Dropbox (DBX) Financials

$25.42 +0.34 (+1.34%)

Closing price 03:59 PM Eastern

Extended Trading

$25.42 0.00 (0.00%)

As of 04:10 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-210	-112	-485	-53	-256	336	553	454	452	508
Consolidated Net Income / (Loss)	-210	-112	-485	-53	-256	336	553	454	452	508
Net Income / (Loss) Continuing Operations	-210	-112	-485	-53	-256	336	553	454	452	508
Total Pre-Tax Income	-205	-112	-480	-52	-250	299	193	554	510	618
Total Operating Income	-194	-114	-494	-81	-277	274	181	539	486	689
Total Gross Profit	454	738	997	1,250	1,499	1,714	1,881	2,023	2,103	2,020
Total Revenue	845	1,107	1,392	1,661	1,914	2,158	2,325	2,502	2,548	2,521
Operating Revenue	845	1,107	1,392	1,661	1,914	2,158	2,325	2,502	2,548	2,521
Total Cost of Revenue	391	369	395	411	415	444	444	479	445	501
Operating Cost of Revenue	391	369	395	411	415	444	444	479	445	501
Total Operating Expenses	648	852	1,491	1,331	1,776	1,439	1,699	1,484	1,617	1,331
Selling, General & Admin Expense	107	157	283	245	228	225	223	237	241	231
Marketing Expense	251	314	440	423	423	428	409	466	461	370
Research & Development Expense	290	380	768	662	728	756	892	937	915	732
Impairment Charge	-	-	0.00	0.00	398	-	175	-155	0.10	-1.30
Total Other Income / (Expense), net	-12	2.20	14	29	27	25	11	16	24	-72
Interest & Investment Income	-16	-11	7.10	13	1.70	-5.20	3.30	19	14	-79
Other Income / (Expense), net	4.90	13	6.80	16	25	30	8.10	-3.70	9.70	7.10
Income Tax Expense	5.20	0.20	4.80	0.70	6.10	-37	-361	101	58	109
Basic Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.87	$1.53	$1.33	$1.42	$1.89
Weighted Average Basic Shares Outstanding	189.10M	195.90M	358.60M	411.60M	414.30M	388M	361.20M	341.20M	318.20M	268.30M
Diluted Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.85	$1.52	$1.31	$1.40	$1.86
Weighted Average Diluted Shares Outstanding	189.10M	195.90M	358.60M	411.60M	414.30M	395.80M	363.30M	345.60M	323.40M	272.80M
Weighted Average Basic & Diluted Shares Outstanding	189.10M	195.90M	358.60M	411.60M	414.30M	381.65M	357.86M	343.98M	301.75M	241.19M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	43	114	227	132	111	107	103	150	126	124	109
Consolidated Net Income / (Loss)	43	114	227	132	111	107	103	150	126	124	109
Net Income / (Loss) Continuing Operations	43	114	227	132	111	107	103	150	126	124	109
Total Pre-Tax Income	59	136	272	151	134	133	92	170	148	157	143
Total Operating Income	57	131	267	144	127	128	88	184	168	175	162
Total Gross Profit	502	513	513	526	528	527	523	508	502	506	504
Total Revenue	623	633	635	631	635	639	644	625	626	634	636
Operating Revenue	623	633	635	631	635	639	644	625	626	634	636
Total Cost of Revenue	120	120	122	106	107	112	121	117	124	128	132
Operating Cost of Revenue	120	120	122	106	107	112	121	117	124	128	132
Total Operating Expenses	446	383	246	382	401	400	435	324	334	331	342
Selling, General & Admin Expense	60	60	61	54	61	63	63	54	59	58	60
Marketing Expense	121	106	120	109	113	111	129	92	88	92	99
Research & Development Expense	263	216	222	219	227	226	243	178	184	182	187
Total Other Income / (Expense), net	2.50	4.80	4.90	7.60	6.60	4.90	4.50	-14	-21	-18	-19
Interest & Investment Income	3.70	5.00	6.80	7.30	4.70	3.80	-1.90	-15	-19	-20	-25
Other Income / (Expense), net	-1.20	-0.20	-1.90	0.30	1.90	1.10	6.40	0.30	-2.00	2.80	6.00
Income Tax Expense	16	21	45	19	23	26	-10	19	22	33	34
Basic Earnings per Share	$0.13	$0.34	$0.66	$0.40	$0.34	$0.34	$0.34	$0.52	$0.46	$0.47	$0.44
Weighted Average Basic Shares Outstanding	341.40M	339.20M	341.20M	334.80M	322.40M	314.50M	318.20M	290.30M	272.40M	261.10M	268.30M
Diluted Earnings per Share	$0.13	$0.33	$0.65	$0.39	$0.34	$0.34	$0.33	$0.51	$0.45	$0.47	$0.43
Weighted Average Diluted Shares Outstanding	343.80M	346M	345.60M	340.70M	323.70M	316.40M	323.40M	295.70M	276.70M	265.10M	272.80M
Weighted Average Basic & Diluted Shares Outstanding	347.80M	345.76M	343.98M	330.19M	325.42M	309.73M	301.75M	281.49M	269.86M	258.74M	241.19M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-4.20	77	92	32	-236	218	-300	382	746	-455
Net Cash From Operating Activities	253	330	425	529	571	730	797	784	894	952
Net Cash From Continuing Operating Activities	253	330	425	529	571	730	797	784	894	952
Net Income / (Loss) Continuing Operations	-210	-112	-485	-53	-256	336	553	454	452	508
Consolidated Net Income / (Loss)	-210	-112	-485	-53	-256	336	553	454	452	508
Depreciation Expense	192	182	167	174	159	151	157	170	137	157
Amortization Expense	3.70	6.60	12	18	25	36	44	43	35	36
Non-Cash Adjustments To Reconcile Net Income	149	172	648	300	666	350	486	199	315	289
Changes in Operating Assets and Liabilities, net	119	81	83	90	-23	-143	-443	-81	-45	-39
Net Cash From Investing Activities	-118	-24	-634	-320	-234	-525	-49	395	444	112
Net Cash From Continuing Investing Activities	-118	-24	-634	-320	-234	-525	-49	395	444	112
Purchase of Property, Plant & Equipment	-115	-25	-63	-136	-80	-22	-34	-24	-23	-21
Acquisitions	-8.50	-0.80	-3.00	-176	-0.20	-147	-77	-0.30	-58	-14
Purchase of Investments	-	0.00	-850	-775	-756	-1,138	-571	-209	-62	0.00
Divestitures	-	-	-	-	26	0.00	11	0.00	0.00	1.70
Sale and/or Maturity of Investments	0.00	0.00	284	751	559	742	603	605	555	125
Other Investing Activities, net	5.70	2.20	-1.00	16	17	40	20	24	31	20
Net Cash From Financing Activities	-135	-232	301	-177	-578	16	-1,042	-799	-587	-1,531
Net Cash From Continuing Financing Activities	-135	-232	301	-177	-578	16	-1,042	-799	-587	-1,531
Repayment of Debt	-143	-142	-6.50	-0.60	-0.80	-24	0.00	-0.10	-50	-162
Repurchase of Common Equity	0.00	-2.50	-4.50	0.00	-398	-1,059	-795	-540	-1,242	-1,714
Issuance of Debt	-	-	-	0.00	0.00	1,389	0.00	0.00	1,000	500
Issuance of Common Equity	0.00	0.50	773	2.20	2.30	210	0.50	2.50	0.90	0.10
Other Financing Activities, net	8.80	-88	-461	-178	-182	-501	-247	-262	-296	-155
Effect of Exchange Rate Changes	-4.30	-	-	-	-	-3.10	-	2.40	-	12
Cash Interest Paid	15	11	8.30	9.80	9.60	8.50	8.20	11	15	106
Cash Income Taxes Paid	1.50	3.40	1.40	0.60	5.00	4.20	28	68	61	57

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	178	94	11	-66	-34	2.50	843	-386	-206	-5.00	142
Net Cash From Operating Activities	188	256	200	176	231	274	214	154	261	302	235
Net Cash From Continuing Operating Activities	188	256	200	176	231	274	214	154	261	302	235
Net Income / (Loss) Continuing Operations	43	114	227	132	111	107	103	150	126	124	109
Consolidated Net Income / (Loss)	43	114	227	132	111	107	103	150	126	124	109
Depreciation Expense	43	42	43	31	32	35	38	38	39	40	41
Amortization Expense	11	11	9.40	8.60	8.40	8.80	9.10	9.50	9.20	8.60	8.60
Non-Cash Adjustments To Reconcile Net Income	73	132	-95	89	83	96	104	27	96	90	76
Changes in Operating Assets and Liabilities, net	18	-42	16	-85	-4.00	27	-40	-72	-9.20	41	1.10
Net Cash From Investing Activities	206	10	-22	114	63	153	114	36	12	18	46
Net Cash From Continuing Investing Activities	206	10	-22	114	63	153	114	36	12	18	46
Purchase of Property, Plant & Equipment	-3.00	-9.40	-10	-9.20	-5.90	-4.10	-3.30	-0.10	-2.00	-8.40	-11
Sale and/or Maturity of Investments	221	82	72	180	86	182	108	30	21	25	49
Other Investing Activities, net	5.40	2.50	13	5.70	4.60	12	9.40	6.30	1.80	5.80	6.00
Net Cash From Financing Activities	-217	-169	-172	-353	-327	-431	524	-579	-488	-324	-141
Net Cash From Continuing Financing Activities	-217	-169	-172	-353	-327	-431	524	-579	-488	-324	-141
Repayment of Debt	32	-	-127	0.00	32	-	-180	-5.80	-73	-48	-35
Repurchase of Common Equity	-154	-104	-106	-279	-260	-349	-353	-499	-410	-390	-415
Issuance of Debt	-	-	-	-	-	-	-	-	-	-	350
Other Financing Activities, net	-96	-66	61	-73	-99	-83	56	-74	-4.50	-36	-41
Effect of Exchange Rate Changes	-	-	4.30	-2.50	-0.90	6.30	-8.60	-	-	-1.30	1.20

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	2025
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	12/31/2025
Total Assets	1,020	1,694	2,699	2,387	3,091	3,110	2,984	3,325	2,845
Total Current Assets	518	1,210	1,243	1,228	1,850	1,490	1,517	1,738	1,191
Cash & Equivalents	430	519	551	315	533	233	615	1,328	891
Short-Term Investments	0.00	570	608	806	1,185	1,111	741	266	147
Accounts Receivable	29	29	37	43	50	54	69	70	79
Prepaid Expenses	59	92	48	63	82	93	92	74	73
Plant, Property, & Equipment, net	342	311	445	339	322	308	309	359	378
Total Noncurrent Assets	160	173	1,011	821	920	1,312	1,158	1,228	1,276
Goodwill	99	97	235	237	357	403	402	443	455
Intangible Assets	17	15	47	34	54	88	58	55	34
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	41	499	460	467	416
Other Noncurrent Operating Assets	44	62	729	551	468	322	237	264	372
Total Liabilities & Shareholders' Equity	1,020	1,694	2,699	2,387	3,091	3,110	2,984	3,325	2,845
Total Liabilities	917	1,017	1,891	2,053	3,385	3,420	3,149	4,078	4,642
Total Current Liabilities	738	838	1,015	1,088	1,176	1,197	1,202	1,211	1,894
Short-Term Debt	103	74	-	-	-	-	0.00	10	710
Accounts Payable	32	33	41	19	26	39	39	37	24
Accrued Expenses	130	165	162	157	141	140	155	143	122
Current Deferred Revenue	418	485	554	611	672	703	725	728	730
Current Employee Benefit Liabilities	56	81	101	114	139	132	109	105	112
Other Current Liabilities	-	-	157	188	199	184	174	188	196
Total Noncurrent Liabilities	179	180	876	966	2,209	2,223	1,948	2,867	2,749
Long-Term Debt	-	-	-	0.00	1,370	1,374	1,378	2,345	2,124
Capital Lease Obligations	72	90	-	-	-	152	169	204	202
Other Noncurrent Operating Liabilities	37	90	876	966	839	697	402	319	424
Commitments & Contingencies	0.00	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	-1,797
Total Preferred & Common Equity	103	677	808	334	-294	-309	-166	-752	-1,797
Preferred Stock	0.00	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	-1,797
Common Stock	533	2,338	2,531	2,564	2,448	2,512	2,598	2,404	2,012
Retained Earnings	-1,050	-1,660	-1,726	-2,241	-2,739	-2,772	-2,742	-3,147	-3,815
Accumulated Other Comprehensive Income / (Loss)	4.20	-1.20	3.30	11	-2.60	-49	-22	-10	5.70

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	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	2,703	2,994	2,939	3,011	2,798	2,719	2,577	2,957	2,779	2,796
Total Current Assets	1,580	1,400	1,381	1,467	1,339	1,231	1,046	1,335	1,114	1,083
Cash & Equivalents	372	333	510	604	549	515	518	942	736	731
Short-Term Investments	1,081	920	717	705	627	547	373	238	218	195
Accounts Receivable	50	58	60	64	67	67	70	72	76	74
Prepaid Expenses	77	89	93	94	97	102	85	83	83	84
Plant, Property, & Equipment, net	281	307	299	299	315	324	346	365	362	377
Total Noncurrent Assets	842	1,287	1,260	1,245	1,144	1,163	1,185	1,258	1,304	1,336
Goodwill	353	403	402	401	402	412	443	443	452	453
Intangible Assets	43	81	74	66	52	56	62	49	43	40
Noncurrent Deferred & Refundable Income Taxes	-	495	491	487	461	462	458	465	465	434
Other Noncurrent Operating Assets	447	308	293	291	229	234	222	301	344	408
Total Liabilities & Shareholders' Equity	2,703	2,994	2,939	3,011	2,798	2,719	2,577	2,957	2,779	2,796
Total Liabilities	3,294	3,359	3,351	3,361	3,075	3,090	3,123	4,033	4,085	4,327
Total Current Liabilities	1,156	1,153	1,177	1,197	1,167	1,184	1,202	1,837	1,855	1,903
Short-Term Debt	-	-	-	-	-	-	-	704	704	706
Accounts Payable	34	39	44	45	32	38	36	34	38	37
Accrued Expenses	137	167	151	151	160	152	147	149	134	150
Current Deferred Revenue	699	728	735	735	742	743	740	740	743	741
Current Employee Benefit Liabilities	102	40	67	86	43	67	91	40	66	85
Other Current Liabilities	184	179	181	180	190	185	189	171	171	184
Total Noncurrent Liabilities	2,138	2,206	2,173	2,164	1,908	1,906	1,921	2,196	2,230	2,424
Long-Term Debt	1,373	1,375	1,376	1,377	1,379	1,380	1,381	1,650	1,650	1,792
Capital Lease Obligations	133	155	157	153	164	167	189	210	200	206
Other Noncurrent Operating Liabilities	631	677	640	634	365	359	352	336	380	426
Commitments & Contingencies	0.00	0.00	0.00	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	-1,076	-1,306	-1,531
Total Preferred & Common Equity	-591	-365	-412	-350	-277	-371	-546	-1,076	-1,306	-1,531
Total Common Equity	-591	-365	-412	-350	-277	-371	-546	-1,076	-1,306	-1,531
Common Stock	2,439	2,502	2,522	2,561	2,555	2,520	2,455	2,267	2,181	2,100
Retained Earnings	-2,972	-2,828	-2,896	-2,875	-2,812	-2,873	-2,993	-3,336	-3,488	-3,634
Accumulated Other Comprehensive Income / (Loss)	-58	-39	-38	-37	-20	-19	-7.60	-7.00	1.10	2.10

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	31.01%	25.74%	19.37%	15.21%	12.75%	7.74%	7.60%	1.86%	-1.07%
EBITDA Growth	0.00%	1,211.94%	-450.74%	141.23%	-153.19%	827.81%	-20.69%	91.65%	-10.66%	33.14%
EBIT Growth	0.00%	46.71%	-384.78%	86.76%	-290.54%	220.88%	-37.80%	182.47%	-7.31%	40.39%
NOPAT Growth	0.00%	41.24%	-334.48%	83.70%	-244.10%	258.77%	69.06%	-15.32%	-2.13%	31.50%
Net Income Growth	0.00%	46.86%	-334.11%	89.13%	-386.34%	231.02%	64.74%	-18.00%	-0.29%	12.40%
EPS Growth	0.00%	48.65%	-136.84%	90.37%	-376.92%	237.10%	78.82%	-13.82%	6.87%	32.86%
Operating Cash Flow Growth	0.00%	30.76%	28.79%	24.24%	8.00%	27.86%	9.25%	-1.71%	14.09%	6.45%
Free Cash Flow Firm Growth	0.00%	0.00%	-441.21%	118.19%	434.65%	-33.31%	-96.38%	4,823.40%	-15.46%	136.67%
Invested Capital Growth	0.00%	0.00%	-62.83%	-40.92%	-124.61%	18.51%	80.19%	119.28%	762.86%	-5.35%
Revenue Q/Q Growth	0.00%	0.00%	5.33%	4.41%	3.13%	2.93%	1.45%	1.47%	0.34%	-0.29%
EBITDA Q/Q Growth	0.00%	0.00%	8.79%	3.17%	-124.81%	789.69%	-30.17%	87.28%	-20.88%	9.33%
EBIT Q/Q Growth	0.00%	0.00%	5.03%	8.90%	-387.23%	339.20%	-47.17%	185.18%	-25.66%	11.88%
NOPAT Q/Q Growth	0.00%	0.00%	4.87%	6.29%	-444.90%	408.85%	60.14%	-15.20%	-22.52%	4.09%
Net Income Q/Q Growth	0.00%	0.00%	5.50%	5.22%	-409.17%	349.48%	58.28%	-18.21%	-21.58%	1.17%
EPS Q/Q Growth	0.00%	0.00%	42.31%	-118.84%	-426.32%	383.33%	63.44%	-16.56%	-18.60%	5.68%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	14.11%	13.56%	-2.74%	-1.08%	4.17%	0.73%	1.53%	2.32%
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%	34.62%
Invested Capital Q/Q Growth	0.00%	0.00%	-6.87%	-30.67%	-109.89%	11.12%	76.39%	118.99%	59.79%	-19.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.76%	66.67%	71.64%	75.26%	78.34%	79.42%	80.89%	80.87%	82.53%	80.13%
EBITDA Margin	0.79%	7.94%	-22.15%	7.65%	-3.53%	22.80%	16.78%	29.89%	26.22%	35.28%
Operating Margin	-22.90%	-10.27%	-35.50%	-4.85%	-14.47%	12.72%	7.80%	21.53%	19.08%	27.33%
EBIT Margin	-22.32%	-9.08%	-35.01%	-3.88%	-13.16%	14.11%	8.15%	21.39%	19.46%	27.62%
Profit (Net Income) Margin	-24.88%	-10.09%	-34.84%	-3.17%	-13.39%	15.56%	23.79%	18.13%	17.75%	20.17%
Tax Burden Percent	102.54%	100.18%	101.00%	101.35%	102.44%	112.20%	287.08%	81.82%	88.72%	82.32%
Interest Burden Percent	108.70%	110.95%	98.54%	80.62%	99.33%	98.29%	101.74%	103.63%	102.80%	88.71%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	-12.20%	-187.08%	18.18%	11.28%	17.68%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	365.72%	275.70%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	369.34%	271.73%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-464.23%	-315.58%
Return on Equity (ROE)	0.00%	-108.55%	-124.38%	-7.10%	-44.88%	1,683.21%	-183.39%	-190.91%	-98.52%	-39.88%
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%	281.19%
Operating Return on Assets (OROA)	0.00%	-9.85%	-35.90%	-2.94%	-9.90%	11.12%	6.11%	17.56%	15.72%	22.57%
Return on Assets (ROA)	0.00%	-10.95%	-35.73%	-2.40%	-10.08%	12.26%	17.84%	14.89%	14.34%	16.48%
Return on Common Equity (ROCE)	0.00%	-108.55%	-124.38%	-7.10%	-44.88%	1,683.21%	-183.39%	-190.91%	-98.52%	-39.88%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-108.55%	-71.65%	-6.52%	-76.78%	-114.26%	-178.80%	-273.58%	-60.11%	0.00%
Net Operating Profit after Tax (NOPAT)	-135	-80	-346	-56	-194	308	520	441	431	567
NOPAT Margin	-16.03%	-7.19%	-24.85%	-3.39%	-10.13%	14.27%	22.39%	17.62%	16.93%	22.50%
Net Nonoperating Expense Percent (NNEP)	0.00%	-25.12%	-23.55%	0.35%	-5.47%	3.80%	39.55%	-6.90%	-3.63%	3.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	42.79%	31.93%	23.89%	45.81%
Cost of Revenue to Revenue	46.24%	33.33%	28.36%	24.74%	21.66%	20.58%	19.11%	19.13%	17.47%	19.87%
SG&A Expenses to Revenue	12.71%	14.21%	20.35%	14.77%	11.90%	10.41%	9.59%	9.48%	9.47%	9.14%
R&D to Revenue	34.29%	34.36%	55.20%	39.85%	38.01%	35.03%	38.36%	37.44%	35.90%	29.04%
Operating Expenses to Revenue	76.67%	76.94%	107.14%	80.11%	92.81%	66.70%	73.10%	59.34%	63.45%	52.80%
Earnings before Interest and Taxes (EBIT)	-189	-101	-487	-65	-252	305	189	535	496	696
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.70	88	-308	127	-68	492	390	748	668	890
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	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	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	2.85
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	28.71	14.67	22.47	20.57	14.15
Dividend Yield	0.00%	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%	7.07%
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	45.93
Enterprise Value to Revenue (EV/Rev)	0.00	0.45	5.30	3.78	4.21	4.31	3.57	4.15	4.03	3.65
Enterprise Value to EBITDA (EV/EBITDA)	0.00	5.69	0.00	49.41	0.00	18.89	21.27	13.89	15.37	10.33
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	30.51	43.82	19.41	20.71	13.20
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	30.18	15.95	23.56	23.80	16.20
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	9.66
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	15.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.69	0.24	0.00	0.00	-4.66	-4.93	-9.33	-3.40	-1.69
Long-Term Debt to Equity	0.00	0.70	0.13	0.00	0.00	-4.66	-4.93	-9.33	-3.39	-1.29
Financial Leverage	0.00	-2.48	-1.52	-1.40	-2.00	-36.82	0.27	-0.78	-1.26	-1.16
Leverage Ratio	0.00	9.91	3.48	2.96	4.45	137.31	-10.28	-12.82	-6.87	-2.42
Compound Leverage Factor	0.00	11.00	3.43	2.38	4.42	134.96	-10.46	-13.29	-7.06	-2.15
Debt to Total Capital	0.00%	62.88%	19.48%	0.00%	0.00%	127.30%	125.44%	112.01%	141.67%	245.13%
Short-Term Debt to Total Capital	0.00%	37.05%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.55%	57.37%
Long-Term Debt to Total Capital	0.00%	25.83%	10.70%	0.00%	0.00%	127.30%	125.44%	112.01%	141.12%	187.77%
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	0.00%	37.12%	80.52%	100.00%	100.00%	-27.30%	-25.44%	-12.01%	-41.67%	-145.13%
Debt to EBITDA	0.00	1.98	-0.53	0.00	0.00	2.79	3.91	2.07	3.83	3.41
Net Debt to EBITDA	0.00	-2.91	3.00	0.00	0.00	-0.71	0.47	0.25	1.44	2.25
Long-Term Debt to EBITDA	0.00	0.81	-0.29	0.00	0.00	2.79	3.91	2.07	3.81	2.61
Debt to NOPAT	0.00	-2.19	-0.47	0.00	0.00	4.45	2.93	3.51	5.93	5.35
Net Debt to NOPAT	0.00	3.21	2.68	0.00	0.00	-1.13	0.35	0.43	2.23	3.52
Long-Term Debt to NOPAT	0.00	-0.90	-0.26	0.00	0.00	4.45	2.93	3.51	5.91	4.10
Altman Z-Score	0.00	-0.45	3.66	2.10	1.89	1.75	1.24	2.21	1.49	0.45
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	0.00	0.70	1.45	1.23	1.13	1.57	1.25	1.26	1.44	0.63
Quick Ratio	0.00	0.62	1.33	1.18	1.07	1.50	1.17	1.19	1.37	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	73	-250	45	243	162	5.87	289	244	579
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%	4,532.38%
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	0.00	1.09	1.03	0.76	0.75	0.79	0.75	0.82	0.81	0.82
Accounts Receivable Turnover	0.00	37.77	48.07	50.88	47.79	46.41	44.97	40.84	36.64	33.73
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	0.00	3.24	4.27	4.40	4.88	6.53	7.38	8.10	7.63	6.84
Accounts Payable Turnover	0.00	11.56	12.11	11.11	13.96	20.01	13.82	12.41	11.87	16.47
Days Sales Outstanding (DSO)	0.00	9.66	7.59	7.17	7.64	7.87	8.12	8.94	9.96	10.82
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)	0.00	31.56	30.15	32.86	26.15	18.24	26.42	29.41	30.75	22.16
Cash Conversion Cycle (CCC)	0.00	-21.90	-22.55	-25.69	-18.51	-10.38	-18.30	-20.47	-20.79	-11.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-153	-249	-351	-788	-642	-127	25	211	200
Invested Capital Turnover	0.00	-14.49	-6.93	-5.54	-3.36	-3.02	-6.05	-48.76	21.60	12.25
Increase / (Decrease) in Invested Capital	0.00	-153	-96	-102	-437	146	515	152	187	-11
Enterprise Value (EV)	0.00	500	7,380	6,279	8,057	9,292	8,300	10,383	10,268	9,190
Market Capitalization	756	756	8,305	7,438	9,178	9,639	8,118	10,193	9,304	7,193
Book Value per Share	$0.00	$0.53	$1.66	$1.95	$0.81	($0.75)	($0.85)	($0.48)	($2.43)	($6.95)
Tangible Book Value per Share	$0.00	($0.07)	$1.39	$1.27	$0.15	($1.79)	($2.21)	($1.81)	($4.04)	($8.83)
Total Capital	0.00	277	841	808	334	1,076	1,216	1,381	1,806	1,238
Total Debt	0.00	174	164	0.00	0.00	1,370	1,526	1,546	2,558	3,036
Total Long-Term Debt	0.00	72	90	0.00	0.00	1,370	1,526	1,546	2,548	2,325
Net Debt	0.00	-256	-926	-1,159	-1,121	-348	182	190	964	1,997
Capital Expenditures (CapEx)	115	25	63	136	80	22	34	24	23	21
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-548	-643	-931	-982	-1,044	-1,050	-1,041	-1,057	-1,031
Debt-free Net Working Capital (DFNWC)	0.00	-118	447	228	140	674	293	315	538	7.40
Net Working Capital (NWC)	0.00	-220	373	228	140	674	293	315	528	-703
Net Nonoperating Expense (NNE)	75	32	139	-3.65	62	-28	-33	-13	-21	59
Net Nonoperating Obligations (NNO)	0.00	-256	-926	-1,159	-1,121	-348	182	190	964	1,997
Total Depreciation and Amortization (D&A)	195	188	179	192	184	188	201	213	172	193
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%	-40.89%
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%	0.29%
Net Working Capital to Revenue	0.00%	-19.90%	26.78%	13.75%	7.30%	31.23%	12.62%	12.60%	20.70%	-27.89%
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	$1.89
Adjusted Weighted Average Basic Shares Outstanding	189.10M	195.90M	411.27M	418.85M	414.72M	388M	361.20M	341.20M	318.20M	268.30M
Adjusted Diluted Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.85	$1.52	$1.31	$1.40	$1.86
Adjusted Weighted Average Diluted Shares Outstanding	189.10M	195.90M	411.27M	418.85M	414.72M	395.80M	363.30M	345.60M	323.40M	272.80M
Adjusted Basic & Diluted Earnings per Share	($1.11)	($0.57)	($1.35)	($0.13)	($0.62)	$0.00	$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	241.19M
Normalized Net Operating Profit after Tax (NOPAT)	-135	-80	-346	-56	85	192	250	314	431	566
Normalized NOPAT Margin	-16.03%	-7.19%	-24.85%	-3.39%	4.43%	8.90%	10.73%	12.54%	16.93%	22.46%
Pre Tax Income Margin	-24.27%	-10.07%	-34.50%	-3.13%	-13.07%	13.87%	8.29%	22.16%	20.01%	24.50%
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	0.00%	-2.24%	-0.93%	0.00%	-155.09%	315.22%	143.78%	119.03%	274.51%	337.12%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.70%	7.11%	6.05%	3.31%	1.93%	0.92%	1.35%	-1.05%	-1.39%	-0.69%	-1.15%
EBITDA Growth	-15.74%	24.69%	1,138.89%	33.29%	55.40%	-5.36%	-55.46%	26.06%	26.46%	30.46%	53.60%
EBIT Growth	-30.53%	35.23%	424.18%	71.80%	133.09%	-1.23%	-64.48%	28.03%	29.09%	37.70%	78.37%
NOPAT Growth	-36.33%	45.47%	496.61%	89.67%	153.91%	-6.63%	-56.19%	29.71%	36.24%	33.89%	25.99%
Net Income Growth	-30.32%	37.14%	-30.76%	91.74%	155.79%	-6.49%	-54.77%	13.61%	13.67%	16.03%	5.74%
EPS Growth	-23.53%	43.48%	-28.57%	95.00%	161.54%	3.03%	-49.23%	30.77%	32.35%	38.24%	30.30%
Operating Cash Flow Growth	-10.62%	1.79%	2.93%	25.45%	22.92%	7.15%	6.74%	-12.36%	12.97%	10.18%	10.10%
Free Cash Flow Firm Growth	-4,223.83%	-176.97%	112.54%	80.95%	75.61%	47.02%	-224.43%	-5.63%	66.89%	114.12%	250.95%
Invested Capital Growth	82.76%	76.04%	119.28%	201.47%	206.30%	202.56%	762.86%	243.43%	160.04%	87.07%	-5.35%
Revenue Q/Q Growth	1.87%	1.69%	0.32%	-0.58%	0.51%	0.68%	0.75%	-2.94%	0.16%	1.39%	0.28%
EBITDA Q/Q Growth	-20.81%	67.40%	73.91%	-42.18%	-7.67%	1.94%	-18.15%	63.63%	-7.38%	5.17%	-3.63%
EBIT Q/Q Growth	-33.93%	135.99%	103.45%	-45.84%	-10.36%	0.00%	-26.84%	95.23%	-9.61%	6.67%	-5.24%
NOPAT Q/Q Growth	-37.55%	166.04%	102.81%	-43.71%	-16.40%	-2.17%	-4.83%	66.66%	-12.19%	-3.86%	-10.45%
Net Income Q/Q Growth	-37.39%	164.12%	99.21%	-41.80%	-16.48%	-3.44%	-3.66%	46.21%	-16.43%	-1.43%	-12.20%
EPS Q/Q Growth	-35.00%	153.85%	96.97%	-40.00%	-12.82%	0.00%	-2.94%	54.55%	-11.76%	4.44%	-8.51%
Operating Cash Flow Q/Q Growth	34.10%	36.41%	-21.73%	-12.38%	31.40%	18.91%	-22.03%	-28.06%	69.38%	15.97%	-22.08%
Free Cash Flow Firm Q/Q Growth	-69.79%	36.23%	123.93%	-173.53%	-117.38%	-38.51%	43.80%	37.58%	31.87%	159.06%	500.97%
Invested Capital Q/Q Growth	-20.23%	-21.24%	118.99%	266.53%	25.95%	16.98%	59.79%	45.88%	-4.64%	-15.85%	-19.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.71%	81.11%	80.79%	83.24%	83.14%	82.55%	81.23%	81.32%	80.23%	79.78%	79.24%
EBITDA Margin	17.54%	28.88%	50.06%	29.11%	26.75%	27.08%	22.00%	37.09%	34.30%	35.58%	34.19%
Operating Margin	9.08%	20.65%	42.11%	22.73%	20.02%	20.01%	13.66%	29.42%	26.91%	27.54%	25.50%
EBIT Margin	8.88%	20.62%	41.81%	22.78%	20.32%	20.18%	14.65%	29.47%	26.59%	27.98%	26.44%
Profit (Net Income) Margin	6.94%	18.03%	35.80%	20.96%	17.42%	16.70%	15.97%	24.06%	20.07%	19.51%	17.09%
Tax Burden Percent	73.22%	84.21%	83.47%	87.56%	82.71%	80.41%	111.26%	88.67%	84.98%	78.75%	75.96%
Interest Burden Percent	106.69%	103.83%	102.56%	105.08%	103.65%	102.95%	97.99%	92.07%	88.82%	88.56%	85.08%
Effective Tax Rate	26.78%	15.79%	16.53%	12.44%	17.29%	19.59%	-11.26%	11.33%	15.02%	21.25%	24.04%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	77,216.26%	12,521.47%	24,759.44%	328.27%	333.04%	284.52%	288.75%	237.29%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	77,218.33%	12,522.86%	24,760.32%	329.14%	331.59%	282.84%	287.63%	236.31%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	-77,374.59%	-12,629.98%	-24,851.47%	-413.70%	-429.19%	-351.53%	-340.21%	-274.45%
Return on Equity (ROE)	-109.70%	-117.80%	-190.91%	-158.33%	-108.51%	-92.03%	-85.43%	-96.15%	-67.01%	-51.47%	-37.16%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	1,180.22%	358.62%	304.63%	223.30%	207.26%	125.66%	160.72%	226.31%	281.19%
Operating Return on Assets (OROA)	7.56%	17.79%	34.33%	19.84%	18.20%	18.34%	11.84%	26.03%	24.50%	26.34%	21.60%
Return on Assets (ROA)	5.90%	15.56%	29.39%	18.25%	15.60%	15.18%	12.90%	21.25%	18.50%	18.37%	13.96%
Return on Common Equity (ROCE)	-109.70%	-117.80%	-190.91%	-158.33%	-108.51%	-92.03%	-85.43%	-96.15%	-67.01%	-51.47%	-37.16%
Return on Equity Simple (ROE_SIMPLE)	-127.14%	-158.32%	0.00%	-186.47%	-157.34%	-105.62%	0.00%	-43.72%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	41	110	223	126	105	103	98	163	143	138	123
NOPAT Margin	6.65%	17.39%	35.15%	19.90%	16.56%	16.09%	15.19%	26.09%	22.87%	21.69%	19.37%
Net Nonoperating Expense Percent (NNEP)	-1.58%	-2.95%	-2.20%	-2.07%	-1.38%	-0.88%	-0.87%	1.45%	1.68%	1.12%	0.98%
Return On Investment Capital (ROIC_SIMPLE)	-	-	16.17%	-	-	-	5.42%	10.95%	11.46%	11.73%	9.95%
Cost of Revenue to Revenue	19.29%	18.89%	19.21%	16.76%	16.86%	17.45%	18.77%	18.68%	19.77%	20.22%	20.76%
SG&A Expenses to Revenue	9.64%	9.48%	9.65%	8.57%	9.60%	9.91%	9.77%	8.61%	9.40%	9.08%	9.48%
R&D to Revenue	42.22%	34.19%	34.98%	34.71%	35.79%	35.33%	37.76%	28.56%	29.47%	28.74%	29.38%
Operating Expenses to Revenue	71.63%	60.46%	38.68%	60.51%	63.12%	62.54%	67.57%	51.90%	53.32%	52.24%	53.74%
Earnings before Interest and Taxes (EBIT)	55	131	266	144	129	129	94	184	166	178	168
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	109	183	318	184	170	173	142	232	215	226	218
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	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	0.00
Price to Revenue (P/Rev)	3.85	3.84	4.07	3.33	2.93	3.26	3.65	3.17	3.18	3.22	2.85
Price to Earnings (P/E)	17.81	17.08	22.47	16.25	12.70	14.35	20.57	17.14	16.59	16.22	14.15
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.62%	5.86%	4.45%	6.15%	7.87%	6.97%	4.86%	5.84%	6.03%	6.16%	7.07%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	423.81	97.65	69.88	67.68	48.57	30.62	32.81	40.13	45.93
Enterprise Value to Revenue (EV/Rev)	3.97	3.93	4.15	3.48	3.12	3.53	4.03	3.72	3.81	3.93	3.65
Enterprise Value to EBITDA (EV/EBITDA)	26.52	24.27	13.89	11.05	9.25	10.60	15.37	13.19	12.68	12.21	10.33
Enterprise Value to EBIT (EV/EBIT)	62.70	51.66	19.41	14.74	11.82	13.42	20.71	17.61	16.82	15.96	13.20
Enterprise Value to NOPAT (EV/NOPAT)	20.47	18.65	23.56	17.53	14.01	16.08	23.80	20.15	18.99	18.22	16.20
Enterprise Value to Operating Cash Flow (EV/OCF)	12.45	12.46	13.25	10.70	9.17	10.17	11.48	10.83	10.70	10.68	9.66
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	87.75	35.91	27.23	22.94	30.31	42.00	37.75	29.49	23.11	15.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-3.72	-4.37	-9.33	-5.57	-4.17	-2.87	-3.40	-2.38	-1.96	-1.77	-1.69
Long-Term Debt to Equity	-3.72	-4.37	-9.33	-5.57	-4.17	-2.87	-3.39	-1.73	-1.42	-1.30	-1.29
Financial Leverage	-0.24	-0.29	-0.78	-1.00	-1.01	-1.00	-1.26	-1.29	-1.24	-1.18	-1.16
Leverage Ratio	-5.97	-6.07	-12.82	-9.02	-7.22	-6.23	-6.87	-4.25	-3.28	-2.59	-2.42
Compound Leverage Factor	-6.37	-6.30	-13.15	-9.47	-7.49	-6.42	-6.73	-3.92	-2.91	-2.29	-2.06
Debt to Total Capital	136.74%	129.69%	112.01%	121.90%	131.58%	153.38%	141.67%	172.27%	204.54%	230.56%	245.13%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.55%	47.29%	56.40%	60.23%	57.37%
Long-Term Debt to Total Capital	136.74%	129.69%	112.01%	121.90%	131.58%	153.38%	141.12%	124.99%	148.14%	170.33%	187.77%
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%	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%	0.00%
Common Equity to Total Capital	-36.74%	-29.69%	-12.01%	-21.90%	-31.58%	-53.38%	-41.67%	-72.27%	-104.54%	-130.56%	-145.13%
Debt to EBITDA	4.22	3.83	2.07	1.94	1.81	1.86	3.83	3.58	3.36	3.32	3.41
Net Debt to EBITDA	0.84	0.55	0.25	0.46	0.57	0.80	1.44	1.93	2.10	2.19	2.25
Long-Term Debt to EBITDA	4.22	3.83	2.07	1.94	1.81	1.86	3.81	2.60	2.43	2.46	2.61
Debt to NOPAT	3.26	2.94	3.51	3.08	2.74	2.82	5.93	5.47	5.03	4.96	5.35
Net Debt to NOPAT	0.65	0.43	0.43	0.73	0.86	1.22	2.23	2.95	3.15	3.26	3.52
Long-Term Debt to NOPAT	3.26	2.94	3.51	3.08	2.74	2.82	5.91	3.97	3.64	3.67	4.10
Altman Z-Score	1.26	1.42	1.91	1.38	1.07	1.04	1.09	0.48	0.21	0.07	-0.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	1.23	1.26	1.15	1.04	0.87	1.44	0.73	0.60	0.57	0.63
Quick Ratio	1.09	1.15	1.19	1.07	0.95	0.80	1.37	0.68	0.56	0.53	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-469	-299	72	-53	-114	-159	-89	-56	-38	22	135
Operating Cash Flow to CapEx	6,253.33%	2,722.34%	2,003.00%	1,907.61%	3,908.47%	6,687.80%	6,478.79%	153,800.00%	13,025.00%	3,596.43%	2,241.90%
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	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	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	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.86	0.82	0.87	0.90	0.91	0.81	0.88	0.92	0.94	0.82
Accounts Receivable Turnover	45.30	43.33	40.84	40.58	39.78	38.02	36.64	36.75	35.45	35.26	33.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	8.15	8.50	8.10	8.11	8.14	7.87	7.63	7.48	7.39	6.99	6.84
Accounts Payable Turnover	12.40	11.87	12.41	13.24	11.07	11.06	11.87	13.90	12.44	13.45	16.47
Days Sales Outstanding (DSO)	8.06	8.42	8.94	9.00	9.18	9.60	9.96	9.93	10.30	10.35	10.82
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	29.44	30.76	29.41	27.56	32.97	33.00	30.75	26.25	29.34	27.14	22.16
Cash Conversion Cycle (CCC)	-21.39	-22.33	-20.47	-18.57	-23.80	-23.40	-20.79	-16.32	-19.05	-16.79	-11.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-106	-129	25	90	113	132	211	308	294	248	200
Invested Capital Turnover	-6.70	-7.39	-48.76	3,879.69	756.36	1,539.15	21.60	12.77	12.44	13.31	12.25
Increase / (Decrease) in Invested Capital	511	409	152	178	220	261	187	219	181	115	-11
Enterprise Value (EV)	9,631	9,692	10,383	8,769	7,904	8,954	10,268	9,444	9,650	9,931	9,190
Market Capitalization	9,326	9,471	10,193	8,402	7,419	8,275	9,304	8,060	8,051	8,153	7,193
Book Value per Share	($1.18)	($1.01)	($0.48)	($0.83)	($1.12)	($1.68)	($2.43)	($3.56)	($4.64)	($5.67)	($6.95)
Tangible Book Value per Share	($2.54)	($2.35)	($1.81)	($2.18)	($2.54)	($3.23)	($4.04)	($5.19)	($6.40)	($7.50)	($8.83)
Total Capital	1,121	1,180	1,381	1,266	1,176	1,023	1,806	1,488	1,249	1,173	1,238
Total Debt	1,533	1,530	1,546	1,543	1,547	1,569	2,558	2,564	2,554	2,704	3,036
Total Long-Term Debt	1,533	1,530	1,546	1,543	1,547	1,569	2,548	1,860	1,850	1,998	2,325
Net Debt	306	221	190	367	484	678	964	1,384	1,600	1,779	1,997
Capital Expenditures (CapEx)	3.00	9.40	10	9.20	5.90	4.10	3.30	0.10	2.00	8.40	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,024	-1,039	-1,041	-1,004	-1,015	-1,047	-1,057	-978	-992	-1,039	-1,031
Debt-free Net Working Capital (DFNWC)	203	270	315	172	47	-157	538	202	-37	-114	7.40
Net Working Capital (NWC)	203	270	315	172	47	-157	528	-502	-742	-821	-703
Net Nonoperating Expense (NNE)	-1.83	-4.04	-4.09	-6.65	-5.46	-3.94	-5.01	13	18	14	15
Net Nonoperating Obligations (NNO)	306	221	190	367	484	678	964	1,384	1,600	1,779	1,997
Total Depreciation and Amortization (D&A)	54	52	52	40	41	44	47	48	48	48	49
Debt-free, Cash-free Net Working Capital to Revenue	-42.26%	-42.13%	-41.61%	-39.79%	-40.06%	-41.24%	-41.46%	-38.50%	-39.17%	-41.11%	-40.89%
Debt-free Net Working Capital to Revenue	8.39%	10.96%	12.60%	6.84%	1.87%	-6.17%	21.10%	7.93%	-1.48%	-4.51%	0.29%
Net Working Capital to Revenue	8.39%	10.96%	12.60%	6.84%	1.87%	-6.17%	20.70%	-19.76%	-29.28%	-32.45%	-27.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	$0.34	$0.66	$0.40	$0.34	$0.34	$0.34	$0.52	$0.46	$0.47	$0.44
Adjusted Weighted Average Basic Shares Outstanding	341.40M	339.20M	341.20M	334.80M	322.40M	314.50M	318.20M	290.30M	272.40M	261.10M	268.30M
Adjusted Diluted Earnings per Share	$0.13	$0.33	$0.65	$0.39	$0.34	$0.34	$0.33	$0.51	$0.45	$0.47	$0.43
Adjusted Weighted Average Diluted Shares Outstanding	343.80M	346M	345.60M	340.70M	323.70M	316.40M	323.40M	295.70M	276.70M	265.10M	272.80M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	347.80M	345.76M	343.98M	330.19M	325.42M	309.73M	301.75M	281.49M	269.86M	258.74M	241.19M
Normalized Net Operating Profit after Tax (NOPAT)	43	110	223	126	105	103	62	163	145	138	123
Normalized NOPAT Margin	6.90%	17.39%	35.15%	19.90%	16.56%	16.09%	9.56%	26.09%	23.22%	21.69%	19.37%
Pre Tax Income Margin	9.48%	21.41%	42.88%	23.93%	21.06%	20.77%	14.36%	27.13%	23.62%	24.78%	22.49%
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	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	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	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	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%	0.00%
Augmented Payout Ratio	128.95%	109.63%	119.03%	124.57%	128.36%	172.42%	274.51%	310.72%	331.91%	328.80%	337.12%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven read on Dropbox (Nasdaq: DBX) using the latest quarterly statements through Q4 2025 and the prior four years of data you provided. Key themes for retail investors: the company maintains solid profitability and cash generation, engages in meaningful share repurchases, and carries a balance sheet with elevated liabilities and negative equity in several periods. Revenue runs around the mid-$0.6B per quarter range with strong gross margins, while near-term liquidity shows some pressure in certain quarters.

Strong gross margins persist. Gross margins run around the high-70s to low-80s across quarters (e.g., Q4 2025 gross margin ≈ 79.3%; Q3 2025 ≈ 79.7%; 2024 periods often above 80%), signaling healthy profitability on Dropbox’s core services.
Net income remains positive in every quarter shown. Quarterly net income figures are consistently positive (e.g., Q4 2025: ≈ $108.7M; Q3 2025: ≈ $123.8M; Q2 2025: ≈ $125.6M; Q1 2025: ≈ $150.3M), indicating ongoing profitability despite varying revenue and costs.
Robust operating cash flow. Net cash from continuing operating activities stays strongly positive (e.g., Q4 2025 ≈ $235.4M; Q3 2025 ≈ $302.1M; Q2 2025 ≈ $260.5M; Q1 2025 ≈ $153.8M), supporting liquidity and potential for capital allocation.
Capital return via share repurchases continues. Dropbox executed sizable share buybacks in 2025 (approx. $390M in Q3 and around $415M in Q4), a shareholder-friendly use of cash despite pushing financing outflows higher.
Investing cash inflows bolster liquidity in some quarters. In several reports, proceeds from the sale/maturity of investments contributed to net cash, notably in Q4 2025 (sale of investments ≈ $48.7M) and Q3 2025 (≈ $25.1M).
Revenue remains at a stable, recognizable level. Across multiple quarters, operating revenue sits in the mid-$0.6B range, reflecting steady demand for Dropbox’s services over the period analyzed.
2025 margin evidence vs 2024 shows light pressure. Gross margin and quarterly profits are generally solid but have cooled a bit versus peak 2024 levels (e.g., Q4 2025 gross margin ≈ 79%; Q4 2024 ≈ 81%+), suggesting slightly tighter near-term margins.
Balance sheet shows elevated liabilities and negative equity in several periods. Total liabilities are substantial (e.g., around $4.3B in some Q3 2025 reports) and Total equity is negative in multiple quarters, indicating a higher leverage/balance-sheet risk profile than a typical cash-rich cash-flow machine.
Negative equity persists in multiple periods. Total equity figures frequently come in negative (e.g., around -$1.53B in Q3 2025), implying accumulated losses or aggressive equity activity affecting book value.
Near-term liquidity pressure in some quarters. In certain periods, Total Current Liabilities exceed Total Current Assets (e.g., Q3 2025: Current Assets ≈ $1.08B vs Current Liabilities ≈ $1.90B), signaling tighter near-term liquidity despite solid operating cash flow overall.

05/05/26 02:28 PM 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 2025 ended on December 31, 2025.

How has Dropbox's net income changed over the last 9 years?

Dropbox's net income appears to be on an upward trend, with a most recent value of $508.40 million in 2025, falling from -$210.20 million in 2016. The previous period was $452.30 million in 2024. Find out what analysts predict for Dropbox in the coming months.

What is Dropbox's operating income?

Dropbox's total operating income in 2025 was $689.10 million, based on the following breakdown:

Total Gross Profit: $2.02 billion
Total Operating Expenses: $1.33 billion

How has Dropbox's revenue changed over the last 9 years?

Over the last 9 years, Dropbox's total revenue changed from $844.80 million in 2016 to $2.52 billion in 2025, a change of 198.4%.

How much debt does Dropbox have?

Dropbox's total liabilities were at $4.64 billion at the end of 2025, a 13.8% increase from 2024, and a 406.2% increase since 2017.

How much cash does Dropbox have?

In the past 8 years, Dropbox's cash and equivalents has ranged from $232.80 million in 2022 to $1.33 billion in 2024, and is currently $891.30 million as of their latest financial filing in 2025.

How has Dropbox's book value per share changed over the last 9 years?

Over the last 9 years, Dropbox's book value per share changed from 0.00 in 2016 to -6.95 in 2025, a change of -694.6%.

Related Companies

Financial statements for NASDAQ:DBX last updated on 2/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Dropbox (DBX) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Dropbox's Financials

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Dropbox (DBX) Financials

Annual Income Statements for Dropbox

Quarterly Income Statements for Dropbox

Annual Cash Flow Statements for Dropbox

Quarterly Cash Flow Statements for Dropbox

Annual Balance Sheets for Dropbox

Quarterly Balance Sheets for Dropbox

Annual Metrics And Ratios for Dropbox

Quarterly Metrics And Ratios for Dropbox

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Dropbox's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools