DROPBOX, INC.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Consolidated Statements of Operations
(In millions, except per share data)
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue | $2,521.0 | $2,548.2 | $2,501.6 |
| Cost of revenue(1)(2) | 500.8 | 445.1 | 478.5 |
| Gross profit | 2,020.2 | 2,103.1 | 2,023.1 |
| Operating expenses: | |||
| Research and development(1)(2) | 732.0 | 914.9 | 936.5 |
| Sales and marketing(1)(2) | 369.9 | 460.7 | 466.0 |
| General and administrative(1)(2) | 230.5 | 241.2 | 237.1 |
| Net (gain) loss on real estate assets(3) | (1.3) | 0.1 | (155.2) |
| Total operating expenses | 1,331.1 | 1,616.9 | 1,484.4 |
| Income from operations | 689.1 | 486.2 | 538.7 |
| Interest (expense) income, net | (78.6) | 13.9 | 19.4 |
| Other income (loss), net | 7.1 | 9.7 | (3.7) |
| Income before income taxes | 617.6 | 509.8 | 554.4 |
| Provision for income taxes | (109.2) | (57.5) | (100.8) |
| Net income | $508.4 | $452.3 | $453.6 |
| Net income per share-basic and diluted: | |||
| Basic net income per share | $1.89 | $1.42 | $1.33 |
| Diluted net income per share | $1.86 | $1.40 | $1.31 |
| Weighted-average shares used in computing net income per share attributable to common stockholders, basic | 268.3 | 318.2 | 341.2 |
| Weighted-average shares used in computing net income per share attributable to common stockholders, diluted | 272.8 | 323.4 | 345.6 |
(1) Includes stock-based compensation as follows:
| Year EndedDecember 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cost of revenue | $20.6 | $22.9 | $23.3 |
| Research and development | 211.2 | 247.6 | 237.6 |
| Sales and marketing | 20.7 | 23.7 | 22.0 |
| General and administrative | 48.3 | 52.3 | 55.1 |
| Total stock-based compensation | $300.8 | $346.5 | $338.0 |
(2) Includes expenses related to the Company's reduction in workforce such as severance, benefits and other related items during the years ended December 31, 2025, 2024, and 2023. See Note 1, "Description of the Business and Summary of Significant Accounting Policies - Reduction in Workforce" for additional information.
(3) See Note 9, "Leases" for additional information.
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