DBX · Dropbox, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B | $1.91B |
| Cost of Revenue | $500.80M | $445.10M | $478.50M | $444.20M | $444.20M | $414.60M |
| Gross Profit | $2.02B | $2.10B | $2.02B | $1.88B | $1.71B | $1.50B |
| R&D | $732.00M | $914.90M | $936.50M | $891.90M | $755.90M | $727.50M |
| SG&A | $230.50M | $241.20M | $237.10M | $222.90M | $224.60M | $227.80M |
| Total Operating Expenses | $1.33B | $1.62B | $1.48B | $1.70B | $1.44B | $1.78B |
| D&A | $131.60M | $109.30M | $139.70M | $140.90M | $135.70M | $145.10M |
| Operating Income | $689.10M | $486.20M | $538.70M | $181.30M | $274.40M | ($277.00M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $109.20M | $57.50M | $100.80M | ($360.50M) | ($36.50M) | $6.10M |
| Net Income | $508.40M | $452.30M | $453.60M | $553.20M | $335.80M | ($256.30M) |
| EPS - Basic | $1.89 | $1.42 | $1.33 | $1.53 | ($0.62) | - |
| EPS - Diluted | $1.86 | $1.40 | $1.31 | $1.52 | ($0.62) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $891.30M | $1.33B | $614.90M | $232.80M | $533.00M | $314.90M |
| Accounts Receivable | $79.10M | $70.40M | $68.70M | $53.80M | $49.60M | $43.40M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $24.30M | $36.50M | $38.50M | $38.60M | $25.70M | $18.70M |
| Current Assets | $1.19B | $1.74B | $1.52B | $1.49B | $1.85B | $1.23B |
| Total Assets | $2.84B | $3.33B | $2.98B | $3.11B | $3.09B | $2.39B |
| Current Liabilities | $1.89B | $1.21B | $1.20B | $1.20B | $1.18B | $1.09B |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $4.64B | $4.08B | $3.15B | $3.42B | $3.39B | $2.05B |
| Stockholders' Equity | ($1.80B) | ($752.40M) | ($165.80M) | ($309.40M) | ($293.90M) | $333.80M |
| Retained Earnings | ($3.82B) | ($3.15B) | ($2.74B) | ($2.77B) | ($2.74B) | ($2.24B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $951.80M | $894.10M | $783.70M | $797.30M | $729.80M | $570.80M |
| Investing Cash Flow | $111.90M | $443.80M | $395.20M | ($48.50M) | ($524.80M) | ($233.60M) |
| Financing Cash Flow | ($1.53B) | ($586.60M) | ($799.20M) | ($1.04B) | $16.20M | ($577.70M) |
| CapEx | $21.00M | $22.50M | $24.30M | $33.80M | $22.10M | $80.10M |
| Free Cash Flow | $930.80M | $871.60M | $759.40M | $763.50M | $707.70M | $490.70M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% |
| Operating margin | 27.3% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% |
| EBITDA margin | 32.6% | 23.4% | 27.1% | 13.9% | 19.0% | -6.9% |
| Net margin | 20.2% | 17.7% | 18.1% | 23.8% | 15.6% | -13.4% |
| Free cash flow margin | 36.9% | 34.2% | 30.4% | 32.8% | 32.8% | 25.6% |
| FCF / Net income | 1.83 | 1.93 | 1.67 | 1.38 | 2.11 | -1.91 |
| R&D / Revenue | 29.0% | 35.9% | 37.4% | 38.4% | 35.0% | 38.0% |
| SG&A / Revenue | 9.1% | 9.5% | 9.5% | 9.6% | 10.4% | 11.9% |
| Effective tax rate | 17.7% | 11.3% | 18.2% | -187.1% | -12.2% | - |
| Return on assets | 17.9% | 13.6% | 15.2% | 17.8% | 10.9% | -10.7% |
| Return on equity | -28.3% | -60.1% | -273.6% | -178.8% | -114.3% | -76.8% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.63 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 |
| Quick ratio | 0.63 | 1.44 | 1.26 | 1.25 | 1.57 | 1.13 |
| Cash ratio | 0.47 | 1.10 | 0.51 | 0.19 | 0.45 | 0.29 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | -1.58 | -4.42 | -17.99 | -10.05 | -10.52 | 7.15 |
| Liabilities / Assets | 1.63 | 1.23 | 1.06 | 1.10 | 1.10 | 0.86 |
| Efficiency | ||||||
| Asset turnover | 0.89 | 0.77 | 0.84 | 0.75 | 0.70 | 0.80 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 11d | 10d | 10d | 8d | 8d | 8d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 18d | 30d | 29d | 32d | 21d | 16d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 14.9x | 21.5x | 22.5x | 14.7x | - | - |
| P / B | - | - | - | - | - | - |
| P / S | 3.0x | 3.8x | 4.1x | 3.5x | 4.7x | - |
| EV / EBITDA | 8.2x | 14.1x | 14.1x | 24.5x | 23.5x | - |
| Growth | ||||||
| Revenue growth (YoY) | -1.1% | 1.9% | 7.6% | 7.7% | 12.7% | 15.2% |
| Revenue CAGR (3y) | 2.7% | 5.7% | 9.3% | 11.9% | 36.7% | - |
| Revenue CAGR (5y) | 5.7% | 8.9% | 24.2% | - | - | - |
| Gross profit growth (YoY) | -3.9% | 4.0% | 7.6% | 9.7% | 14.3% | 19.9% |
| Operating income growth (YoY) | 41.7% | -9.7% | 197.1% | -33.9% | - | -244.1% |
| Net income growth (YoY) | 12.4% | -0.3% | -18.0% | 64.7% | - | -386.3% |
| EPS growth (YoY) | 32.9% | 6.9% | -13.8% | - | - | - |
| EPS CAGR (3y) | 7.0% | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 6.8% | 14.8% | -0.5% | 7.9% | 44.2% | 25.1% |
| FCF CAGR (5y) | 13.7% | 17.3% | 40.8% | - | - | - |
| Book value growth (YoY) | -138.9% | -353.8% | 46.4% | -5.3% | - | -58.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$2.52B totalUS$1.42B · 56.4%
Non Us$1.10B · 43.6%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.16
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing DROPBOX against the 5 most active filers in the same SIC group.