Dolby Laboratories Inc. Class A (DLB) 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 %
Q3 26	$0.67	$0.69	+3.0%	—	$305M	—
Q2 26	$1.34	$1.37	+2.2%	—	$395.6M	—
Q1 26	$0.99	$1.06	+7.1%	—	$346.7M	—
Q4 25	$0.71	$0.99	+39.4%	—	$307M	—
Q3 25	$0.71	$0.78	+9.9%	—	$315.5M	—
Q2 25	$1.27	$1.34	+5.5%	—	$369.6M	—
Q1 25	$0.98	$1.14	+16.3%	—	$357M	—
Q4 24	$0.7	$0.81	+15.7%	—	$304.8M	—
Q3 24	$0.59	$0.71	+20.3%	—	$288.8M	—
Q2 24	$1.19	$1.27	+6.7%	—	$364.5M	—
Q1 24	$0.77	$1.01	+31.2%	—	$315.6M	—
Q4 23	$0.53	$0.65	+22.6%	—	$290.6M	—
Q3 23	$0.55	$0.55	0.0%	—	$298.4M	—
Q2 23	$0.98	$1.26	+28.6%	—	$375.9M	—
Q1 23	$0.79	$1.11	+40.5%	—	$334.9M	—
Q4 22	$0.6	$0.54	-10.0%	—	$278.2M	—

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	—	$2.66	—	—	$1.3B	—
FY24	—	$2.74	—	—	$1.3B	—
FY23	—	$2.1	—	—	$1.3B	—
FY22	—	$1.84	—	—	$1.3B

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	$1B	$1.1B	$1.1B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B
YoY change	+5.68%	+5.31%	-2.37%	+17.7%	-6.43%	+10.3%	-2.14%	+3.66%	-2%	+5.92%

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	1B	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B
Cost of revenue	109M	118.5M	127.6M	160.9M	146.5M	130M	141.4M	152.6M	140.5M	160.1M
Gross profit	916.8M	961.6M	927M	1.1B	1B	1.2B	1.1B	1.1B	1.1B	1.2B
Gross margin	89.4%	89%	87.9%	87%	87.4%	89.9%	88.7%	88.3%	89%	88.1%
Research & development	219.6M	233.3M	236.8M	237.9M	239M	253.6M	261.2M	271.5M	263.7M	261.8M
Selling, general & administrative	464.1M	468.3M	507.2M	549.3M	555.7M	556.8M	634M	612.8M	604.9M	647.2M
Operating expenses	683.7M	701.7M	744M	787.1M	794.7M	810.5M	895.2M	884.4M	868.5M	909M
Operating income	233M	260M	183.1M	293.6M	220.6M	340.8M	217.2M	262.8M	264.7M	280M
Operating margin	22.7%	24.1%	17.4%	23.6%	19%	26.6%	17.3%	20.2%	20.8%	20.8%
Non-operating income, net	-2.7M	-14.3M	-5.5M	-36.1M	6.6M	10.7M	-8.1M	-40.8M	13.7M	8.1M
Pretax income	235.9M	255.1M	196.4M	282.3M	239.7M	354.5M	215.3M	250.1M	312.5M	303.5M
Income tax	49.5M	48M	154.1M	26.8M	8.1M	36.7M	31.4M	48.4M	48.2M	47M
Net income	186.4M	207.1M	42.3M	255.5M	231.6M	317.8M	183.9M	201.6M	264.3M	256.5M
Net margin	18.2%	19.2%	4.01%	20.6%	19.9%	24.8%	14.7%	15.5%	20.8%	19%
EBITDA	322.4M	352.4M	277.4M	404.2M	353.6M	449.9M	331.5M	405.4M	358.4M	393.6M
EPS	1.85	1.98	1.18	2.51	2.3	3.07	1.84	2.1	2.74	2.66
Diluted EPS	1.81	1.95	1.14	2.44	2.25	2.97	1.81	2.05	2.69	2.62

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	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	290.6M	315.6M	364.5M	288.8M	304.8M	357M	369.6M	315.5M	307M	346.7M	395.6M	305M
Cost of revenue	35.6M	32.1M	38.8M	35.7M	34M	40.8M	35.8M	44M	39.5M	43.2M	44.7M	40.3M
Gross profit	255M	283.5M	325.7M	253.2M	270.8M	316.2M	333.7M	271.5M	267.5M	303.5M	350.9M	264.7M
Gross margin	87.8%	89.8%	89.4%	87.7%	88.8%	88.6%	90.3%	86.1%	87.1%	87.5%	88.7%	86.8%
Research & development	70.4M	67M	62.5M	65.5M	68.6M	66.6M	61.7M	66M	67.5M	69.1M	63.7M	65.7M
Selling, general & administrative	157.5M	144.2M	156.8M	146.8M	157.1M	164.5M	160M	158.5M	164.2M	161.8M	172.1M	160.7M
Operating expenses	227.9M	211.2M	219.3M	212.3M	225.7M	231.1M	221.8M	224.5M	231.7M	230.9M	235.8M	226.4M
Operating income	27.1M	72.3M	106.5M	40.9M	45.1M	85.1M	112M	47.1M	35.8M	72.6M	115.1M	38.3M
Operating margin	9.33%	22.9%	29.2%	14.1%	14.8%	23.8%	30.3%	14.9%	11.7%	20.9%	29.1%	12.5%
Non-operating income, net	-27.3M	-666K	6.7M	-136K	7.8M	-1.7M	4.7M	4.3M	803K	-5.1M	-455K	2.1M
Pretax income	9M	80.8M	121.7M	50.2M	59.7M	86.1M	120.3M	55.5M	41.7M	71.6M	119.7M	43.8M
Income tax	-875K	13.3M	23.5M	10.5M	868K	18M	28M	9M	-8M	17.9M	24.2M	14.6M
Net income	9.9M	67.6M	98.2M	39.7M	58.9M	68.1M	92.2M	46.5M	49.7M	53.7M	95.5M	29.2M
Net margin	3.41%	21.4%	26.9%	13.7%	19.3%	19.1%	25%	14.7%	16.2%	15.5%	24.1%	9.58%
EBITDA	76.5M	99.4M	124.8M	66.1M	68.2M	115.5M	140.6M	70.9M	66.5M	109.9M	144.2M	67.3M
EPS	0.1	0.7	1.02	0.4	0.61	0.71	0.95	0.48	0.52	0.56	1	0.3
Diluted EPS	0.09	0.69	1.01	0.4	0.61	0.7	0.94	0.48	0.51	0.55	0.99	0.3

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	5.5B	5.9B	7.2B	6.6B	6.7B	8.9B	6.5B	7.6B	7.3B	6.9B	5.5B
Enterprise value	4.8B	5B	6.1B	5.7B	5.6B	7.7B	5.8B	6.8B	6.9B	6.3B	4.9B
Shares outstanding	100.7M	101.8M	103.4M	101.6M	100.6M	101.2M	100M	95.8M	95.5M	95.9M	95.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	29.3	28.3	171	25.7	28.8	28	35.4	37.6	27.7	27	24.7
P/S	5.33	5.42	6.86	5.29	5.74	6.95	5.2	5.84	5.74	5.14	4.01
P/B	2.76	2.73	3.05	2.84	2.73	3.42	2.89	3.2	2.94	2.64	2.1
EV/EBITDA	15	14.1	22.1	14	15.9	17.1	17.4	16.7	19.2	15.9	13.7
EV/Sales	4.71	4.61	5.82	4.55	4.84	6.02	4.59	5.2	5.4	4.65	3.6
Earnings yield	3.41%	3.54%	0.58%	3.89%	3.47%	3.57%	2.82%	2.66%	3.61%	3.7%	4.05%
FCF yield	2.53%	4.66%	3.69%	3.26%	4.12%	4.42%	3.98%	4.44%	4.07%	6.2%	6.09%
PEG	—	—	—	—	—	—	—	—	—	—	-0.66

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	89.4%	89%	87.9%	87%	87.4%	89.9%	88.7%	88.3%	89%	88.1%	86.8%
Operating margin	22.7%	24.1%	17.4%	23.6%	19%	26.6%	17.3%	20.2%	20.8%	20.8%	12.5%
Net margin	18.2%	19.2%	4.01%	20.6%	19.9%	24.8%	14.7%	15.5%	20.8%	19%	16.7%
ROE	9.42%	9.66%	1.78%	11%	9.5%	12.2%	8.17%	8.5%	10.6%	9.75%	8.76%
ROA	8.07%	8.17%	1.48%	9.05%	7.94%	10.2%	6.84%	6.77%	8.5%	7.95%	5.15%
ROIC	13.7%	16.6%	3.09%	19%	15.2%	21.6%	12.4%	13.8%	10.9%	12%	10.9%
Return on tangible assets	14.8%	13.5%	2.3%	14.3%	11.9%	14.6%	10.6%	11%	22.5%	18.7%	17.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.57	4.12	5.25	4.5	5.79	5.58	4.72	3.52	2.86	3.17	3.19
Quick ratio	3.49	4.01	5.16	4.4	5.7	5.54	4.64	3.44	2.78	3.1	3.11
Debt / equity	—	—	—	0	0.03	0.03	0.02	0.02	0.02	0.01	0.02
Debt / assets	—	—	—	0	0.03	0.02	0.02	0.02	0.02	0.01	0.02
Net debt / EBITDA	—	—	—	-2.27	-2.93	-2.65	-2.29	-2.06	-1.21	-1.69	-1.61
Interest coverage	1.9K	2K	992.8	1.7K	1.3K	711.4	551.3	—	—	—	—
Effective tax rate	21%	18.8%	78.5%	9.49%	3.38%	10.3%	14.6%	19.4%	15.4%	15.5%	17.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10.2	10.6	10.2	12.2	11.6	12.7	12.5	13.6	13.3	14.1	14.2
EPS (basic)	1.85	1.98	1.18	2.51	2.3	3.07	1.84	2.1	2.74	2.66	2.66
EPS (diluted)	1.81	1.95	1.14	2.44	2.25	2.97	1.81	2.05	2.69	2.62	2.35
Book value per share	19.6	21.1	22.9	22.8	24.2	25.7	22.5	24.8	26	27.5	27.6
FCF per share	1.37	2.68	2.58	2.11	2.73	3.89	2.59	3.52	3.11	4.49	3.64
Cash per share	6.33	8.59	10.6	9.02	11.1	12.5	8.09	9.24	5.05	7.33	7.15
Capex per share	1	0.98	0.7	0.95	0.66	0.54	0.48	0.32	0.31	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	9.82%	9.22%	6.9%	7.75%	5.71%	4.25%	3.82%	2.33%	2.36%	—	—
Capex / operating cash flow	27.2%	25.8%	18.2%	29.3%	19.5%	12.2%	14.2%	7.57%	8.41%	—	—
Payout ratio	26%	27.6%	156.4%	30.3%	38.2%	28.1%	54.4%	51.3%	43.3%	49.4%	60%
Dividend yield	0.89%	0.97%	0.91%	1.18%	1.33%	1%	1.54%	1.36%	1.57%	1.82%	2.48%

Yield

2.48%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.36

ex-dividend Aug 11, 2026

Payout ratio

60%

of earnings

Dividend growth

11 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 11, 2026	$0.36
May 12, 2026	$0.36
Feb 10, 2026	$0.36
Dec 2, 2025	$0.36
Aug 12, 2025	$0.33
May 13, 2025

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$290.6M	$315.6M	$364.5M	$288.8M	$304.8M	$357M	$369.6M	$315.5M	$307M	$346.7M	$395.6M	$305M
YoY change	+4.44%	-5.78%	-3.02%	-3.2%	+4.9%	+13.1%	+1.38%	+9.25%	+0.73%	-2.88%	+7.05%	-3.34%

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	637.7M	874.8M	1.1B	916.4M	1.1B	1.3B	809.3M	884.5M	482M	702.6M
Receivables	75.7M	73.8M	166.1M	189.1M	180.3M	232.6M	243.6M	262.2M	315.5M	331.1M
Inventory	16.4M	25.1M	26.2M	32.3M	25.6M	11M	23.5M	35.6M	33.7M	30.4M
Total current assets	759.7M	1B	1.5B	1.4B	1.5B	1.8B	1.3B	1.5B	1.2B	1.4B
Property, plant & equipment	192M	204.1M	230.7M	254.5M	258.3M	250.2M	225.9M	234M	229.2M	212.9M
Goodwill & intangibles	1B	1B	1B	1B	978.8M	927.2M	954.8M	1.2B	1.9B	1.9B
Total assets	2.3B	2.5B	2.9B	2.8B	2.9B	3.1B	2.7B	3B	3.1B	3.2B
Accounts payable	17.5M	14.4M	21.9M	15.2M	12.6M	17.8M	14.2M	20.9M	17.4M	17.8M
Short-term debt	—	—	—	—	15.8M	15.4M	13.3M	13.6M	12.2M	10.4M
Total current liabilities	213.1M	245.8M	285.2M	306.9M	267.1M	315.7M	277.5M	422.2M	417.8M	437.8M
Long-term debt	—	—	—	0	65.3M	56.7M	37.7M	37M	34.8M	28.5M
Total liabilities	331.4M	389.7M	494.9M	508.7M	478.9M	501.5M	438.5M	607.6M	623M	595.8M
Shareholders' equity	2B	2.1B	2.4B	2.3B	2.4B	2.6B	2.3B	2.4B	2.5B	2.6B
Total debt	—	—	—	0	81.1M	72.1M	50.9M	50.6M	47M	38.9M
Net debt	—	—	—	-797.2M	-990.7M	-1.2B	-569.2M	-694.7M	-435.1M	-663M

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	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	884.5M	797.6M	825.4M	869M	482M	520.8M	626.6M	699.3M	702.6M	644.6M	594.7M	670M
Receivables	262.2M	293.2M	282.1M	285.8M	315.5M	339.3M	314.1M	297.6M	331.1M	373.1M	391.3M	285.1M
Inventory	35.6M	37.6M	35.8M	34.7M	33.7M	31.8M	34.6M	32.4M	30.4M	31.3M	31.9M	30.8M
Total current assets	1.5B	1.5B	1.6B	1.5B	1.2B	1.3B	1.4B	1.3B	1.4B	1.4B	1.4B	1.3B
Property, plant & equipment	234M	229.1M	236.5M	229.3M	229.2M	222.9M	216.2M	220.5M	212.9M	212.4M	216M	209.7M
Goodwill & intangibles	1.2B	1.1B	1.1B	1.1B	1.9B	1.9B	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B
Total assets	3B	2.9B	3B	3B	3.1B	3.2B	3.2B	3.2B	3.2B	3.2B	3.2B	3.2B
Accounts payable	20.9M	14.4M	19.7M	16.4M	17.4M	11.6M	17.3M	17.2M	17.8M	8.7M	20.7M	12.5M
Short-term debt	13.6M	12.9M	14.2M	12.6M	12.2M	11.4M	10.8M	10.9M	10.4M	10.3M	9.9M	9.9M
Total current liabilities	422.2M	394.1M	442.9M	354.5M	417.8M	441.9M	457.5M	388.8M	437.8M	443.5M	474.6M	416.3M
Long-term debt	37M	34.3M	37.7M	35.6M	34.8M	33M	29.7M	28.2M	28.5M	30.3M	39.8M	37.6M
Total liabilities	607.6M	573.2M	607M	526.2M	623M	641.6M	646M	581.8M	595.8M	589.3M	622.4M	563.9M
Shareholders' equity	2.4B	2.4B	2.4B	2.4B	2.5B	2.5B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B
Total debt	50.6M	47.2M	51.9M	48.2M	47M	44.4M	40.4M	39.1M	38.9M	40.6M	49.7M	47.5M
Net debt	-694.7M	-609.6M	-657.6M	-693.4M	-435.1M	-476.4M	-586.1M	-659.5M	-663M	-603.2M	-544.6M	-621.9M

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	186.4M	207.1M	42.3M	255.5M	231.6M	317.8M	183.9M	201.6M	264.3M	256.5M
Depreciation & amortization	85.2M	84.3M	81.3M	85.1M	111.9M	112.8M	103.6M	95.5M	87.3M	98.6M
Stock-based compensation	67M	65.3M	71.2M	76.6M	86.6M	99.7M	114.9M	118.5M	119.8M	128.5M
Change in working capital	52.9M	61.8M	136.3M	-55M	-94.7M	-41.8M	-31.5M	6.4M	-82.1M	-55.1M
Operating cash flow	370.4M	386.4M	399.8M	329M	341M	446M	336.5M	401M	356.9M	472.2M
Capital expenditure	-100.8M	-99.6M	-72.8M	-96.3M	-66.3M	-54.5M	-47.9M	-30.3M	-30M	—
Investing cash flow	-161.5M	-156.5M	90.8M	-39M	137M	-44.9M	-284.4M	54.2M	-286.3M	31.4M
Dividends paid	-48.4M	-57.1M	-66.2M	-77.5M	-88.6M	-89.2M	-100.1M	-103.4M	-114.6M	-126.6M
Share repurchases	-114.5M	-117.7M	-172.6M	-363.4M	-196.8M	-278.1M	-566.9M	-180.4M	-199.1M	-162.2M
Financing cash flow	-92M	-106.8M	-133.6M	-385.3M	-207.8M	-252.5M	-610.6M	-236.8M	-287.8M	-247.2M
Net change in cash	117M	123.1M	357M	-95.3M	270.3M	148.6M	-558.5M	218.3M	-217.2M	256.3M
Free cash flow	138.3M	272.9M	266.8M	214.1M	274.9M	393.3M	259.1M	336.7M	297.2M	430.3M

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	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	9.9M	67.6M	98.2M	39.7M	58.9M	68.1M	92.2M	46.5M	49.7M	53.7M	95.5M	29.2M
Depreciation & amortization	24.3M	21M	20.8M	21.2M	24.4M	25.2M	24.4M	24.4M	24.6M	26.8M	26.8M	25.1M
Stock-based compensation	28.2M	31.9M	28.9M	29.3M	29.7M	36.1M	30.7M	30.7M	31.1M	37.2M	30.7M	31M
Change in working capital	-29.2M	-75.8M	-27.7M	58.5M	-37.2M	-34.6M	-10.7M	42.4M	-52.3M	-97M	-80.7M	136M
Operating cash flow	35.4M	37.5M	118M	133.8M	67.5M	84.4M	125.2M	67.7M	122.8M	54.8M	92.5M	167.5M
Capital expenditure	-8.2M	-6.1M	-8.9M	-7.6M	-7.4M	-6.8M	-6.9M	—	—	—	—	—
Investing cash flow	-19.7M	633K	-17.9M	-7.7M	-261.3M	-8.1M	9M	0	-75K	0	0	0
Dividends paid	-25.8M	-28.6M	-28.7M	-28.7M	-28.6M	-31.5M	-31.8M	-31.6M	-31.6M	-34.3M	-34.3M	-34M
Share repurchases	-27.5M	-114.6M	-26.5M	-36.4M	-21.6M	-47.4M	-36.5M	-41.2M	-37.1M	-101.2M	-66M	-65.9M
Financing cash flow	-42.8M	-125.1M	-44.2M	-58.4M	-60.1M	-57.6M	-64.9M	-60.7M	-64.1M	-121.8M	-99.9M	-91M
Net change in cash	-27.1M	-87M	56M	67.6M	-253.9M	18.7M	69.3M	7M	58.7M	-67M	-7.4M	76.4M
Free cash flow	76.8M	2.3M	172.5M	13.7M	108.8M	100M	168M	61.3M	101M	49.4M	46.4M	147.7M

Dolby Laboratories Inc. Class A 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

Dividend per share

Recent payouts

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