Dropbox, Inc.
Financial Performance
Dropbox Revenue & Financials
Revenue
$2.5B (FY2025)
Market Cap
$7.5B
Employees
2,113
What is Dropbox's revenue?
Dropbox had $2.5B in revenue for fiscal year 2025, down 1.1% from 2024.
- Latest revenue
- $2.5B (FY2025)
- Year-over-year
- -1.1%
- Growth rate (CAGR)
- 12.9% over 9 years
- Peak revenue
- $2.5B (FY2024)
- Years of data
- 10
- Employees
- 2,113
- What is Dropbox's operating income?
- Dropbox reported operating income of $689.1M for fiscal year 2025. sec.gov
- How many employees does Dropbox have?
- Dropbox has about 2,113 employees.
Financial Analysis
Dropbox is a low-growth, high-margin cash generator. FY2025 revenue was $2.521 billion with $508.4 million of net income and $1.016 billion of unlevered free cash flow, and the company cut its diluted share count by more than 50 million shares through buybacks in 2025. Revenue has been roughly flat since 2023 ($2.502 billion), partly because Dropbox is winding down the FormSwift forms business by the end of 2026. Excluding FormSwift, revenue grew 2.0% in Q1 2026 and 1.7% in Q2 2026, when non-GAAP operating margin was 39.7%. Dropbox, Inc. is a major player in cloud storage and collaboration, sustaining a market valuation typically over $7 billion.
Revenue Trend Analysis
YoY Change
-1.1%
9-Year CAGR
+12.9%
Peak Year
2024
Trend
Consistent Growth
Dropbox, Inc. has 10 full fiscal year figures on this page, compounding at +12.9% annually over 9 years. The most recent year saw a 1.1% decline versus the prior year. Annual revenue peaked in fiscal year 2024 at $2.5B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $2.5B | $689.1Mfiling | — | -1.1% | data.sec.gov FY2025 revenue, down 1.1% year over year; FY2025 Form 10-K. |
| FY2024 | $2.5B | $486.2Mfiling | — | +1.9% | data.sec.gov FY2024 revenue reported in SEC XBRL. |
| FY2023 | $2.5B | $538.7Mfiling | — | +7.6% | data.sec.gov FY2023 revenue reported in SEC XBRL. |
| FY2022 | $2.3B | $181.3M | $553.2M | +7.7% | Dropbox, Inc. annual report (Form 10-K, SEC EDGAR, filed 2025-02-21) Fiscal year ended 2022-12-31. |
| FY2021 | $2.2B | $274.4M | $335.8M | +12.7% | Dropbox, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-02-16) Fiscal year ended 2021-12-31. |
| FY2020 | $1.9B | -$277M | -$256.3M | +15.2% | Dropbox, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-02-23) Fiscal year ended 2020-12-31. |
| FY2019 | $1.7B | -$80.5M | -$52.7M | +19.4% | Dropbox, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-02-18) Fiscal year ended 2019-12-31. |
| FY2018 | $1.4B | -$494M | -$484.9M | +25.7% | Dropbox, Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-02-19) Fiscal year ended 2018-12-31. |
| FY2017 | $1.1B | -$113.7M | -$111.7M | +31.0% | Dropbox, Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-02-21) Fiscal year ended 2017-12-31. |
| FY2016 | $844.8M | -$193.5M | -$210.2M | — | Dropbox, Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-02-25) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Dropbox, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $951.8M | $21M | $2.8B | $4.6B | -$1.8B | $930.8M | Form 10-K |
| FY2024ended Dec 31, 2024 | $894.1M | $22.5M | $3.3B | $4.1B | -$752.4M | $871.6M | Form 10-K |
| FY2023ended Dec 31, 2023 | $783.7M | $24.3M | $3B | $3.1B | -$165.8M | $759.4M | Form 10-K |
| FY2022ended Dec 31, 2022 | $797.3M | $33.8M | $3.1B | $3.4B | -$309.4M | $763.5M | Form 10-K |
| FY2021ended Dec 31, 2021 | $729.8M | $22.1M | $3.1B | $3.4B | -$293.9M | $707.7M | Form 10-K |
| FY2020ended Dec 31, 2020 | $570.8M | $80.1M | $2.4B | $2.1B | $333.8M | $490.7M | Form 10-K |
| FY2019ended Dec 31, 2019 | $528.5M | $136.1M | $2.7B | $1.9B | $808.4M | $392.4M | Form 10-K |
| FY2018ended Dec 31, 2018 | $425.4M | $63M | $1.7B | $1B | $676.8M | $362.4M | Form 10-K |
| FY2017ended Dec 31, 2017 | $330.3M | $25.3M | $1B | $917M | $102.9M | $305M | Form 10-K |
Keep researching Dropbox
Dropbox Revenue and Financial FAQ
What was Dropbox's revenue in 2025?
Dropbox reported FY2025 revenue of $2.521 billion, down 1.1% from $2.548 billion in FY2024, and GAAP net income of $508.4 million.
How much free cash flow does Dropbox generate?
Dropbox generated $1.016 billion of unlevered free cash flow in FY2025 and $283.5 million in Q2 2026.
What were Dropbox's Q2 2026 results?
For the quarter ended June 30, 2026, revenue was $631.5 million (up 0.9%), total ARR was $2.566 billion (up 1.0%), GAAP net income was $95.8 million and non-GAAP operating margin was 39.7%.
Does Dropbox buy back its stock?
Yes. Dropbox uses most of its free cash flow on share repurchases and reduced its diluted share count by more than 50 million shares in 2025.
How much cash does Dropbox have?
Dropbox held $1.114 billion in cash, cash equivalents and short-term investments at June 30, 2026.
Why is Dropbox revenue flat?
Core storage is mature and competes with bundled offerings, and Dropbox is winding down FormSwift. Excluding FormSwift, revenue grew 2.0% in Q1 2026 and 1.7% in Q2 2026.
Is Dropbox profitable?
Yes. A massive driver of their profitability was "Project Magic Pocket" in 2016, where Dropbox boldly decided to move massive amounts of data off Amazon AWS and build their own custom server infrastructure, saving hundreds of millions of dollars in the long term.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Dropbox Revenue & Financials." CorpDigest, https://corpdigest.com/company/dropbox/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Dropbox reported $2.5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/dropbox/financials" target="_blank" rel="noopener">CorpDigest — Dropbox financials</a></div>Related Financial Audits
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