DigitalOcean Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data DigitalOcean Holdings, 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	255	318	429	576	693	781	901
Cost of revenue	122	146	171	212	295	315	362
Gross profit	133	173	258	364	397	466	540
Research and development	60	75	116	144	137	142	162
Selling and marketing	31.3	33.5	50.9	81	65.1	71.6	82.4
General and administrative	71.2	80.2	103	165	163	161	139
Operating expenses	162	189	269	390	386	375	383
Operating income	-29.9	-15.8	-11.2	-25.7	11.9	91	157
Interest expense	9.36	13.6	3.74	8.4	8.95	9.11	17.9
Interest income		0.01	0.12	11.9	23.8	19.9	11.3
Other non-operating income	-9.69	-26.9	-7.02	1.81	14.9	6.69	49.7
Pre-tax income	-39.6	-42.7	-18.2	-23.9	26.8	97.7	207
Income tax	0.79	0.91	1.3	3.92	7.37	13.2	-52.6
Net income	-40.4	-43.6	-19.5	-27.8	19.4	84.5	259
EBITDA	33.2	59.8	77.2	76.5	130	221	294
EPS, basic	-1.06	-1.05	-0.21	-0.28	0.22	0.92	2.83
EPS, diluted	-1.06	-1.05	-0.21	-0.28	0.20	0.89	2.52
Shares, basic (weighted)	38	41.7	93.2	101	90.1	91.6	91.5
Shares, diluted (weighted)	38	41.7	93.2	101	96.4	94.5	105

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	35.9	100	1,713	141	317	428	254
Short-term investments			0	723	94.5	0
Receivables		28.1	39.6	53.8	62.2	72.5	90.9
Other current assets		3.28	17.1	27.9	1.37	1.61	5.15
Total current assets		148	1,770	946	503	542	427
Property, plant and equipment		239	250	273	305	433	589
Lease right-of-use assets			0	154	155	188	271
Goodwill	2.67	2.67	32.2	315	348	349	349
Intangible assets		34.6	42.9	119	140	118	99.5
Other non-current assets		3.71	4.09	5.99	5.11	8.54	12.1
Total assets		430	2,101	1,816	1,461	1,639	1,838
Accounts payable		12.4	12.7	21.1	3.96	54.6	38.8
Accrued liabilities		27	31.9	34	31	38.2	42.7
Deferred revenue		4.87	4.83	5.55	5.34	5.4	5.88
Short-term debt		17.5	0			0	325
Total current liabilities		84.8	58.2	166	193	221	619
Long-term debt		242	1,463	1,470	1,478	1,485	971
Lease liabilities			0	108	91.2	130	167
Other non-current liabilities		2.06	1.46	3.83	9.53	0	6.19
Total liabilities		329	1,523	1,768	1,775	1,842	1,866
Total debt		260	1,463	1,470	1,478	1,485	1,296
Paid-in capital		99.8	770	264	31	57.3	16
Retained earnings		-167	-187	-214	-344	-259	-43.7
Treasury stock		-4.6	-4.6	0
Other comprehensive income		-0.25	-0.37	-2.05	-0.45	-1.5	-0.96
Shareholders' equity	-72.3	-72.1	578	47.6	-314	-203	-28.7
Total equity	-72.3	-72.1	578	47.6	-314	-203	-28.7
Total liabilities and equity		430	2,101	1,816	1,461	1,639	1,838
Shares outstanding		43.3	107	96.7	90.2	92.2	91.9

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-40.4	-43.6	-19.5	-27.8	19.4	84.5	259
Depreciation and amortization	63.1	75.6	88.4	102	118	130	137
Stock-based compensation	18.6	29.5	61.6	106	88.3	90.5	80.3
Deferred income tax	-0.01	0.07	0.02	-1.81	-0.2	2.54	-70.3
Change in receivables	-14.4	-18.5	-20.7	-26.6	-22.7	-26.7	-36.2
Change in payables	3.95	2.38	9.44	5.5	-11.1	7.42	12.3
Cash from operations	39.9	58.5	133	195	235	283	310
Capital expenditures	-53.5	-98.4	-97.1	-106	-119	-178	-129
Acquisitions	-2.93	0	-5	-305	-99	0
Purchases of investments		0	0	-1,695	-352	0	0
Sales and maturities of investments		0	0	20	0	0	0
Cash from investing	-87.4	-116	-114	-1,148	401	-94.8	-268
Share buybacks	0	0	-350	-600	-488	-59.8	-82.1
Cash from financing	49.8	124	1,593	-610	-469	-76.4	-217
Exchange rate effect		-0.2	0.01	-0.25	-0.02	-0.26	0.03
Net change in cash	2.32	66.7	1,613	-1,564	167	111	-176
Free cash flow	-13.6	-39.9	36	88.8	116	105	181
Interest paid	8.83	12.4	2.34	0.48	0.92	1.05	9.69
Income taxes paid	0.31	0.61	0.92	4.57	2.72	19.7	6.28

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 $139.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.2%	Gross profit / revenue.
Operating margin	14.8%	Operating income / revenue.
EBITDA margin	30.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	17.3%	Pre-tax income / revenue.
Net margin	23.3%	Net income / revenue.
FCF margin	19.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.7%	Cash from operations / revenue.
Effective tax rate	-34.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	25.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.5%	Net income / average total assets.
Return on invested capital (ROIC)	10.9%	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	18.7%	Research and development expense / revenue.
Stock-based pay / revenue	9.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.4%	Capital expenditures / revenue.
D&A / revenue	15.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.0%	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	25.6%	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	72.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	33.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	56.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	37.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	206.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	183.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.6%	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	39.6%	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	72.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	26.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	12.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.4%	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	33.7%	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	11.5%	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	20.4%	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	1.31x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.99x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.99x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.5%	Total debt / total assets.
Liabilities / assets	70.2%	Total liabilities / total assets.
Net debt	$154.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.75x	Operating income / interest expense.
Working capital	$241.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$486.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	0.96x	Revenue / average property, plant and equipment.
Receivables turnover	8.79x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	9 days	365 x average accounts payable / cost of revenue.
FCF conversion	82.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	37.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.86	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	$7.99	Revenue / diluted weighted shares.
FCF per share	$1.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.45	Cash from operations / diluted weighted shares.
Book value per share	$8.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.64	Tangible book value / shares outstanding.
Cash per share	$7.30	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	1.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.43B	Share price x shares outstanding.
Enterprise value	$16.59B	Market cap + total debt - cash - short-term investments.
P/E	69.9x	Market cap / net income. Only when net income is positive.
P/S	16.3x	Market cap / revenue.
P/B	17.7x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	33.8x	Market cap / tangible book value, when positive.
P/FCF	84.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	53.0x	Market cap / cash from operations, when positive.
EV/Sales	16.4x	Enterprise value / revenue.
EV/EBIT	111x	Enterprise value / operating income, when both are positive.
EV/EBITDA	54.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	85.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.2%	Free cash flow / market cap.
Earnings yield	1.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was DigitalOcean Holdings, Inc.'s revenue in fiscal 2025?

DigitalOcean Holdings, Inc. reported revenue of $901.4M for fiscal 2025, 15.5% higher than the year before.

Was DigitalOcean Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $259.3M, a net margin of 28.8%.

How much free cash flow did DigitalOcean Holdings, Inc. generate in fiscal 2025?

Cash from operations of $309.6M minus capital expenditures of $129.1M left free cash flow of $180.5M.

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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