Revenue
$2.52B
Fiscal year ended 2025-12-31Operating income
$689.10M
Fiscal year ended 2025-12-31Free cash flow
$930.80M
Fiscal year ended 2025-12-31DROPBOX, INC. (DBX) reported revenue of $2.52B and net income of $508.40M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from DROPBOX, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Services-Prepackaged Software.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B | $1.91B | $1.66B | $1.39B | $1.11B | $844.80M |
| Cost of revenue | $500.80M | $445.10M | $478.50M | $444.20M | $444.20M | $414.60M | $411.00M | $394.70M | $368.90M | $390.60M |
| Gross profit | $2.02B | $2.10B | $2.02B | $1.88B | $1.71B | $1.50B | $1.25B | $997.00M | $737.90M | $454.20M |
| Operating income | $689.10M | $486.20M | $538.70M | $181.30M | $274.40M | -$277.00M | -$80.50M | -$494.00M | -$113.70M | -$193.50M |
| Net income | $508.40M | $452.30M | $453.60M | $553.20M | $335.80M | -$256.30M | -$52.70M | -$484.90M | -$111.70M | -$210.20M |
| Research & development | $732.00M | $914.90M | $936.50M | $891.90M | $755.90M | $727.50M | $662.10M | $768.20M | $380.30M | $289.70M |
| Weighted-average diluted shares | shares 272.80M | shares 323.40M | shares 345.60M | shares 363.30M | shares 395.80M | shares 414.30M | shares 411.60M | Unavailable | Unavailable | Unavailable |
| Pretax income | $617.60M | $509.80M | $554.40M | $192.70M | $299.30M | -$250.20M | -$52.00M | -$480.10M | -$111.50M | -$205.00M |
| Income tax expense | $109.20M | $57.50M | $100.80M | -$360.50M | -$36.50M | $6.10M | $700.00K | $4.80M | $200.00K | $5.20M |
| Diluted EPS | $1.86 | $1.40 | $1.31 | $1.52 | $0.85 | $-0.62 | $-0.13 | Unavailable | Unavailable | Unavailable |
| Selling, general & administrative | $600.40M | $701.90M | $703.10M | $632.30M | $652.10M | $650.60M | $668.70M | $722.80M | $471.30M | $358.00M |
| General & administrative | $230.50M | $241.20M | $237.10M | $222.90M | $224.60M | $227.80M | $245.40M | $283.20M | $157.30M | $107.40M |
| Selling & marketing | $369.90M | $460.70M | $466.00M | $409.40M | $427.50M | $422.80M | $423.30M | $439.60M | $314.00M | $250.60M |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $891.30M | $1.33B | $614.90M | $232.80M | $533.00M | $314.90M | $551.30M | $519.30M | $430.00M | $352.70M |
| Total assets | $2.84B | $3.33B | $2.98B | $3.11B | $3.09B | $2.39B | $2.70B | $1.69B | $1.02B | Unavailable |
| Current assets | $1.19B | $1.74B | $1.52B | $1.49B | $1.85B | $1.23B | $1.24B | $1.21B | $518.10M | Unavailable |
| Total liabilities | $4.64B | $4.08B | $3.15B | $3.42B | $3.39B | $2.05B | $1.89B | $1.02B | $917.00M | Unavailable |
| Current liabilities | $1.89B | $1.21B | $1.20B | $1.20B | $1.18B | $1.09B | $1.01B | $837.50M | $738.40M | Unavailable |
| Total equity incl. NCI | -$1.80B | -$752.40M | -$165.80M | -$309.40M | -$293.90M | $333.80M | $808.40M | $676.80M | $102.90M | $122.80M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $79.10M | $70.40M | $68.70M | $53.80M | $49.60M | $43.40M | $36.70M | $28.60M | $29.30M | Unavailable |
| Goodwill | $454.90M | $442.80M | $402.20M | $403.30M | $356.60M | $236.90M | $234.50M | $96.50M | $98.90M | $96.00M |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $24.30M | $36.50M | $38.50M | $38.60M | $25.70M | $18.70M | $40.70M | $33.30M | $31.90M | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $951.80M | $894.10M | $783.70M | $797.30M | $729.80M | $570.80M | $528.50M | $425.40M | $330.30M | $252.60M |
| Capital expenditures | $21.00M | $22.50M | $24.30M | $33.80M | $22.10M | $80.10M | $136.10M | $63.00M | $25.30M | $115.20M |
| Investing cash flow | $111.90M | $443.80M | $395.20M | -$48.50M | -$524.80M | -$233.60M | -$320.00M | -$633.80M | -$23.90M | -$118.00M |
| Financing cash flow | -$1.53B | -$586.60M | -$799.20M | -$1.04B | $16.20M | -$577.70M | -$176.70M | $300.80M | -$231.70M | -$134.50M |
| Net change in cash | -$454.60M | $745.60M | $382.10M | -$300.20M | $218.10M | -$236.40M | $32.00M | $89.30M | $77.30M | -$4.20M |
| Stock-based compensation | $300.80M | $346.50M | $338.00M | $330.70M | $287.10M | $261.50M | $261.20M | $650.10M | $164.60M | $147.60M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | $1.71B | $1.24B | $539.90M | $795.40M | $1.06B | $397.50M | $0 | $0 | Unavailable | Unavailable |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $930.80M | $871.60M | $759.40M | $763.50M | $707.70M | $490.70M | $392.40M | $362.40M | $305.00M | $137.40M |
| Gross margin | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% | 75.3% | 71.6% | 66.7% | 53.8% |
| Operating margin | 27.3% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% | -4.8% | -35.5% | -10.3% | -22.9% |
| FCF margin | 36.9% | 34.2% | 30.4% | 32.8% | 32.8% | 25.6% | 23.6% | 26.0% | 27.6% | 16.3% |
| SBC / revenue | 11.9% | 13.6% | 13.5% | 14.2% | 13.3% | 13.7% | 15.7% | 46.7% | 14.9% | 17.5% |
| Current ratio | 0.63x | 1.44x | 1.26x | 1.25x | 1.57x | 1.13x | 1.23x | 1.45x | 0.70x | Unavailable |
| Revenue YoY growth | -1.1% | 1.9% | 7.6% | 7.7% | 12.7% | 15.2% | 19.4% | 25.7% | 31.0% | Unavailable |
| Net margin | 20.2% | 17.7% | 18.1% | 23.8% | 15.6% | -13.4% | -3.2% | -34.8% | -10.1% | -24.9% |
| R&D / revenue | 29.0% | 35.9% | 37.4% | 38.4% | 35.0% | 38.0% | 39.9% | 55.2% | 34.4% | 34.3% |
| CapEx / revenue | 0.8% | 0.9% | 1.0% | 1.5% | 1.0% | 4.2% | 8.2% | 4.5% | 2.3% | 13.6% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 17.7% | 11.3% | 18.2% | -187.1% | -12.2% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open DBX in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-07View SEC filing
10-Q · Filed 2026-05-08View SEC filing
10-K · Filed 2026-02-20View SEC filing
10-Q · Filed 2025-11-07View SEC filing
10-Q · Filed 2025-08-08View SEC filing
10-Q · Filed 2025-05-09View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.