Dolby Laboratories, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Dolby Laboratories, 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	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,026	1,080	1,055	1,242	1,162	1,281	1,254	1,300	1,274	1,349
Cost of revenue	109	119	128	161	146	130	141	153	140	160
Gross profit	917	962	927	1,081	1,015	1,151	1,112	1,147	1,133	1,189
Research and development	220	233	237	238	239	254	261	272	264	262
Selling and marketing	295	297	310	344	336	333	359	354	334	361
General and administrative	169	172	197	205	220	224	275	258	270	287
Operating expenses	685	715	744	824	797	807	906	931	875	924
Operating income	232	247	184	257	219	344	207	216	258	265
Interest expense	0.13	0.13	0.2	0.17	0.19	0.48	0.39
Interest income	5.68	9.58	19	24.9	12.7	3.49	6.57
Other non-operating income	4.11	8.01	12.9	25.2	21	10.1	8.67	34.3	54.2	38.5
Pre-tax income	236	255	196	282	240	355	215	250	312	303
Income tax	49.5	48	154	26.8	8.1	36.7	31.4	48.4	48.2	47
Net income to minority interests	0.54	0.63	0.56	0.35	0.26	7.6	-0.19
Net income	186	206	41.7	255	231	310	184	201	262	255
EBITDA	317	331	265	342	310	440	295	298	334	353
EPS, basic	1.85	2.03	0.40	2.51	2.30	3.07	1.84	2.10	2.74	2.66
EPS, diluted	1.81	2.00	0.39	2.44	2.25	2.97	1.81	2.05	2.69	2.62
Shares, basic (weighted)	101	102	103	102	101	101	100	95.8	95.5	95.9
Shares, diluted (weighted)	102	103	107	105	103	105	102	97.7	97.3	97.5
Dividend per share	0.50	0.58	0.67	0.79	0.88	0.91	1.02	1.11	1.23	1.32

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	520	634	918	797	1,072	1,225	620	745	482	702
Short-term investments	122	248	178	119	46.9	38.8	189	139	0	0.7
Receivables	75.7	73.8	166	189	180	233	244	262	315	331
Inventory	16.4	25.1	26.2	32.3	25.6	11	23.5	35.6	33.7	30.4
Other current assets	11.6	11.4	13.9	21.7	35.1	32.8	23.2	26.3	40.2	23.9
Total current assets	760	1,011	1,497	1,382	1,547	1,760	1,311	1,488	1,194	1,388
Property, plant and equipment	444	485	514	537	542	534	513	482	479	471
Lease right-of-use assets				0	76.5	67.1	46.5	40.2	39	33.2
Goodwill	310	311	328	335	337	341	365	408	533	530
Intangible assets	215	190	184	181	152	123	112	167	435	397
Long-term investments	394	314	188	180	52.1	62.8	103	97.8	89.3	80.2
Other non-current assets	21.1	30.8	80.1	93.4	91.2	61.3	55.1	94.7	121	114
Total assets	2,310	2,534	2,865	2,822	2,917	3,106	2,690	2,980	3,110	3,228
Accounts payable	17.5	14.4	21.9	15.2	12.6	17.8	14.2	20.9	17.4	17.8
Accrued liabilities	169	207	243	268	220	263	230	351	348	369
Deferred revenue	24.2	23.2	17.5	20	15.4	18.5	18.6	31.5	31.6	31.4
Total current liabilities	213	246	285	307	267	316	278	422	418	438
Lease liabilities				0	65.3	56.7	37.7	37	34.8	28.5
Other non-current liabilities	82.9	108	184	177	122	105	100	108	136	99.8
Total liabilities	331	390	495	509	479	501	439	608	623	596
Paid-in capital	42	61.3	66.1	0
Retained earnings	1,938	2,083	2,314	2,328	2,443	2,608	2,298	2,392	2,496	2,635
Other comprehensive income	-10.2	-7.75	-15.8	-20.6	-10.6	-10	-51.6	-37	-19.2	-12.5
Shareholders' equity	1,970	2,137	2,364	2,307	2,433	2,598	2,246	2,355	2,477	2,623
Minority interests	8.48	7.1	6.57	5.68	5.76	6.25	4.84	17.1	9.73	9.39
Total equity	2,229	2,399	2,371	2,313	2,438	2,604	2,251	2,372	2,487	2,632
Total liabilities and equity	2,310	2,534	2,865	2,822	2,917	3,106	2,690	2,980	3,110	3,228

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	186	207	42.3	256	232	318	184	202	264	256
Depreciation and amortization	85.2	84.3	81.3	85.1	90.9	95.9	88.5	82.6	75.6	87.8
Stock-based compensation	67	65.3	71.2	76.6	86.6	99.7	115	118	120	129
Deferred income tax	-22.8	-35	61.1	-40.2	-5.27	-37	-29.5	-18.3	-21.6	4.99
Change in receivables	24.9	-56.6	100	-27.5	1.25	-49	-14.3	47.8	-29	-18.5
Change in inventory	-2.95	-11.9	-6.6	-16.1	-11.8	17.2	-11.8	-13.2	-2.65	8.02
Change in payables	2.83	104	-29	33.4	-43.5	44.2	-33.5	-52.3	-34.6	22.9
Cash from operations	360	378	352	328	344	448	319	367	327	472
Capital expenditures	-101	-99.6	-72.8	-96.3	-66.3	-54.5	-47.9	-30.3	-30	-36.3
Acquisitions	0	0	-22.9	-14.9	0	-4.5	-38.2	25.7	-488	-1.36
Purchases of investments				-265	-288	-67.1	-311	-173	-160	0
Sales and maturities of investments				137	247	53.9	109	177	158	0
Cash from investing	-282	-158	78.1	-56.2	134	-44.9	-296	54.2	-286	-10.6
Stock issued	71.1	70	106	57.3	82.7	122	57.8	47.8	40.2	43.7
Share buybacks	-101	-100	-150	-341	-174	-246	-530	-149	-160	-125
Dividends paid	-48.4	-57.1	-66.2	-77.5	-88.6	-89.2	-100	-103	-115	-127
Cash from financing	-92	-107	-134	-385	-208	-253	-611	-237	-288	-247
Exchange rate effect	-1.4	1.68	-5.78	-5.82	3.94	2.72
Net change in cash	-15.8	111	291	-120	274	153	-605	190	-240	216
Free cash flow	259	278	279	231	278	393	271	337	297	436
Income taxes paid	55.1	56.8	60.9	59.7	52.9	70.7	40.3	61.5	63.2	73.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 26, 2026; growth uses fiscal years. Valuation uses the share price of $58.56 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	87.6%	Gross profit / revenue.
Operating margin	17.7%	Operating income / revenue.
EBITDA margin	24.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.4%	Pre-tax income / revenue.
Net margin	16.7%	Net income / revenue.
FCF margin	29.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	32.3%	Cash from operations / revenue.
Effective tax rate	17.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.2%	Net income / average total assets.
Return on invested capital (ROIC)	10.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	19.6%	Research and development expense / revenue.
Stock-based pay / revenue	9.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.3%	Capital expenditures / revenue.
D&A / revenue	6.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.2%	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	3.2%	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	2.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-2.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	44.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.0%	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	6.5%	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	46.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	17.2%	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	9.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.3%	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	2.0%	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	0.2%	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	-1.5%	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	-1.1%	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	3.19x	Current assets / current liabilities.
Quick ratio	2.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.61x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	17.9%	Total liabilities / total assets.
Working capital	$909.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	28.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.43x	Revenue / average total assets.
Fixed asset turnover	2.95x	Revenue / average property, plant and equipment.
Inventory turnover	5.45x	Cost of revenue / average inventory.
Days inventory	67 days	365 x average inventory / cost of revenue.
Receivables turnover	4.75x	Revenue / average receivables.
Days sales outstanding	77 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	117 days	Days inventory + days sales outstanding - days payables.
FCF conversion	173.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.39	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	$14.33	Revenue / diluted weighted shares.
FCF per share	$4.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.63	Cash from operations / diluted weighted shares.
Book value per share	$27.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.70	Tangible book value / shares outstanding.
Cash per share	$7.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	59.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	34.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	59.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.49B	Share price x shares outstanding.
Enterprise value	$4.82B	Market cap + total debt - cash - short-term investments.
P/E	24.3x	Market cap / net income. Only when net income is positive.
P/S	4.05x	Market cap / revenue.
P/B	2.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.28x	Market cap / tangible book value, when positive.
P/FCF	14.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	3.56x	Enterprise value / revenue.
EV/EBIT	20.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.2%	Free cash flow / market cap.
Earnings yield	4.1%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	6.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.85x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Dolby Laboratories, Inc.'s revenue in fiscal 2025?

Dolby Laboratories, Inc. reported revenue of $1.35B for fiscal 2025, 5.9% higher than the year before.

Was Dolby Laboratories, Inc. profitable in fiscal 2025?

Yes. Net income was $255.0M, a net margin of 18.9%.

How much free cash flow did Dolby Laboratories, Inc. generate in fiscal 2025?

Cash from operations of $472.2M minus capital expenditures of $36.3M left free cash flow of $435.9M.

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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