DROPBOX, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DROPBOX, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	845	1,107	1,392	1,661	1,914	2,158	2,325	2,502	2,548	2,521
Cost of revenue	391	369	395	411	415	444	444	479	445	501
Gross profit	454	738	997	1,250	1,499	1,714	1,881	2,023	2,103	2,020
Research and development	290	380	768	662	728	756	892	937	915	732
Selling and marketing	251	314	440	423	423	428	409	466	461	370
General and administrative	107	157	283	245	228	225	223	237	241	231
Operating expenses	648	852	1,491	1,331	1,776	1,439	1,699	1,484	1,617	1,331
Operating income	-194	-114	-494	-80.5	-277	274	181	539	486	689
Other non-operating income	4.9	13.2	6.8	16	25.1	30.1	8.1	-3.7	9.7	7.1
Pre-tax income	-205	-112	-480	-52	-250	299	193	554	510	618
Income tax	5.2	0.2	4.8	0.7	6.1	-36.5	-361	101	57.5	109
Net income	-210	-112	-485	-52.7	-256	336	553	454	452	508
EBITDA	-19.7	57	-335	79.4	-132	410	322	678	596	821
EPS, basic	-1.11	-0.57	-1.35	-0.13	-0.62	0.87	1.53	1.33	1.42	1.89
EPS, diluted	-1.11	-0.57	-1.35	-0.13	-0.62	0.85	1.52	1.31	1.40	1.86
Shares, basic (weighted)	189	196	359	412	414	388	361	341	318	268
Shares, diluted (weighted)	189	196	359	412	414	396	363	346	323	273

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	353	430	519	551	315	533	233	615	1,328	891
Short-term investments		0	570	608	806	1,185	1,111	741	266	147
Receivables		29.3	28.6	36.7	43.4	49.6	53.8	68.7	70.4	79.1
Other current assets		58.8	92.3	47.5	62.8	82.1	92.6	91.9	73.8	73.2
Total current assets		518	1,210	1,243	1,228	1,850	1,490	1,517	1,738	1,191
Property, plant and equipment		342	311	445	339	322	308	309	359	378
Lease right-of-use assets				658	471	414	261	184	159	271
Goodwill	96	98.9	96.5	235	237	357	403	402	443	455
Intangible assets		17	14.7	47.4	33.5	53.6	88.3	58.1	54.9	33.7
Other non-current assets		44	62.1	70.9	80.1	54.2	61	53.2	105	101
Total assets		1,020	1,694	2,699	2,387	3,091	3,110	2,984	3,325	2,845
Accounts payable		31.9	33.3	40.7	18.7	25.7	38.6	38.5	36.5	24.3
Accrued liabilities		56.1	80.9	101	114	139	132	109	105	112
Deferred revenue		418	485	554	611	672	703	725	728	730
Total current liabilities		738	838	1,015	1,088	1,176	1,197	1,202	1,211	1,894
Lease liabilities				712	760	632	585	311	250	356
Other non-current liabilities		37.2	89.9	25.9	34.4	39.4	112	90.8	68.4	67.6
Total liabilities		917	1,017	1,891	2,053	3,385	3,420	3,149	4,078	4,642
Paid-in capital		533	2,338	2,531	2,564	2,448	2,512	2,598	2,404	2,012
Retained earnings		-1,050	-1,660	-1,726	-2,241	-2,739	-2,772	-2,742	-3,147	-3,815
Other comprehensive income		4.2	-1.2	3.3	10.9	-2.6	-48.9	-21.5	-10.1	5.7
Shareholders' equity	123	103	677	808	334	-294	-309	-166	-752	-1,797
Total equity	123	103	677	808	334	-294	-309	-166	-752	-1,797
Total liabilities and equity		1,020	1,694	2,699	2,387	3,091	3,110	2,984	3,325	2,845

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-210	-112	-485	-52.7	-256	336	553	454	452	508
Depreciation and amortization	174	171	159	160	145	136	141	140	109	132
Stock-based compensation	148	165	650	261	262	287	331	338	347	301
Deferred income tax					-2.5	-37.5	-396	38.4	-5.4	51.7
Change in payables	5.5	16.2	-1.7	6.4	-19.9	7.6	13	1.2	-4.5	-12.6
Cash from operations	253	330	425	529	571	730	797	784	894	952
Capital expenditures	-115	-25.3	-63	-136	-80.1	-22.1	-33.8	-24.3	-22.5	-21
Acquisitions		0	0	-174	0	-140	-75.4	0	-57.8	-13.1
Purchases of investments		0	-850	-775	-756	-1,138	-571	-209	-62.3	0
Cash from investing	-118	-23.9	-634	-320	-234	-525	-48.5	395	444	112
Stock issued	0	0.5	26.2	2.2	2.3	6.9	0.5	2.5	0.9	0.1
Share buybacks			0	0	-398	-1,059	-795	-540	-1,242	-1,714
Cash from financing	-135	-232	301	-177	-578	16.2	-1,042	-799	-587	-1,531
Exchange rate effect	-4.3	2.6	-3.1	0.2	4.1	-3.1	-7.2	2.4	-5.7	12.4
Net change in cash	-4.2	77.3	89.3	32	-236	218	-300	382	746	-455
Free cash flow	137	305	362	392	491	708	764	759	872	931
Interest paid	14.9	10.8	8.3	9.8	9.6	8.5	8.2	10.5	15.2	106
Income taxes paid	1.5	3.4	1.4	0.6	5	4.2	27.6	68.2	61	56.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	79.7%	Gross profit / revenue.
Operating margin	26.6%	Operating income / revenue.
EBITDA margin	31.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.1%	Pre-tax income / revenue.
Net margin	17.5%	Net income / revenue.
FCF margin	37.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.7%	Cash from operations / revenue.
Effective tax rate	20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	15.7%	Net income / average total assets.
R&D / revenue	29.3%	Research and development expense / revenue.
Stock-based pay / revenue	12.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	5.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	41.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	56.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	37.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	36.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	12.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	32.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	6.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-14.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-15.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-9.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-8.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.07x	Current assets / current liabilities.
Quick ratio	1.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.94x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	177.4%	Total liabilities / total assets.
Working capital	$87.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	7.49x	Revenue / average property, plant and equipment.
Receivables turnover	33.2x	Revenue / average receivables.
Days sales outstanding	11 days	365 x average receivables / revenue.
Days payables	25 days	365 x average accounts payable / cost of revenue.
FCF conversion	216.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.16	Revenue / diluted weighted shares.
FCF per share	$4.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.32	Cash from operations / diluted weighted shares.
Book value per share	-$9.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$11.76	Tangible book value / shares outstanding.
Cash per share	$4.91	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	156.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.29B	Share price x shares outstanding.
Enterprise value	$6.18B	Market cap + total debt - cash - short-term investments.
P/E	16.5x	Market cap / net income. Only when net income is positive.
P/S	2.88x	Market cap / revenue.
P/FCF	7.62x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.44x	Market cap / cash from operations, when positive.
EV/Sales	2.44x	Enterprise value / revenue.
EV/EBIT	9.16x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.67x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.46x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.1%	Free cash flow / market cap.
Earnings yield	6.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	20.6%	(Dividends paid + share buybacks) / market cap.
PEG	2.37x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DROPBOX, INC.'s revenue in fiscal 2025?

DROPBOX, INC. reported revenue of $2.52B for fiscal 2025, 1.1% lower than the year before.

Was DROPBOX, INC. profitable in fiscal 2025?

Yes. Net income was $508.4M, a net margin of 20.2%.

How much free cash flow did DROPBOX, INC. generate in fiscal 2025?

Cash from operations of $951.8M minus capital expenditures of $21.0M left free cash flow of $930.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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