Dropbox, Inc.
TechnologyNASDAQ:DBX · NASDAQ Global Select
+$0.11 today
Vol 2.82M · Avg 3.74M
Income Statement
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Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$2.5B of revenue converted into $472.6M of net income for the selected period. Gross margin is 79.7% and net margin is 18.7%, showing how much revenue survives after costs and taxes. EPS is $1.83, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B -1.1% | $2.5B +1.9% | $2.5B +7.6% | $2.3B +7.7% | $2.2B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $500.8M +12.5% | $445.1M -7.0% | $478.5M +7.7% | $444.2M +0.0% | $444.2M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $2.0B -3.9% | $2.1B +4.0% | $2.0B +7.6% | $1.9B +9.7% | $1.7B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 80.1% -2.4pp | 82.5% +1.7pp | 80.9% -0.0pp | 80.9% +1.5pp | 79.4% | 9.8% | 28.9% | 38.3% |
| Research & Development | $732.0M -20.0% | $914.9M -2.3% | $936.5M +5.0% | $891.9M +18.0% | $755.9M | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $600.4M -14.5% | $701.9M -0.2% | $703.1M +11.2% | $632.3M -3.0% | $652.1M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $1.3B -17.6% | $1.6B +8.9% | $1.5B -12.7% | $1.7B +18.1% | $1.4B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $157.5M +14.7% | $137.3M -19.2% | $170.0M +8.2% | $157.1M +3.8% | $151.4M | $374.2M | $1.2B | $631.8M |
| EBITDA | $889.9M +42.7% | $623.6M +12.7% | $553.5M +7.8% | $513.6M +12.4% | $457.1M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 35.3% +10.8pp | 24.5% +2.3pp | 22.1% +0.0pp | 22.1% +0.9pp | 21.2% | 5.6% | 46.3% | 42.0% |
| Operating Income | $691.5M +42.2% | $486.2M -9.7% | $538.7M +197.1% | $181.3M -33.9% | $274.4M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 27.4% +8.3pp | 19.1% -2.5pp | 21.5% +13.7pp | 7.8% -4.9pp | 12.7% | 16.6% | 24.1% | 22.0% |
| Interest Income | $36.2M -7.2% | $39.0M +12.7% | $34.6M +120.4% | $15.7M +109.3% | $7.5M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $114.8M +357.4% | $25.1M +65.1% | $15.2M +22.6% | $12.4M -2.4% | $12.7M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$73.9M -413.1% | $23.6M +50.3% | $15.7M +37.7% | $11.4M -54.2% | $24.9M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $617.6M +21.1% | $509.8M -8.0% | $554.4M +187.7% | $192.7M -35.6% | $299.3M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 24.5% +4.5pp | 20.0% -2.2pp | 22.2% +13.9pp | 8.3% -5.6pp | 13.9% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $109.2M +89.9% | $57.5M -43.0% | $100.8M +128.0% | -$360.5M -887.7% | -$36.5M | $1.3B | -$1.6B | $745.2M |
| Net Income | $508.4M +12.4% | $452.3M -0.3% | $453.6M -18.0% | $553.2M +64.7% | $335.8M | $4.9B | $4.8B | $4.7B |
| Net Margin | 20.2% +2.4pp | 17.7% -0.4pp | 18.1% -5.7pp | 23.8% +8.2pp | 15.6% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $2 +33.1% | $1 +6.8% | $1 -13.1% | $2 +75.9% | $1 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $2 +32.9% | $1 +6.9% | $1 -13.8% | $2 +78.8% | $1 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $268.3M -15.7% | $318.2M -6.7% | $341.2M -5.5% | $361.2M -6.9% | $388.0M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $272.8M -15.6% | $323.4M -6.4% | $345.6M -4.9% | $363.3M -8.2% | $395.8M | $1.2B | $924.4M | $678.0M |
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How much revenue does DBX generate?
Dropbox, Inc. (DBX) reported $2.52B of revenue in fiscal 2025.
Is DBX profitable?
Dropbox, Inc. (DBX) reported $508.40M of net income, with a net margin of 20.2%.
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