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DoorDash cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$904M in Q3 2026 · $2.7B over twelve months

Operating cash flow$994M
Capital spending−$90.0M
Free cash flow+$904M
Cash / net income2.1×
Cash conversion cycle10 days

Analysis

In Q3 2026, DoorDash generated $994M of operating cash flow and spent $90.0M on capital projects, leaving free cash flow of $904M. That is $96.0M more than in Q3 2025 ($808M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.0B; the largest uses were acquisitions ($3.0B), buybacks ($1.0B), other investing ($447M); besides operations, cash came from shares issued ($5.0M); the cash balance fell by $1.9B.

Operating cash flow was $994M against net income of $465M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$312M, stock-based pay +$267M, accrued liabilities +$236M.

Its cash conversion cycle was 10 days (receivables 23 + inventory 0 − payables 13).

Free cash flow

DoorDash: free cash flow by quarterDoorDash: free cash flow by quarter$486MQ4 2024$561MQ1 2025$438MQ2 2025$808MQ3 2025$367MQ4 2025$537MQ1 2026$883MQ2 2026$904MQ3 2026
Operating cash flow less capital spending.
DoorDash: operating cash flow against capital spendingDoorDash: operating cash flow against capital spendingOperating cash flowCapital spending$518M$32.0MQ4 2024$635M$74.0MQ1 2025$504M$66.0MQ2 2025$871M$63.0MQ3 2025$421M$54.0MQ4 2025$594M$57.0MQ1 2026$944M$61.0MQ2 2026$994M$90.0MQ3 2026
Latest (Q3 2026): Operating cash flow $994M, Capital spending $90.0M.

Capital allocation, year by year

DoorDash: where the cash came from (up) and went (down), by fiscal yearDoorDash: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $692MFY2021: Net borrowing −$333MFY2021: Shares issued $32.0MFY2021: Capital spending −$129M$724MFY2021FY2022: Operating cash flow $367MFY2022: Shares issued $11.0MFY2022: Capital spending −$176MFY2022: Acquisitions $71.0MFY2022: Buybacks −$400M$449MFY2022FY2023: Operating cash flow $1.7BFY2023: Shares issued $6.0MFY2023: Capital spending −$123MFY2023: Buybacks −$750M$1.7BFY2023FY2024: Operating cash flow $2.1BFY2024: Shares issued $14.0MFY2024: Capital spending −$104MFY2024: Buybacks −$224M$2.1BFY2024FY2025: Operating cash flow $2.4BFY2025: Net borrowing $2.7BFY2025: Shares issued $9.0MFY2025: Capital spending −$257MFY2025: Acquisitions −$4.2B$5.2BFY2025
Over these 5 years operating cash flow totalled $7.3B; the largest uses were acquisitions ($4.2B) and buybacks ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.0B
Debtnone
Net cash$6.0B

DoorDash funds itself: free cash flow was $2.7B over the last twelve months, with $6.0B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

DoorDash: sources (+) and uses (−) of cash, Q3 2026DoorDash: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$994MCash drawn (+) / kept (−)−$652MOther investing−$199MCapital spending−$90.0MAcquisitions−$28.0MOther financing−$24.0MExchange rates−$3.0MShares issued$2.0M
DoorDash: sources (+) and uses (−) of cash, TTM to Q3 2026DoorDash: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$3.0BOperating cash flow$3.0BCash drawn (+) / kept (−)$1.9BBuybacks−$1.0BOther investing−$447MCapital spending−$262MOther financing−$66.0MExchange rates−$24.0MShares issued$5.0M

From profit to cash

DoorDash: net income to operating cash flow, Q3 2026DoorDash: net income to operating cash flow, Q3 2026Net income$465MDepreciation & amortization$312MStock-based pay$267MReceivables−$122MPayables$42.0MAccrued liabilities$236MOther liabilities−$15.0MOperating cash flow$994M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202623—1310
Q2 202622—1210
Q1 202624—159
Q4 202523—168
Q3 202523—167
Q2 202522—193
Q1 202522—203
Q4 202422—165

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$994M−$90.0M−$28.0M——$2.0M−$652M$904M
Q2 2026$944M−$61.0M—−$887M—$1.0M$136M$883M
Q1 2026$594M−$57.0M−$30.0M−$162M—$1.0M−$301M$537M
Q4 2025$421M−$54.0M−$3.0B——$1.0M$2.7B$367M
Q3 2025$871M−$63.0M−$25.0M—−$2.0M$3.0M−$699M$808M
Q2 2025$504M−$66.0M−$1.1B——$2.0M−$2.0B$438M
Q1 2025$635M−$74.0M−$27.0M——$3.0M−$493M$561M
Q4 2024$518M−$32.0M———$7.0M−$323M$486M

DoorDash: income statement and cash flow

DoorDash, Q3 2026: revenue $4.6B (+34% year over year), operating margin 9.6%. The chart follows the revenue to costs, profit and cash.

DoorDash: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.