Dropbox, Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.52B | $2.55B | $2.50B | $2.32B | $2.16B | $1.91B | $1.66B | $1.39B |
| Cost of Revenue | $500.8M | $445.1M | $478.5M | $444.2M | $444.2M | $414.6M | $411.0M | $394.7M |
| Gross Profit | $2.02B | $2.10B | $2.02B | $1.88B | $1.71B | $1.50B | $1.25B | $997.0M |
| Gross Margin | 80.1% | 82.5% | 80.9% | 80.9% | 79.4% | 78.3% | 75.3% | 71.6% |
| Operating Expenses | ||||||||
| Research & Development | $732.0M | $914.9M | $936.5M | $891.9M | $755.9M | $727.5M | $662.1M | $768.2M |
| SG&A Expense | $230.5M | $241.2M | $237.1M | $222.9M | $224.6M | $227.8M | $245.4M | $283.2M |
| Operating Income | $689.1M | $486.2M | $538.7M | $181.3M | $274.4M | $-277.0M | $-80.5M | $-494.0M |
| Operating Margin | 27.3% | 19.1% | 21.5% | 7.8% | 12.7% | -14.5% | -4.8% | -35.5% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $617.6M | $509.8M | $554.4M | $192.7M | $299.3M | $-250.2M | $-52.0M | $-480.1M |
| Income Tax Expense | $109.2M | $57.5M | $100.8M | $-360.5M | $-36.5M | $6.1M | $700.0K | $4.8M |
| Net Income | $508.4M | $452.3M | $453.6M | $553.2M | $335.8M | $-256.3M | $-52.7M | $-484.9M |
| Net Margin | 20.2% | 17.7% | 18.1% | 23.8% | 15.6% | -13.4% | -3.2% | -34.8% |
| EPS (Basic) | $1.89 | $1.42 | $1.33 | $1.53 | $0.87 | $-0.62 | $-0.13 | $-1.35 |
| EPS (Diluted) | $1.86 | $1.40 | $1.31 | $1.52 | $0.85 | $-0.62 | $-0.13 | $-1.35 |
| Shares Outstanding (Basic) | 268.3M | 318.2M | 341.2M | 361.2M | 388.0M | 414.3M | 411.6M | — |
| Shares Outstanding (Diluted) | 272.8M | 323.4M | 345.6M | 363.3M | 395.8M | 414.3M | 411.6M | — |
| Dividends Per Share | — | — | — | — | — | — | — | — |