Saturday 17 October 2026 Export DBX’s income statement to Excel — free account

Dropbox, Inc.

Dropbox, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, down 1.07% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 6.52%, free cash flow fell 10.3% and total debt rose 35.3%, each against the same quarter a year earlier.

35.57 0.97 −2.65%

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Market cap: $8.0B
P/E: 19.5×
Fwd P/E: 15.5×
Dividend yield: —
F-score: 7/9
Altman Z: 0.48
Beneish M: −3.07
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 58.61

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	8	6	4	3	7	3	8	4	5	4	7	2

Insider Ownership 41.60%

Capital & Financial Ratios $m

Market Cap 7,950.00

Revenue 2,531.60

Net Income 442.80

Free Cash Flow 953.80

Net Debt 2,343.40

Current Ratio 1.07

Debt/Equity (1.58)

P/E ratio 19.54

Fwd P/E 15.50

P/S ratio 3.16

P/B ratio 0.00

Past 5Y EPS Growth —

This Y EPS Growth 7.71%

Next Y EPS Growth 8.01%

Next Y revenue growth (0.08%)

Next 5Y EPS Growth 8.67%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 65.51%

10-year low 10-year high

P/S against its own 10 years 21.40%

10-year low 10-year high

EV/Sales against its own 10 years 53.39%

10-year low 10-year high

EV/FCF against its own 10 years 26.04%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2026	Powerpack
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,356	1,594	1,038	1,114
Receivables	69	70	79	76
Inventory	—	—	—	—
Other	—	—	—	—
	1,517	1,738	1,191	1,266

	2023	2024	2025	Q'26
Payables	39	37	24	36
ST’ Debt	—	10	710	27
Other	—	—	—	—
	1,202	1,211	1,894	1,179

Compound Annual Growth %

	10y	5y	3y
Sales	15.36%	5.66%	2.74%
Cash Flow	51.65%	10.77%	6.08%
Earnings	0.00%	0.00%	(2.78%)
Book Value	0.00%	0.00%	0.00%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	630	632	—	—	—
’25	625	626	634	636	2,521
’24	631	635	639	644	2,548
’23	611	623	633	635	2,502
’22	562	573	591	599	2,325
’21	512	531	550	566	2,158
’20	455	467	487	504	1,914

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	205	239	—	—	—
’25	154	261	302	235	952
’24	176	231	274	214	894
’23	140	188	256	200	784
’22	141	210	251	195	797
’21	116	220	232	163	730
’20	53	146	201	171	571

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	203	232	—	—	—
’25	153	259	294	225	930
’24	166	225	270	211	871
’23	138	185	247	190	759
’22	131	206	245	181	762
’21	109	216	222	155	701
’20	26	120	187	158	491

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.48	0.42	—	—	—
’25	0.51	0.45	0.47	0.43	1.86
’24	0.39	0.34	0.34	0.34	1.40
’23	0.20	0.13	0.33	0.66	1.31
’22	0.21	0.17	0.23	0.93	1.52
’21	0.12	0.22	0.19	0.32	0.85
’20	0.09	0.04	0.08	(0.84)	(0.62)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	18.50	16.08	14.55	21.57	19.07	18.71	20.68	24.42	Analyst estimates 2026–2028 Powerpack
	High	—	—	43.50	26.49	25.16	33.00	25.81	30.50	33.43	33.33
People
People	Employees	—	1,858	2,323	2,801	2,760	2,667	3,118	2,693	2,204	2,113
	Revenue/emp, $m	0.00	0.60	0.60	0.59	0.69	0.81	0.75	0.93	1.16	1.19
Income, $m
Income, $m	Revenue	845	1,107	1,392	1,661	1,914	2,158	2,325	2,502	2,548	2,521
	Gross margin, %	53.76	66.67	71.64	75.26	78.34	79.42	80.89	80.87	82.53	80.13
	EBT	(205)	(111)	(480)	(52)	(250)	299	193	554	510	618
	EBT margin, %	(24.27)	(10.07)	(34.50)	(3.13)	(13.07)	13.87	8.29	22.16	20.01	24.50
	Net income	(210)	(112)	(485)	(53)	(256)	336	553	454	452	508
	Depreciation	195	188	179	192	184	188	201	213	172	193
Per share, $
Per share, $	Revenue	4.47	5.65	3.88	4.04	4.62	5.56	6.44	7.33	8.01	9.40
	Earnings	(1.11)	(0.57)	(1.35)	(0.13)	(0.62)	0.87	1.53	1.33	1.42	1.89
	Cash flow	1.34	1.69	1.19	1.28	1.38	1.88	2.21	2.30	2.81	3.55
	Capex	(0.65)	(0.13)	(0.18)	(0.33)	(0.19)	(0.07)	(0.10)	(0.07)	(0.07)	(0.08)
	Free cash flow	0.68	1.55	1.00	0.95	1.18	1.81	2.11	2.22	2.74	3.47
	Book value	0.65	0.53	1.89	1.96	0.81	(0.76)	(0.86)	(0.49)	(2.36)	(6.70)
	Shares, m	189	196	359	412	414	388	361	341	318	268
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	27.89	14.63	21.49	21.15	14.79
	P/S	5.04	5.04	5.26	4.44	4.80	4.41	3.52	3.93	3.75	2.96
	P/B	0.00	0.00	10.82	9.12	27.54	0.00	0.00	0.00	0.00	0.00
	EV/Sales	4.72	4.72	4.55	3.92	4.41	4.42	3.68	4.08	4.13	3.75
	EV/FCF	17.16	17.16	17.63	16.79	17.36	13.71	11.36	13.58	12.08	10.16
Cash, $m
Cash, $m	Operating cash flow	253	330	425	529	571	730	797	784	894	952
	Capex	(124)	(26)	(66)	(138)	(80)	(29)	(35)	(25)	(23)	(21)
	Free cash flow	129	304	359	391	491	701	762	759	871	930
Balance, $m
Balance, $m	Working capital	(222)	(220)	373	228	140	674	293	315	528	(703)
	Total debt	258	175	164	295	360	1,737	1,710	1,546	2,558	3,036
	Net debt	(95)	(255)	(925)	(864)	(762)	19	366	190	964	1,997
	Shareholders’ equity	123	103	677	808	334	(294)	(309)	(166)	(752)	(1,797)
Returns, %
Returns, %	ROA	(41.86)	(11.04)	(35.73)	(2.40)	(10.08)	12.26	17.84	14.89	14.34	16.48
	ROIC	(436.60)	0.00	0.00	0.00	0.00	0.00	199.14	1,374.23	143.74	215.24
	ROE	41.85	22.23	(589.90)	(7.10)	(44.88)	1,683.20	(183.39)	(190.91)	(98.52)	(39.88)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
GTLB GitLab Inc.	$9.3B	— (loss-making)	— (loss-making)	+21.31% (above 0%: growing)	n/m	−107.11% (below 0%: shrinking)	84.06%	(19.89%)	Compare
ZETA Zeta Global Holdings Corp.	$8.4B	— (loss-making)	456×	+43.55% (above 0%: growing)	n/m	+69.99% (above 0%: growing)	59.12%	3.82%	Compare
NTSK Netskope Inc.	$8.4B	— (loss-making)	— (loss-making)	+29.15% (above 0%: growing)	n/m	−51.62% (below 0%: shrinking)	73.92%	(40.72%)	Compare
S SentinelOne, Inc.	$8.1B	— (loss-making)	— (loss-making)	+20.56% (above 0%: growing)	n/m	−83.92% (below 0%: shrinking)	72.07%	(31.08%)	Compare
DBX Dropbox, Inc.	$8.0B	19.5×	15.5×	+0.93% (above 0%: growing)	−6.52% (below 0%: shrinking)	−10.29% (below 0%: shrinking)	80.21%	26.10%
PATH UiPath, Inc.	$7.2B	19.1×	35.0×	+13.42% (above 0%: growing)	+2,233.33% (above 0%: growing)	−29.52% (below 0%: shrinking)	80.36%	7.70%	Compare
QLYS Qualys, Inc.	$6.7B	31.2×	19.9×	+11.04% (above 0%: growing)	+15.38% (above 0%: growing)	+72.34% (above 0%: growing)	83.40%	33.98%	Compare
DOX Amdocs Limited	$6.5B	14.2×	10.2×	+2.66% (above 0%: growing)	−57.55% (below 0%: shrinking)	−18.84% (below 0%: shrinking)	39.76%	8.90%	Compare
WEX WEX Inc.	$6.2B	17.9×	12.5×	+14.24% (above 0%: growing)	+58.08% (above 0%: growing)	−152.65% (below 0%: shrinking)	61.54%	26.94%	Compare
Median of peers	$7.6B	18.5×	19.9×	+17.40%	+36.73%	−40.57%	73.00%	5.76%

All 173 Software Infrastructure stocks →

Dropbox, Inc. (DBX) key facts

Concern: Dropbox, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, down 1.07% from fiscal 2024.
Dropbox, Inc. (DBX) is a Software Infrastructure company in the Technology sector, listed on Nasdaq.
As of October 16, 2026, DBX traded at $35.57, a market capitalization of $8.0 billion.
Return on equity was −39.9% and debt-to-equity -1.58.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 0.48 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.