Operational efficiency is highlighted by a 2026Q1 OCF/NI ratio of 3.25, though significant stock-based compensation of $231 million continues to obscure underlying GAAP profitability.
| Cash from Operations | 2.39B | 2.43B | 2.13B | 1.67B | 367M | 692M | 252M | -467M | -159M |
| Operating CF Margin % | - | 17.72% | 19.88% | 19.37% | 5.58% | 14.16% | 8.73% | -52.77% | -54.64% |
| Operating CF Growth % | 33.94% | 14.02% | 27.44% | 355.86% | -46.97% | 174.6% | 153.96% | -193.71% | - |
| Net Income | 925M | 932M | 117M | -565M | -1.37B | -468M | -461M | -667M | -204M |
| Depreciation & Amortization | 864M | 747M | 561M | 509M | 369M | 156M | 120M | 32M | 9M |
| Stock-Based Compensation | 771M | 1.05B | 1.1B | 1.09B | 889M | 486M | 322M | 18M | 24M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 428M | 226M | 103M | 111M | 329M | 83M | 79M | 90M | 0 |
| Working Capital Changes | -596M | -525M | 252M | 530M | 148M | 435M | 192M | 60M | 12M |
| Change in Receivables | -249M | -359M | -222M | -141M | -33M | -94M | -248M | -40M | -17M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -83M | 54M | 82M | 70M | -15M | 79M | 54M | -13M | 25M |
| Cash from Investing | -4.33B | -4.39B | -444M | -342M | -300M | -2.05B | -192M | -570M | -357M |
| Capital Expenditures | -470M | -257M | -104M | -123M | -176M | -129M | -106M | -78M | -13M |
| CapEx % of Revenue | 3.19% | 1.87% | 0.97% | 1.42% | 2.67% | 2.64% | 3.67% | 8.81% | 4.47% |
| Acquisitions | -4.15B | -4.15B | 0 | 0 | 71M | 0 | -28M | -315M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -184M | -372M | -233M | -203M | -171M | -109M | -52M | -15M | -3M |
| Cash from Financing | 2.18B | 2.36B | -204M | -752M | -375M | -483M | 4B | 1.11B | 666M |
| Debt Issued (Net) | 2.04B | 2.04B | 0 | 0 | 0 | -333M | 333M | 0 | 0 |
| Equity Issued (Net) | 186M | 350M | -210M | -744M | -389M | 22M | 3.67B | 1.11B | 670M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -162M | 0 | -224M | -750M | -400M | 0 | 0 | 0 | -60M |
| Other Financing | -42M | -30M | 6M | -8M | 14M | -172M | -7M | -2M | -4M |
| Net Change in Cash | 278M | 442M | 1.45B | 584M | -318M | -1.84B | 4.06B | 72M | 150M |
| Free Cash Flow | 1.75B | 2.17B | 1.8B | 1.35B | 21M | 455M | 93M | -559M | -175M |
| FCF Margin % | 11.9% | 15.85% | 16.81% | 15.62% | 0.32% | 9.31% | 3.22% | -63.16% | -60.14% |
| FCF Growth % | -3.15% | 20.64% | 33.58% | 6323.81% | -95.38% | 389.25% | 116.64% | -219.43% | - |
| FCF per Share | 3.96 | 4.94 | 4.19 | 3.43 | 0.06 | 1.35 | 1.49 | -12.92 | -3.95 |
| FCF Conversion (FCF/Net Income) | 1.89x | 2.60x | 17.33x | -3.00x | -0.27x | -1.48x | -0.55x | 0.70x | 0.78x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 42M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 4M | 1M | 0 | 0 |
Regulatory Labor Classification Risk
According to recent SEC filings, DoorDash consistently reports operating cash flow significantly exceeding net income, with the 2026Q1 OCF/NI ratio reaching 3.25, suggesting that non-cash expenses and working capital adjustments play a disproportionate role in the company's reported cash generation profile compared to pure accounting profit.
The persistent gap between net income and operating cash flow indicates that the company's GAAP earnings are heavily influenced by non-cash charges, most notably stock-based compensation. Investors should monitor this divergence, as it implies that the reported profitability may not yet reflect the full economic cost of the human capital required to sustain the platform's logistics network.
As reported in financial statements, DoorDash maintained a positive free cash flow margin of 10.4% in 2026Q1, demonstrating that the company's core logistics operations are capable of self-funding growth even as it aggressively pursues market share in lower-margin retail and grocery delivery categories.
The trajectory of free cash flow suggests that the platform has successfully moved past the initial cash-burning phase of its lifecycle. However, the volatility in quarterly FCF margins warrants further investigation, as it appears sensitive to the timing of large-scale acquisitions and the seasonal fluctuations inherent in consumer delivery demand.
Based on EDBL's reported figures, the company's capital expenditure as a percentage of revenue remains modest at 4.3% in 2026Q1, reflecting a business model that relies on third-party assets rather than heavy investment in physical infrastructure or proprietary delivery fleets.
The low capital intensity is a core strength of the marketplace model, allowing the company to scale operations without the burden of significant asset depreciation. This capital-light structure suggests that future cash flow growth will likely be driven by operational efficiency gains rather than the need for massive reinvestment in fixed assets.
Analysis of quarterly cash flow data reveals significant swings in working capital, including a $359 million outflow in 2025Q4, which suggests that the timing of merchant payouts and consumer collections can create meaningful, albeit temporary, pressure on the company's short-term cash position.
These fluctuations appear to be a byproduct of the platform's role as an intermediary between merchants and consumers. While these movements are often timing-related, they highlight the importance of maintaining a robust cash buffer to manage the liquidity requirements of a high-volume, transactional business model.
As disclosed in recent financial reports, DoorDash has utilized cash for both strategic acquisitions, such as the $3 billion outlay in 2025Q4, and share repurchases, which appear primarily designed to mitigate the dilutive impact of ongoing stock-based compensation programs for corporate employees.
The aggressive use of cash for acquisitions suggests a management team focused on inorganic growth to defend its market position. Investors should monitor whether these capital deployment strategies provide a sufficient return on investment, particularly given the high cost of equity dilution inherent in the current compensation structure.
Quick answers to the most common questions about buying DASH stock.
DoorDash, Inc. (DASH) generated $2.43B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DoorDash, Inc. (DASH) generated $2.17B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
DoorDash, Inc. (DASH) spent $257.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.