DoorDash

Balance sheet: ~$4.0B cash plus $2.0B+ of marketable investments at 12/31/25 versus $2.75B 0% 2030 convertibles; total liabilities were $9.6B, including notable insurance reserves of ~$1.1B. Net cash position and positive GAAP earnings reduce downside risk.

Cash generation: TTM Free Cash Flow of $1.83B as of Q4-25 (CFO $2.43B less capex and capitalized software) with Q4 FCF temporarily depressed by working-capital items and Deliveroo transaction costs.

Interest-rate context: with the U.S. 10-year around 4.3% in April 2026, DoorDash’s normalized FCF yield at a fair multiple must exceed the risk-free rate to compensate for regulatory and competitive risk. Overall, strong resilience and liquidity to fund the 2026 investment cycle.