Loading financials from SEC filings…
Specialty business services · Industrials · Fiscal year ends Sep 27
Dolby Laboratories reported revenue of $1.3B in the fiscal year ended Sep 2025, up 5.9% from the year before. Operating income was $265M, an operating margin of 19.6%, and net income was $255M. Operating cash flow of $472M less capital expenditure of $36M left free cash flow of $436M.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 1,281 | 1,254 | 1,300 | 1,274 | 1,349 |
| Cost of revenue | 130 | 141 | 153 | 140 | 160 |
| Gross profit | 1,151 | 1,112 | 1,147 | 1,133 | 1,189 |
| Research & development | 254 | 261 | 272 | 264 | 262 |
| Selling, general & admin | 557 | 634 | 613 | 605 | 647 |
| Operating income | 344 | 207 | 216 | 258 | 265 |
| Net interest incomeBanks | 3.0 | 6.2 | 28.1 | 34.1 | 15.4 |
| Interest expense | 0.5 | 0.4 | – | – | – |
| Pre-tax income | 355 | 215 | 250 | 312 | 303 |
| Income tax | 36.7 | 31.4 | 48.4 | 48.2 | 47.0 |
| Net income | 310 | 184 | 201 | 262 | 255 |
| Diluted EPS | 2.97 | 1.81 | 2.05 | 2.69 | 2.62 |
| Diluted shares | 105 | 102 | 97.7 | 97.3 | 97.5 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,225 | 620 | 745 | 482 | 702 |
| Receivables | 233 | 244 | 262 | 315 | 331 |
| Inventory | 11.0 | 23.5 | 35.6 | 33.7 | 30.4 |
| Current assets | 1,760 | 1,311 | 1,488 | 1,194 | 1,388 |
| Net PP&E | 534 | 513 | 482 | 479 | 471 |
| Goodwill | 341 | 365 | 408 | 533 | 530 |
| Total assets | 3,106 | 2,690 | 2,980 | 3,110 | 3,228 |
| Payables | 17.8 | 14.2 | 20.9 | 17.4 | 17.8 |
| Deferred revenue | 18.5 | 18.6 | 31.5 | 31.6 | 31.4 |
| Current liabilities | 316 | 278 | 422 | 418 | 438 |
| Total liabilities | 501 | 439 | 608 | 623 | 596 |
| Shareholders' equity | 2,598 | 2,246 | 2,355 | 2,477 | 2,623 |
| Backlog (remaining obligations) | 41.0 | 41.5 | 71.3 | 66.2 | 61.1 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 448 | 319 | 367 | 327 | 472 |
| Capital expenditure | 54.5 | 47.9 | 30.3 | 30.0 | 36.3 |
| Free cash flow | 393 | 271 | 337 | 297 | 436 |
| Depreciation & amortisation | 95.9 | 88.5 | 82.6 | 75.6 | 87.8 |
| Stock-based compensation | 99.7 | 115 | 118 | 120 | 129 |
| Acquisitions | 4.5 | 38.2 | −25.7 | 488 | 1.4 |
| Share buybacks | 246 | 530 | 149 | 160 | 125 |
| Dividends paid | 89.2 | 100 | 103 | 115 | 127 |
| Dividend per share | 0.91 | 1.02 | 1.11 | 1.23 | 1.32 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.1% | 3.7% | −2.0% | 5.9% |
| Operating income growth (YoY) | – | −40.0% | 4.4% | 19.7% | 2.6% |
| EPS growth (YoY) | – | −39.1% | 13.3% | 31.2% | −2.6% |
| Gross margin | 89.9% | 88.7% | 88.3% | 89.0% | 88.1% |
| Operating margin | 26.9% | 16.5% | 16.6% | 20.3% | 19.6% |
| Net margin | 24.2% | 14.7% | 15.4% | 20.6% | 18.9% |
| Return on equityBlank when equity is negative | 11.9% | 8.2% | 8.5% | 10.6% | 9.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.3% | 8.6% | 8.4% | 9.6% | 9.5% |
| Free cash flow margin | 30.7% | 21.6% | 25.9% | 23.3% | 32.3% |
| Cash conversion (CFO ÷ net income) | 1.44x | 1.73x | 1.83x | 1.25x | 1.85x |
| Receivable days | 66 | 71 | 74 | 90 | 90 |
| Inventory days | 31 | 61 | 85 | 88 | 69 |
| Payable days | 50 | 37 | 50 | 45 | 41 |
| Interest cover | 719x | 524x | – | – | – |
| Current ratio | 5.58x | 4.72x | 3.52x | 2.86x | 3.17x |
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.