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Software - Application · Technology · Fiscal year ends Dec 31
Dropbox reported revenue of $2.5B in the fiscal year ended Dec 2025, down 1.1% from the year before. Operating income was $689M, an operating margin of 27.3%, and net income was $508M. Operating cash flow of $952M less capital expenditure of $21M left free cash flow of $931M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,158 | 2,325 | 2,502 | 2,548 | 2,521 |
| Cost of revenue | 444 | 444 | 479 | 445 | 501 |
| Gross profit | 1,714 | 1,881 | 2,023 | 2,103 | 2,020 |
| Research & development | 756 | 892 | 937 | 915 | 732 |
| Selling, general & admin | 652 | 632 | 703 | 702 | 600 |
| Operating income | 274 | 181 | 539 | 486 | 689 |
| Pre-tax income | 299 | 193 | 554 | 510 | 618 |
| Income tax | −36.5 | −361 | 101 | 57.5 | 109 |
| Net income | 336 | 553 | 454 | 452 | 508 |
| Diluted EPS | 0.85 | 1.52 | 1.31 | 1.40 | 1.86 |
| Diluted shares | 396 | 363 | 346 | 323 | 273 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 533 | 233 | 615 | 1,328 | 891 |
| Receivables | 49.6 | 53.8 | 68.7 | 70.4 | 79.1 |
| Current assets | 1,850 | 1,490 | 1,517 | 1,738 | 1,191 |
| Net PP&E | 322 | 308 | 309 | 359 | 378 |
| Goodwill | 357 | 403 | 402 | 443 | 455 |
| Total assets | 3,091 | 3,110 | 2,984 | 3,325 | 2,845 |
| Payables | 25.7 | 38.6 | 38.5 | 36.5 | 24.3 |
| Deferred revenue | 672 | 703 | 725 | 728 | 730 |
| Current liabilities | 1,176 | 1,197 | 1,202 | 1,211 | 1,894 |
| Total liabilities | 3,385 | 3,420 | 3,149 | 4,078 | 4,642 |
| Shareholders' equity | −294 | −309 | −166 | −752 | −1,797 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 730 | 797 | 784 | 894 | 952 |
| Capital expenditure | 22.1 | 33.8 | 24.3 | 22.5 | 21.0 |
| Free cash flow | 708 | 764 | 759 | 872 | 931 |
| Depreciation & amortisation | 136 | 141 | 140 | 109 | 132 |
| Stock-based compensation | 287 | 331 | 338 | 347 | 301 |
| Acquisitions | 140 | 75.4 | 0.0 | 57.8 | 13.1 |
| Share buybacks | 1,059 | 795 | 540 | 1,242 | 1,714 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.7% | 7.6% | 1.9% | −1.1% |
| Operating income growth (YoY) | – | −33.9% | 197.1% | −9.7% | 41.7% |
| EPS growth (YoY) | – | 78.8% | −13.8% | 6.9% | 32.9% |
| Gross margin | 79.4% | 80.9% | 80.9% | 82.5% | 80.1% |
| Operating margin | 12.7% | 7.8% | 21.5% | 19.1% | 27.3% |
| Net margin | 15.6% | 23.8% | 18.1% | 17.7% | 20.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.3% | 9.5% | 30.2% | 23.0% | 72.4% |
| Free cash flow margin | 32.8% | 32.8% | 30.4% | 34.2% | 36.9% |
| Cash conversion (CFO ÷ net income) | 2.17x | 1.44x | 1.73x | 1.98x | 1.87x |
| Receivable days | 8 | 8 | 10 | 10 | 11 |
| Payable days | 21 | 32 | 29 | 30 | 18 |
| Current ratio | 1.57x | 1.25x | 1.26x | 1.44x | 0.63x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.