Dropbox, Inc. (DBX) Income Statement
DBX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDBX revenue and net income
Where DBX's revenue goes
2025Each bar shows an amount and its share of revenue. DBX kept 20.2% of revenue as net income.
DBX profit margins
DBX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.1% | +2.7% | +5.7% | +15.4% |
| Gross profit | −3.9% | +2.4% | +6.1% | +26.2% |
| Operating income | +42.2% | +56.2% | — | — |
| Net income | +12.4% | −2.8% | — | — |
| EPS (diluted) | +4.0% | +18.0% | +22.9% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DBX quarterly EPS vs estimates
Dropbox beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.44).
DBX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B | $1.91B | $1.66B | $1.39B | $1.11B | $844.8M |
| Cost of revenue | $500.8M | $445.1M | $478.5M | $444.2M | $444.2M | $414.6M | $411.0M | $394.7M | $368.9M | $390.6M |
| Gross profit | $2.02B | $2.10B | $2.02B | $1.88B | $1.71B | $1.50B | $1.25B | $997.0M | $737.9M | $454.2M |
| Research & development | $732.0M | $914.9M | $936.5M | $891.9M | $755.9M | $727.5M | $662.1M | $768.2M | $380.3M | $289.7M |
| Sales, general & admin | $600.4M | $701.9M | $237.1M | $632.3M | $652.1M | $650.6M | $668.7M | $722.8M | $471.3M | $358.0M |
| Total operating expenses | $1.33B | $1.62B | $1.48B | $1.70B | $1.44B | $1.78B | $1.33B | $1.49B | $851.6M | $647.7M |
| Operating income | $691.5M | $486.2M | $538.7M | $181.3M | $274.4M | −$277.0M | −$80.5M | −$494.0M | −$113.7M | −$193.5M |
| Interest income | — | $13.9M | $19.4M | $3.3M | — | — | $11.7M | $7.1M | $16.0M | $12.8M |
| Interest expense | $114.8M | $25.1M | $15.2M | $12.4M | $12.7M | $10.8M | $10.3M | $7.1M | $11.0M | $16.4M |
| Income before taxes | $617.6M | $509.8M | $554.4M | $192.7M | $299.3M | −$250.2M | −$52.0M | −$480.1M | −$111.5M | −$205.0M |
| Income taxes | $109.2M | $57.5M | $100.8M | −$360.5M | −$36.5M | $6.1M | $700,000 | $4.8M | $200,000 | $5.2M |
| Net income | $508.4M | $452.3M | $453.6M | $553.2M | $335.8M | −$256.3M | −$52.7M | −$484.9M | −$111.7M | −$210.2M |
| EBITDA | $889.8M | $623.6M | $553.5M | $513.6M | $457.1M | $280.5M | $93.0M | −$327.2M | $68.1M | −$1.9M |
| EPS (diluted) | $2.61 | $2.51 | $1.99 | $1.59 | $1.53 | $0.93 | $0.49 | $0.40 | −$0.11 | −$1.10 |
| Gross margin | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% | 75.3% | 71.6% | 66.7% | 53.8% |
| Operating margin | 27.4% | 19.1% | 21.5% | 7.8% | 12.7% | −14.5% | −4.8% | −35.5% | −10.3% | −22.9% |
| Net margin | 20.2% | 17.7% | 18.1% | 23.8% | 15.6% | −13.4% | −3.2% | −34.8% | −10.1% | −24.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $631.5M | $629.5M | $636.2M | $634.4M | $625.7M | $624.7M | $643.6M | $638.8M | $634.5M | $631.3M | $635.0M | $633.0M |
| Cost of revenue | $125.0M | $128.1M | $132.1M | $128.3M | $123.6M | $116.7M | $120.8M | $111.5M | $107.0M | $105.8M | $122.0M | $119.6M |
| Gross profit | $506.5M | $501.4M | $504.1M | $506.1M | $502.1M | $508.0M | $522.8M | $527.3M | $527.5M | $525.5M | $513.0M | $513.4M |
| Research & development | $188.1M | $184.2M | $186.9M | $182.3M | $183.8M | $177.2M | $243.0M | $225.7M | $227.1M | $219.1M | $222.1M | $216.4M |
| Sales, general & admin | $153.6M | $144.4M | $158.9M | $149.1M | $146.1M | $145.8M | $191.8M | $173.8M | $173.4M | $162.9M | $61.3M | $166.3M |
| Total operating expenses | $341.7M | $328.6M | $345.8M | $331.4M | $329.9M | $322.2M | $434.9M | $399.5M | $400.5M | $382.0M | $245.6M | $382.7M |
| Operating income | $164.8M | $172.8M | $158.3M | $174.7M | $172.2M | $186.1M | $87.9M | $127.8M | $127.0M | $143.5M | $267.4M | $130.7M |
| Interest income | — | — | — | — | — | — | $1.9M | $3.8M | $4.7M | $7.3M | — | $5.0M |
| Interest expense | $50.0M | $44.3M | $32.1M | $28.1M | $27.3M | $27.3M | $10.7M | $4.9M | $4.8M | $4.6M | $4.2M | $3.9M |
| Income before taxes | $117.7M | $141.4M | $143.1M | $157.2M | $147.8M | $169.5M | $92.4M | $132.7M | $133.6M | $151.1M | $272.3M | $135.5M |
| Income taxes | $21.9M | $26.9M | $34.4M | $33.4M | $22.2M | $19.2M | −$10.4M | $26.0M | $23.1M | $18.8M | $45.0M | $21.4M |
| 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 |
| EBITDA | $204.1M | $224.8M | $215.9M | $217.1M | $214.1M | $234.9M | $126.2M | $172.9M | $170.8M | $187.1M | $153.0M | $181.2M |
| EPS (diluted) | $0.42 | $0.76 | $0.68 | $0.74 | $0.49 | $0.70 | $0.73 | $0.60 | $0.60 | $0.58 | $0.50 | $0.56 |
| Gross margin | 80.2% | 79.7% | 79.2% | 79.8% | 80.2% | 81.3% | 81.2% | 82.5% | 83.1% | 83.2% | 80.8% | 81.1% |
| Operating margin | 26.1% | 27.5% | 24.9% | 27.5% | 27.5% | 29.8% | 13.7% | 20.0% | 20.0% | 22.7% | 42.1% | 20.6% |
| Net margin | 15.2% | 18.2% | 17.1% | 19.5% | 20.1% | 24.1% | 16.0% | 16.7% | 17.4% | 21.0% | 35.8% | 18.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DBX's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DBX financial results
In fiscal year 2025 (ended December 31, 2025), Dropbox reported revenue of $2.5 billion, down 1.1% from the year before. It had net income of $508.4 million (up 12.4%), a net profit margin of 20.2%. Diluted earnings per share came to $2.61. Over five years revenue grew at an average rate of 5.7% a year.
See the DBX stock overview for the latest quote and news, or the DBX chart for price history and technical indicators.
DBX income statement FAQ
What is Dropbox's annual revenue?
Dropbox reported total revenue of $2.5 billion for fiscal year 2025, which ended on December 31, 2025. That was down 1.1% from $2.5 billion the previous year.
Is Dropbox profitable?
Yes. Dropbox reported net income of $508.4 million in fiscal 2025, a net profit margin of 20.2%; its operating margin was 27.4%.
What is Dropbox's gross margin?
Dropbox's gross margin was 80.1% in fiscal 2025: for every $100 of revenue, Dropbox kept $80 after the direct cost of its products and services.
How much does Dropbox spend on research and development?
Dropbox spent $732.0 million on research and development in fiscal 2025, 29.0% of revenue.
How fast is Dropbox growing?
Revenue grew 5.7% a year on average over the last five fiscal years, from $1.9 billion to $2.5 billion.
What are Dropbox's earnings per share?
Dropbox earned $2.61 per diluted share in fiscal 2025, compared with $2.51 a year earlier.
When will Dropbox report its next earnings?
Dropbox is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Dropbox's fiscal year end?
Dropbox's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.