Dropbox, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $508.4M | $452.3M | $453.6M | $553.2M | $335.8M | $-256.3M | $-52.7M | $-484.9M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $131.6M | $109.3M | $139.7M | $140.9M | $135.7M | $145.1M | $159.9M | $158.6M |
| Amortization | $25.9M | $27.8M | $30.4M | $16.3M | $15.6M | $14.1M | $13.6M | $6.1M |
| Stock-Based Compensation | $300.8M | $346.5M | $338.0M | $330.7M | $287.1M | $261.5M | $261.2M | $650.1M |
| Net Cash from Operating Activities | $951.8M | $894.1M | $783.7M | $797.3M | $729.8M | $570.8M | $528.5M | $425.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $21.0M | $22.5M | $24.3M | $33.8M | $22.1M | $80.1M | $136.1M | $63.0M |
| Business Acquisitions | $13.1M | $57.8M | $0 | $75.4M | $140.0M | $0 | $173.9M | $0 |
| Net Cash from Investing Activities | $111.9M | $443.8M | $395.2M | $-48.5M | $-524.8M | $-233.6M | $-320.0M | $-633.8M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $1.71B | $1.24B | $539.9M | $795.4M | $1.06B | $397.5M | $0 | $0 |
| Net Cash from Financing Activities | $-1.53B | $-586.6M | $-799.2M | $-1.04B | $16.2M | $-577.7M | $-176.7M | $300.8M |
| Net Change in Cash | $-454.6M | $745.6M | $382.1M | $-300.2M | $218.1M | $-236.4M | $32.0M | $89.3M |
| Free Cash Flow | $930.8M | $871.6M | $759.4M | $763.5M | $707.7M | $490.7M | $392.4M | $362.4M |