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Total debt surged to $1.5B in 2026Q2 (up from $730.6M in 2025Q4), driving debt-to-equity to 1.61, while cash rose to $767.0M, but net leverage remains high.
| Total Current Assets | 1.02B | 426.98M | 541.72M | 502.99M | 945.99M | 1.77B | 147.95M | 60.62M | 50.52M |
| Cash & Short-Term Investments | 767.03M | 254.47M | 428.45M | 411.77M | 864.23M | 1.71B | 100.31M | 32.91M | 29.98M |
| Cash Only | 767.03M | 254.47M | 428.45M | 317.24M | 140.77M | 1.71B | 100.31M | 32.91M | 29.98M |
| Short-Term Investments | 0 | 0 | 0 | 94.53M | 723.46M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 115M | 90.91M | 91.11M | 62.19M | 53.83M | 39.62M | 28.1M | 20.75M | 16.41M |
| Days Sales Outstanding | 35.71 | 36.81 | 42.6 | 32.76 | 34.09 | 33.74 | 32.21 | 29.72 | 29.48 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 81.6M | 4.62M | 29.04M | -561K | 0 | 0 | 4.17M | 0 |
| Total Non-Current Assets | 2.11B | 1.41B | 1.1B | 957.97M | 869.64M | 330.94M | 282.3M | 241.86M | 194.54M |
| Property, Plant & Equipment | 1.56B | 859.95M | 620.42M | 460.64M | 426.87M | 249.64M | 238.96M | 178.84M | 175.44M |
| Fixed Asset Turnover | 0.94x | 1.05x | 1.26x | 1.50x | 1.35x | 1.72x | 1.33x | 1.42x | 1.16x |
| Goodwill | 350.65M | 348.67M | 348.67M | 348.32M | 315.17M | 32.17M | 2.67M | 2.67M | 0 |
| Intangible Assets | 93.37M | 99.5M | 117.72M | 140.15M | 118.93M | 42.91M | 34.65M | 56.91M | 34.36M |
| Long-Term Investments | 0 | 0 | 1.75M | 0 | 0 | 0 | 0 | 0 | 3.58M |
| Other Non-Current Assets | 12.4M | 12.29M | 8.54M | 6.86M | 7.92M | 6.12M | 5.94M | 3.44M | -18.97M |
| Total Assets | 3.12B | 1.84B | 1.64B | 1.46B | 1.82B | 2.1B | 430.25M | 302.49M | 245.06M |
| Asset Turnover | 0.44x | 0.49x | 0.48x | 0.47x | 0.32x | 0.20x | 0.74x | 0.84x | 0.83x |
| Asset Growth % | 163.34% | 12.12% | 12.19% | -19.53% | -13.58% | 388.32% | 42.24% | 23.44% | - |
| Total Current Liabilities | 776.11M | 619.46M | 220.96M | 192.65M | 165.52M | 58.24M | 84.78M | 72.54M | 63.52M |
| Accounts Payable | 10.39M | 38.84M | 54.56M | 3.96M | 21.14M | 12.66M | 12.43M | 27.24M | 13.73M |
| Days Payables Outstanding | 31.37 | 39.18 | 63.29 | 5.09 | 36.41 | 27.08 | 31.18 | 81.31 | 51.66 |
| Short-Term Debt | 311.65M | 464.56M | 0 | 0 | 0 | 0 | 17.47M | 14.22M | 23.25M |
| Deferred Revenue (Current) | 73.79M | 5.88M | 5.4M | 5.34M | 5.55M | 4.83M | 4.87M | 0 | 3.51M |
| Other Current Liabilities | 200.37M | 110.19M | 3.65M | 15.99M | 6.56M | 2.09M | 15.23M | 18.5M | 13.67M |
| Current Ratio | 1.31x | 0.69x | 2.45x | 2.61x | 5.72x | 30.39x | 1.75x | 0.84x | 0.80x |
| Quick Ratio | 1.31x | 0.69x | 2.45x | 2.61x | 5.72x | 30.39x | 1.75x | 0.84x | 0.80x |
| Cash Conversion Cycle | 4.34 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.42B | 1.25B | 1.62B | 1.58B | 1.6B | 1.46B | 417.56M | 178.96M | 115.14M |
| Long-Term Debt | 609.4M | 266M | 1.49B | 1.48B | 1.47B | 1.46B | 242.22M | 173.04M | 107.99M |
| Capital Lease Obligations | 608.19M | 0 | 130.43M | 91.16M | 107.69M | 0 | 0 | 2.86M | 3.8M |
| Deferred Tax Liabilities | 16.54M | 4.09M | 4.12M | 3.53M | 20.76M | 421K | 211K | 0 | 87K |
| Other Non-Current Liabilities | 354.92M | 976.84M | 1.09M | 9.53M | 3.83M | 1.46M | 175.13M | 3.06M | 3.35M |
| Total Liabilities | 2.19B | 1.87B | 1.84B | 1.77B | 1.77B | 1.52B | 502.35M | 251.5M | 178.66M |
| Total Debt | 1.5B | 730.55M | 1.7B | 1.66B | 1.64B | 1.46B | 259.68M | 191.06M | 135.93M |
| Net Debt | 731.75M | 476.08M | 1.27B | 1.34B | 1.49B | -250.71M | 159.37M | 158.15M | 105.95M |
| Debt / Equity | 1.61x | - | - | - | 34.38x | 2.53x | - | 3.75x | - |
| Debt / EBITDA | 4.59x | 2.48x | 7.67x | 12.76x | 21.37x | 18.95x | 4.34x | 5.76x | 5.41x |
| Net Debt / EBITDA | 2.24x | 1.62x | 5.73x | 10.31x | 19.53x | -3.25x | 2.67x | 4.77x | 4.22x |
| Interest Coverage | 7.25x | 12.52x | 11.72x | 3.99x | -1.84x | -3.86x | -2.13x | -3.23x | -4.51x |
| Total Equity | 930.73M | -28.69M | -202.96M | -313.7M | 47.57M | 578.2M | -72.09M | 50.98M | -56.86M |
| Equity Growth % | 1305.23% | 85.86% | 35.3% | -759.46% | -91.77% | 902% | -241.41% | 189.66% | - |
| Book Value per Share | 7.35 | -0.27 | -2.15 | -3.25 | 0.47 | 5.39 | -0.68 | 0.48 | -0.65 |
| Total Shareholders' Equity | 930.73M | -28.69M | -202.96M | -313.7M | 47.57M | 578.2M | -72.09M | 50.98M | -56.86M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K | 1K |
| Retained Earnings | 7.47M | -43.74M | -258.74M | -344.24M | -214.34M | -186.54M | -167.03M | -123.47M | -83.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | -4.6M | -4.6M | -4.6M | -4.6M |
| Accumulated OCI | -1.76M | -960K | -1.5M | -452K | -2.05M | -374K | -245K | -112K | -53K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
AI customer concentration
Total debt jumped from $730.6M in 2025Q4 to $1.5B by 2026Q2, while cash rose to $767.0M, per the latest balance sheet, signaling a strategic shift toward debt-funded infrastructure investment.
The balance sheet has transformed from a net cash position in early 2025 to a leveraged structure with D/E at 1.61 by 2026Q2. This coincides with a 45% increase in PPE to $1.6B, suggesting heavy investment in AI-related hardware. The trajectory indicates management is prioritizing growth over balance sheet conservatism, which may pressure future cash flows if returns on these assets lag.
Debt-to-equity reached 1.61 in 2026Q2, up from 1.01 in 2026Q1, as total debt nearly doubled to $1.5B, according to reported figures, reflecting a deliberate leverage increase to fund AI capacity.
The company has shifted from a relatively low-leverage position to a more aggressive capital structure, with debt now representing 48% of total assets. This appears strategic, given the simultaneous surge in PPE, but it raises refinancing risk if interest rates remain elevated. The debt load may also constrain future flexibility, especially if AI-driven revenue growth does not materialize as expected.
PPE surged to $1.6B in 2026Q2, up from $859.9M in 2025Q4, while goodwill remained flat at $350.7M, as per the balance sheet, indicating a shift toward physical infrastructure over acquisitions.
The asset mix is becoming increasingly dominated by property, plant, and equipment, reflecting the capital-intensive nature of AI workloads. Goodwill has been stable, suggesting recent M&A has not added significant intangibles. However, the rapid PPE growth raises concerns about depreciation expenses and potential asset obsolescence in the fast-evolving AI hardware landscape.
Shareholders' equity swung from -$286.1M in 2024Q1 to $930.7M in 2026Q2, driven by retained earnings turning positive at $7.5M, as reported in financial statements, marking a significant turnaround.
The equity base has been rebuilt through a combination of improved profitability and likely equity raises, given the sharp increase in total assets. Retained earnings have finally turned positive, indicating that cumulative profits now exceed losses. This strengthens the balance sheet, but the rapid expansion of debt relative to equity suggests leverage is growing faster than equity, which could dilute shareholder value if returns on invested capital do not improve.
Cash and equivalents rose to $767.0M in 2026Q2, up from $254.5M in 2025Q4, while the current ratio improved to 1.31, per the latest balance sheet, providing a stronger buffer against near-term obligations.
The liquidity position has improved significantly, with cash now covering over half of total debt. The current ratio, though below the 2.0+ levels seen in 2024, remains above 1.0, indicating adequate short-term solvency. However, the increase in cash may be partly debt-funded, and the company's heavy capex commitments could quickly deplete this buffer if operating cash flows falter.
The 2026Q2 cash balance of $767.0M is largely offset by $1.5B in total debt, per the balance sheet, suggesting the apparent liquidity strength may be misleading and net leverage is high.
While cash has grown, it is dwarfed by the debt taken on to finance AI infrastructure. The net debt position is approximately $733M, which could strain cash flows if interest rates rise or revenue growth decelerates. Investors should monitor whether the AI-driven revenue acceleration can generate sufficient returns to service this debt, as the current balance sheet suggests a high-risk, high-reward strategy.
Quick answers to the most common questions about buying DOCN stock.
As of 2025, DigitalOcean Holdings, Inc. (DOCN) had total assets of $1.84B including $427.0M in current assets.
DigitalOcean Holdings, Inc. (DOCN) carries total debt of $730.6M, offset by $254.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DigitalOcean Holdings, Inc. (DOCN) has total shareholders' equity (book value) of $-28.7M ($-0.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DigitalOcean Holdings, Inc. (DOCN) reported a current ratio of 0.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.