Dropbox (DBX) Financials

$29.35 +0.08 (+0.27%)

Closing price 10/23/2025 04:00 PM Eastern

Extended Trading

$29.35 +0.00 (+0.01%)

As of 10/23/2025 05:11 PM Eastern

Annual Income Statements for Dropbox

This table shows Dropbox's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-210	-112	-485	-53	-256	336	553	454	452
Consolidated Net Income / (Loss)	-210	-112	-485	-53	-256	336	553	454	452
Net Income / (Loss) Continuing Operations	-210	-112	-485	-53	-256	336	553	454	452
Total Pre-Tax Income	-205	-112	-480	-52	-250	299	193	554	510
Total Operating Income	-194	-114	-494	-81	-277	274	181	539	486
Total Gross Profit	454	738	997	1,250	1,499	1,714	1,881	2,023	2,103
Total Revenue	845	1,107	1,392	1,661	1,914	2,158	2,325	2,502	2,548
Operating Revenue	845	1,107	1,392	1,661	1,914	2,158	2,325	2,502	2,548
Total Cost of Revenue	391	369	395	411	415	444	444	479	445
Operating Cost of Revenue	391	369	395	411	415	444	444	479	445
Total Operating Expenses	648	852	1,491	1,331	1,776	1,439	1,699	1,484	1,617
Selling, General & Admin Expense	107	157	283	245	228	225	223	237	241
Marketing Expense	251	314	440	423	423	428	409	466	461
Research & Development Expense	290	380	768	662	728	756	892	937	915
Impairment Charge	-	-	0.00	0.00	398	-	175	-155	0.10
Total Other Income / (Expense), net	-12	2.20	14	29	27	25	11	16	24
Interest & Investment Income	-16	-11	7.10	13	1.70	-5.20	3.30	19	14
Other Income / (Expense), net	4.90	13	6.80	16	25	30	8.10	-3.70	9.70
Income Tax Expense	5.20	0.20	4.80	0.70	6.10	-37	-361	101	58
Basic Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.87	$1.53	$1.33	$1.42
Weighted Average Basic Shares Outstanding	189.10M	195.90M	358.60M	411.60M	414.30M	388M	361.20M	341.20M	318.20M
Diluted Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.85	$1.52	$1.31	$1.40
Weighted Average Diluted Shares Outstanding	189.10M	195.90M	358.60M	411.60M	414.30M	395.80M	363.30M	345.60M	323.40M
Weighted Average Basic & Diluted Shares Outstanding	189.10M	195.90M	358.60M	411.60M	414.30M	381.65M	357.86M	343.98M	301.75M

This table shows Dropbox's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	83	328	69	43	114	227	132	111	107	103
Consolidated Net Income / (Loss)	83	328	69	43	114	227	132	111	107	103
Net Income / (Loss) Continuing Operations	83	328	69	43	114	227	132	111	107	103
Total Pre-Tax Income	98	-78	88	59	136	272	151	134	133	92
Total Operating Income	89	-80	84	57	131	267	144	127	128	88
Total Gross Profit	481	483	494	502	513	513	526	528	527	523
Total Revenue	591	599	611	623	633	635	631	635	639	644
Operating Revenue	591	599	611	623	633	635	631	635	639	644
Total Cost of Revenue	110	116	117	120	120	122	106	107	112	121
Operating Cost of Revenue	110	116	117	120	120	122	106	107	112	121
Total Operating Expenses	392	563	410	446	383	246	382	401	400	435
Selling, General & Admin Expense	57	57	56	60	60	61	54	61	63	63
Marketing Expense	104	105	119	121	106	120	109	113	111	129
Research & Development Expense	228	239	235	263	216	222	219	227	226	243
Total Other Income / (Expense), net	8.90	2.00	3.50	2.50	4.80	4.90	7.60	6.60	4.90	4.50
Interest & Investment Income	1.70	3.50	3.90	3.70	5.00	6.80	7.30	4.70	3.80	-1.90
Other Income / (Expense), net	7.20	-1.50	-0.40	-1.20	-0.20	-1.90	0.30	1.90	1.10	6.40
Income Tax Expense	15	-407	19	16	21	45	19	23	26	-10
Basic Earnings per Share	$0.23	$0.91	$0.20	$0.13	$0.34	$0.66	$0.40	$0.34	$0.34	$0.34
Weighted Average Basic Shares Outstanding	358.10M	361.20M	347.10M	341.40M	339.20M	341.20M	334.80M	322.40M	314.50M	318.20M
Diluted Earnings per Share	$0.23	$0.91	$0.20	$0.13	$0.33	$0.65	$0.39	$0.34	$0.34	$0.33
Weighted Average Diluted Shares Outstanding	360.10M	363.30M	348.80M	343.80M	346M	345.60M	340.70M	323.70M	316.40M	323.40M
Weighted Average Basic & Diluted Shares Outstanding	362.74M	357.86M	349.67M	347.80M	345.76M	343.98M	330.19M	325.42M	309.73M	301.75M

This table details how cash moves in and out of Dropbox's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-4.20	77	92	32	-236	218	-300	382	746
Net Cash From Operating Activities	253	330	425	529	571	730	797	784	894
Net Cash From Continuing Operating Activities	253	330	425	529	571	730	797	784	894
Net Income / (Loss) Continuing Operations	-210	-112	-485	-53	-256	336	553	454	452
Consolidated Net Income / (Loss)	-210	-112	-485	-53	-256	336	553	454	452
Depreciation Expense	192	182	167	174	159	151	157	170	137
Amortization Expense	3.70	6.60	12	18	25	36	44	43	35
Non-Cash Adjustments To Reconcile Net Income	149	172	648	300	666	350	486	199	372
Changes in Operating Assets and Liabilities, net	119	81	83	90	-23	-143	-443	-81	-102
Net Cash From Investing Activities	-118	-24	-634	-320	-234	-525	-49	395	444
Net Cash From Continuing Investing Activities	-118	-24	-634	-320	-234	-525	-49	395	444
Purchase of Property, Plant & Equipment	-115	-25	-63	-136	-80	-22	-34	-24	-23
Acquisitions	-8.50	-0.80	-3.00	-176	-0.20	-147	-77	-0.30	-58
Purchase of Investments	-	0.00	-850	-775	-756	-1,138	-571	-209	-62
Divestitures	-	-	-	-	26	0.00	11	0.00	0.00
Sale and/or Maturity of Investments	0.00	0.00	284	751	559	742	603	605	555
Other Investing Activities, net	5.70	2.20	-1.00	16	17	40	20	24	31
Net Cash From Financing Activities	-135	-232	301	-177	-578	16	-1,042	-799	-587
Net Cash From Continuing Financing Activities	-135	-232	301	-177	-578	16	-1,042	-799	-587
Repayment of Debt	-143	-142	-6.50	-0.60	-0.80	-24	0.00	-127	-180
Repurchase of Common Equity	0.00	-2.50	-4.50	0.00	-398	-1,059	-795	-540	-1,242
Issuance of Debt	-	-	-	0.00	0.00	1,389	0.00	0.00	1,000
Issuance of Common Equity	0.00	0.50	773	2.20	2.30	210	0.50	2.50	0.90
Other Financing Activities, net	8.80	-88	-461	-178	-182	-501	-247	-135	-166
Effect of Exchange Rate Changes	-4.30	-	-	-	-	-3.10	-	2.40	-5.70
Cash Interest Paid	15	11	8.30	9.80	9.60	8.50	8.20	11	15
Cash Income Taxes Paid	1.50	3.40	1.40	0.60	5.00	4.20	28	68	61

This table details how cash moves in and out of Dropbox's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	20	-139	100	178	94	11	-66	-34	2.50	843
Net Cash From Operating Activities	251	195	140	188	256	200	176	231	274	214
Net Cash From Continuing Operating Activities	251	195	140	188	256	200	176	231	274	214
Net Income / (Loss) Continuing Operations	83	328	69	43	114	227	132	111	107	103
Consolidated Net Income / (Loss)	83	328	69	43	114	227	132	111	107	103
Depreciation Expense	39	40	43	43	42	43	31	32	35	38
Amortization Expense	11	12	12	11	11	9.40	8.60	8.40	8.80	9.10
Non-Cash Adjustments To Reconcile Net Income	115	171	89	73	132	-95	89	83	96	104
Changes in Operating Assets and Liabilities, net	3.50	-356	-73	18	-42	16	-85	-4.00	27	-40
Net Cash From Investing Activities	7.50	-105	201	206	10	-22	114	63	153	114
Net Cash From Continuing Investing Activities	7.50	-105	201	206	10	-22	114	63	153	114
Purchase of Property, Plant & Equipment	-6.20	-13	-1.90	-3.00	-9.40	-10	-9.20	-5.90	-4.10	-3.30
Acquisitions	-	-	-	-	-	-0.30	-	-	-37	-0.20
Sale and/or Maturity of Investments	138	109	230	221	82	72	180	86	182	108
Other Investing Activities, net	3.30	6.80	3.30	5.40	2.50	13	5.70	4.60	12	9.40
Net Cash From Financing Activities	-233	-234	-241	-217	-169	-172	-353	-327	-431	524
Net Cash From Continuing Financing Activities	-233	-234	-241	-217	-169	-172	-353	-327	-431	524
Repayment of Debt	-	-	-32	32	-	-127	-32	32	-	-180
Repurchase of Common Equity	-171	-174	-175	-154	-104	-106	-279	-260	-349	-353
Issuance of Common Equity	0.10	0.10	0.20	1.00	1.20	0.10	0.10	-	0.20	0.60
Other Financing Activities, net	-61	-60	-34	-96	-66	61	-41	-99	-83	56
Effect of Exchange Rate Changes	-6.50	-	0.50	-	-	4.30	-2.50	-0.90	6.30	-8.60

This table presents Dropbox's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,020	1,694	2,699	2,387	3,091	3,110	2,984	3,325
Total Current Assets	518	1,210	1,243	1,228	1,850	1,490	1,517	1,738
Cash & Equivalents	430	519	551	315	533	233	615	1,328
Short-Term Investments	0.00	570	608	806	1,185	1,111	741	266
Accounts Receivable	29	29	37	43	50	54	69	70
Prepaid Expenses	59	92	48	63	82	93	92	74
Plant, Property, & Equipment, net	342	311	445	339	322	308	309	359
Total Noncurrent Assets	160	173	1,011	821	920	1,312	1,158	1,228
Goodwill	99	97	235	237	357	403	402	443
Intangible Assets	17	15	47	34	54	88	58	55
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	41	499	460	467
Other Noncurrent Operating Assets	44	62	729	551	468	322	237	264
Total Liabilities & Shareholders' Equity	1,020	1,694	2,699	2,387	3,091	3,110	2,984	3,325
Total Liabilities	917	1,017	1,891	2,053	3,385	3,420	3,149	4,078
Total Current Liabilities	738	838	1,015	1,088	1,176	1,197	1,202	1,211
Short-Term Debt	103	74	-	-	-	-	0.00	10
Accounts Payable	32	33	41	19	26	39	39	37
Accrued Expenses	130	165	162	157	141	140	155	143
Current Deferred Revenue	418	485	554	611	672	703	725	728
Current Employee Benefit Liabilities	56	81	101	114	139	132	109	105
Other Current Liabilities	-	-	157	188	199	184	174	188
Total Noncurrent Liabilities	179	180	876	966	2,209	2,223	1,948	2,867
Long-Term Debt	-	-	-	0.00	1,370	1,374	1,378	2,345
Capital Lease Obligations	72	90	-	-	-	152	169	204
Other Noncurrent Operating Liabilities	37	90	876	966	839	697	402	319
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	103	677	808	334	-294	-309	-166	-752
Total Preferred & Common Equity	103	677	808	334	-294	-309	-166	-752
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	103	677	808	334	-294	-309	-166	-752
Common Stock	533	2,338	2,531	2,564	2,448	2,512	2,598	2,404
Retained Earnings	-1,050	-1,660	-1,726	-2,241	-2,739	-2,772	-2,742	-3,147
Accumulated Other Comprehensive Income / (Loss)	4.20	-1.20	3.30	11	-2.60	-49	-22	-10

This table presents Dropbox's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	2,703	2,994	2,939	3,011	2,798	2,719	2,577
Total Current Assets	1,580	1,400	1,381	1,467	1,339	1,231	1,046
Cash & Equivalents	372	333	510	604	549	515	518
Short-Term Investments	1,081	920	717	705	627	547	373
Accounts Receivable	50	58	60	64	67	67	70
Prepaid Expenses	77	89	93	94	97	102	85
Plant, Property, & Equipment, net	281	307	299	299	315	324	346
Total Noncurrent Assets	842	1,287	1,260	1,245	1,144	1,163	1,185
Goodwill	353	403	402	401	402	412	443
Intangible Assets	43	81	74	66	52	56	62
Noncurrent Deferred & Refundable Income Taxes	-	495	491	487	461	462	458
Other Noncurrent Operating Assets	447	308	293	291	229	234	222
Total Liabilities & Shareholders' Equity	2,703	2,994	2,939	3,011	2,798	2,719	2,577
Total Liabilities	3,294	3,359	3,351	3,361	3,075	3,090	3,123
Total Current Liabilities	1,156	1,153	1,177	1,197	1,167	1,184	1,202
Accounts Payable	34	39	44	45	32	38	36
Accrued Expenses	137	167	151	151	160	152	147
Current Deferred Revenue	699	728	735	735	742	743	740
Current Employee Benefit Liabilities	102	40	67	86	43	67	91
Other Current Liabilities	184	179	181	180	190	185	189
Total Noncurrent Liabilities	2,138	2,206	2,173	2,164	1,908	1,906	1,921
Long-Term Debt	1,373	1,375	1,376	1,377	1,379	1,380	1,381
Capital Lease Obligations	133	155	157	153	164	167	189
Other Noncurrent Operating Liabilities	631	677	640	634	365	359	352
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-591	-365	-412	-350	-277	-371	-546
Total Preferred & Common Equity	-591	-365	-412	-350	-277	-371	-546
Total Common Equity	-591	-365	-412	-350	-277	-371	-546
Common Stock	2,439	2,502	2,522	2,561	2,555	2,520	2,455
Retained Earnings	-2,972	-2,828	-2,896	-2,875	-2,812	-2,873	-2,993
Accumulated Other Comprehensive Income / (Loss)	-58	-39	-38	-37	-20	-19	-7.60

This table displays calculated financial ratios and metrics derived from Dropbox's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	31.01%	25.74%	19.37%	15.21%	12.75%	7.74%	7.60%	1.86%
EBITDA Growth	0.00%	1,211.94%	-450.74%	141.23%	-153.19%	827.81%	-20.69%	91.65%	-10.66%
EBIT Growth	0.00%	46.71%	-384.78%	86.76%	-290.54%	220.88%	-37.80%	182.47%	-7.31%
NOPAT Growth	0.00%	41.24%	-334.48%	83.70%	-244.10%	258.77%	69.06%	-15.32%	-2.13%
Net Income Growth	0.00%	46.86%	-334.11%	89.13%	-386.34%	231.02%	64.74%	-18.00%	-0.29%
EPS Growth	0.00%	48.65%	-136.84%	90.37%	-376.92%	237.10%	78.82%	-13.82%	6.87%
Operating Cash Flow Growth	0.00%	30.76%	28.79%	24.24%	8.00%	27.86%	9.25%	-1.71%	14.09%
Free Cash Flow Firm Growth	0.00%	0.00%	-441.21%	118.19%	434.65%	-33.31%	-96.38%	4,823.40%	-15.46%
Invested Capital Growth	0.00%	0.00%	-62.83%	-40.92%	-124.61%	18.51%	80.19%	119.28%	762.86%
Revenue Q/Q Growth	0.00%	0.00%	5.33%	4.41%	3.13%	2.93%	1.45%	1.47%	0.34%
EBITDA Q/Q Growth	0.00%	0.00%	8.79%	3.17%	-124.81%	789.69%	-30.17%	87.28%	-20.88%
EBIT Q/Q Growth	0.00%	0.00%	5.03%	8.90%	-387.23%	339.20%	-47.17%	185.18%	-25.66%
NOPAT Q/Q Growth	0.00%	0.00%	4.87%	6.29%	-444.90%	408.85%	60.14%	-15.20%	-22.52%
Net Income Q/Q Growth	0.00%	0.00%	5.50%	5.22%	-409.17%	349.48%	58.28%	-18.21%	-21.58%
EPS Q/Q Growth	0.00%	0.00%	42.31%	-118.84%	-426.32%	383.33%	63.44%	-16.56%	-18.60%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	14.11%	13.56%	-2.74%	-1.08%	4.17%	0.73%	1.53%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	284.53%	48.97%	-34.42%	-95.84%	161.80%	-17.25%
Invested Capital Q/Q Growth	0.00%	0.00%	-6.87%	-30.67%	-109.89%	11.12%	76.39%	118.99%	59.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	53.76%	66.67%	71.64%	75.26%	78.34%	79.42%	80.89%	80.87%	82.53%
EBITDA Margin	0.79%	7.94%	-22.15%	7.65%	-3.53%	22.80%	16.78%	29.89%	26.22%
Operating Margin	-22.90%	-10.27%	-35.50%	-4.85%	-14.47%	12.72%	7.80%	21.53%	19.08%
EBIT Margin	-22.32%	-9.08%	-35.01%	-3.88%	-13.16%	14.11%	8.15%	21.39%	19.46%
Profit (Net Income) Margin	-24.88%	-10.09%	-34.84%	-3.17%	-13.39%	15.56%	23.79%	18.13%	17.75%
Tax Burden Percent	102.54%	100.18%	101.00%	101.35%	102.44%	112.20%	287.08%	81.82%	88.72%
Interest Burden Percent	108.70%	110.95%	98.54%	80.62%	99.33%	98.29%	101.74%	103.63%	102.80%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-12.20%	-187.08%	18.18%	11.28%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	365.72%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	369.34%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-464.23%
Return on Equity (ROE)	0.00%	-108.55%	-124.38%	-7.10%	-44.88%	1,683.21%	-183.39%	-190.91%	-98.52%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,180.22%	207.26%
Operating Return on Assets (OROA)	0.00%	-9.85%	-35.90%	-2.94%	-9.90%	11.12%	6.11%	17.56%	15.72%
Return on Assets (ROA)	0.00%	-10.95%	-35.73%	-2.40%	-10.08%	12.26%	17.84%	14.89%	14.34%
Return on Common Equity (ROCE)	0.00%	-108.55%	-124.38%	-7.10%	-44.88%	1,683.21%	-183.39%	-190.91%	-98.52%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-108.55%	-71.65%	-6.52%	-76.78%	-114.26%	-178.80%	-273.58%	-60.11%
Net Operating Profit after Tax (NOPAT)	-135	-80	-346	-56	-194	308	520	441	431
NOPAT Margin	-16.03%	-7.19%	-24.85%	-3.39%	-10.13%	14.27%	22.39%	17.62%	16.93%
Net Nonoperating Expense Percent (NNEP)	0.00%	-25.12%	-23.55%	0.35%	-5.47%	3.80%	39.55%	-6.90%	-3.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	42.79%	31.93%	23.89%
Cost of Revenue to Revenue	46.24%	33.33%	28.36%	24.74%	21.66%	20.58%	19.11%	19.13%	17.47%
SG&A Expenses to Revenue	12.71%	14.21%	20.35%	14.77%	11.90%	10.41%	9.59%	9.48%	9.47%
R&D to Revenue	34.29%	34.36%	55.20%	39.85%	38.01%	35.03%	38.36%	37.44%	35.90%
Operating Expenses to Revenue	76.67%	76.94%	107.14%	80.11%	92.81%	66.70%	73.10%	59.34%	63.45%
Earnings before Interest and Taxes (EBIT)	-189	-101	-487	-65	-252	305	189	535	496
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.70	88	-308	127	-68	492	390	748	668
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	7.35	12.27	9.20	27.50	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	14.68	14.13	144.77	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.89	0.68	5.97	4.48	4.80	4.47	3.49	4.07	3.65
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	28.71	14.67	22.47	20.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	3.48%	6.81%	4.45%	4.86%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	423.81	48.57
Enterprise Value to Revenue (EV/Rev)	0.00	0.45	5.30	3.78	4.21	4.31	3.57	4.15	4.03
Enterprise Value to EBITDA (EV/EBITDA)	0.00	5.69	0.00	49.41	0.00	18.89	21.27	13.89	15.37
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	30.51	43.82	19.41	20.71
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	30.18	15.95	23.56	23.80
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	1.51	17.35	11.88	14.12	12.73	10.41	13.25	11.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.83	0.00	138.16	33.16	57.33	1,413.29	35.91	42.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.69	0.24	0.00	0.00	-4.66	-4.93	-9.33	-3.40
Long-Term Debt to Equity	0.00	0.70	0.13	0.00	0.00	-4.66	-4.93	-9.33	-3.39
Financial Leverage	0.00	-2.48	-1.52	-1.40	-2.00	-36.82	0.27	-0.78	-1.26
Leverage Ratio	0.00	9.91	3.48	2.96	4.45	137.31	-10.28	-12.82	-6.87
Compound Leverage Factor	0.00	11.00	3.43	2.38	4.42	134.96	-10.46	-13.29	-7.06
Debt to Total Capital	0.00%	62.88%	19.48%	0.00%	0.00%	127.30%	125.44%	112.01%	141.67%
Short-Term Debt to Total Capital	0.00%	37.05%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.55%
Long-Term Debt to Total Capital	0.00%	25.83%	10.70%	0.00%	0.00%	127.30%	125.44%	112.01%	141.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	37.12%	80.52%	100.00%	100.00%	-27.30%	-25.44%	-12.01%	-41.67%
Debt to EBITDA	0.00	1.98	-0.53	0.00	0.00	2.79	3.91	2.07	3.83
Net Debt to EBITDA	0.00	-2.91	3.00	0.00	0.00	-0.71	0.47	0.25	1.44
Long-Term Debt to EBITDA	0.00	0.81	-0.29	0.00	0.00	2.79	3.91	2.07	3.81
Debt to NOPAT	0.00	-2.19	-0.47	0.00	0.00	4.45	2.93	3.51	5.93
Net Debt to NOPAT	0.00	3.21	2.68	0.00	0.00	-1.13	0.35	0.43	2.23
Long-Term Debt to NOPAT	0.00	-0.90	-0.26	0.00	0.00	4.45	2.93	3.51	5.91
Altman Z-Score	0.00	-0.45	3.66	2.10	1.89	1.75	1.24	2.21	1.49
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.70	1.45	1.23	1.13	1.57	1.25	1.26	1.44
Quick Ratio	0.00	0.62	1.33	1.18	1.07	1.50	1.17	1.19	1.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	73	-250	45	243	162	5.87	289	244
Operating Cash Flow to CapEx	219.27%	1,305.53%	675.24%	388.32%	712.61%	3,302.26%	2,358.88%	3,225.10%	3,973.78%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	1.09	1.03	0.76	0.75	0.79	0.75	0.82	0.81
Accounts Receivable Turnover	0.00	37.77	48.07	50.88	47.79	46.41	44.97	40.84	36.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	3.24	4.27	4.40	4.88	6.53	7.38	8.10	7.63
Accounts Payable Turnover	0.00	11.56	12.11	11.11	13.96	20.01	13.82	12.41	11.87
Days Sales Outstanding (DSO)	0.00	9.66	7.59	7.17	7.64	7.87	8.12	8.94	9.96
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	31.56	30.15	32.86	26.15	18.24	26.42	29.41	30.75
Cash Conversion Cycle (CCC)	0.00	-21.90	-22.55	-25.69	-18.51	-10.38	-18.30	-20.47	-20.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-153	-249	-351	-788	-642	-127	25	211
Invested Capital Turnover	0.00	-14.49	-6.93	-5.54	-3.36	-3.02	-6.05	-48.76	21.60
Increase / (Decrease) in Invested Capital	0.00	-153	-96	-102	-437	146	515	152	187
Enterprise Value (EV)	0.00	500	7,380	6,279	8,057	9,292	8,300	10,383	10,268
Market Capitalization	756	756	8,305	7,438	9,178	9,639	8,118	10,193	9,304
Book Value per Share	$0.00	$0.53	$1.66	$1.95	$0.81	($0.75)	($0.85)	($0.48)	($2.43)
Tangible Book Value per Share	$0.00	($0.07)	$1.39	$1.27	$0.15	($1.79)	($2.21)	($1.81)	($4.04)
Total Capital	0.00	277	841	808	334	1,076	1,216	1,381	1,806
Total Debt	0.00	174	164	0.00	0.00	1,370	1,526	1,546	2,558
Total Long-Term Debt	0.00	72	90	0.00	0.00	1,370	1,526	1,546	2,548
Net Debt	0.00	-256	-926	-1,159	-1,121	-348	182	190	964
Capital Expenditures (CapEx)	115	25	63	136	80	22	34	24	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-548	-643	-931	-982	-1,044	-1,050	-1,041	-1,057
Debt-free Net Working Capital (DFNWC)	0.00	-118	447	228	140	674	293	315	538
Net Working Capital (NWC)	0.00	-220	373	228	140	674	293	315	528
Net Nonoperating Expense (NNE)	75	32	139	-3.65	62	-28	-33	-13	-21
Net Nonoperating Obligations (NNO)	0.00	-256	-926	-1,159	-1,121	-348	182	190	964
Total Depreciation and Amortization (D&A)	195	188	179	192	184	188	201	213	172
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-49.48%	-46.19%	-56.02%	-51.29%	-48.39%	-45.17%	-41.61%	-41.46%
Debt-free Net Working Capital to Revenue	0.00%	-10.63%	32.08%	13.75%	7.30%	31.23%	12.62%	12.60%	21.10%
Net Working Capital to Revenue	0.00%	-19.90%	26.78%	13.75%	7.30%	31.23%	12.62%	12.60%	20.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.87	$1.53	$1.33	$1.42
Adjusted Weighted Average Basic Shares Outstanding	189.10M	195.90M	411.27M	418.85M	414.72M	388M	361.20M	341.20M	318.20M
Adjusted Diluted Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.85	$1.52	$1.31	$1.40
Adjusted Weighted Average Diluted Shares Outstanding	189.10M	195.90M	411.27M	418.85M	414.72M	395.80M	363.30M	345.60M	323.40M
Adjusted Basic & Diluted Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	189.10M	195.90M	358.60M	411.60M	414.30M	381.65M	357.86M	343.98M	301.75M
Normalized Net Operating Profit after Tax (NOPAT)	-135	-80	-346	-56	85	192	250	314	431
Normalized NOPAT Margin	-16.03%	-7.19%	-24.85%	-3.39%	4.43%	8.90%	10.73%	12.54%	16.93%
Pre Tax Income Margin	-24.27%	-10.07%	-34.50%	-3.13%	-13.07%	13.87%	8.29%	22.16%	20.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-2.24%	-0.93%	0.00%	-155.09%	315.22%	143.78%	119.03%	274.51%

This table displays calculated financial ratios and metrics derived from Dropbox's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.42%	5.89%	8.66%	8.70%	7.11%	6.05%	3.31%	1.93%	0.92%	1.35%
EBITDA Growth	16.44%	-122.17%	-4.63%	-15.74%	24.69%	1,138.89%	33.29%	55.40%	-5.36%	-55.46%
EBIT Growth	24.04%	-193.92%	-12.08%	-30.53%	35.23%	424.18%	71.80%	133.09%	-1.23%	-64.48%
NOPAT Growth	-1.47%	-155.21%	-12.89%	-36.33%	45.47%	496.61%	89.67%	153.91%	-6.63%	-56.19%
Net Income Growth	10.05%	163.48%	-13.43%	-30.32%	37.14%	-30.76%	91.74%	155.79%	-6.49%	-54.77%
EPS Growth	21.05%	184.38%	-4.76%	-23.53%	43.48%	-28.57%	95.00%	161.54%	3.03%	-49.23%
Operating Cash Flow Growth	8.60%	19.61%	-1.06%	-10.62%	1.79%	2.93%	25.45%	22.92%	7.15%	6.74%
Free Cash Flow Firm Growth	-125.51%	-1,201.76%	-121.34%	-4,223.83%	-176.97%	112.54%	80.95%	75.61%	47.02%	-224.43%
Invested Capital Growth	25.44%	80.19%	79.47%	82.76%	76.04%	119.28%	201.47%	206.30%	202.56%	762.86%
Revenue Q/Q Growth	3.20%	1.32%	2.05%	1.87%	1.69%	0.32%	-0.58%	0.51%	0.68%	0.75%
EBITDA Q/Q Growth	13.12%	-120.87%	550.65%	-20.81%	67.40%	73.91%	-42.18%	-7.67%	1.94%	-18.15%
EBIT Q/Q Growth	21.23%	-184.87%	202.20%	-33.93%	135.99%	103.45%	-45.84%	-10.36%	0.00%	-26.84%
NOPAT Q/Q Growth	16.44%	-174.39%	217.70%	-37.55%	166.04%	102.81%	-43.71%	-16.40%	-2.17%	-4.83%
Net Income Q/Q Growth	34.19%	294.59%	-78.98%	-37.39%	164.12%	99.21%	-41.80%	-16.48%	-3.44%	-3.66%
EPS Q/Q Growth	35.29%	295.65%	-78.02%	-35.00%	153.85%	96.97%	-40.00%	-12.82%	0.00%	-2.94%
Operating Cash Flow Q/Q Growth	19.77%	-22.59%	-28.11%	34.10%	36.41%	-21.73%	-12.38%	31.40%	18.91%	-22.03%
Free Cash Flow Firm Q/Q Growth	-1,049.51%	-428.39%	51.59%	-69.79%	36.23%	123.93%	-173.53%	-117.38%	-38.51%	43.80%
Invested Capital Q/Q Growth	12.76%	76.39%	30.37%	-20.23%	-21.24%	118.99%	266.53%	25.95%	16.98%	59.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.44%	80.66%	80.89%	80.71%	81.11%	80.79%	83.24%	83.14%	82.55%	81.23%
EBITDA Margin	24.81%	-5.11%	22.57%	17.54%	28.88%	50.06%	29.11%	26.75%	27.08%	22.00%
Operating Margin	15.11%	-13.43%	13.76%	9.08%	20.65%	42.11%	22.73%	20.02%	20.01%	13.66%
EBIT Margin	16.33%	-13.68%	13.70%	8.88%	20.62%	41.81%	22.78%	20.32%	20.18%	14.65%
Profit (Net Income) Margin	14.08%	54.83%	11.29%	6.94%	18.03%	35.80%	20.96%	17.42%	16.70%	15.97%
Tax Burden Percent	84.73%	-418.75%	78.77%	73.22%	84.21%	83.47%	87.56%	82.71%	80.41%	111.26%
Interest Burden Percent	101.76%	95.73%	104.66%	106.69%	103.83%	102.56%	105.08%	103.65%	102.95%	97.99%
Effective Tax Rate	15.27%	0.00%	21.23%	26.78%	15.79%	16.53%	12.44%	17.29%	19.59%	-11.26%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	77,216.26%	12,521.47%	24,759.44%	328.27%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	77,218.33%	12,522.86%	24,760.32%	329.14%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-77,374.59%	-12,629.98%	-24,851.47%	-413.70%
Return on Equity (ROE)	-92.72%	-183.39%	-130.96%	-109.70%	-117.80%	-190.91%	-158.33%	-108.51%	-92.03%	-85.43%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	1,180.22%	358.62%	304.63%	223.30%	207.26%
Operating Return on Assets (OROA)	12.39%	-10.26%	11.12%	7.56%	17.79%	34.33%	19.84%	18.20%	18.34%	11.84%
Return on Assets (ROA)	10.68%	41.11%	9.17%	5.90%	15.56%	29.39%	18.25%	15.60%	15.18%	12.90%
Return on Common Equity (ROCE)	-92.72%	-183.39%	-130.96%	-109.70%	-117.80%	-190.91%	-158.33%	-108.51%	-92.03%	-85.43%
Return on Equity Simple (ROE_SIMPLE)	-59.11%	0.00%	-148.55%	-127.14%	-158.32%	0.00%	-186.47%	-157.34%	-105.62%	0.00%
Net Operating Profit after Tax (NOPAT)	76	-56	66	41	110	223	126	105	103	98
NOPAT Margin	12.80%	-9.40%	10.84%	6.65%	17.39%	35.15%	19.90%	16.56%	16.09%	15.19%
Net Nonoperating Expense Percent (NNEP)	2.98%	464.75%	-1.78%	-1.58%	-2.95%	-2.20%	-2.07%	-1.38%	-0.88%	-0.87%
Return On Investment Capital (ROIC_SIMPLE)	-	-4.63%	-	-	-	16.17%	-	-	-	5.42%
Cost of Revenue to Revenue	18.56%	19.34%	19.11%	19.29%	18.89%	19.21%	16.76%	16.86%	17.45%	18.77%
SG&A Expenses to Revenue	9.61%	9.57%	9.13%	9.64%	9.48%	9.65%	8.57%	9.60%	9.91%	9.77%
R&D to Revenue	38.51%	39.83%	38.49%	42.22%	34.19%	34.98%	34.71%	35.79%	35.33%	37.76%
Operating Expenses to Revenue	66.33%	94.09%	67.12%	71.63%	60.46%	38.68%	60.51%	63.12%	62.54%	67.57%
Earnings before Interest and Taxes (EBIT)	97	-82	84	55	131	266	144	129	129	94
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	-31	138	109	183	318	184	170	173	142
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.33	3.49	3.26	3.85	3.84	4.07	3.33	2.93	3.26	3.65
Price to Earnings (P/E)	21.86	14.67	14.26	17.81	17.08	22.47	16.25	12.70	14.35	20.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.57%	6.81%	7.01%	5.62%	5.86%	4.45%	6.15%	7.87%	6.97%	4.86%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	423.81	97.65	69.88	67.68	48.57
Enterprise Value to Revenue (EV/Rev)	3.36	3.57	3.38	3.97	3.93	4.15	3.48	3.12	3.53	4.03
Enterprise Value to EBITDA (EV/EBITDA)	13.77	21.27	20.90	26.52	24.27	13.89	11.05	9.25	10.60	15.37
Enterprise Value to EBIT (EV/EBIT)	21.46	43.82	45.05	62.70	51.66	19.41	14.74	11.82	13.42	20.71
Enterprise Value to NOPAT (EV/NOPAT)	23.67	15.95	15.66	20.47	18.65	23.56	17.53	14.01	16.08	23.80
Enterprise Value to Operating Cash Flow (EV/OCF)	10.05	10.41	10.07	12.45	12.46	13.25	10.70	9.17	10.17	11.48
Enterprise Value to Free Cash Flow (EV/FCFF)	54.45	1,413.29	47.40	0.00	87.75	35.91	27.23	22.94	30.31	42.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.55	-4.93	-4.19	-3.72	-4.37	-9.33	-5.57	-4.17	-2.87	-3.40
Long-Term Debt to Equity	-2.55	-4.93	-4.19	-3.72	-4.37	-9.33	-5.57	-4.17	-2.87	-3.39
Financial Leverage	0.67	0.27	-0.37	-0.24	-0.29	-0.78	-1.00	-1.01	-1.00	-1.26
Leverage Ratio	-8.01	-10.28	-7.06	-5.97	-6.07	-12.82	-9.02	-7.22	-6.23	-6.87
Compound Leverage Factor	-8.16	-9.84	-7.38	-6.37	-6.30	-13.15	-9.47	-7.49	-6.42	-6.73
Debt to Total Capital	164.62%	125.44%	131.36%	136.74%	129.69%	112.01%	121.90%	131.58%	153.38%	141.67%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.55%
Long-Term Debt to Total Capital	164.62%	125.44%	131.36%	136.74%	129.69%	112.01%	121.90%	131.58%	153.38%	141.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-64.62%	-25.44%	-31.36%	-36.74%	-29.69%	-12.01%	-21.90%	-31.58%	-53.38%	-41.67%
Debt to EBITDA	2.70	3.91	3.99	4.22	3.83	2.07	1.94	1.81	1.86	3.83
Net Debt to EBITDA	0.09	0.47	0.72	0.84	0.55	0.25	0.46	0.57	0.80	1.44
Long-Term Debt to EBITDA	2.70	3.91	3.99	4.22	3.83	2.07	1.94	1.81	1.86	3.81
Debt to NOPAT	4.63	2.93	2.99	3.26	2.94	3.51	3.08	2.74	2.82	5.93
Net Debt to NOPAT	0.16	0.35	0.54	0.65	0.43	0.43	0.73	0.86	1.22	2.23
Long-Term Debt to NOPAT	4.63	2.93	2.99	3.26	2.94	3.51	3.08	2.74	2.82	5.91
Altman Z-Score	1.01	0.95	1.04	1.26	1.42	1.91	1.38	1.07	1.04	1.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.25	1.21	1.17	1.23	1.26	1.15	1.04	0.87	1.44
Quick Ratio	1.30	1.17	1.14	1.09	1.15	1.19	1.07	0.95	0.80	1.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-108	-571	-276	-469	-299	72	-53	-114	-159	-89
Operating Cash Flow to CapEx	4,054.84%	1,508.53%	7,363.16%	6,253.33%	2,722.34%	2,003.00%	1,907.61%	3,908.47%	6,687.80%	6,478.79%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.75	0.81	0.85	0.86	0.82	0.87	0.90	0.91	0.81
Accounts Receivable Turnover	50.59	44.97	46.45	45.30	43.33	40.84	40.58	39.78	38.02	36.64
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.31	7.38	7.62	8.15	8.50	8.10	8.11	8.14	7.87	7.63
Accounts Payable Turnover	15.48	13.82	14.23	12.40	11.87	12.41	13.24	11.07	11.06	11.87
Days Sales Outstanding (DSO)	7.22	8.12	7.86	8.06	8.42	8.94	9.00	9.18	9.60	9.96
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	23.58	26.42	25.66	29.44	30.76	29.41	27.56	32.97	33.00	30.75
Cash Conversion Cycle (CCC)	-16.37	-18.30	-17.80	-21.39	-22.33	-20.47	-18.57	-23.80	-23.40	-20.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-538	-127	-89	-106	-129	25	90	113	132	211
Invested Capital Turnover	-3.64	-6.05	-9.14	-6.70	-7.39	-48.76	3,879.69	756.36	1,539.15	21.60
Increase / (Decrease) in Invested Capital	184	515	343	511	409	152	178	220	261	187
Enterprise Value (EV)	7,695	8,300	8,014	9,631	9,692	10,383	8,769	7,904	8,954	10,268
Market Capitalization	7,642	8,118	7,737	9,326	9,471	10,193	8,402	7,419	8,275	9,304
Book Value per Share	($1.60)	($0.85)	($1.02)	($1.18)	($1.01)	($0.48)	($0.83)	($1.12)	($1.68)	($2.43)
Tangible Book Value per Share	($2.67)	($2.21)	($2.37)	($2.54)	($2.35)	($1.81)	($2.18)	($2.54)	($3.23)	($4.04)
Total Capital	915	1,216	1,165	1,121	1,180	1,381	1,266	1,176	1,023	1,806
Total Debt	1,506	1,526	1,530	1,533	1,530	1,546	1,543	1,547	1,569	2,558
Total Long-Term Debt	1,506	1,526	1,530	1,533	1,530	1,546	1,543	1,547	1,569	2,548
Net Debt	53	182	277	306	221	190	367	484	678	964
Capital Expenditures (CapEx)	6.20	13	1.90	3.00	9.40	10	9.20	5.90	4.10	3.30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,030	-1,050	-1,006	-1,024	-1,039	-1,041	-1,004	-1,015	-1,047	-1,057
Debt-free Net Working Capital (DFNWC)	423	293	247	203	270	315	172	47	-157	538
Net Working Capital (NWC)	423	293	247	203	270	315	172	47	-157	528
Net Nonoperating Expense (NNE)	-7.54	-385	-2.76	-1.83	-4.04	-4.09	-6.65	-5.46	-3.94	-5.01
Net Nonoperating Obligations (NNO)	53	182	277	306	221	190	367	484	678	964
Total Depreciation and Amortization (D&A)	50	51	54	54	52	52	40	41	44	47
Debt-free, Cash-free Net Working Capital to Revenue	-44.95%	-45.17%	-42.38%	-42.26%	-42.13%	-41.61%	-39.79%	-40.06%	-41.24%	-41.46%
Debt-free Net Working Capital to Revenue	18.47%	12.62%	10.41%	8.39%	10.96%	12.60%	6.84%	1.87%	-6.17%	21.10%
Net Working Capital to Revenue	18.47%	12.62%	10.41%	8.39%	10.96%	12.60%	6.84%	1.87%	-6.17%	20.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.91	$0.20	$0.13	$0.34	$0.66	$0.40	$0.34	$0.34	$0.34
Adjusted Weighted Average Basic Shares Outstanding	358.10M	361.20M	347.10M	341.40M	339.20M	341.20M	334.80M	322.40M	314.50M	318.20M
Adjusted Diluted Earnings per Share	$0.23	$0.91	$0.20	$0.13	$0.33	$0.65	$0.39	$0.34	$0.34	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	360.10M	363.30M	348.80M	343.80M	346M	345.60M	340.70M	323.70M	316.40M	323.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	362.74M	357.86M	349.67M	347.80M	345.76M	343.98M	330.19M	325.42M	309.73M	301.75M
Normalized Net Operating Profit after Tax (NOPAT)	79	-56	66	43	110	223	126	105	103	62
Normalized NOPAT Margin	13.38%	-9.40%	10.84%	6.90%	17.39%	35.15%	19.90%	16.56%	16.09%	9.56%
Pre Tax Income Margin	16.62%	-13.09%	14.33%	9.48%	21.41%	42.88%	23.93%	21.06%	20.77%	14.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	262.06%	143.78%	131.04%	128.95%	109.63%	119.03%	124.57%	128.36%	172.42%	274.51%

Financials Breakdown Chart

Key Financial Trends

Dropbox (NASDAQ:DBX) has shown a general trend of growing revenue and profitability over the last several years, with some fluctuations in margins and expenses.

Positive factors for Dropbox’s recent financial performance and trends include:

Operating Revenue has grown steadily from $611 million in Q1 2023 to $644 million in Q4 2024, demonstrating consistent top-line growth.
Net Income has improved significantly, rising from $69 million in Q1 2023 to $103 million in Q4 2024, indicating better profitability.
Gross Profit remained strong, expanding to $523 million in Q4 2024 from $494 million in Q1 2023, reflecting effective product and cost management.
Operating Income recorded solid improvement to $88 million in Q4 2024 from $84 million in Q1 2023 despite increased operating expenses, showing improved operational leverage.
Cash flow from operating activities is robust, with $214 million generated in Q4 2024, supporting liquidity and financial flexibility.
Net cash from investing activities turned positive to $114 million in Q4 2024, influenced by sales/maturities of investments surpassing purchases.

Neutral aspects observed:

Research & Development expense remains significant, around $220-243 million quarterly, reflecting continued investment in innovation.
Marketing and Selling/General/Admin expenses increased gradually, indicating sustained spending on growth and support functions.
Weighted average diluted shares outstanding slightly decreased to approximately 323 million in Q4 2024 from about 340-350 million in early 2023, which mildly supports EPS growth.
Dropbox’s total liabilities continue to substantially exceed total equity, resulting in negative shareholders’ equity, which is typical for tech firms with ongoing investments and buybacks but warrants monitoring.

Negative factors and areas of caution:

Despite profitability improvements, total operating expenses have also increased, reaching $435 million in Q4 2024 from $382 million in Q1 2023, pressuring operating margins.
The company has a significant amount of long-term debt, around $1.38 billion as of Q3 2024, and capital lease obligations, raising leverage and interest risk concerns.
Net cash used in financing activities in most quarters remains large due to consistent repurchase of common equity, reaching $353 million in Q4 2024, which reduces cash reserves.
Accumulated Other Comprehensive Income (loss) and Retained Earnings negative balances contribute to the overall negative equity position, which may impact investor perception.
Some quarters showed considerable fluctuations in non-cash adjustments and changes in operating assets and liabilities, reflecting variability in working capital and accounting items.

Summary: Dropbox has demonstrated steady revenue growth and improving net income over recent years, supported by solid gross margins and strong cash flow from operations. However, operating expenses and buybacks are high, leading to negative equity and high leverage. Investors should watch how Dropbox manages its expenses, debt levels, and buyback strategy going forward while benefiting from its growth momentum.

10/24/25 02:09 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Dropbox's Financials

When does Dropbox's financial year end?

According to the most recent income statement we have on file, Dropbox's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Dropbox's net income changed over the last 8 years?

Dropbox's net income appears to be on an upward trend, with a most recent value of $452.30 million in 2024, falling from -$210.20 million in 2016. The previous period was $453.60 million in 2023. See where experts think Dropbox is headed by visiting Dropbox's forecast page.

What is Dropbox's operating income?

Dropbox's total operating income in 2024 was $486.20 million, based on the following breakdown:

Total Gross Profit: $2.10 billion
Total Operating Expenses: $1.62 billion

How has Dropbox's revenue changed over the last 8 years?

Over the last 8 years, Dropbox's total revenue changed from $844.80 million in 2016 to $2.55 billion in 2024, a change of 201.6%.

How much debt does Dropbox have?

Dropbox's total liabilities were at $4.08 billion at the end of 2024, a 29.5% increase from 2023, and a 344.7% increase since 2017.

How much cash does Dropbox have?

In the past 7 years, Dropbox's cash and equivalents has ranged from $232.80 million in 2022 to $1.33 billion in 2024, and is currently $1.33 billion as of their latest financial filing in 2024.

How has Dropbox's book value per share changed over the last 8 years?

Over the last 8 years, Dropbox's book value per share changed from 0.00 in 2016 to -2.43 in 2024, a change of -242.9%.

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This page (NASDAQ:DBX) was last updated on 10/24/2025 by MarketBeat.com Staff

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Dropbox (DBX) Financials

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Dropbox (DBX) Financials

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