18.22 | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $199.0M | $183.0M | $213.0M | $243.0M | $284.0M | $192.0M | $139.0M | $161.0M | −$158.0M | −$25.0M | −$156.0M | −$75.0M |
| Depreciation & amortization | $295.0M | $269.0M | $267.0M | $169.0M | $159.0M | $152.0M | $141.0M | $138.0M | $140.0M | $142.0M | $130.0M | $128.0M |
| Stock-based compensation | $349.0M | $231.0M | $276.0M | $258.0M | $282.0M | $235.0M | $271.0M | $274.0M | $302.0M | $252.0M | $269.0M | $278.0M |
| Change in working capital | $40.0M | −$153.0M | −$321.0M | $138.0M | −$222.0M | $5.0M | −$33.0M | $31.0M | $110.0M | $144.0M | $150.0M | $68.0M |
| Other non-cash items | $61.0M | $64.0M | −$14.0M | $63.0M | $1.0M | $51.0M | $0 | −$73.0M | $136.0M | $40.0M | $92.0M | −$1.0M |
| Cash from operating activities | $944.0M | $594.0M | $421.0M | $871.0M | $504.0M | $635.0M | $518.0M | $531.0M | $530.0M | $553.0M | $485.0M | $398.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$56.0M | −$174.0M | −$167.0M | −$148.0M | −$149.0M | −$141.0M | −$98.0M | −$87.0M | −$79.0M | −$66.0M | −$87.0M | −$74.0M |
| Investments (net) | $14.0M | $98.0M | $3.0M | −$173.0M | −$941.0M | −$160.0M | −$163.0M | −$62.0M | −$147.0M | −$72.0M | −$119.0M | −$78.0M |
| Acquisitions & other investing | −$146.0M | −$22.0M | −$2.95B | $148.0M | $149.0M | $141.0M | $98.0M | $87.0M | $79.0M | $66.0M | $87.0M | $74.0M |
| Cash from investing activities | −$188.0M | −$98.0M | −$3.12B | −$173.0M | −$941.0M | −$160.0M | −$163.0M | −$62.0M | −$147.0M | −$72.0M | −$119.0M | −$78.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$887.0M | −$162.0M | $0 | $0 | $0 | $0 | $0 | −$217.0M | −$7.0M | $0 | −$51.0M | −$6.0M |
| Net borrowing (repayment) | — | — | $0 | −$2.0M | — | — | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9.0M | −$11.0M | −$19.0M | $3.0M | $2.38B | $3.0M | $7.0M | $4.0M | $2.0M | $7.0M | $1.0M | $2.0M |
| Cash from financing activities | −$896.0M | −$173.0M | −$19.0M | $1.0M | $2.38B | $3.0M | $7.0M | −$213.0M | −$5.0M | $7.0M | −$50.0M | −$4.0M |
| Summary | ||||||||||||
| Net change in cash | −$136.0M | $301.0M | −$2.71B | $699.0M | $1.99B | $493.0M | $323.0M | $278.0M | $373.0M | $475.0M | $337.0M | $302.0M |
| Cash at end of period | $4.85B | $4.98B | $4.65B | $7.40B | $6.70B | $4.71B | $4.22B | $3.90B | $3.62B | $3.25B | $2.77B | $2.44B |
| Free cash flow | $888.0M | $420.0M | $254.0M | $723.0M | $355.0M | $494.0M | $420.0M | $444.0M | $451.0M | $487.0M | $398.0M | $324.0M |
| Free cash flow margin | 19.9% | 10.4% | 6.4% | 21.0% | 10.8% | 16.3% | 14.6% | 16.4% | 17.1% | 19.4% | 17.3% | 15.0% |
| Capex / revenue | 1.3% | 4.3% | 4.2% | 4.3% | 4.5% | 4.7% | 3.4% | 3.2% | 3.0% | 2.6% | 3.8% | 3.4% |
| Operating cash flow / net income | 4.74 | 3.25 | 1.98 | 3.58 | 1.77 | 3.31 | 3.73 | 3.30 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DASH cash generation
In fiscal 2025 (ended December 31, 2025), DoorDash generated $2.4 billion of cash from operations (up 14.0%) and spent $257.0 million on capital expenditures, leaving free cash flow of $2.2 billion, 15.8% of revenue. Cash and equivalents rose by $442.0 million over the year.
Related: DASH income statement, DASH balance sheet. See the DASH stock overview for the latest quote and news.
DASH cash flow FAQ
What is DoorDash's free cash flow?
DoorDash's free cash flow was $2.2 billion in fiscal 2025: $2.4 billion of operating cash flow minus $257.0 million of capital expenditures It was $1.8 billion a year earlier..
How much cash does DoorDash generate from operations?
DoorDash generated $2.4 billion of cash from operating activities in fiscal 2025, 2.61 times its net income of $932.0 million.
How much does DoorDash spend on capital expenditures?
DoorDash spent $257.0 million on capital expenditures in fiscal 2025, 1.9% of revenue, compared with $330.0 million the year before.