NASDAQ : DBX
Dropbox, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 36.25 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.88B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Dropbox, Inc. (DBX) reported revenue of 2.53B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.53B | 2.52B | 2.55B | 2.50B | 2.32B | 2.16B |
| Cost of Revenue | 513.10M | 500.40M | 442.70M | 475.60M | 444.20M | 444.20M |
| Gross Profit | 2.02B | 2.02B | 2.11B | 2.03B | 1.88B | 1.71B |
| Selling, General & Admin | 604.60M | 599.00M | 686.80M | 694.50M | 632.30M | 650.90M |
| Research & Development | 739.60M | 730.10M | 885.20M | 908.70M | 891.90M | 755.90M |
| Operating Expenses | 1.34B | 1.33B | 1.57B | 1.60B | 1.52B | 1.41B |
| Operating Income | 674.30M | 691.50M | 533.50M | 422.80M | 356.50M | 306.90M |
| Interest Expense | -164.10M | -114.80M | -25.10M | -15.20M | -12.40M | -12.70M |
| Interest & Investment Income | 32.00M | 36.20M | 39.00M | 34.60M | 15.70M | 7.50M |
| Other Non Operating Income (Expenses) | 15.80M | 6.40M | 9.90M | -3.70M | 3.10M | 16.50M |
| EBT Excluding Unusual Items | 558.00M | 619.30M | 557.30M | 438.50M | 362.90M | 318.20M |
| Merger & Restructuring Charges | -3.70M | -3.70M | -47.20M | -39.30M | -1.20M | |
| Gain (Loss) on Sale of Investments | 1.20M | 700.00K | -200.00K | 5.00M | ||
| Gain (Loss) on Sale of Assets | -31.30M | |||||
| Asset Writedown | 3.90M | 1.30M | -100.00K | -3.60M | -175.20M | |
| Other Unusual Items | 158.80M | 13.60M | ||||
| Pretax Income | 559.40M | 617.60M | 509.80M | 554.40M | 192.70M | 299.30M |
| Income Tax Expense | 116.60M | 109.20M | 57.50M | 100.80M | -360.50M | -36.50M |
| Net Income | 442.80M | 508.40M | 452.30M | 453.60M | 553.20M | 335.80M |
| Net Income to Common | 442.80M | 508.40M | 452.30M | 453.60M | 553.20M | 335.80M |
| Shares Outstanding (Basic) | 242.65M | 268.30M | 318.20M | 341.20M | 361.20M | 388.00M |
| Shares Outstanding (Diluted) | 245.65M | 272.80M | 323.40M | 345.60M | 445.90M | 395.80M |
| EPS (Basic) | 1.82 | 1.89 | 1.42 | 1.33 | 1.53 | 0.87 |
| EPS (Diluted) | 1.81 | 1.86 | 1.40 | 1.31 | 1.52 | 0.87 |
| Free Cash Flow | 957.10M | 930.80M | 871.60M | 759.40M | 763.50M | 707.70M |
| Free Cash Flow Per Share | 3.90 | 3.41 | 2.69 | 2.20 | 1.71 | 1.79 |
| Gross Margin | 79.73% | 80.15% | 82.63% | 80.99% | 80.89% | 79.42% |
| Operating Margin | 26.63% | 27.43% | 20.94% | 16.90% | 15.33% | 14.22% |
| Profit Margin | 17.49% | 20.17% | 17.75% | 18.13% | 23.79% | 15.56% |
| Free Cash Flow Margin | 37.81% | 36.92% | 34.21% | 30.36% | 32.84% | 32.80% |
| EBITDA | 830.10M | 848.90M | 670.80M | 592.80M | 513.60M | 458.30M |
| EBITDA Margin | 32.79% | 33.67% | 26.32% | 23.70% | 22.09% | 21.24% |
| D&A For EBITDA | 155.80M | 157.40M | 137.30M | 170.00M | 157.10M | 151.40M |
| EBIT | 674.30M | 691.50M | 533.50M | 422.80M | 356.50M | 306.90M |
| EBIT Margin | 26.63% | 27.43% | 20.94% | 16.90% | 15.33% | 14.22% |
| Effective Tax Rate | 20.84% | 17.68% | 11.28% | 18.18% | ||
| Advertising Expenses | 81.80M | 142.60M | 131.70M | 94.80M | 108.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.06B | 891.30M | 1.33B | 614.90M | 232.80M | 533.00M |
| Short-Term Investments | 57.60M | 146.90M | 265.90M | 741.10M | 1.11B | 1.19B |
| Cash & Short-Term Investments | 1.11B | 1.04B | 1.59B | 1.36B | 1.34B | 1.72B |
| Accounts Receivable | 76.30M | 79.10M | 70.40M | 68.70M | 53.80M | 49.60M |
| Other Receivables | 6.50M | 4.10M | ||||
| Receivables | 76.30M | 79.10M | 70.40M | 68.70M | 60.30M | 53.70M |
| Prepaid Expenses | 59.50M | 56.10M | 51.40M | 68.50M | 52.50M | 47.20M |
| Restricted Cash | 200.00K | 1.10M | ||||
| Other Current Assets | 16.20M | 17.10M | 21.30M | 23.40M | 33.60M | 30.80M |
| Total Current Assets | 1.27B | 1.19B | 1.74B | 1.52B | 1.49B | 1.85B |
| Property, Plant & Equipment | 599.60M | 649.10M | 517.70M | 493.00M | 569.00M | 735.90M |
| Goodwill | 456.90M | 454.90M | 442.80M | 402.20M | 403.30M | 356.60M |
| Other Intangible Assets | 22.40M | 33.70M | 54.90M | 58.10M | 88.30M | 53.60M |
| Long-Term Deferred Tax Assets | 402.80M | 415.70M | 466.70M | 460.40M | 498.70M | 41.20M |
| Long-Term Deferred Charges | 15.90M | 18.40M | 21.90M | 22.00M | 25.70M | 34.60M |
| Other Long-Term Assets | 62.70M | 82.60M | 82.80M | 31.20M | 35.30M | 19.60M |
| Total Assets | 2.83B | 2.84B | 3.33B | 2.98B | 3.11B | 3.09B |
| Accounts Payable | 35.70M | 24.30M | 36.50M | 38.50M | 38.60M | 25.70M |
| Accrued Expenses | 169.50M | 227.40M | 244.40M | 247.50M | 271.60M | 279.90M |
| Current Portion of Long-Term Debt | 27.10M | 710.40M | 10.00M | |||
| Current Portion of Leases | 184.00M | 195.60M | 188.20M | 173.60M | 183.70M | 198.70M |
| Current Income Taxes Payable | 9.90M | |||||
| Current Unearned Revenue | 748.90M | 729.70M | 727.70M | 725.00M | 702.60M | 671.50M |
| Other Current Liabilities | 3.60M | 6.10M | 4.00M | 16.90M | ||
| Total Current Liabilities | 1.18B | 1.89B | 1.21B | 1.20B | 1.20B | 1.18B |
| Long-Term Debt | 3.27B | 2.12B | 2.34B | 1.38B | 1.37B | 1.37B |
| Long-Term Leases | 491.20M | 557.40M | 453.90M | 479.20M | 736.90M | 799.70M |
| Other Long-Term Liabilities | 71.60M | 67.60M | 68.40M | 90.80M | 112.10M | 39.40M |
| Total Liabilities | 5.01B | 4.64B | 4.08B | 3.15B | 3.42B | 3.39B |
| Additional Paid-In Capital | 1.82B | 2.01B | 2.40B | 2.60B | 2.51B | 2.45B |
| Retained Earnings | -4.02B | -3.82B | -3.15B | -2.74B | -2.77B | -2.74B |
| Comprehensive Income & Other | 6.80M | 5.70M | -10.10M | -21.50M | -48.90M | -2.60M |
| Total Common Equity | -2.19B | -1.80B | -752.40M | -165.80M | -309.40M | -293.90M |
| Shareholders' Equity | -2.19B | -1.80B | -752.40M | -165.80M | -309.40M | -293.90M |
| Total Liabilities & Equity | 2.83B | 2.84B | 3.33B | 2.98B | 3.11B | 3.09B |
| Total Debt | 3.98B | 3.59B | 3.00B | 2.03B | 2.29B | 2.37B |
| Net Cash (Debt) | -2.86B | -2.55B | -1.40B | -674.60M | -951.20M | -650.60M |
| Net Cash Per Share | -11.65 | -9.34 | -4.34 | -1.95 | -2.13 | -1.64 |
| Filing Date Shares Outstanding | 217.44M | 232.90M | 293.34M | 335.20M | 347.98M | 370.97M |
| Total Common Shares Outstanding | 219.70M | 242.90M | 295.90M | 336.70M | 349.40M | 375.50M |
| Working Capital | 87.30M | -703.00M | 527.60M | 315.10M | 293.30M | 674.00M |
| Book Value Per Share | -9.96 | -7.40 | -2.54 | -0.49 | -0.89 | -0.78 |
| Tangible Book Value | -2.67B | -2.29B | -1.25B | -626.10M | -801.00M | -704.10M |
| Tangible Book Value Per Share | -12.14 | -9.41 | -4.22 | -1.86 | -2.29 | -1.88 |
| Machinery | 794.80M | 832.90M | 840.90M | 794.80M | 691.10M | 656.20M |
| Construction In Progress | 3.90M | 400.00K | 200.00K | 4.60M | 2.80M | 11.70M |
| Leasehold Improvements | 100.00M | 104.30M | 101.90M | 96.10M | 118.00M | 106.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 442.80M | 508.40M | 452.30M | 453.60M | 553.20M | 335.80M |
| Depreciation & Amortization | 155.80M | 157.40M | 137.30M | 170.00M | 157.10M | 151.40M |
| Other Amortization | 36.80M | 35.90M | 34.90M | 42.80M | 43.70M | 36.10M |
| Loss (Gain) From Sale of Assets | 17.70M | |||||
| Asset Writedown & Restructuring Costs | -3.90M | -1.30M | 100.00K | -155.20M | 175.20M | |
| Loss (Gain) From Sale of Investments | -1.20M | -700.00K | 200.00K | -5.00M | ||
| Stock-Based Compensation | 304.40M | 300.80M | 346.50M | 338.00M | 330.70M | 287.10M |
| Other Operating Activities | 98.30M | 42.10M | 19.40M | 53.20M | -333.30M | 2.40M |
| Change in Accounts Receivable | -1.20M | -6.70M | -2.40M | -14.50M | -5.50M | -6.20M |
| Change in Accounts Payable | 2.00M | -12.60M | -4.50M | 1.20M | 13.00M | 7.60M |
| Change in Unearned Revenue | 5.70M | 2.00M | 1.50M | 21.60M | 25.60M | 59.80M |
| Change in Other Net Operating Assets | -59.00M | -73.50M | -91.20M | -127.00M | -157.40M | -161.90M |
| Operating Cash Flow | 980.50M | 951.80M | 894.10M | 783.70M | 797.30M | 729.80M |
| Capital Expenditures | -23.40M | -21.00M | -22.50M | -24.30M | -33.80M | -22.10M |
| Cash Acquisitions | -4.70M | -13.10M | -57.80M | -75.40M | -140.00M | |
| Sale (Purchase) of Intangibles | -3.30M | -400.00K | -200.00K | -300.00K | -1.10M | -6.80M |
| Investment in Securities | 165.00M | 126.50M | 493.10M | 395.90M | 42.20M | -396.10M |
| Other Investing Activities | 16.20M | 19.90M | 31.20M | 23.90M | 19.60M | 40.20M |
| Investing Cash Flow | 149.80M | 111.90M | 443.80M | 395.20M | -48.50M | -524.80M |
| Long-Term Debt Issued | 500.00M | 1.00B | 1.39B | |||
| Long-Term Debt Repaid | -140.20M | -129.40M | -126.60M | -127.50M | -110.40M | |
| Net Debt Issued (Repaid) | 845.10M | 359.80M | 870.60M | -126.60M | -127.50M | 1.28B |
| Issuance of Common Stock | 100.00K | 900.00K | 2.50M | 500.00K | 6.90M | |
| Repurchase of Common Stock | -1.64B | -1.86B | -1.39B | -675.00M | -914.80M | -1.18B |
| Other Financing Activities | -35.60M | -25.70M | -67.80M | -100.00K | -86.10M | |
| Financing Cash Flow | -828.20M | -1.53B | -586.60M | -799.20M | -1.04B | 16.20M |
| Foreign Exchange Rate Adjustments | -2.90M | 12.40M | -5.70M | 2.40M | -7.20M | -3.10M |
| Net Cash Flow | 299.20M | -454.60M | 745.60M | 382.10M | -300.20M | 218.10M |
| Free Cash Flow | 957.10M | 930.80M | 871.60M | 759.40M | 763.50M | 707.70M |
| Free Cash Flow Margin | 37.81% | 36.92% | 34.21% | 30.36% | 32.84% | 32.80% |
| Free Cash Flow Per Share | 3.90 | 3.41 | 2.69 | 2.20 | 1.71 | 1.79 |
| Levered Free Cash Flow | 783.08M | 799.94M | 814.85M | 781.85M | 732.66M | 681.67M |
| Unlevered Free Cash Flow | 871.44M | 861.69M | 825.94M | 787.15M | 736.21M | 685.81M |
| Cash Interest Paid | 105.90M | 105.90M | 15.20M | 10.50M | 8.20M | 8.50M |
| Cash Income Tax Paid | 56.90M | 56.90M | 61.00M | 68.20M | 27.60M | 4.20M |
| Change in Working Capital | -52.50M | -90.80M | -96.60M | -118.70M | -124.30M | -100.70M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.75B | 6.96B | 9.05B | 9.93B | 7.88B | 9.33B |
| Enterprise Value | 10.61B | 9.29B | 10.18B | 10.88B | 8.70B | 9.90B |
| Last Close Price | 35.64 | 27.80 | 30.04 | 29.48 | 22.38 | 24.54 |
| PE Ratio | 19.73 | 13.69 | 20.00 | 21.89 | 14.24 | 27.77 |
| Forward PE | 11.33 | 9.45 | 11.80 | 14.61 | 13.34 | 16.17 |
| PS Ratio | 3.06 | 2.76 | 3.55 | 3.97 | 3.39 | 4.32 |
| PB Ratio | -3.87 | -12.03 | -59.90 | -25.46 | -31.73 | |
| P/FCF Ratio | 8.10 | 7.48 | 10.38 | 13.08 | 10.32 | 13.18 |
| P/OCF Ratio | 7.90 | 7.31 | 10.12 | 12.67 | 9.88 | 12.78 |
| PEG Ratio | 2.16 | 1.53 | 0.98 | 1.00 | 1.58 | 0.52 |
| EV/Sales Ratio | 4.19 | 3.69 | 4.00 | 4.35 | 3.74 | 4.59 |
| EV/EBITDA Ratio | 12.78 | 10.95 | 15.18 | 18.36 | 16.95 | 21.60 |
| EV/EBIT Ratio | 15.74 | 13.44 | 19.08 | 25.74 | 24.42 | 32.25 |
| EV/FCF Ratio | 11.09 | 9.98 | 11.68 | 14.33 | 11.40 | 13.99 |
| Debt / Equity Ratio | -1.82 | -2.00 | -3.98 | -12.25 | -7.42 | -8.06 |
| Debt / EBITDA Ratio | 4.48 | 3.97 | 4.16 | 3.13 | 3.92 | 4.32 |
| Debt / FCF Ratio | 4.15 | 3.85 | 3.44 | 2.67 | 3.00 | 3.35 |
| Net Debt / Equity Ratio | -1.31 | -1.42 | -1.86 | -4.07 | -3.07 | -2.21 |
| Net Debt / EBITDA Ratio | 3.45 | 3.00 | 2.09 | 1.14 | 1.85 | 1.42 |
| Net Debt / FCF Ratio | 2.99 | 2.74 | 1.61 | 0.89 | 1.25 | 0.92 |
| Asset Turnover | 0.90 | 0.82 | 0.81 | 0.82 | 0.75 | 0.79 |
| Quick Ratio | 1.01 | 0.59 | 1.38 | 1.19 | 1.17 | 1.51 |
| Current Ratio | 1.07 | 0.63 | 1.44 | 1.26 | 1.25 | 1.57 |
| Return on Equity (ROE) | 1,683.21% | |||||
| Return on Assets (ROA) | 15.04% | 14.01% | 10.57% | 8.67% | 7.19% | 7.00% |
| Return on Invested Capital (ROIC) | 30.48% | 37.13% | 24.30% | 18.72% | 18.62% | 27.31% |
| Return on Capital Employed (ROCE) | 40.90% | 72.70% | 25.20% | 23.70% | 18.60% | 16.00% |
| Earnings Yield | 5.07% | 7.30% | 5.00% | 4.57% | 7.02% | 3.60% |
| FCF Yield | 12.35% | 13.37% | 9.63% | 7.65% | 9.69% | 7.59% |
| Buyback Yield / Dilution | 18.19% | 15.65% | 6.42% | 22.49% | -12.66% | 4.46% |