Dropbox Inc (DBX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.74	$0.75	+1.4%	—	$631.5M	—
Q1 26	$0.7	$0.76	+8.6%	—	$629.5M	—
Q4 25	$0.67	$0.68	+1.5%	—	$636.2M	—
Q3 25	$0.65	$0.74	+13.8%	—	$634.4M	—
Q2 25	$0.63	$0.71	+12.7%	—	$625.7M	—
Q1 25	$0.62	$0.7	+12.9%	—	$624.7M	—
Q4 24	$0.62	$0.73	+17.7%	—	$643.6M	—
Q3 24	$0.53	$0.6	+13.2%	—	$638.8M	—
Q2 24	$0.52	$0.6	+15.4%	—	$634.5M	—
Q1 24	$0.5	$0.58	+16.0%	—	$631.3M	—
Q4 23	$0.48	$0.5	+4.2%	—	$635M	—
Q3 23	$0.49	$0.56	+14.3%	—	$633M	—
Q2 23	$0.46	$0.51	+10.9%	—	$622.5M	—
Q1 23	$0.36	$0.42	+16.7%	—	$611.1M	—
Q4 22	$0.39	$0.4	+2.6%	—	$598.8M	—
Q3 22	$0.38	$0.43	+13.2%	—	$591M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.89	—	—	$2.5B	—
FY24	—	$1.42	—	—	$2.5B	—
FY23	—	$1.33	—	—	$2.5B	—
FY22	—	$1.53	—	—	$2.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$844.8M	$1.1B	$1.4B	$1.7B	$1.9B	$2.2B	$2.3B	$2.5B	$2.5B	$2.5B
YoY change	+39.9%	+31%	+25.7%	+19.4%	+15.2%	+12.7%	+7.74%	+7.6%	+1.86%	-1.07%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	844.8M	1.1B	1.4B	1.7B	1.9B	2.2B	2.3B	2.5B	2.5B	2.5B
Cost of revenue	390.6M	368.9M	394.7M	411M	414.6M	444.2M	444.2M	478.5M	445.1M	500.8M
Gross profit	454.2M	737.9M	997M	1.3B	1.5B	1.7B	1.9B	2B	2.1B	2B
Gross margin	53.8%	66.7%	71.6%	75.3%	78.3%	79.4%	80.9%	80.9%	82.5%	80.1%
Research & development	289.7M	380.3M	768.2M	662.1M	727.5M	755.9M	891.9M	936.5M	914.9M	732M
Selling, general & administrative	358M	471.3M	722.8M	668.7M	650.6M	652.1M	632.3M	703.1M	701.9M	600.4M
Operating expenses	647.7M	851.6M	1.5B	1.3B	1.4B	1.4B	1.5B	1.6B	1.6B	1.3B
Operating income	-193.5M	-113.7M	-494M	-80.5M	121.2M	305.7M	356.5M	383.5M	486.3M	687.8M
Operating margin	-22.9%	-10.3%	-35.5%	-4.85%	6.33%	14.2%	15.3%	15.3%	19.1%	27.3%
Non-operating income, net	4.9M	13.2M	6.8M	16M	-373.1M	-1.2M	-167.1M	151.5M	9.6M	8.4M
Pretax income	-205M	-111.5M	-480.1M	-52M	-250.2M	299.3M	192.7M	554.4M	509.8M	617.6M
Income tax	5.2M	200K	4.8M	700K	6.1M	-36.5M	-360.5M	100.8M	57.5M	109.2M
Net income	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M	508.4M
Net margin	-24.9%	-10.1%	-34.8%	-3.17%	-13.4%	15.6%	23.8%	18.1%	17.7%	20.2%
EBITDA	-1.9M	68.1M	-327.2M	93M	678.7M	488.4M	688.8M	398.3M	623.7M	852.3M
EPS	-0.59	-0.28	-1.35	-0.13	-0.62	0.87	1.53	1.33	1.42	1.89
Diluted EPS	-0.59	-0.28	-1.35	-0.13	-0.62	0.85	1.52	1.31	1.4	1.86

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	633M	635M	631.3M	634.5M	638.8M	643.6M	624.7M	625.7M	634.4M	636.2M	629.5M	631.5M
Cost of revenue	119.6M	122M	105.8M	107M	111.5M	120.8M	116.7M	123.7M	128.3M	132.1M	128.1M	125M
Gross profit	513.4M	513M	525.5M	527.5M	527.3M	522.8M	508M	502M	506.1M	504.1M	501.4M	506.5M
Gross margin	81.1%	80.8%	83.2%	83.1%	82.5%	81.2%	81.3%	80.2%	79.8%	79.2%	79.7%	80.2%
Research & development	216.4M	222.1M	219.1M	227.1M	225.7M	243M	178.4M	184.4M	182.3M	186.9M	184.2M	188.1M
Selling, general & administrative	166.3M	180.9M	162.9M	173.4M	173.8M	191.8M	145.8M	146.6M	149.1M	158.9M	144.4M	153.6M
Operating expenses	382.7M	403M	382M	400.5M	399.5M	434.8M	324.2M	331M	331.4M	345.8M	328.6M	341.7M
Operating income	130.7M	110M	143.5M	127M	127.8M	88M	183.8M	171M	174.7M	158.3M	172.8M	164.8M
Operating margin	20.6%	17.3%	22.7%	20%	20%	13.7%	29.4%	27.3%	27.5%	24.9%	27.5%	26.1%
Non-operating income, net	-200K	155.5M	300K	1.9M	1.1M	6.3M	300K	-4.6M	2.8M	9.9M	5.3M	2.9M
Pretax income	135.5M	272.3M	151.1M	133.6M	132.7M	92.4M	169.5M	147.8M	157.2M	143.1M	141.4M	117.7M
Income tax	21.4M	45M	18.8M	23.1M	26M	-10.4M	19.2M	22.2M	33.4M	34.4M	26.9M	21.9M
Net income	114.1M	227.3M	132.3M	110.5M	106.7M	102.8M	150.3M	125.6M	123.8M	108.7M	114.5M	95.8M
Net margin	18%	35.8%	21%	17.4%	16.7%	16%	24.1%	20.1%	19.5%	17.1%	18.2%	15.2%
EBITDA	172.5M	-4.4M	174.9M	159.4M	163.1M	126.3M	221.9M	212.6M	214.3M	203.5M	211.9M	201.2M
EPS	0.34	0.67	0.4	0.34	0.34	0.34	0.52	0.46	0.47	0.43	0.49	0.43
Diluted EPS	0.33	0.66	0.39	0.34	0.34	0.34	0.51	0.45	0.47	0.43	0.48	0.42

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	7.3B	—	9.2B	9.5B	8.1B	10.1B	9.6B	—	6.9B
Enterprise value	—	—	6.4B	—	9.2B	10.2B	9B	10.7B	11B	—	9.9B
Shares outstanding	358.6M	393M	358.6M	411.6M	414.3M	388M	361.2M	341.2M	318.2M	268.3M	268.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	28.4	14.6	22.2	21.1	—	17.6
P/S	—	—	5.26	—	4.8	4.41	3.48	4.02	3.75	—	2.74
P/B	—	—	10.8	—	27.5	-32.4	-26.1	-60.7	-12.7	—	-3.28
EV/EBITDA	—	—	-19.6	—	13.5	20.8	13.1	26.9	17.6	—	11.9
EV/Sales	—	—	4.6	—	4.8	4.71	3.89	4.29	4.3	—	3.91
Earnings yield	—	—	—	—	—	3.53%	6.84%	4.51%	4.73%	—	5.67%
FCF yield	—	—	4.91%	—	5.34%	7.36%	9.43%	7.55%	9.12%	—	11.3%
PEG	—	—	—	—	—	—	—	—	—	—	-2.7

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.8%	66.7%	71.6%	75.3%	78.3%	79.4%	80.9%	80.9%	82.5%	80.1%	80.2%
Operating margin	-22.9%	-10.3%	-35.5%	-4.85%	6.33%	14.2%	15.3%	15.3%	19.1%	27.3%	26.1%
Net margin	-24.9%	-10.1%	-34.8%	-3.17%	-13.4%	15.6%	23.8%	18.1%	17.7%	20.2%	17.5%
ROE	-171.2%	-108.6%	-71.6%	-6.52%	-76.8%	-114.3%	-178.8%	-273.6%	-60.1%	-28.3%	-28.3%
ROA	-20.9%	-11%	-28.6%	-1.95%	-10.7%	10.9%	17.8%	15.2%	13.6%	17.9%	15%
ROIC	-708.8%	74.4%	198.6%	-12.3%	36.5%	85.7%	55.5%	61.7%	66.4%	75.3%	78.8%
Return on tangible assets	-27.5%	-14.2%	-32.9%	-2.47%	-13.9%	14.8%	26%	22%	19.4%	27.2%	23.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.65	0.7	1.45	1.23	1.13	1.57	1.25	1.26	1.44	0.63	1.07
Quick ratio	0.65	0.7	1.45	1.23	1.13	1.57	1.25	1.26	1.44	0.63	1.07
Debt / equity	2.09	1.69	0.24	1.25	3.35	-8.06	-7.42	-12.2	-3.98	-2	-0.02
Debt / assets	0.26	0.17	0.1	0.37	0.47	0.77	0.74	0.68	0.9	1.26	1.41
Net debt / EBITDA	50.3	-3.75	2.83	-1.64	-0	1.33	1.38	1.69	2.25	2.99	3.44
Interest coverage	—	—	—	—	—	—	—	—	—	8.86	8.86
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	18.2%	11.3%	17.7%	20.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.36	2.82	3.88	4.04	4.62	5.56	6.44	7.33	8.01	9.4	10.4
EPS (basic)	-0.59	-0.28	-1.35	-0.13	-0.62	0.87	1.53	1.33	1.42	1.89	1.89
EPS (diluted)	-0.59	-0.28	-1.35	-0.13	-0.62	0.85	1.52	1.31	1.4	1.86	1.81
Book value per share	0.34	0.26	1.89	1.96	0.81	-0.76	-0.86	-0.49	-2.36	-6.7	-9.96
FCF per share	0.36	0.77	1	0.95	1.18	1.81	2.11	2.22	2.74	3.47	4.21
Cash per share	0.98	1.09	3.04	2.82	2.71	4.43	3.72	3.97	5.01	3.87	5.12
Capex per share	—	0.01	—	—	—	—	—	—	—	0.08	0.1

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	0.2%	—	—	—	—	—	—	—	0.83%	0.92%
Capex / operating cash flow	—	0.7%	—	—	—	—	—	—	—	2.21%	2.39%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$633M	$635M	$631.3M	$634.5M	$638.8M	$643.6M	$624.7M	$625.7M	$634.4M	$636.2M	$629.5M	$631.5M
YoY change	+7.11%	+6.05%	+3.31%	+1.93%	+0.92%	+1.35%	-1.05%	-1.39%	-0.69%	-1.15%	+0.77%	+0.93%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	352.7M	430M	1.1B	1.2B	1.1B	1.7B	1.3B	1.4B	1.6B	1B
Receivables	13.1M	29.3M	28.6M	36.7M	43.4M	49.6M	53.8M	68.7M	70.4M	79.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	413.4M	518.1M	1.2B	1.2B	1.2B	1.8B	1.5B	1.5B	1.7B	1.2B
Property, plant & equipment	407.4M	305.3M	310.6M	1.1B	809.2M	735.9M	569M	493M	517.7M	649.1M
Goodwill & intangibles	240.4M	231.8M	222.4M	563.8M	540.8M	820.4M	983.2M	920.6M	995.4M	977.2M
Total assets	1B	1B	1.7B	2.7B	2.4B	3.1B	3.1B	3B	3.3B	2.8B
Accounts payable	15.5M	31.9M	33.3M	40.7M	18.7M	25.7M	38.6M	38.5M	36.5M	24.3M
Short-term debt	127.6M	102.7M	73.8M	156.6M	188.3M	198.7M	183.7M	173.6M	198.2M	906M
Total current liabilities	635.3M	738.4M	837.5M	1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.9B
Long-term debt	129.6M	71.6M	89.9M	850.1M	931.2M	2.2B	2.1B	1.9B	2.8B	2.7B
Total liabilities	881.4M	917M	1B	1.9B	2.1B	3.4B	3.4B	3.1B	4.1B	4.6B
Shareholders' equity	122.8M	102.9M	676.8M	808.4M	333.8M	-293.9M	-309.4M	-165.8M	-752.4M	-1.8B
Total debt	257.2M	174.3M	163.7M	1B	1.1B	2.4B	2.3B	2B	3B	3.6B
Net debt	-95.5M	-255.7M	-355.6M	455.4M	804.6M	1.8B	2.1B	1.4B	1.7B	2.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	925.3M	1B	1.3B	1.1B
Receivables	—	—	—	—	—	—	—	—	73.9M	79.1M	74.7M	76.3M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	1.1B	1.2B	1.4B	1.3B
Property, plant & equipment	—	—	—	—	—	—	—	—	657.6M	649.1M	619M	599.6M
Goodwill & intangibles	—	—	—	—	—	—	—	—	987.6M	977.2M	965.8M	958.6M
Total assets	—	—	—	—	—	—	—	—	2.8B	2.8B	3B	2.8B
Accounts payable	—	—	—	—	—	—	—	—	37.3M	24.3M	32.1M	35.7M
Short-term debt	—	—	—	—	—	—	—	—	890.5M	906M	212.1M	211.1M
Total current liabilities	—	—	—	—	—	—	—	—	1.9B	1.9B	1.2B	1.2B
Long-term debt	—	—	—	—	—	—	—	—	2.4B	2.7B	3.8B	3.8B
Total liabilities	—	—	—	—	—	—	—	—	4.3B	4.6B	5B	5B
Shareholders' equity	—	—	—	—	—	—	—	—	-1.5B	-1.8B	-2B	-2.2B
Total debt	—	—	—	—	—	—	—	—	3.3B	3.6B	4B	4B
Net debt	—	—	—	—	—	—	—	—	2.5B	2.7B	2.8B	2.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-210.2M	-111.7M	-484.9M	-52.7M	-256.3M	335.8M	553.2M	453.6M	452.3M	508.4M
Depreciation & amortization	191.6M	181.8M	166.8M	173.5M	159.3M	151.4M	157.1M	170M	137.3M	157.4M
Stock-based compensation	147.6M	164.6M	650.1M	261.2M	261.5M	287.1M	330.7M	338M	346.5M	300.8M
Change in working capital	131.2M	65.5M	90.8M	140.2M	52.4M	-13.7M	-79M	-56.8M	-62.4M	-41.1M
Operating cash flow	265M	314.5M	433M	523.7M	239.3M	799.1M	672.4M	1B	928M	951.8M
Capital expenditure	—	2.2M	—	—	—	—	—	—	—	-21M
Investing cash flow	5.7M	4.4M	-567.8M	-182.2M	-153.3M	-495.9M	-13.6M	419.8M	466.5M	95.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-87.9M	0	0	-397.5M	-1.1B	-795.4M	-539.9M	-1.2B	-1.7B
Financing cash flow	-134.5M	-231.7M	300.8M	-176.7M	-577.7M	-186.7M	-1B	-799.2M	-586.6M	-1.5B
Net change in cash	136.2M	87.2M	166M	164.8M	-491.7M	116.5M	-383M	621.4M	807.9M	-483.7M
Free cash flow	128.9M	304.2M	359.4M	390.7M	490.5M	700.9M	762.4M	759.1M	871.4M	930.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	114.1M	227.3M	132.3M	110.5M	106.7M	102.8M	150.3M	125.6M	123.8M	108.7M	114.5M	95.8M
Depreciation & amortization	41.8M	43M	31.4M	32.4M	35.3M	38.2M	38.1M	39M	39.6M	40.7M	39.1M	36.4M
Stock-based compensation	83.8M	82.9M	78M	90.5M	92.3M	85.7M	67.1M	77.7M	78.6M	77.4M	71.1M	77.3M
Change in working capital	-22.6M	18.5M	-2.3M	-5.8M	-14.3M	-40M	800K	-2M	-9.9M	-30M	16.3M	-7.1M
Operating cash flow	244.1M	386.3M	258M	229.8M	235.2M	205M	237.8M	260.5M	302.1M	235.4M	204.5M	238.5M
Capital expenditure	—	—	—	—	—	—	—	-2M	-8.4M	-10.5M	-1.2M	-3.3M
Investing cash flow	19.7M	-11.7M	122.9M	90.2M	157.2M	117.3M	36.3M	27.7M	13.2M	43M	66M	21.9M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-104.1M	-106.2M	-279.4M	-260.2M	-348.7M	-353.3M	-499.1M	-410M	-389.8M	-415M	-369.4M	-330.3M
Financing cash flow	-168.6M	-172M	-352.7M	-326.7M	-431.1M	-476.1M	-578.5M	-487.8M	-323.6M	-140.8M	46.2M	-410M
Net change in cash	95.2M	202.6M	28.2M	-6.7M	-38.7M	-153.8M	-304.4M	-199.6M	-8.3M	137.6M	316.7M	-149.6M
Free cash flow	246.5M	190M	166.3M	224.7M	270.1M	210.3M	153.3M	258.5M	293.7M	224.9M	203.3M	231.9M

Dropbox Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement