DROPBOX, INC. DBX
Dropbox, Inc. (the "Company", "we", or "us") is the one place to keep life organized and keep work moving.
We were founded in 2007 with a simple idea: Life would be a lot better if everyone could access their most important information anytime from any device. We've largely accomplished that mission by building tools to help people work from anywhere—and along the way we recognized that for most of our users, sharing and collaborating on the Dropbox, Inc. platform ("Dropbox") was even more valuable than storing files.
Our market opportunity grew as we've expanded from keeping files in sync to keeping teams in sync. Today, we are focused on reimagining the way work gets done by reducing the inordinate amount of time and energy the world spends on "work about work"—tedious tasks like searching for content, switching between applications, and managing workflows. We believe the need for our platform will continue to grow as teams become more fluid and global, and content is increasingly fragmented across incompatible tools and devices. Dropbox breaks down silos by centralizing the flow of information between the products and services our users prefer, even if they're not our own. In a world where using technology at work can be fragmented and distracting, Dropbox makes it easy to focus on the work that matters.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B | $1.91B | $1.66B | $1.39B | $1.11B | $844.8M |
| Cost of revenue | $500.8M | $445.1M | $478.5M | $444.2M | $444.2M | $414.6M | $411.0M | $394.7M | $368.9M | $390.6M |
| Gross profit | $2.02B | $2.10B | $2.02B | $1.88B | $1.71B | $1.50B | $1.25B | $997.0M | $737.9M | $454.2M |
| R&D | $732.0M | $914.9M | $936.5M | $891.9M | $755.9M | $727.5M | $662.1M | $768.2M | $380.3M | $289.7M |
| SG&A | $230.5M | $241.2M | $237.1M | $222.9M | $224.6M | $227.8M | $245.4M | $283.2M | $157.3M | $107.4M |
| Total operating expenses | $1.33B | $1.62B | $1.48B | $1.70B | $1.44B | $1.78B | $1.33B | $1.49B | $851.6M | $647.7M |
| Operating income | $689.1M | $486.2M | $538.7M | $181.3M | $274.4M | -$277.0M | -$80.5M | -$494.0M | -$113.7M | -$193.5M |
| Pre-tax income | $617.6M | $509.8M | $554.4M | $192.7M | $299.3M | -$250.2M | -$52.0M | -$480.1M | -$111.5M | -$205.0M |
| Income tax | $109.2M | $57.5M | $100.8M | $360.5M | $36.5M | $6.1M | $700.0K | $4.8M | $200.0K | $5.2M |
| Net income | $508.4M | $452.3M | $453.6M | $553.2M | $335.8M | -$256.3M | -$52.7M | -$484.9M | -$111.7M | -$210.2M |
| EPS, basic | 1.89 | 1.42 | 1.33 | 1.53 | 0.87 | -0.62 | -0.13 | — | — | — |
| EPS, diluted | 1.86 | 1.40 | 1.31 | 1.52 | 0.85 | -0.62 | -0.13 | -1.35 | -0.57 | -1.11 |
| Shares, diluted (wtd. avg.) | $272.8M | $323.4M | $345.6M | $363.3M | $395.8M | $414.3M | $411.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $891.3M | $1.33B | $614.9M | $232.8M | $533.0M | $314.9M | $551.3M | $519.3M | $430.0M | $352.7M |
| Short-term investments | $146.9M | $265.9M | $741.1M | $1.11B | $1.19B | $806.4M | $607.7M | $570.0M | $0 | — |
| Receivables | $79.1M | $70.4M | $68.7M | $53.8M | $49.6M | $43.4M | $36.7M | $28.6M | $29.3M | — |
| Total current assets | $1.19B | $1.74B | $1.52B | $1.49B | $1.85B | $1.23B | $1.24B | $1.21B | $518.1M | — |
| Property, plant and equipment | $378.4M | $358.8M | $309.2M | $308.4M | $322.0M | $338.7M | $445.3M | $310.6M | $341.9M | — |
| Goodwill | $454.9M | $442.8M | $402.2M | $403.3M | $356.6M | $236.9M | $234.5M | $96.5M | $98.9M | $96.0M |
| Other intangibles | $33.7M | $54.9M | $58.1M | $88.3M | $53.6M | $33.5M | $47.4M | $14.7M | $17.0M | — |
| Total assets | $2.84B | $3.33B | $2.98B | $3.11B | $3.09B | $2.39B | $2.70B | $1.69B | $1.02B | — |
| Accounts payable | $24.3M | $36.5M | $38.5M | $38.6M | $25.7M | $18.7M | $40.7M | $33.3M | $31.9M | — |
| Total current liabilities | $1.89B | $1.21B | $1.20B | $1.20B | $1.18B | $1.09B | $1.01B | $837.5M | $738.4M | — |
| Total liabilities | $4.64B | $4.08B | $3.15B | $3.42B | $3.39B | $2.05B | $1.89B | $1.02B | $917.0M | — |
| Retained earnings | -$3.82B | -$3.15B | -$2.74B | -$2.77B | -$2.74B | -$2.24B | -$1.73B | -$1.66B | -$1.05B | — |
| Total equity | -$1.80B | -$752.4M | -$165.8M | -$309.4M | -$293.9M | $333.8M | $808.4M | $676.8M | $102.9M | $122.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $951.8M | $894.1M | $783.7M | $797.3M | $729.8M | $570.8M | $528.5M | $425.4M | $330.3M | $252.6M |
| Depreciation and amortisation | $131.6M | $109.3M | $139.7M | $140.9M | $135.7M | $145.1M | $159.9M | $158.6M | $170.7M | $173.8M |
| Stock-based compensation | $300.8M | $346.5M | $338.0M | $330.7M | $287.1M | $261.5M | $261.2M | $650.1M | $164.6M | $147.6M |
| Capital expenditure | $21.0M | $22.5M | $24.3M | $33.8M | $22.1M | $80.1M | $136.1M | $63.0M | $25.3M | $115.2M |
| Investing cash flow | $111.9M | $443.8M | $395.2M | -$48.5M | -$524.8M | -$233.6M | -$320.0M | -$633.8M | -$23.9M | -$118.0M |
| Financing cash flow | -$1.53B | -$586.6M | -$799.2M | -$1.04B | $16.2M | -$577.7M | -$176.7M | $300.8M | -$231.7M | -$134.5M |
| Buybacks | $1.71B | $1.24B | $539.9M | $795.4M | $1.06B | $397.5M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001467623-26-000020.
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