DoorDash, Inc.DASH
DoorDash, Inc. Fair Value Disclosure
Fair Value Measurements
Assets Measured at Fair Value on a Recurring Basis
The following tables set forth the Company’s cash equivalents and investments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
| December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | 2,272 | $ | — | $ | — | $ | 2,272 | |||||||||||||||
| Commercial paper | — | 5 | — | 5 | |||||||||||||||||||
| U.S. Treasury securities | — | 15 | — | 15 | |||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| Certificates of deposit | — | 39 | — | 39 | |||||||||||||||||||
| Commercial paper | — | 76 | — | 76 | |||||||||||||||||||
| Corporate bonds | — | 509 | — | 509 | |||||||||||||||||||
| U.S. government agency securities | — | 33 | — | 33 | |||||||||||||||||||
| U.S. Treasury securities | — | 612 | — | 612 | |||||||||||||||||||
Mutual funds | 53 | — | — | 53 | |||||||||||||||||||
| Long-term investments | |||||||||||||||||||||||
| Commercial paper | — | 2 | — | 2 | |||||||||||||||||||
| Corporate bonds | — | 420 | — | 420 | |||||||||||||||||||
| U.S. government agency securities | — | 74 | — | 74 | |||||||||||||||||||
| U.S. Treasury securities | — | 339 | — | 339 | |||||||||||||||||||
| Total | $ | 2,325 | $ | 2,124 | $ | — | $ | 4,449 | |||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Cash equivalents(1) | |||||||||||||||||||||||
| Money market funds | $ | 1,905 | $ | — | $ | — | $ | 1,905 | |||||||||||||||
| U.S. Treasury securities | — | 1 | — | 1 | |||||||||||||||||||
Short-term investments(1) | |||||||||||||||||||||||
| Certificates of deposit | — | 25 | — | 25 | |||||||||||||||||||
| Commercial paper | — | 32 | — | 32 | |||||||||||||||||||
| Corporate bonds | — | 470 | — | 470 | |||||||||||||||||||
| U.S. government agency securities | — | 30 | — | 30 | |||||||||||||||||||
| U.S. Treasury securities | — | 361 | — | 361 | |||||||||||||||||||
| Mutual funds | 59 | — | — | 59 | |||||||||||||||||||
| Long-term investments | |||||||||||||||||||||||
| Corporate bonds | — | 464 | — | 464 | |||||||||||||||||||
| U.S. government agency securities | — | 91 | — | 91 | |||||||||||||||||||
| U.S. Treasury securities | — | 282 | — | 282 | |||||||||||||||||||
Other assets | |||||||||||||||||||||||
Money market funds(2) | 15 | — | — | 15 | |||||||||||||||||||
Non-marketable investment | — | — | 37 | 37 | |||||||||||||||||||
| Total | $ | 1,979 | $ | 1,756 | $ | 37 | $ | 3,772 | |||||||||||||||
(1)Cash equivalents and short-term investments included $26 million and $151 million of time deposits, respectively, which are not subject to recurring fair value measurements.
(2)Other assets included $15 million of money market funds held in a trust account pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.
The fair value of the Company’s Level 1 financial instruments is based on quoted market prices for identical instruments in active markets. The fair value of the Company’s Level 2 fixed income securities is obtained from independent pricing services, which may use quoted market prices for identical or comparable instruments in less active markets or model driven valuations using observable market data or inputs corroborated by observable market data.
As of December 31, 2025, the fair value of the non-marketable investment in convertible notes of a private company was approximately $37 million and was included in other assets on the consolidated balance sheet. The fair value determination is based on unobservable inputs (Level 3 on the fair value hierarchy) which reflect the best information available under the circumstances, including transaction pricing and market participant assumptions.
The fair value of the 2030 Notes (as defined in Note 9 - "Convertible Notes, Net") was determined based on the quote price in markets that are not active, which is considered a Level 2 valuation input. Refer to Note 9 - "Convertible Notes, Net" for the carrying amount and fair value of the 2030 Notes.
Assets Measured at Fair Value on a Non-Recurring Basis
The Company’s non-marketable equity securities accounted for using the measurement alternative are recorded at fair value on a non-recurring basis. When indicators of impairment exist or observable price changes in a same or similar security from the same issuer occur, the respective non-marketable equity security would be classified within Level 3 of the fair value hierarchy because the valuation methods include a combination of the observable transaction price at the transaction date and other unobservable inputs. Non-marketable equity securities are recorded in other assets on the consolidated balance sheets.
During the years ended December 31, 2023 and 2025, the Company made investments in non-marketable equity securities of $23 million, and $13 million, respectively. There were no investments in non-marketable equity securities during the year ended December 31, 2024. The following is a summary of unrealized gains and losses from upward or downward adjustments recorded in other income (expense), net in the consolidated statements of operations, and included as adjustments to the carrying value of non-marketable equity securities held during the years ended December 31, 2023, 2024, and 2025 (in millions):
| Year Ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| Upward adjustments | $ | — | $ | 2 | $ | 16 | |||||||||||
| Downward adjustments (including impairment) | (101) | (6) | (2) | ||||||||||||||
Total unrealized gain (loss) for non-marketable equity securities | $ | (101) | $ | (4) | $ | 14 | |||||||||||
Estimating the fair value of the Company’s investments in non-marketable equity securities requires the use of estimates and judgments. Changes in estimates and judgments could result in different estimates of fair value and future adjustments.
The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2024 and 2025 including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other expense, net in the consolidated statements of operations (in millions):
| December 31, | |||||||||||
| 2024 | 2025 | ||||||||||
| Initial cost basis | $ | 450 | $ | 460 | |||||||
| Upward adjustments | 11 | 24 | |||||||||
| Downward adjustments (including impairment) | (419) | (415) | |||||||||
| Total carrying value at the end of reporting period | $ | 42 | $ | 69 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 5, 2021 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.