DigitalOcean (DOCN) financial statements
DigitalOcean reported revenue of $901M in fiscal 2025, up 23.4% a year over 6 years.
Net income was $259M and the operating margin 17.4%, against -11.7% in 2019.
Free cash flow was $170M, and the company returned $82M in net buybacks.
The diluted share count rose 177% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DigitalOcean's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $255M | $318M | $429M | $576M | $693M | $781M | $901M |
| Cost of revenue | $122M | $146M | $171M | $212M | $295M | $315M | $362M |
| Gross profit | $133M | $173M | $258M | $364M | $397M | $466M | $540M |
| Research and development | $60M | $75M | $116M | $144M | $137M | $142M | $162M |
| Selling, general and admin | $102M | $114M | $153M | $246M | $228M | $232M | $221M |
| Operating income | -$30M | -$16M | -$11M | -$26M | $12M | $91M | $157M |
| Interest expense | $9M | $14M | $4M | $8M | $9M | $9M | $18M |
| Pre-tax income | -$40M | -$43M | -$18M | -$24M | $27M | $98M | $207M |
| Income tax | $793,000 | $911,000 | $1M | $4M | $7M | $13M | -$53M |
| Net income | -$40M | -$44M | -$20M | -$28M | $19M | $84M | $259M |
| EPS (diluted) | -$1.06 | -$1.05 | -$0.21 | -$0.28 | $0.20 | $0.89 | $2.52 |
| Diluted shares | 38M | 42M | 93M | 101M | 96M | 95M | 105M |
| Gross margin | 52.0% | 54.3% | 60.2% | 63.2% | 57.4% | 59.7% | 59.9% |
| Operating margin | -11.7% | -5.0% | -2.6% | -4.5% | 1.7% | 11.7% | 17.4% |
| Net margin | -15.9% | -13.7% | -4.6% | -4.8% | 2.8% | 10.8% | 28.8% |
Balance sheet
Fiscal years, from DigitalOcean's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $36M | $100M | $1.7B | $864M | $412M | $428M | $254M |
| Receivables | — | $28M | $40M | $54M | $62M | $72M | $91M |
| Total current assets | — | $148M | $1.8B | $946M | $503M | $542M | $427M |
| Property, plant and equipment | — | $239M | $250M | $273M | $305M | $433M | $589M |
| Goodwill | $3M | $3M | $32M | $315M | $348M | $349M | $349M |
| Total assets | — | $430M | $2.1B | $1.8B | $1.5B | $1.6B | $1.8B |
| Total current liabilities | — | $85M | $58M | $166M | $193M | $221M | $619M |
| Long-term debt | — | $242M | $1.5B | $1.5B | $1.5B | $1.5B | $971M |
| Total liabilities | — | $329M | $1.5B | $1.8B | $1.8B | $1.8B | $1.9B |
| Shareholders' equity | -$72M | -$72M | $578M | $48M | -$314M | -$203M | -$29M |
| Net debt | -$36M | $159M | -$251M | $1.3B | $1.2B | $1.1B | $1.0B |
Cash flow
Fiscal years, from DigitalOcean's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $40M | $58M | $133M | $195M | $235M | $283M | $310M |
| Capital spending | $70M | $111M | $103M | $115M | $125M | $187M | $140M |
| Free cash flow | -$31M | -$52M | $30M | $80M | $110M | $96M | $170M |
| Stock-based compensation | $19M | $29M | $62M | $106M | $88M | $91M | $80M |
| Share buybacks (net) | $0 | $0 | -$350M | -$600M | -$488M | -$60M | -$82M |
| Free cash flow margin | -12.0% | -16.4% | 6.9% | 13.9% | 15.9% | 12.3% | 18.8% |
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Open DOCN in InvestinglyQuestions
What was DigitalOcean's revenue in 2025?
$901M in fiscal 2025, from its 10-K filing.
How much free cash flow does DigitalOcean generate?
$170M in fiscal 2025 (operating cash flow minus capital spending).
From DigitalOcean's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.