Growth & profitability
- Revenue has grown 5.7% per year over the past 5 years.
- Operating margin has expanded, at 27.3% in the latest year.
- Free cash flow has grown 13.7% per year over the past 5 years.
DBX Financials Dropbox, Inc.
10 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $2.5B | $508M | 80.1% | 27.3% | $931M | — | $891M |
| 2024 | $2.5B | $452M | 82.5% | 19.1% | $872M | — | $1.3B |
| 2023 | $2.5B | $454M | 80.9% | 21.5% | $759M | — | $615M |
| 2022 | $2.3B | $553M | 80.9% | 7.8% | $764M | — | $233M |
| 2021 | $2.2B | $336M | 79.4% | 12.7% | $708M | — | $533M |
| 2020 | $1.9B | -$256M | 78.3% | -14.5% | $491M | — | $315M |
| 2019 | $1.7B | -$53M | 75.3% | -4.8% | $392M | — | $551M |
| 2018 | $1.4B | -$485M | 71.6% | -35.5% | $362M | — | $519M |
| 2017 | $1.1B | -$112M | 66.7% | -10.3% | $305M | — | $430M |
| 2016 | $845M | -$210M | 53.8% | -22.9% | $137M | — | $353M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $630M | $115M | 79.7% | 27.5% | $203M | — | $1.2B |
| Dec '25 | $636M | $109M | 79.2% | 25.5% | $225M | — | $891M |
| Sep '25 | $634M | $124M | 79.8% | 27.5% | $294M | — | $731M |
| Jun '25 | $626M | $126M | 80.2% | 26.9% | $259M | — | $736M |
| Mar '25 | $625M | $150M | 81.3% | 29.4% | $154M | — | $942M |
| Dec '24 | $644M | $103M | 81.2% | 13.7% | $211M | — | $1.3B |
| Sep '24 | $639M | $107M | 82.5% | 20.0% | $270M | — | $518M |
| Jun '24 | $635M | $111M | 83.1% | 20.0% | $225M | — | $515M |
| Mar '24 | $631M | $132M | 83.2% | 22.7% | $166M | — | $549M |
| Dec '23 | $635M | $227M | 80.8% | 42.1% | $190M | — | $615M |
| Sep '23 | $633M | $114M | 81.1% | 20.6% | $247M | — | $604M |
| Jun '23 | $623M | $43M | 80.7% | 9.1% | $185M | — | $510M |
| Mar '23 | $611M | $69M | 80.9% | 13.8% | $138M | — | $333M |
| Dec '22 | $599M | $328M | 80.7% | -13.4% | $182M | — | $233M |
| Sep '22 | $591M | $83M | 81.4% | 15.1% | $245M | — | $372M |
| Jun '22 | $573M | $62M | 81.5% | 14.5% | $206M | — | $352M |
| Mar '22 | $562M | $80M | 79.9% | 15.9% | $131M | — | $446M |
| Dec '21 | $566M | $125M | 79.5% | 12.4% | $161M | — | $533M |
| Sep '21 | $550M | $76M | 79.6% | 14.0% | $222M | — | $689M |
| Jun '21 | $531M | $88M | 79.8% | 15.9% | $216M | — | $885M |
Valuation over time
How the market has priced DBX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 9.2× (Mar '23) to 11.6× (Jun '26).
- The price-to-sales ratio has risen from 2.2× (Mar '23) to 2.3× (Jun '26).
P/E
P/S
Frequently asked questions
Is DBX growing its revenue and profit?
Over the past 5 years, Dropbox, Inc.'s revenue has grown 5.7% per year. These are computed facts, not advice.
How much debt does DBX have?
As of FY2025, Dropbox, Inc. reported — of total debt against $891M of cash.
What is DBX's profit margin?
In FY2025, gross margin was 80.1%, operating margin 27.3%, and net margin 20.2%.
What is DBX's P/E ratio?
As of Jun '26, Dropbox, Inc. traded at a price-to-earnings ratio of about 11.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.