DoorDash, Inc. Class A Common Stock (DASH)

Operating profit margin

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Operating income (ttm)	US$ in thousands	180,000	-36,000	-242,000	-457,000	-469,000	-577,000	-774,000	-974,000	-1,036,000	-1,040,000	-906,000	-698,000	-524,000	-450,000	-603,000	-538,000	-412,000	-436,000	-268,000
Revenue (ttm)	US$ in thousands	11,241,000	10,722,000	10,152,000	9,610,000	9,113,000	8,635,000	8,150,000	7,687,000	7,162,000	6,583,000	6,065,000	5,639,000	5,267,000	4,888,000	4,558,000	4,162,000	3,601,000	2,886,000	2,214,000
Operating profit margin		1.60%	-0.34%	-2.38%	-4.76%	-5.15%	-6.68%	-9.50%	-12.67%	-14.47%	-15.80%	-14.94%	-12.38%	-9.95%	-9.21%	-13.23%	-12.93%	-11.44%	-15.11%	-12.10%

March 31, 2025 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $180,000K ÷ $11,241,000K
= 1.60%

The operating profit margin of DoorDash, Inc. Class A Common Stock has exhibited a gradual and consistent improvement over the period from September 30, 2020, through March 31, 2025. Initially, the company reported significant operating losses, with margins around -12.10% as of September 30, 2020, and declining further to -15.80% by December 31, 2022. Throughout this period, the operating profit margin remained negative, indicating ongoing operational challenges and profitability constraints.

From late 2022 through mid-2024, the operating margin continued to recover steadily, moving from -15.80% at the end of 2022 to -0.34% at the end of 2024. This consistent upward trend suggests effective operational improvements, cost management, or revenue growth strategies that reduced the extent of operating losses.

Most notably, by the first quarter of 2025, the operating profit margin turns positive, reaching 1.60%. This transition from negative to positive margin indicates that the company has reached a pivotal point where its core operations are now generating earnings before interest and taxes, reflecting enhanced operational efficiency and potentially, a path toward sustained profitability.

Overall, the data illustrates a significant transformation in DoorDash’s operational performance, characterized by a prolonged period of losses gradually narrowing to profitability within approximately four years. This trend may be indicative of successful strategic initiatives, scaling efficiencies, or market expansion efforts impacting the company's profitability trajectory.