Dolby Laboratories (DLB) financial statements
Dolby Laboratories reported revenue of $1.3B in fiscal 2025, up 3.1% a year over 9 years.
Net income was $255M and the operating margin 19.6%, against 22.6% in 2016.
Free cash flow was $436M, and the company returned $127M in dividends and $125M in net buybacks.
The diluted share count fell 5% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Dolby Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $1.1B | $1.1B | $1.2B | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B |
| Cost of revenue | $109M | $119M | $128M | $161M | $146M | $130M | $141M | $153M | $140M | $160M |
| Gross profit | $917M | $962M | $927M | $1.1B | $1.0B | $1.2B | $1.1B | $1.1B | $1.1B | $1.2B |
| Research and development | $220M | $233M | $237M | $238M | $239M | $254M | $261M | $272M | $264M | $262M |
| Selling, general and admin | $464M | $468M | $507M | $549M | $556M | $557M | $634M | $613M | $605M | $647M |
| Operating income | $232M | $247M | $184M | $257M | $219M | $344M | $207M | $216M | $258M | $265M |
| Interest expense | $125,000 | $127,000 | $198,000 | $170,000 | $186,000 | $479,000 | $394,000 | — | — | — |
| Pre-tax income | $236M | $255M | $196M | $282M | $240M | $355M | $215M | $250M | $312M | $303M |
| Income tax | $50M | $48M | $154M | $27M | $8M | $37M | $31M | $48M | $48M | $47M |
| Net income | $186M | $206M | $42M | $255M | $231M | $310M | $184M | $201M | $262M | $255M |
| EPS (diluted) | $1.81 | $2.00 | $0.39 | $2.44 | $2.25 | $2.97 | $1.81 | $2.05 | $2.69 | $2.62 |
| Diluted shares | 102M | 103M | 107M | 105M | 103M | 105M | 102M | 98M | 97M | 97M |
| Gross margin | 89.4% | 89.0% | 87.9% | 87.0% | 87.4% | 89.9% | 88.7% | 88.3% | 89.0% | 88.1% |
| Operating margin | 22.6% | 22.9% | 17.4% | 20.7% | 18.8% | 26.9% | 16.5% | 16.6% | 20.3% | 19.6% |
| Net margin | 18.1% | 19.1% | 4.0% | 20.5% | 19.9% | 24.2% | 14.7% | 15.4% | 20.6% | 18.9% |
Balance sheet
Fiscal years, from Dolby Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $641M | $882M | $1.1B | $916M | $1.1B | $1.3B | $809M | $885M | $482M | $703M |
| Receivables | $76M | $74M | $166M | $189M | $180M | $233M | $244M | $262M | $315M | $331M |
| Inventory | $16M | $25M | $26M | $32M | $26M | $11M | $24M | $36M | $34M | $30M |
| Total current assets | $760M | $1.0B | $1.5B | $1.4B | $1.5B | $1.8B | $1.3B | $1.5B | $1.2B | $1.4B |
| Property, plant and equipment | $444M | $485M | $514M | $537M | $542M | $534M | $513M | $482M | $479M | $471M |
| Goodwill | $310M | $311M | $328M | $335M | $337M | $341M | $365M | $408M | $533M | $530M |
| Total assets | $2.3B | $2.5B | $2.9B | $2.8B | $2.9B | $3.1B | $2.7B | $3.0B | $3.1B | $3.2B |
| Total current liabilities | $213M | $246M | $285M | $307M | $267M | $316M | $278M | $422M | $418M | $438M |
| Total liabilities | $331M | $390M | $495M | $509M | $479M | $501M | $439M | $608M | $623M | $596M |
| Shareholders' equity | $2.0B | $2.1B | $2.4B | $2.3B | $2.4B | $2.6B | $2.2B | $2.4B | $2.5B | $2.6B |
| Net debt | -$520M | -$634M | -$918M | -$797M | -$1.1B | -$1.2B | -$620M | -$745M | -$482M | -$702M |
Cash flow
Fiscal years, from Dolby Laboratories's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $360M | $378M | $352M | $328M | $344M | $448M | $319M | $367M | $327M | $472M |
| Capital spending | $101M | $100M | $73M | $96M | $66M | $54M | $48M | $30M | $30M | $36M |
| Free cash flow | $259M | $278M | $279M | $231M | $278M | $393M | $271M | $337M | $297M | $436M |
| Stock-based compensation | $67M | $65M | $71M | $77M | $87M | $100M | $115M | $118M | $120M | $129M |
| Dividends paid | $48M | $57M | $66M | $77M | $89M | $89M | $100M | $103M | $115M | $127M |
| Share buybacks (net) | -$101M | -$100M | -$150M | -$341M | -$174M | -$246M | -$530M | -$149M | -$160M | -$125M |
| Free cash flow margin | 25.3% | 25.8% | 26.5% | 18.6% | 23.9% | 30.7% | 21.6% | 25.9% | 23.3% | 32.3% |
| Dividends per share | $0.47 | $0.55 | $0.62 | $0.74 | $0.86 | $0.85 | $0.98 | $1.06 | $1.18 | $1.30 |
Questions
What was Dolby Laboratories's revenue in 2025?
$1.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Dolby Laboratories generate?
$436M in fiscal 2025 (operating cash flow minus capital spending).
From Dolby Laboratories's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.