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Arphra AIPlain-English read on DoorDash, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.89B | $6.58B | $8.64B | $10.72B | $13.72B | $17.64B | $21.25B | $25.18B | $30.13B |
| Cost of revenue | $2.34B | $3.59B | $4.59B | $5.54B | $6.74B | $8.95B | $10.75B | $12.56B | $15.17B |
| Gross profit | $2.55B | $3B | $4.05B | $5.18B | $6.98B | $8.72B | $10.19B | $12.23B | $14.63B |
| Gross margin | +52.17% | +45.50% | +46.86% | +48.31% | +50.88% | +49.41% | +47.94% | +48.59% | +48.55% |
| Operating | |||||||||
| Research & development | $430M | $829M | $1B | $1.17B | $1.43B | $1.93B | $2.36B | $2.83B | $3.39B |
| Selling, general & administrative | $2.42B | $2.83B | $3.11B | $3.49B | $4.08B | $5.67B | $7.1B | $8.3B | $9.6B |
| Total operating expenses | $3B | $4.12B | $4.63B | $5.22B | $6.26B | $8.57B | $10.32B | $12.35B | $15.04B |
| Operating income | -$452M | -$1.12B | -$579M | -$38M | $723M | -$103.71M | -$128.91M | -$145.7M | -$182.74M |
| Operating margin | -9.25% | -17.07% | -6.71% | -0.35% | +5.27% | -0.59% | -0.61% | -0.58% | -0.61% |
| EBITDA | -$296M | -$663M | -$68M | $523M | $1.69B | $977.76M | $1.19B | $1.39B | $1.67B |
| EBIT | -$452M | -$1.03B | -$577M | -$38M | $942M | -$9.77M | -$12.22M | -$14.33M | -$16.52M |
| Below the line | |||||||||
| Interest expense | $14M | $2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest income | $3M | $32M | $152M | $199M | $0 | $212.91M | $257.08M | $302.91M | $368.97M |
| Other income / expense | -$11M | -$275M | $45M | $194M | $216M | — | — | — | — |
| Pre-tax income | -$463M | -$1.4B | -$534M | $156M | $939M | $120.82M | $145.6M | $172.31M | $206.33M |
| Income tax expense | $5M | -$31M | $31M | $39M | $4M | $15.58M | $18.52M | $22.15M | $27.42M |
| Earnings | |||||||||
| Net income | -$468M | -$1.37B | -$558M | $123M | $935M | $89.11M | $104.59M | $125.06M | $153.23M |
| Net income · continuing ops | -$468M | -$1.37B | -$565M | $117M | $935M | $78.95M | $95.56M | $115.8M | $133.12M |
| Net margin | -9.57% | -20.74% | -6.46% | +1.15% | +6.82% | +0.51% | +0.49% | +0.50% | +0.51% |
| EPS · basic | $-1.39 | $-3.68 | $-1.42 | $0.30 | $2.19 | $2.59 | $4.63 | $7.21 | $10.60 |
| EPS · diluted | $-1.39 | $-3.68 | $-1.42 | $0.29 | $2.13 | $2.56 | $4.47 | $7.00 | $10.43 |
| EPS · low estimate | — | — | — | — | — | $2.25 | $3.87 | $5.32 | $9.71 |
| EPS · high estimate | — | — | — | — | — | $3.41 | $5.64 | $8.99 | $10.95 |
| Shares · basic | 336.85M | 371.41M | 392.95M | 411.55M | 427.04M | 428.57M | 428.99M | 423.86M | 430.07M |
| Shares · diluted | 336.85M | 371.41M | 392.95M | 430.24M | 439.69M | 436.37M | 438.75M | 439.34M | 438.89M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 32 | 33 | 22 | 15 |
| Analysts (EPS) | — | — | — | — | — | 28 | 28 | 18 | 10 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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