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Dropbox

DBX Nasdaq Application Software Financials FY2016–FY2025

Dropbox's revenue fell 1.1% to $2.5 billion in fiscal 2025. Its operating margin was 27.3%, up from 19.1% a year earlier. Free cash flow was $931 million, up 6.8%. It paid out $1.7 billion in dividends and buybacks, 184% of free cash flow. The diluted share count fell 15.7%.

Last close · Oct 23, 2026

$37.83

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$2.5B
1.1% vs prior year
Operating margin Operating income as a share of revenue.
27.3%
8.3 pts
Net income Profit after all expenses, interest and tax.
$508M
12.4%
Free cash flow Cash from operations minus capital spending.
$931M
6.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$8.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
21.0x
On $1.80 EPS (TTM)

What Dropbox does

Dropbox sells subscriptions to a cloud service where people and teams store files, share them and work on them together from any device. Anyone can sign up free and upgrade to a paid plan. Its customers range from individuals and families to freelancers, small businesses and large companies. Related products include document signing, document sharing with tracking, backup, and AI-powered search and scheduling tools.

Dropbox makes its money from subscription plans. It had 18.08 million paying users at the end of 2025. It says it gets over 90% of its revenue from self-serve sales, meaning users who buy a subscription through its app or website rather than from a sales team. It says no customer accounted for more than 1% of revenue in 2025, 2024 or 2023.

Dropbox works with other products, including Microsoft, Zoom, Slack, Atlassian and Google, and lets outside developers build apps that connect to it. It says it competes in markets that are competitive and must keep adding features to compete.

Legal name
Dropbox, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 20, 2026
Accession · CIK
0001467623-26-000008
0001467623

Revenue and margins

Dropbox had $2.5B of revenue in fiscal 2025, down 1.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $931M in fiscal 2025, 36.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Dropbox returned $1.7B to shareholders in fiscal 2025, 184% of free cash flow. The diluted share count fell 15.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Dropbox yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$693M and divides by 272.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 21.0x · peers 74.1x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Dropbox can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.7B$1.3B$1.4B$1.6B$1.0B
Debt incl. finance leases $1.7B$1.6B$1.7B$1.7B$1.7B
Net debt / EBITDA −0.1x0.9x0.4x0.2x0.8x
Interest coverage 32.3x22.1x51.3x32.0x6.5x
Current ratio 1.6x1.3x1.3x1.4x0.6x
Quick ratio 1.6x1.3x1.3x1.4x0.6x
Total assets $3.1B$3.1B$3.0B$3.3B$2.8B
Total liabilities $3.4B$3.4B$3.1B$4.1B$4.6B
Shareholders' equity −$294M−$309M−$166M−$752M−$1.8B
Net debt (− = net cash) −$59.7M$297M$307M$114M$693M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$19.7M

8 insiders

Of sales under plans

97%

$19.2M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Sarah Elizabeth SchubachChief Accounting Officer Sold plan 2,056 $35.79 $0.1M Form 4
Sep 15, 2026 Sarah Elizabeth SchubachChief Accounting Officer Sold plan 2,025 $36.78 $0.1M Form 4
Sep 11, 2026 Ashraf AlkarmiCo-CEO, Director Sold plan 28,800 $35.54 $1.0M Form 4
Sep 10, 2026 Andrew HoustonCo-CEO, Director, 10% owner Sold plan 383,800 $35.01 $13.4M Form 4
Sep 10, 2026 Ross TennenbaumChief Financial Officer Sold plan 97,558 $35.02 $3.4M Form 4
Sep 4, 2026 Lisa M CampbellDirector Sold plan 4,598 $34.78 $0.2M Form 4
Sep 4, 2026 William T YoonChief Legal Officer Sold plan 12,382 $34.78 $0.4M Form 4
Aug 31, 2026 Sarah Elizabeth SchubachChief Accounting Officer Sold plan 1,631 $35.50 $0.1M Form 4
Aug 20, 2026 Sarah Elizabeth SchubachChief Accounting Officer Sold plan 1,631 $34.01 $0.1M Form 4
Aug 18, 2026 Ali DasdanChief Technology Officer Sold plan 11,332 $34.13 $0.4M Form 4
Aug 18, 2026 Eric T WebsterChief Business Officer Sold 15,830 $34.09 $0.5M Form 4
Jul 31, 2026 Sarah Elizabeth SchubachChief Accounting Officer Sold plan 1,632 $31.61 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 99 / 95 / 9
Accruals ratio −10.8%−14.0%−14.4%
Altman Z'' −1.15−1.26−4.77

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Dropbox DBX $8.6B −1.1% 27.3% 36.9% — 21.0x 5
Tyler Technologies TYL $16.3B 9.1% 15.3% 27.3% 9.0% 51.7x 6 Compare →
PTC PTC $22.3B 19.2% 35.9% 31.3% 17.4% 18.9x 8 Compare →
Okta OKTA $38.1B 11.8% 5.1% 30.0% — 128.3x 8 Compare →
HubSpot HUBS $13.7B 19.2% 0.2% 22.6% — 96.4x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $845M $1.1B $1.4B $1.7B $1.9B $2.2B $2.3B $2.5B $2.5B $2.5B
Gross profit $454M $738M $997M $1.3B $1.5B $1.7B $1.9B $2.0B $2.1B $2.0B
Research and development $290M $380M $768M $662M $728M $756M $892M $937M $915M $732M
Operating income −$194M −$114M −$494M −$80.5M −$277M $274M $181M $539M $486M $689M
Interest expense $14.9M $10.8M $8.3M $9.8M $9.6M $8.5M $8.2M $10.5M $15.2M $106M
Pretax income −$205M −$112M −$480M −$52.0M −$250M $299M $193M $554M $510M $618M
Income tax $5.2M $0.2M $4.8M $0.7M $6.1M −$36.5M −$361M $101M $57.5M $109M
Net income −$210M −$112M −$485M −$52.7M −$256M $336M $553M $454M $452M $508M
Diluted EPS −$1.11 −$0.57 −$1.35 −$0.13 −$0.62 $0.85 $1.52 $1.31 $1.40 $1.86
Diluted shares 0.19B 0.20B 0.36B 0.41B 0.41B 0.40B 0.36B 0.35B 0.32B 0.27B
Cash flow
Cash from operations $253M $330M $425M $529M $571M $730M $797M $784M $894M $952M
Capital expenditure $115M $25.3M $63.0M $136M $80.1M $22.1M $33.8M $24.3M $22.5M $21.0M
Free cash flow $137M $305M $362M $392M $491M $708M $764M $759M $872M $931M
Depreciation and amortization $191M $181M $165M $174M $159M $151M $157M $170M $137M $158M
Stock-based compensation $148M $165M $650M $261M $262M $287M $331M $338M $347M $301M
Acquisitions $0.0M $0.0M $0.0M $174M $0.0M $140M $75.4M $0.0M $57.8M $13.1M
Share buybacks $0.0M $0.0M $0.0M $0.0M $398M $1.1B $795M $540M $1.2B $1.7B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $398M $1.1B $795M $540M $1.2B $1.7B
Balance sheet
Cash and short-term investments $353M $430M $1.1B $1.2B $1.1B $1.7B $1.3B $1.4B $1.6B $1.0B
Total debt — — — — $0.0M $1.4B $1.4B $1.4B $1.4B $1.4B
Finance lease liabilities $0.0M $27.4M — $215M $271M $288M $267M $285M $327M $346M
Current assets — $518M $1.2B $1.2B $1.2B $1.8B $1.5B $1.5B $1.7B $1.2B
Current liabilities — $738M $838M $1.0B $1.1B $1.2B $1.2B $1.2B $1.2B $1.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $342M $311M $445M $339M $322M $308M $309M $359M $378M
Total assets — $1.0B $1.7B $2.7B $2.4B $3.1B $3.1B $3.0B $3.3B $2.8B
Total liabilities — $917M $1.0B $1.9B $2.1B $3.4B $3.4B $3.1B $4.1B $4.6B
Shareholders' equity $123M $103M $677M $808M $334M −$294M −$309M −$166M −$752M −$1.8B
Margins
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% −4.9% −14.5% 12.7% 7.8% 21.5% 19.1% 27.3%
EBITDA margin −0.3% 6.1% −23.7% 5.6% −6.2% 19.7% 14.6% 28.3% 24.5% 33.6%
Net margin −24.9% −10.1% −34.8% −3.2% −13.4% 15.6% 23.8% 18.1% 17.8% 20.2%
FCF margin 16.3% 27.6% 26.0% 23.6% 25.6% 32.8% 32.8% 30.4% 34.2% 36.9%
Returns
Return on capital employed — — −86.8% −6.3% −18.6% 17.1% 9.5% 29.2% 25.0% 45.0%
Return on equity — — −124.4% −7.1% −44.9% — — — — —
Return on assets — — −35.7% −2.4% −10.1% 12.3% 17.8% 14.9% 14.3% 16.5%
Growth
Revenue growth — 31.0% 25.7% 19.4% 15.2% 12.8% 7.7% 7.6% 1.9% −1.1%
Net income growth — — — — — — 64.7% −18.0% −0.3% 12.4%
EPS growth — — — — — — 78.8% −13.8% 6.9% 32.9%
FCF growth — 122.0% 18.8% 8.3% 25.1% 44.2% 7.9% −0.5% 14.8% 6.8%
Share count change — 3.6% 83.1% 14.8% 0.7% −4.5% −8.2% −4.9% −6.4% −15.7%
Financial health
Net debt / EBITDA — — — — — −0.1x 0.9x 0.4x 0.2x 0.8x
Debt / equity — — — — 0.8x — — — — —
Interest coverage −13.0x −10.5x −59.5x −8.2x −28.9x 32.3x 22.1x 51.3x 32.0x 6.5x
Current ratio — 0.7x 1.5x 1.2x 1.1x 1.6x 1.3x 1.3x 1.4x 0.6x
Quick ratio — 0.7x 1.5x 1.2x 1.1x 1.6x 1.3x 1.3x 1.4x 0.6x
Capital allocation
Capex / revenue 13.6% 2.3% 4.5% 8.2% 4.2% 1.0% 1.5% 1.0% 0.9% 0.8%
Stock comp / revenue 17.5% 14.9% 46.7% 15.7% 13.7% 13.3% 14.2% 13.5% 13.6% 11.9%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 81.0% 149.6% 104.2% 71.1% 142.5% 184.1%
Quality scores
Piotroski F-score — — — — — 8.0 7.0 6.0 9.0 5.0
Altman Z'' — −5.4 −3.0 −1.3 −3.3 −1.0 −2.0 −1.2 −1.3 −4.8
Accruals ratio — — −67.1% −26.5% −32.5% −14.4% −7.9% −10.8% −14.0% −14.4%

Source: SEC EDGAR XBRL filings (CIK 0001467623). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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