Dropbox, Inc.

DBXNASDAQTechnology● Active

$27.19

$-0.33(-1.19%)

Market Cap$6.9B

P/E Ratio—

52W High$32.4

52W Low$21.695

Avg Volume3.7M

Open$27.39

Beta0.67

Free Cash Flow Financials Revenue

Dropbox, Inc. (DBX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

DBX · free cash flow · updated Jun 8, 2026

Core FCF metrics

DBX · FCF · TTM · margin & CAGR

Free cash flow was $930.8M for FY2025 (fiscal year ending 2025-12-31), up 6.8% year-over-year The FCF margin was 36.9%. Five-year CAGR stands at +13.7%.

FY2025 Free Cash Flow$930.8M▲ +6.8% YoY

Trailing 12M (TTM)$980.8Mtrailing 4 quarters sum

FCF Margin36.9%$930.8M ÷ revenue

3-Year CAGR+6.9%FY2022 → FY2025

5-Year CAGR+13.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

DBX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$951.8M(21M)$930.8M▲ +6.8%36.9%

FY2024$894.1M(23M)$871.6M▲ +14.8%34.2%

FY2023$783.7M(25M)$759.1M▼ 0.4%30.3%

FY2022$797.3M(35M)$762.4M▲ +8.8%32.8%

FY2021$729.8M(29M)$700.9M▲ +42.9%32.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

DBX · P/FCF · FCF yield · FCF per share

Dropbox, Inc. (DBX) trades at a FCF yield of 14.00% and a price-to-free-cash-flow ratio of 7.4x. FCF per share stands at $3.66, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

14.00%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.66

TTM FCF ÷ Shares Outstanding

Price / FCF

x7.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x7.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

DBX · cash flow statement · operating / investing / financing

For FY2025, Dropbox, Inc. generated $951.8M in operating cash flow and spent 21M in capital expenditures, yielding $930.8M in free cash flow.

Operating Activities

+$951.8M

Cash from core business operations

2025-12-31

Investing Activities

+$111.9M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.53B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($951.8M) − |CapEx| (21M) = FCF ($930.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

DBX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Dropbox, Inc.YOU

DBX

$930.8M+6.8%36.9%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Dropbox, Inc. (DBX) reported free cash flow of $930.8M for FY2025 (fiscal year ending 2025-12-31), up 6.8% year-over-year. The FCF margin was 36.9%.

Based on available data, Dropbox, Inc. has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $930.8M in FY2025. The 5-year CAGR stands at +13.7%.

Dropbox, Inc.'s FCF yield is 14.00% and price-to-FCF ratio is 7.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

DBX free cash flow · 8 questions

Dropbox, Inc. free cash flow was $930.8M for FY2025, up 6.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $980.8M.

DBX free cash flowDBX FCFDBX FCF 2025DBX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Dropbox, Inc. · Dropbox, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026