Dropbox, Inc. (DBX) Cash Flow Statement
Where DBX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $951.8M +6.5% vs 2024
- Capital expenditures
- $21.0M 0.8% of revenue
- Free cash flow
- $930.8M 36.9% margin
- Returned to shareholders
- $1.71B 184% of free cash flow
- Change in cash
- −$454.6M cash at year-end $905.9M
Cash from operations
$951.8M
Capital expenditures
−$21.0M
Investments (net)
+$124.8M
Acquisitions & other
+$8.1M
Share buybacks (net)
−$1.71B
Net borrowing (repayment)
+$359.8M
Other financing
−$176.7M
Currency & other
+$12.5M
Change in cash
−$454.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DBX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DBX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $252.6M2016 | $951.8M2025 | +15.9%/yr | |
| Capital expenditures | $123.7M2016 | $21.0M2025 | −17.9%/yr | |
| Free cash flow | $128.9M2016 | $930.8M2025 | +24.6%/yr | |
| Free cash flow margin | 15.3%2016 | 36.9%2025 | +21.7 pts | |
| Operating cash flow / net income | 2.172021 | 1.872025 | −0.30 | |
| Stock-based compensation | $147.6M2016 | $300.8M2025 | +8.2%/yr | |
| Dividends paid | $1.59B2021 | $100,0002023 | −99.2%/yr | |
| Share buybacks (net) | $02016 | $1.71B2025 | — | |
| Capex / revenue | 14.6%2016 | 0.8%2025 | −13.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DBX cash flow by activity
OperatingInvestingFinancingChange in cash
DBX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DBX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $508.4M | $452.3M | $453.6M | $553.2M | $335.8M | −$256.3M | −$52.7M | −$484.9M | −$111.7M | −$210.2M |
| Depreciation & amortization | $157.4M | $137.3M | $170.0M | $157.1M | $151.4M | $159.3M | $173.5M | $166.8M | $181.8M | $191.6M |
| Stock-based compensation | $300.8M | $346.5M | $338.0M | $330.7M | $287.1M | $261.5M | $261.2M | $650.1M | $164.6M | $147.6M |
| Change in working capital | −$126.8M | −$96.6M | −$118.7M | −$99.9M | −$61.9M | $3.8M | $145.6M | $83.2M | $81.3M | $118.8M |
| Other non-cash items | $112.0M | $54.6M | −$59.2M | −$143.8M | $17.4M | $402.5M | $900,000 | $10.2M | $14.3M | $4.8M |
| Cash from operating activities | $951.8M | $894.1M | $783.7M | $797.3M | $729.8M | $570.8M | $528.5M | $425.4M | $330.3M | $252.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$21.0M | −$22.5M | −$24.6M | −$34.9M | −$28.9M | −$80.3M | −$137.8M | −$66.0M | −$26.1M | −$123.7M |
| Investments (net) | $124.8M | $443.8M | $312.1M | −$48.5M | −$396.1M | −$170.6M | −$24.5M | −$566.8M | −$23.9M | −$118.0M |
| Acquisitions & other investing | $8.1M | $22.5M | $107.7M | $34.9M | −$99.8M | $17.3M | −$157.7M | −$1.0M | $26.1M | $123.7M |
| Cash from investing activities | $111.9M | $443.8M | $395.2M | −$48.5M | −$524.8M | −$233.6M | −$320.0M | −$633.8M | −$23.9M | −$118.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$100,000 | — | −$1.59B | — | — | — | — | — |
| Share repurchases & issuance (net) | −$1.71B | −$1.24B | −$539.9M | −$795.4M | −$1.06B | −$397.5M | −$85.4M | −$351.9M | −$87.9M | $0 |
| Net borrowing (repayment) | $359.8M | $870.6M | −$126.6M | $105.8M | $1.01B | $145.8M | −$92.9M | −$113.0M | −$133.0M | −$132.9M |
| Shares issued | $100,000 | $900,000 | $2.5M | $500,000 | $6.9M | $2.3M | $2.2M | $772.8M | $0 | $0 |
| Other financing | −$176.7M | −$216.5M | −$135.1M | −$352.7M | $1.65B | −$328.3M | −$600,000 | −$7.1M | −$10.8M | −$1.6M |
| Cash from financing activities | −$1.53B | −$586.6M | −$799.2M | −$1.04B | $16.2M | −$577.7M | −$176.7M | $300.8M | −$231.7M | −$134.5M |
| Summary | ||||||||||
| Net change in cash | −$454.6M | $745.6M | $382.1M | −$300.2M | $218.1M | −$236.4M | $32.0M | $89.3M | $77.3M | −$4.2M |
| Cash at end of period | $905.9M | $1.36B | $614.9M | $232.8M | $533.0M | $314.9M | $551.3M | $519.3M | $430.0M | $352.7M |
| Free cash flow | $930.8M | $871.6M | $759.1M | $762.4M | $700.9M | $490.5M | $390.7M | $359.4M | $304.2M | $128.9M |
| Free cash flow margin | 36.9% | 34.2% | 30.3% | 32.8% | 32.5% | 25.6% | 23.5% | 25.8% | 27.5% | 15.3% |
| Capex / revenue | 0.8% | 0.9% | 1.0% | 1.5% | 1.3% | 4.2% | 8.3% | 4.7% | 2.4% | 14.6% |
| Operating cash flow / net income | 1.87 | 1.98 | 1.73 | 1.44 | 2.17 | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $95.8M | $114.5M | $108.7M | $123.8M | $125.6M | $150.3M | $102.8M | $106.7M | $110.5M | $132.3M | $227.3M | $114.1M |
| Depreciation & amortization | $36.4M | $39.1M | $40.7M | $39.6M | $39.0M | $38.1M | $38.2M | $35.3M | $32.4M | $31.4M | $43.0M | $41.8M |
| Stock-based compensation | $77.3M | $71.1M | $77.4M | $78.6M | $77.7M | $67.1M | $85.7M | $92.3M | $90.5M | $78.0M | $82.9M | $83.8M |
| Change in working capital | $5.5M | −$49.9M | −$17.2M | $9.1M | $1.0M | −$83.7M | −$31.5M | $24.7M | −$19.9M | −$84.8M | −$38.2M | −$10.8M |
| Other non-cash items | $23.5M | $29.7M | $25.8M | $51.0M | $17.2M | −$18.0M | $18.6M | $15.2M | $17.1M | $18.6M | −$114.7M | $27.0M |
| Cash from operating activities | $238.5M | $204.5M | $235.4M | $302.1M | $260.5M | $153.8M | $213.8M | $274.2M | $230.6M | $175.5M | $200.3M | $255.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.3M | −$1.2M | −$10.5M | −$8.4M | −$1.6M | −$500,000 | −$3.3M | −$4.1M | −$5.9M | −$9.2M | −$10.3M | −$9.4M |
| Investments (net) | $23.9M | $65.6M | $48.7M | $17.8M | $12.4M | $35.8M | $113.8M | $153.1M | $63.2M | $113.7M | −$22.0M | $10.3M |
| Acquisitions & other investing | −$1.4M | $2.5M | $7.7M | $8.4M | $1.6M | $500,000 | $3.3M | $4.1M | $5.9M | $9.2M | $10.3M | $9.4M |
| Cash from investing activities | $19.2M | $66.9M | $45.9M | $17.8M | $12.4M | $35.8M | $113.8M | $153.1M | $63.2M | $113.7M | −$22.0M | $10.3M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$330.3M | −$366.8M | −$415.0M | −$425.6M | −$410.0M | −$499.1M | −$353.3M | −$348.7M | −$260.2M | −$279.4M | −$106.2M | −$104.1M |
| Net borrowing (repayment) | −$42.0M | $454.0M | $319.6M | $113.5M | −$37.0M | −$36.3M | $966.8M | −$32.3M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $100,000 | $0 | $600,000 | $200,000 | $0 | $100,000 | $100,000 | $1.2M |
| Other financing | −$37.7M | −$41.0M | −$45.4M | −$11.5M | −$40.9M | −$43.1M | −$90.2M | −$50.3M | −$66.5M | −$73.4M | −$65.9M | −$65.7M |
| Cash from financing activities | −$410.0M | $46.2M | −$140.8M | −$323.6M | −$487.8M | −$578.5M | $523.9M | −$431.1M | −$326.7M | −$352.7M | −$172.0M | −$168.6M |
| Summary | ||||||||||||
| Net change in cash | −$153.7M | $316.1M | $141.7M | −$5.0M | −$205.7M | −$385.6M | $842.9M | $2.5M | −$33.8M | −$66.0M | $10.6M | $94.0M |
| Cash at end of period | $1.07B | $1.21B | $905.9M | $764.2M | $769.2M | $974.9M | $1.36B | $517.6M | $515.1M | $548.9M | $614.9M | $604.3M |
| Free cash flow | $235.2M | $203.3M | $224.9M | $293.7M | $258.9M | $153.3M | $210.5M | $270.1M | $224.7M | $166.3M | $190.0M | $246.5M |
| Free cash flow margin | 37.2% | 32.3% | 35.4% | 46.3% | 41.4% | 24.5% | 32.7% | 42.3% | 35.4% | 26.3% | 29.9% | 38.9% |
| Capex / revenue | 0.5% | 0.2% | 1.7% | 1.3% | 0.3% | 0.1% | 0.5% | 0.6% | 0.9% | 1.5% | 1.6% | 1.5% |
| Operating cash flow / net income | 2.49 | 1.79 | 2.17 | 2.44 | 2.07 | 1.02 | 2.08 | 2.57 | 2.09 | 1.33 | 0.88 | 2.24 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DBX cash generation
In fiscal 2025 (ended December 31, 2025), Dropbox generated $951.8 million of cash from operations (up 6.5%) and spent $21.0 million on capital expenditures, leaving free cash flow of $930.8 million, 36.9% of revenue. It returned $1.7 billion to shareholders through dividends ($0) and net share buybacks ($1.7 billion). Cash and equivalents fell by $454.6 million over the year.
Related: DBX income statement, DBX balance sheet. See the DBX stock overview for the latest quote and news.
DBX cash flow FAQ
What is Dropbox's free cash flow?
Dropbox's free cash flow was $930.8 million in fiscal 2025: $951.8 million of operating cash flow minus $21.0 million of capital expenditures It was $871.6 million a year earlier..
How much cash does Dropbox generate from operations?
Dropbox generated $951.8 million of cash from operating activities in fiscal 2025, 1.87 times its net income of $508.4 million.
How much does Dropbox spend on capital expenditures?
Dropbox spent $21.0 million on capital expenditures in fiscal 2025, 0.8% of revenue, compared with $22.5 million the year before.
How much stock does Dropbox buy back?
Dropbox spent $1.7 billion on net share repurchases in fiscal 2025.