DigitalOcean
DOCN · NYSEServices-Computer Programming, Data Processing, Etc. · Fiscal year ends Dec 31
DigitalOcean reported revenue of $901M in the fiscal year ended Dec 2025, up 15.5% from the year before. Operating income was $157M, an operating margin of 17.4%, and net income was $259M. Operating cash flow of $310M less capital expenditure of $129M left free cash flow of $181M. Net debt was $1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $429M | $576M | $693M | $781M | $901M |
| Cost of revenue | $171M | $212M | $295M | $315M | $362M |
| Gross profit | $258M | $364M | $397M | $466M | $540M |
| Research & development | $116M | $144M | $137M | $142M | $162M |
| Operating income | −$11M | −$26M | $12M | $91M | $157M |
| Interest expense | $4M | $8M | $9M | $9M | $18M |
| Pre-tax income | −$18M | −$24M | $27M | $98M | $207M |
| Income tax | $1M | $4M | $7M | $13M | −$53M |
| Net income | −$20M | −$28M | $19M | $84M | $259M |
| Diluted EPS | −0.21 | −0.28 | 0.20 | 0.89 | 2.52 |
| Diluted shares | 93M | 101M | 96M | 95M | 105M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.7B | $141M | $317M | $428M | $254M |
| Receivables | $40M | $54M | $62M | $72M | $91M |
| Current assets | $1.8B | $946M | $503M | $542M | $427M |
| Net PP&E | $250M | $273M | $305M | $433M | $589M |
| Goodwill | $32M | $315M | $348M | $349M | $349M |
| Total assets | $2.1B | $1.8B | $1.5B | $1.6B | $1.8B |
| Payables | $13M | $21M | $4M | $55M | $39M |
| Deferred revenue | $5M | $6M | $5M | $5M | $6M |
| Current liabilities | $58M | $166M | $193M | $221M | $619M |
| Short-term debt | $0 | – | – | $0 | $325M |
| Long-term debt | $1.5B | $1.5B | $1.5B | $1.5B | $971M |
| Total liabilities | $1.5B | $1.8B | $1.8B | $1.8B | $1.9B |
| Shareholders' equity | $578M | $48M | −$314M | −$203M | −$29M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $133M | $195M | $235M | $283M | $310M |
| Capital expenditure | $97M | $106M | $119M | $178M | $129M |
| Free cash flow | $36M | $89M | $116M | $105M | $181M |
| Depreciation & amortisation | $88M | $102M | $118M | $130M | $137M |
| Stock-based compensation | $62M | $106M | $88M | $91M | $80M |
| Acquisitions | $5M | $305M | $99M | $0 | – |
| Share buybacks | $350M | $600M | $488M | $60M | $82M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.5% | 20.2% | 12.7% | 15.5% |
| Operating income growth (YoY) | – | – | – | 665.0% | 72.5% |
| EPS growth (YoY) | – | – | – | 345.0% | 183.1% |
| Gross margin | 60.2% | 63.2% | 57.4% | 59.7% | 59.9% |
| Operating margin | −2.6% | −4.5% | 1.7% | 11.7% | 17.4% |
| Net margin | −4.6% | −4.8% | 2.8% | 10.8% | 28.8% |
| Return on equityBlank when equity is negative | −3.4% | −58.4% | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −0.5% | −1.6% | 0.9% | 6.4% | 12.9% |
| Free cash flow margin | 8.4% | 15.4% | 16.7% | 13.4% | 20.0% |
| Cash conversion (CFO ÷ net income) | −6.83x | −7.02x | 12.1x | 3.35x | 1.19x |
| Receivable days | 34 | 34 | 33 | 34 | 37 |
| Payable days | 27 | 36 | 5 | 63 | 39 |
| Interest cover | −2.99x | −3.06x | 1.33x | 9.99x | 8.75x |
| Debt ÷ equity | 2.53x | 30.9x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$251M | $1.3B | $1.2B | $1.1B | $1B |
| Current ratio | 30.4x | 5.72x | 2.61x | 2.45x | 0.69x |
Recent filings
More in Services-Computer Programming, Data Processing, Etc.
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.