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DROPBOX, INC.

DBX Clue Score63
United States Fiscal year ends December CIK 0001467623
$34.36 +0.64% Close, 9 Oct 2026
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Price $34.36 +20.65% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 23 Mar 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue844.8Operating income−193.5Net income−210.2Fiscal year 2017Revenue1,106.8 +31.0%Operating income−113.7Net income−111.7Fiscal year 2018Revenue1,391.7 +25.7%Operating income−494.0Net income−484.9Fiscal year 2019Revenue1,661.3 +19.4%Operating income−80.5Net income−52.7EPS, diluted−0.13Fiscal year 2020Revenue1,913.9 +15.2%Operating income−277.0Net income−256.3EPS, diluted−0.62Fiscal year 2021Revenue2,157.9 +12.7%Operating income274.4Net income335.8EPS, diluted0.85Fiscal year 2022Revenue2,324.9 +7.7%Operating income181.3Net income553.2 +64.7%EPS, diluted1.52 +78.8%Fiscal year 2023Revenue2,501.6 +7.6%Operating income538.7Net income453.6 −18.0%EPS, diluted1.31 −13.8%Fiscal year 2024Revenue2,548.2 +1.9%Operating income486.2Net income452.3 −0.3%EPS, diluted1.40 +6.9%Fiscal year 2025Revenue2,521.0 −1.1%Operating income689.1Net income508.4 +12.4%EPS, diluted1.86 +32.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 844.8 1,106.8 1,391.7 1,661.3 1,913.9 2,157.9 2,324.9 2,501.6 2,548.2 2,521.0
Growth +31.0% +25.7% +19.4% +15.2% +12.7% +7.7% +7.6% +1.9% −1.1%
Operating income −193.5 −113.7 −494.0 −80.5 −277.0 274.4 181.3 538.7 486.2 689.1
Net income −210.2 −111.7 −484.9 −52.7 −256.3 335.8 553.2 453.6 452.3 508.4
Growth +64.7% −18.0% −0.3% +12.4%
EPS, diluted n/a n/a n/a −0.13 −0.62 0.85 1.52 1.31 1.40 1.86
Growth +78.8% −13.8% +6.9% +32.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin53.8%Operating margin−22.9%Net margin−24.9%Free cash flow margin16.3%Fiscal year 2017Gross margin66.7%Operating margin−10.3%Net margin−10.1%Free cash flow margin27.6%Fiscal year 2018Gross margin71.6%Operating margin−35.5%Net margin−34.8%Free cash flow margin26.0%Fiscal year 2019Gross margin75.3%Operating margin−4.8%Net margin−3.2%Free cash flow margin23.6%Fiscal year 2020Gross margin78.3%Operating margin−14.5%Net margin−13.4%Free cash flow margin25.6%Fiscal year 2021Gross margin79.4%Operating margin12.7%Net margin15.6%Free cash flow margin32.8%Fiscal year 2022Gross margin80.9%Operating margin7.8%Net margin23.8%Free cash flow margin32.8%Fiscal year 2023Gross margin80.9%Operating margin21.5%Net margin18.1%Free cash flow margin30.4%Fiscal year 2024Gross margin82.5%Operating margin19.1%Net margin17.7%Free cash flow margin34.2%Fiscal year 2025Gross margin80.1%Operating margin27.3%Net margin20.2%Free cash flow margin36.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 53.8% 66.7% 71.6% 75.3% 78.3% 79.4% 80.9% 80.9% 82.5% 80.1%
Operating margin −22.9% −10.3% −35.5% −4.8% −14.5% 12.7% 7.8% 21.5% 19.1% 27.3%
Net margin −24.9% −10.1% −34.8% −3.2% −13.4% 15.6% 23.8% 18.1% 17.7% 20.2%
Free cash flow margin 16.3% 27.6% 26.0% 23.6% 25.6% 32.8% 32.8% 30.4% 34.2% 36.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow252.6Capital expenditure−115.2Free cash flow137.4Fiscal year 2017Operating cash flow330.3Capital expenditure−25.3Free cash flow305.0 +122.0%Fiscal year 2018Operating cash flow425.4Capital expenditure−63.0Free cash flow362.4 +18.8%Buybacks0.0Fiscal year 2019Operating cash flow528.5Capital expenditure−136.1Free cash flow392.4 +8.3%Buybacks0.0Fiscal year 2020Operating cash flow570.8Capital expenditure−80.1Free cash flow490.7 +25.1%Buybacks−397.5Fiscal year 2021Operating cash flow729.8Capital expenditure−22.1Free cash flow707.7 +44.2%Buybacks−1,058.5Fiscal year 2022Operating cash flow797.3Capital expenditure−33.8Free cash flow763.5 +7.9%Buybacks−795.4Fiscal year 2023Operating cash flow783.7Capital expenditure−24.3Free cash flow759.4 −0.5%Buybacks−539.9Fiscal year 2024Operating cash flow894.1Capital expenditure−22.5Free cash flow871.6 +14.8%Buybacks−1,241.6Fiscal year 2025Operating cash flow951.8Capital expenditure−21.0Free cash flow930.8 +6.8%Buybacks−1,713.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 252.6 330.3 425.4 528.5 570.8 729.8 797.3 783.7 894.1 951.8
Capital expenditure −115.2 −25.3 −63.0 −136.1 −80.1 −22.1 −33.8 −24.3 −22.5 −21.0
Free cash flow 137.4 305.0 362.4 392.4 490.7 707.7 763.5 759.4 871.6 930.8
Growth +122.0% +18.8% +8.3% +25.1% +44.2% +7.9% −0.5% +14.8% +6.8%
Buybacks n/a n/a 0.0 0.0 −397.5 −1,058.5 −795.4 −539.9 −1,241.6 −1,713.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash352.7Shareholders’ equity122.8Fiscal year 2017Cash430.0Shareholders’ equity102.9Fiscal year 2018Cash519.3Shareholders’ equity676.8Fiscal year 2019Cash551.3Shareholders’ equity808.4Fiscal year 2020Cash314.9Shareholders’ equity333.8Fiscal year 2021Cash533.0Shareholders’ equity−293.9Fiscal year 2022Cash232.8Shareholders’ equity−309.4Fiscal year 2023Cash614.9Shareholders’ equity−165.8Fiscal year 2024Cash1,328.3Shareholders’ equity−752.4Fiscal year 2025Cash891.3Shareholders’ equity−1,797.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 352.7 430.0 519.3 551.3 314.9 533.0 232.8 614.9 1,328.3 891.3
Shareholders’ equity 122.8 102.9 676.8 808.4 333.8 −293.9 −309.4 −165.8 −752.4 −1,797.2

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
53.8% 66.7% 71.6% 75.3% 78.3% 79.4% 80.9% 80.9% 82.5% 80.1%
−22.9% −10.3% −35.5% −4.8% −14.5% 12.7% 7.8% 21.5% 19.1% 27.3%
−24.3% −10.1% −34.5% −3.1% −13.1% 13.9% 8.3% 22.2% 20.0% 24.5%
−24.9% −10.1% −34.8% −3.2% −13.4% 15.6% 23.8% 18.1% 17.7% 20.2%
16.3% 27.6% 26.0% 23.6% 25.6% 32.8% 32.8% 30.4% 34.2% 36.9%
Spending
34.3% 34.4% 55.2% 39.9% 38.0% 35.0% 38.4% 37.4% 35.9% 29.0%
12.7% 14.2% 20.3% 14.8% 11.9% 10.4% 9.6% 9.5% 9.5% 9.1%
13.6% 2.3% 4.5% 8.2% 4.2% 1.0% 1.5% 1.0% 0.9% 0.8%
n/a n/a n/a n/a n/a −12.2% −187.1% 18.2% 11.3% 17.7%
Returns
−171.2% −108.6% −71.6% −6.5% −76.8% n/a n/a n/a n/a n/a
n/a −11.0% −28.6% −2.0% −10.7% 10.9% 17.8% 15.2% 13.6% 17.9%
Balance and payout
n/a 89.9% 60.0% 70.1% 86.0% 109.5% 109.9% 105.6% 122.6% 163.2%
n/a n/a 0.0% 0.0% 81.0% 149.6% 104.2% 71.1% 142.5% 184.1%