NYSE : DLB
Dolby Laboratories, Inc. — Financial statements
Industrials · Specialty Business Services · United States
Last price 61.99 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.81B
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Financial statements
Dolby Laboratories, Inc. (DLB) reported revenue of 1.35B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.35B | 1.35B | 1.27B | 1.30B | 1.25B | 1.28B |
| Cost of Revenue | 167.78M | 160.13M | 140.50M | 152.57M | 141.36M | 130.03M |
| Gross Profit | 1.19B | 1.19B | 1.13B | 1.15B | 1.11B | 1.15B |
| Selling, General & Admin | 658.80M | 647.24M | 604.85M | 612.84M | 634.03M | 556.83M |
| Research & Development | 265.94M | 261.79M | 263.66M | 271.52M | 261.17M | 253.64M |
| Operating Expenses | 924.75M | 909.03M | 868.51M | 884.36M | 895.21M | 810.47M |
| Operating Income | 261.83M | 279.97M | 264.71M | 262.81M | 217.23M | 340.76M |
| Interest & Investment Income | 17.66M | 15.38M | 34.08M | 28.09M | 6.17M | 3.01M |
| Earnings From Equity Investments | 21.10M | 24.10M | 14.20M | 5.10M | 5.00M | 4.70M |
| Currency Exchange Gain (Loss) | 1.25M | 1.25M | 1.80M | 536.00K | -1.28M | -749.00K |
| Other Non Operating Income (Expenses) | -2.77M | -2.34M | 3.88M | 578.00K | -1.22M | 3.16M |
| EBT Excluding Unusual Items | 299.07M | 318.35M | 318.67M | 297.11M | 225.90M | 350.88M |
| Merger & Restructuring Charges | -22.73M | -15.01M | -6.38M | -47.06M | -10.62M | -10.24M |
| Gain (Loss) on Sale of Investments | 433.00K | 138.00K | 194.00K | |||
| Gain (Loss) on Sale of Assets | 13.87M | |||||
| Pretax Income | 276.77M | 303.49M | 312.48M | 250.05M | 215.28M | 354.51M |
| Income Tax Expense | 48.77M | 46.99M | 48.16M | 48.41M | 31.38M | 36.69M |
| Earnings From Continuing Operations | 228.00M | 256.49M | 264.32M | 201.64M | 183.90M | 317.82M |
| Minority Interest in Earnings | -1.83M | -1.47M | -2.49M | -988.00K | 189.00K | -7.60M |
| Net Income | 226.18M | 255.02M | 261.82M | 200.66M | 184.09M | 310.23M |
| Net Income to Common | 226.18M | 255.02M | 261.82M | 200.66M | 184.09M | 310.23M |
| Shares Outstanding (Basic) | 95.14M | 95.87M | 95.54M | 95.77M | 99.99M | 101.19M |
| Shares Outstanding (Diluted) | 96.22M | 97.48M | 97.33M | 97.73M | 101.98M | 104.62M |
| EPS (Basic) | 2.38 | 2.66 | 2.74 | 2.10 | 1.84 | 3.07 |
| EPS (Diluted) | 2.35 | 2.62 | 2.69 | 2.05 | 1.81 | 2.97 |
| Free Cash Flow | 392.67M | 435.85M | 297.25M | 336.74M | 270.65M | 393.30M |
| Free Cash Flow Per Share | 4.08 | 4.47 | 3.05 | 3.45 | 2.65 | 3.76 |
| Dividend Per Share | 1.44 | 1.35 | 1.23 | 1.11 | 1.02 | 0.91 |
| Gross Margin | 87.61% | 88.13% | 88.97% | 88.26% | 88.72% | 89.85% |
| Operating Margin | 19.33% | 20.75% | 20.78% | 20.22% | 17.33% | 26.60% |
| Profit Margin | 16.70% | 18.90% | 20.56% | 15.44% | 14.68% | 24.21% |
| Free Cash Flow Margin | 28.99% | 32.31% | 23.34% | 25.91% | 21.59% | 30.70% |
| EBITDA | 354.67M | 367.79M | 340.27M | 345.37M | 305.69M | 436.62M |
| EBITDA Margin | 26.19% | 27.26% | 26.71% | 26.57% | 24.38% | 34.08% |
| D&A For EBITDA | 92.84M | 87.83M | 75.56M | 82.56M | 88.46M | 95.86M |
| EBIT | 261.83M | 279.97M | 264.71M | 262.81M | 217.23M | 340.76M |
| EBIT Margin | 19.33% | 20.75% | 20.78% | 20.22% | 17.33% | 26.60% |
| Effective Tax Rate | 17.62% | 15.48% | 15.41% | 19.36% | 14.58% | 10.35% |
| Revenue as Reported | 1.35B | 1.35B | 1.27B | 1.30B | 1.25B | 1.28B |
| Advertising Expenses | 51.02M | 57.34M | 59.82M | 51.42M | 52.25M |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 669.39M | 701.89M | 482.05M | 745.36M | 620.13M | 1.23B |
| Short-Term Investments | 652.00K | 703.00K | 139.15M | 189.21M | 38.84M | |
| Cash & Short-Term Investments | 670.05M | 702.60M | 482.05M | 884.51M | 809.34M | 1.26B |
| Accounts Receivable | 492.03M | 511.90M | 512.94M | 444.38M | 419.69M | 414.93M |
| Receivables | 492.03M | 511.90M | 512.94M | 444.38M | 419.69M | 414.93M |
| Inventory | 30.77M | 30.42M | 33.73M | 35.62M | 23.55M | 10.96M |
| Prepaid Expenses | 24.98M | 28.01M | 29.75M | 24.43M | 26.85M | 29.96M |
| Restricted Cash | 69.49M | 91.47M | 95.70M | 72.60M | 8.24M | 7.65M |
| Other Current Assets | 38.73M | 23.87M | 40.25M | 26.26M | 23.22M | 32.77M |
| Total Current Assets | 1.33B | 1.39B | 1.19B | 1.49B | 1.31B | 1.76B |
| Property, Plant & Equipment | 501.52M | 503.81M | 518.15M | 521.78M | 560.01M | 601.51M |
| Long-Term Investments | 86.44M | 80.20M | 89.27M | 97.81M | 102.51M | 62.82M |
| Goodwill | 528.34M | 529.90M | 533.21M | 408.41M | 365.15M | 340.69M |
| Other Intangible Assets | 382.43M | 397.06M | 434.51M | 167.43M | 112.27M | 122.89M |
| Long-Term Deferred Tax Assets | 213.17M | 214.36M | 219.76M | 201.86M | 183.57M | 156.02M |
| Other Long-Term Assets | 118.66M | 114.16M | 120.61M | 94.67M | 55.15M | 61.26M |
| Total Assets | 3.16B | 3.23B | 3.11B | 2.98B | 2.69B | 3.11B |
| Accounts Payable | 12.47M | 17.84M | 17.38M | 20.93M | 14.17M | 17.78M |
| Accrued Expenses | 234.74M | 195.28M | 171.01M | 179.01M | 143.15M | 157.69M |
| Current Portion of Leases | 9.86M | 10.38M | 12.24M | 13.63M | 13.26M | 15.40M |
| Current Income Taxes Payable | 8.93M | 9.04M | 4.77M | 1.26M | 1.33M | |
| Current Unearned Revenue | 33.59M | 31.38M | 31.64M | 31.50M | 18.59M | 18.47M |
| Other Current Liabilities | 125.67M | 173.97M | 176.51M | 172.39M | 87.09M | 105.03M |
| Total Current Liabilities | 416.33M | 437.79M | 417.84M | 422.23M | 277.52M | 315.72M |
| Long-Term Leases | 37.59M | 28.49M | 34.75M | 37.02M | 37.69M | 56.72M |
| Long-Term Unearned Revenue | 23.46M | 29.69M | 34.59M | 40.00M | 23.20M | 23.71M |
| Pension & Post-Retirement Benefits | 5.59M | 5.32M | 4.95M | 4.30M | 4.13M | 4.88M |
| Other Long-Term Liabilities | 80.92M | 94.53M | 130.91M | 104.04M | 96.00M | 100.43M |
| Total Liabilities | 563.89M | 595.81M | 623.03M | 607.58M | 438.53M | 501.45M |
| Common Stock | 92.00K | 94.00K | 94.00K | 94.00K | 94.00K | 100.00K |
| Retained Earnings | 2.60B | 2.63B | 2.50B | 2.39B | 2.30B | 2.61B |
| Comprehensive Income & Other | -15.47M | -12.52M | -19.19M | -36.98M | -51.64M | -10.03M |
| Total Common Equity | 2.58B | 2.62B | 2.48B | 2.36B | 2.25B | 2.60B |
| Minority Interest | 9.17M | 9.39M | 9.73M | 17.08M | 4.84M | 6.25M |
| Shareholders' Equity | 2.59B | 2.63B | 2.49B | 2.37B | 2.25B | 2.60B |
| Total Liabilities & Equity | 3.16B | 3.23B | 3.11B | 2.98B | 2.69B | 3.11B |
| Total Debt | 47.45M | 38.88M | 46.99M | 50.65M | 50.94M | 72.12M |
| Net Cash (Debt) | 622.60M | 663.72M | 435.06M | 833.86M | 758.40M | 1.19B |
| Net Cash Per Share | 6.47 | 6.81 | 4.47 | 8.53 | 7.44 | 11.39 |
| Filing Date Shares Outstanding | 93.67M | 95.51M | 95.44M | 95.28M | 95.96M | 101.16M |
| Total Common Shares Outstanding | 93.65M | 95.46M | 95.39M | 95.76M | 95.88M | 101.07M |
| Working Capital | 909.71M | 950.47M | 776.58M | 1.07B | 1.03B | 1.44B |
| Book Value Per Share | 27.59 | 27.47 | 25.97 | 24.59 | 23.43 | 25.70 |
| Tangible Book Value | 1.67B | 1.70B | 1.51B | 1.78B | 1.77B | 2.13B |
| Tangible Book Value Per Share | 17.86 | 17.76 | 15.82 | 18.58 | 18.45 | 21.12 |
| Land | 41.99M | 42.02M | 42.01M | 41.90M | 41.77M | 42.04M |
| Buildings | 291.84M | 290.92M | 288.91M | 287.80M | 287.54M | 284.15M |
| Machinery | 384.26M | 390.38M | 410.94M | 418.53M | 402.90M | 420.55M |
| Construction In Progress | 38.93M | 36.18M | 25.09M | 18.33M | 23.04M | 22.92M |
| Leasehold Improvements | 56.48M | 84.61M | 86.61M | 79.99M | 86.79M | 88.55M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 226.18M | 255.02M | 261.82M | 200.66M | 184.09M | 310.23M |
| Depreciation & Amortization | 103.31M | 98.60M | 87.33M | 95.51M | 103.61M | 112.76M |
| Loss (Gain) From Sale of Assets | -13.87M | |||||
| Asset Writedown & Restructuring Costs | 16.23M | |||||
| Loss (Gain) From Sale of Investments | -2.92M | -860.00K | 1.44M | 1.37M | ||
| Loss (Gain) on Equity Investments | -10.15M | -707.00K | -2.02M | -60.00K | ||
| Stock-Based Compensation | 129.94M | 128.51M | 119.83M | 118.49M | 114.92M | 99.70M |
| Provision & Write-off of Bad Debts | 4.10M | 2.43M | -2.26M | -793.00K | 5.46M | -2.89M |
| Other Operating Activities | 15.54M | 5.35M | -15.82M | -15.00M | -34.69M | -34.90M |
| Change in Accounts Receivable | -37.07M | -1.78M | -37.67M | 48.13M | -8.01M | -70.19M |
| Change in Inventory | 10.51M | 8.02M | -2.65M | -13.23M | -11.76M | 17.15M |
| Change in Accounts Payable | 107.44M | 22.85M | -34.55M | -52.31M | -33.54M | 44.23M |
| Change in Unearned Revenue | -2.40M | -5.08M | -9.74M | -8.38M | -413.00K | 2.36M |
| Change in Income Taxes | -47.49M | -42.83M | -4.50M | -8.72M | 8.45M | -2.98M |
| Change in Other Net Operating Assets | -62.29M | 1.81M | -29.59M | -12.57M | -10.97M | -15.22M |
| Operating Cash Flow | 437.60M | 472.20M | 327.25M | 367.08M | 318.58M | 447.75M |
| Capital Expenditures | -44.92M | -36.35M | -30.01M | -30.34M | -47.93M | -54.45M |
| Sale of Property, Plant & Equipment | 16.88M | 16.36M | ||||
| Cash Acquisitions | -1.36M | -487.88M | 25.70M | -38.17M | -4.50M | |
| Sale (Purchase) of Intangibles | -31.55M | -5.59M | -11.53M | |||
| Investment in Securities | -75.00K | 15.84M | 231.59M | 58.84M | -198.31M | -2.32M |
| Investing Cash Flow | -76.55M | -10.59M | -286.29M | 54.21M | -295.94M | -44.91M |
| Issuance of Common Stock | 29.70M | 43.70M | 40.92M | 47.78M | 57.85M | 122.09M |
| Repurchase of Common Stock | -270.20M | -162.49M | -199.08M | -180.42M | -566.90M | -278.07M |
| Common Dividends Paid | -134.25M | -126.60M | -114.58M | -103.41M | -100.07M | -89.17M |
| Other Financing Activities | -2.04M | -1.85M | -15.08M | -766.00K | -1.44M | -7.36M |
| Financing Cash Flow | -376.78M | -247.24M | -287.81M | -236.81M | -610.56M | -252.51M |
| Foreign Exchange Rate Adjustments | -1.95M | 1.24M | 6.64M | 5.12M | -16.74M | 2.72M |
| Net Cash Flow | -17.68M | 215.61M | -240.21M | 189.59M | -604.66M | 153.05M |
| Free Cash Flow | 392.67M | 435.85M | 297.25M | 336.74M | 270.65M | 393.30M |
| Free Cash Flow Margin | 28.99% | 32.31% | 23.34% | 25.91% | 21.59% | 30.70% |
| Free Cash Flow Per Share | 4.08 | 4.47 | 3.05 | 3.45 | 2.65 | 3.76 |
| Levered Free Cash Flow | 331.85M | 408.66M | 230.51M | 390.52M | 253.52M | 352.10M |
| Unlevered Free Cash Flow | 331.85M | 408.66M | 230.51M | 390.52M | 253.52M | 352.10M |
| Cash Income Tax Paid | 72.54M | 73.74M | 63.22M | 61.48M | 40.34M | 70.74M |
| Change in Working Capital | -31.30M | -17.01M | -118.71M | -47.08M | -56.25M | -24.64M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.93B | 6.94B | 7.21B | 7.58B | 6.36B | 9.38B |
| Enterprise Value | 5.30B | 6.29B | 6.40B | 6.76B | 5.41B | 8.19B |
| Last Close Price | 63.28 | 70.75 | 72.66 | 75.03 | 60.83 | 85.25 |
| PE Ratio | 26.95 | 27.21 | 27.54 | 37.78 | 34.57 | 30.22 |
| Forward PE | 13.95 | 18.11 | 20.55 | 22.19 | 17.34 | 25.11 |
| PS Ratio | 4.38 | 5.14 | 5.66 | 5.83 | 5.08 | 7.32 |
| PB Ratio | 2.29 | 2.64 | 2.90 | 3.20 | 2.83 | 3.60 |
| P/TBV Ratio | 3.54 | 4.09 | 4.78 | 4.26 | 3.60 | 4.39 |
| P/FCF Ratio | 15.09 | 15.92 | 24.25 | 22.51 | 23.51 | 23.84 |
| P/OCF Ratio | 13.55 | 14.69 | 22.03 | 20.65 | 19.98 | 20.94 |
| PEG Ratio | 1.09 | 1.09 | 1.09 | 1.08 | 1.93 | |
| EV/Sales Ratio | 3.92 | 4.66 | 5.03 | 5.20 | 4.32 | 6.39 |
| EV/EBITDA Ratio | 14.96 | 17.09 | 18.82 | 19.57 | 17.70 | 18.76 |
| EV/EBIT Ratio | 20.26 | 22.46 | 24.19 | 25.71 | 24.91 | 24.04 |
| EV/FCF Ratio | 13.51 | 14.43 | 21.54 | 20.07 | 20.00 | 20.82 |
| Debt / Equity Ratio | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 |
| Debt / EBITDA Ratio | 0.13 | 0.10 | 0.13 | 0.14 | 0.16 | 0.16 |
| Debt / FCF Ratio | 0.12 | 0.09 | 0.16 | 0.15 | 0.19 | 0.18 |
| Net Debt / Equity Ratio | -0.24 | -0.25 | -0.17 | -0.35 | -0.34 | -0.46 |
| Net Debt / EBITDA Ratio | -1.75 | -1.80 | -1.28 | -2.41 | -2.48 | -2.73 |
| Net Debt / FCF Ratio | -1.59 | -1.52 | -1.46 | -2.48 | -2.80 | -3.03 |
| Asset Turnover | 0.43 | 0.43 | 0.42 | 0.46 | 0.43 | 0.42 |
| Inventory Turnover | 5.31 | 4.99 | 4.05 | 5.16 | 8.19 | 7.12 |
| Quick Ratio | 2.79 | 2.77 | 2.38 | 3.15 | 4.43 | 5.32 |
| Current Ratio | 3.19 | 3.17 | 2.86 | 3.52 | 4.72 | 5.58 |
| Return on Equity (ROE) | 8.76% | 10.02% | 10.88% | 8.72% | 7.58% | 12.61% |
| Return on Assets (ROA) | 5.15% | 5.52% | 5.43% | 5.79% | 4.69% | 7.07% |
| Return on Invested Capital (ROIC) | 10.65% | 11.77% | 12.47% | 13.98% | 12.78% | 21.72% |
| Return on Capital Employed (ROCE) | 9.60% | 10.00% | 9.80% | 10.30% | 9.00% | 12.20% |
| Earnings Yield | 3.71% | 3.68% | 3.63% | 2.65% | 2.89% | 3.31% |
| FCF Yield | 6.62% | 6.28% | 4.12% | 4.44% | 4.25% | 4.20% |
| Dividend Yield | 2.28% | 1.86% | 1.63% | 1.40% | 1.54% | 0.98% |
| Payout Ratio | 61.32% | 49.64% | 43.76% | 51.53% | 54.36% | 28.74% |
| Buyback Yield / Dilution | 1.23% | -0.16% | 0.42% | 4.17% | 2.52% | -1.63% |
| Total Shareholder Return | 3.51% | 1.70% | 2.04% | 5.57% | 4.06% | -0.65% |