Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $845M | $1.11B | $1.39B | $1.66B | $1.91B | $2.16B | $2.32B | $2.50B | $2.55B | $2.52B |
| Revenue growth | — | 31.0% | 25.7% | 19.4% | 15.2% | 12.7% | 7.7% | 7.6% | 1.9% | -1.1% |
| Gross profit | $454M | $738M | $997M | $1.25B | $1.50B | $1.71B | $1.88B | $2.02B | $2.10B | $2.02B |
| Gross margin | 53.8% | 66.7% | 71.6% | 75.3% | 78.3% | 79.4% | 80.9% | 80.9% | 82.5% | 80.1% |
| Operating income | -$194M | -$114M | -$494M | -$80.5M | -$277M | $274M | $181M | $539M | $486M | $689M |
| Operating margin | -22.9% | -10.3% | -35.5% | -4.8% | -14.5% | 12.7% | 7.8% | 21.5% | 19.1% | 27.3% |
| Net income | -$210M | -$112M | -$485M | -$52.7M | -$256M | $336M | $553M | $454M | $452M | $508M |
| Net margin | -24.9% | -10.1% | -34.8% | -3.2% | -13.4% | 15.6% | 23.8% | 18.1% | 17.7% | 20.2% |
| EPS (diluted) | -$1.11 | -$0.57 | -$1.35 | -$0.13 | -$0.62 | $0.85 | $1.52 | $1.31 | $1.40 | $1.86 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $253M | $330M | $425M | $529M | $571M | $730M | $797M | $784M | $894M | $952M |
| Capital expenditures | $115M | $25.3M | $63.0M | $136M | $80.1M | $22.1M | $33.8M | $24.3M | $22.5M | $21.0M |
| Free cash flow | $137M | $305M | $362M | $392M | $491M | $708M | $764M | $759M | $872M | $931M |
| Share buybacks | — | — | $0.00 | $0.00 | $398M | $1.06B | $795M | $540M | $1.24B | $1.71B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $353M | $430M | $519M | $551M | $315M | $533M | $233M | $615M | $1.33B | $891M |
| Total assets | — | $1.02B | $1.69B | $2.70B | $2.39B | $3.09B | $3.11B | $2.98B | $3.33B | $2.84B |
| Total liabilities | — | $917M | $1.02B | $1.89B | $2.05B | $3.39B | $3.42B | $3.15B | $4.08B | $4.64B |
| Shareholders' equity | $123M | $103M | $677M | $808M | $334M | -$294M | -$309M | -$166M | -$752M | -$1.80B |
| Retained earnings | — | -$1.05B | -$1.66B | -$1.73B | -$2.24B | -$2.74B | -$2.77B | -$2.74B | -$3.15B | -$3.82B |
| Shares (wtd avg diluted) | — | — | — | 412M | 414M | 396M | 363M | 346M | 323M | 273M |
Every figure is extracted from DROPBOX, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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