DBXNasdaqServices-Prepackaged SoftwareFiscal year ends December 31
DROPBOX, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$35.94+0.37 (+1.04%)
Close on Oct 19, 2026
- Market cap
- $8.15B
- P/E (TTM)
- 20.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
80.1%+1.8 pts over 5 years
Operating margin
27.3%+41.8 pts over 5 years
Net margin
20.2%+33.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.1% | +2.7% | +5.7% | – | |
| Gross profit | -3.9% | +2.4% | +6.1% | – | |
| Operating income | +41.7% | +56.1% | – | – | |
| Net income | +12.4% | -2.8% | – | – | |
| EPS, diluted | +32.9% | +7.0% | – | – | |
| Free cash flow | +6.8% | +6.8% | +13.7% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -136.3% | -44.9% | -39.9% | |
| Return on assets | – | -10.1% | 16.5% | |
| Current ratio | – | 1.13 | 0.63 | |
| Capex to revenue | 13.6% | 4.2% | 0.8% | |
| Diluted shares | 189M | 414M | 273M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Dropbox generated $4.16B from operations and spent $5.47B on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
Generated
$4.16B
Used
$5.47B
Capital expenditure$123.70M2%Dividends$00%Share buybacks$5.35B98%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin20.2%
×Asset turnover0.82×
×Equity multiplier-2.42×
=Return on equity, FY2025-39.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 20.2% | 0.82× | -2.42× | -39.9% |
| FY2024 | 17.7% | 0.81× | -6.87× | -98.5% |
| FY2023 | 18.1% | 0.82× | -12.82× | -190.9% |
| FY2022 | 23.8% | 0.75× | -10.28× | -183.4% |
| FY2021 | 15.6% | 0.79× | 137.31× | 1683.2% |
| FY2020 | -13.4% | 0.75× | 4.45× | -44.9% |
| FY2019 | -3.2% | 0.76× | 2.96× | -7.1% |
| FY2018 | -34.8% | 1.03× | 3.48× | -124.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$508.40M
- Cash generatingOperating cash flow above zero$951.80M
- Return on assets improvedROA up on the prior year15.2% → 15.3%
- Earnings backed by cashOperating cash flow above net income$951.80M vs $508.40M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.44 → 0.63
- No dilutionShare count did not rise323M → 273M
- Gross margin improvedGross margin up on the prior year82.53% → 80.13%
- More efficientAsset turnover rose0.85 → 0.76