Dropbox Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	502.5	452.3	453.6	553.2	335.8	-256.3
Depreciation & Amortization	154.9	137.3	170	157.1	151.4	159.3
Other Amortization	36.4	34.9	42.8	43.7	36.1	25
Loss (Gain) From Sale of Assets	-	-	-	-	17.7	-
Asset Writedown & Restructuring Costs	2.7	0.1	3.6	175.2	-	398.2
Loss (Gain) From Sale of Investments	-0.5	0.2	-	-5	-	-17.5
Stock-Based Compensation	309.1	346.5	338	330.7	287.1	261.5
Other Operating Activities	30.2	19.4	-105.6	-333.3	2.4	76
Change in Accounts Receivable	-3.9	-2.4	-14.5	-5.5	-6.2	-5.5
Change in Accounts Payable	-3	-4.5	1.2	13	7.6	-19.9
Change in Unearned Revenue	1	1.5	21.6	25.6	59.8	55.1
Change in Other Net Operating Assets	-99.2	-91.2	-127	-157.4	-161.9	-105.1
Operating Cash Flow	930.2	894.1	783.7	797.3	729.8	570.8
Operating Cash Flow Growth	5.63%	14.09%	-1.71%	9.25%	27.86%	8.00%
Capital Expenditures	-13.8	-22.5	-24.3	-33.8	-22.1	-80.1
Cash Acquisitions	-13.1	-57.8	-	-75.4	-140	-
Sale (Purchase) of Intangibles	-0.4	-0.2	-0.3	-1.1	-6.8	-0.2
Investment in Securities	184	493.1	395.9	42.2	-396.1	-170.6
Other Investing Activities	23.1	31.2	23.9	19.6	40.2	17.3
Investing Cash Flow	179.8	443.8	395.2	-48.5	-524.8	-233.6
Long-Term Debt Issued	-	1,000	-	-	1,389	-
Long-Term Debt Repaid	-	-129.4	-126.6	-127.5	-110.4	-89.5
Net Debt Issued (Repaid)	1,007	870.6	-126.6	-127.5	1,279	-89.5
Issuance of Common Stock	0.7	0.9	2.5	0.5	6.9	2.3
Repurchase of Common Stock	-1,806	-1,390	-675	-914.8	-1,183	-489.7
Other Financing Activities	-68.1	-67.8	-0.1	-	-86.1	-0.8
Financing Cash Flow	-866	-586.6	-799.2	-1,042	16.2	-577.7
Foreign Exchange Rate Adjustments	2.6	-5.7	2.4	-7.2	-3.1	4.1
Net Cash Flow	246.6	745.6	382.1	-300.2	218.1	-236.4
Free Cash Flow	916.4	871.6	759.4	763.5	707.7	490.7
Free Cash Flow Growth	7.63%	14.77%	-0.54%	7.89%	44.22%	25.05%
Free Cash Flow Margin	36.24%	34.21%	30.36%	32.84%	32.80%	25.64%
Free Cash Flow Per Share	2.50	2.16	1.78	1.71	1.79	1.18
Cash Interest Paid	15.2	15.2	10.5	8.2	8.5	9.6
Cash Income Tax Paid	61	61	68.2	27.6	4.2	5
Levered Free Cash Flow	842.54	814.85	781.85	732.66	681.68	453.8
Unlevered Free Cash Flow	892.35	825.94	787.15	736.21	685.81	459.95
Change in Working Capital	-105.1	-96.6	-118.7	-124.3	-100.7	-75.4

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.