DROPBOX, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $2.5B | $2.5B | $2.5B | $2.3B | $2.2B |
| Cost of revenue | $500.8M | $445.1M | $478.5M | $444.2M | $444.2M |
| Gross profit | $2.0B | $2.1B | $2.0B | $1.9B | $1.7B |
| Research and development | $732.0M | $914.9M | $936.5M | $891.9M | $755.9M |
| Operating expenses | $1.3B | $1.6B | $1.5B | $1.7B | $1.4B |
| Operating income | $689.1M | $486.2M | $538.7M | $181.3M | $274.4M |
| Pretax income | $617.6M | $509.8M | $554.4M | $192.7M | $299.3M |
| Income tax expense | $109.2M | $57.5M | $100.8M | -$360.5M | -$36.5M |
| Net income | $508.4M | $452.3M | $453.6M | $553.2M | $335.8M |
| Balance Sheet | |||||
| Cash and equivalents | $891.3M | $1.3B | $614.9M | $232.8M | $533.0M |
| Current assets | $1.2B | $1.7B | $1.5B | $1.5B | $1.8B |
| Total assets | $2.8B | $3.3B | $3.0B | $3.1B | $3.1B |
| Current liabilities | $1.9B | $1.2B | $1.2B | $1.2B | $1.2B |
| Total liabilities | $4.6B | $4.1B | $3.1B | $3.4B | $3.4B |
| Total debt | — | — | $1.4B | $1.4B | $1.4B |
| Stockholders' equity | -$1.8B | -$752.4M | -$165.8M | -$309.4M | -$293.9M |
| Cash Flow Statement | |||||
| Cash from operations | $951.8M | $894.1M | $783.7M | $797.3M | $729.8M |
| Depreciation and amortization | $131.6M | $109.3M | $139.7M | $140.9M | $135.7M |
| Stock-based compensation | $300.8M | $346.5M | $338.0M | $330.7M | $287.1M |
| Capital expenditure | $21.0M | $22.5M | $24.3M | $33.8M | $22.1M |
| Free cash flow | $930.8M | $871.6M | $759.4M | $763.5M | $707.7M |
| Share repurchases | $1.7B | $1.2B | $539.9M | $795.4M | $1.1B |
| Impairments | $0 | $100,000 | $3.6M | $175.2M | $31.3M |
Shares outstanding 233.3M · Free float 9.0%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.