Dropbox (DBX) financial statements
Dropbox reported revenue of $2.5B in fiscal 2025, up 12.9% a year over 9 years.
Net income was $508M and the operating margin 27.3%, against -22.9% in 2016.
Free cash flow was $931M, and the company returned $1.7B in net buybacks.
The diluted share count rose 44% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Dropbox's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $845M | $1.1B | $1.4B | $1.7B | $1.9B | $2.2B | $2.3B | $2.5B | $2.5B | $2.5B |
| Cost of revenue | $391M | $369M | $395M | $411M | $415M | $444M | $444M | $478M | $445M | $501M |
| Gross profit | $454M | $738M | $997M | $1.3B | $1.5B | $1.7B | $1.9B | $2.0B | $2.1B | $2.0B |
| Research and development | $290M | $380M | $768M | $662M | $728M | $756M | $892M | $936M | $915M | $732M |
| Selling, general and admin | $358M | $471M | $723M | $669M | $651M | $652M | $632M | $703M | $702M | $600M |
| Operating income | -$194M | -$114M | -$494M | -$80M | -$277M | $274M | $181M | $539M | $486M | $689M |
| Pre-tax income | -$205M | -$112M | -$480M | -$52M | -$250M | $299M | $193M | $554M | $510M | $618M |
| Income tax | $5M | $200,000 | $5M | $700,000 | $6M | -$36M | -$360M | $101M | $58M | $109M |
| Net income | -$210M | -$112M | -$485M | -$53M | -$256M | $336M | $553M | $454M | $452M | $508M |
| EPS (diluted) | -$1.11 | -$0.57 | -$1.35 | -$0.13 | -$0.62 | $0.85 | $1.52 | $1.31 | $1.40 | $1.86 |
| Diluted shares | 189M | 196M | 359M | 412M | 414M | 396M | 363M | 346M | 323M | 273M |
| Gross margin | 53.8% | 66.7% | 71.6% | 75.3% | 78.3% | 79.4% | 80.9% | 80.9% | 82.5% | 80.1% |
| Operating margin | -22.9% | -10.3% | -35.5% | -4.8% | -14.5% | 12.7% | 7.8% | 21.5% | 19.1% | 27.3% |
| Net margin | -24.9% | -10.1% | -34.8% | -3.2% | -13.4% | 15.6% | 23.8% | 18.1% | 17.7% | 20.2% |
Balance sheet
Fiscal years, from Dropbox's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $353M | $430M | $1.1B | $1.2B | $1.1B | $1.7B | $1.3B | $1.4B | $1.6B | $1.0B |
| Receivables | — | $29M | $29M | $37M | $43M | $50M | $54M | $69M | $70M | $79M |
| Total current assets | — | $518M | $1.2B | $1.2B | $1.2B | $1.8B | $1.5B | $1.5B | $1.7B | $1.2B |
| Property, plant and equipment | — | $342M | $311M | $445M | $339M | $322M | $308M | $309M | $359M | $378M |
| Goodwill | $96M | $99M | $96M | $234M | $237M | $357M | $403M | $402M | $443M | $455M |
| Total assets | — | $1.0B | $1.7B | $2.7B | $2.4B | $3.1B | $3.1B | $3.0B | $3.3B | $2.8B |
| Total current liabilities | — | $738M | $838M | $1.0B | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B | $1.9B |
| Total liabilities | — | $917M | $1.0B | $1.9B | $2.1B | $3.4B | $3.4B | $3.1B | $4.1B | $4.6B |
| Shareholders' equity | $123M | $103M | $677M | $808M | $334M | -$294M | -$309M | -$166M | -$752M | -$1.8B |
| Net debt | -$353M | -$430M | -$519M | -$551M | -$315M | -$533M | -$233M | -$615M | -$1.3B | -$891M |
Cash flow
Fiscal years, from Dropbox's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $253M | $330M | $425M | $528M | $571M | $730M | $797M | $784M | $894M | $952M |
| Capital spending | $115M | $25M | $63M | $136M | $80M | $22M | $34M | $24M | $22M | $21M |
| Free cash flow | $137M | $305M | $362M | $392M | $491M | $708M | $764M | $759M | $872M | $931M |
| Stock-based compensation | $148M | $165M | $650M | $261M | $262M | $287M | $331M | $338M | $346M | $301M |
| Share buybacks (net) | — | — | $0 | $0 | -$398M | -$1.1B | -$795M | -$540M | -$1.2B | -$1.7B |
| Free cash flow margin | 16.3% | 27.6% | 26.0% | 23.6% | 25.6% | 32.8% | 32.8% | 30.4% | 34.2% | 36.9% |
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Open DBX in InvestinglyQuestions
What was Dropbox's revenue in 2025?
$2.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Dropbox generate?
$931M in fiscal 2025 (operating cash flow minus capital spending).
From Dropbox's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.