Dropbox Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	508.4	452.3	453.6	553.2	335.8
Depreciation & Amortization	157.4	137.3	170	157.1	151.4
Stock-Based Compensation	300.8	346.5	338	330.7	287.1
Other Adjustments	112	69.5	-31.1	-119.4	88.2
Change in Receivables	-6.7	-2.4	-14.5	-5.5	-6.2
Changes in Accounts Payable	-12.6	-4.5	1.2	13	7.6
Changes in Accrued Expenses	-23.5	-28.8	-43.4	-2.1	-5.1
Changes in Unearned Revenue	2	1.5	21.6	25.6	59.8
Changes in Other Operating Activities	-86	-76.2	-112.8	-155.3	-188.8
Operating Cash Flow	951.8	894.1	783.7	797.3	729.8
Operating Cash Flow Growth	6.45%	14.09%	-1.71%	9.25%	27.86%
Capital Expenditures	-21	-22.5	-24.3	-33.8	-22.1
Purchases of Intangible Assets	-0.4	-0.2	-0.3	-1.1	-6.8
Purchases of Investments	-	-62.3	-208.7	-571.2	-1,138
Proceeds from Sale of Investments	126.5	555.4	604.6	613.4	742.3
Payments for Business Acquisitions	-13.1	-57.8	-	-75.4	-140
Other Investing Activities	19.9	31.2	23.9	19.6	40.2
Investing Cash Flow	111.9	443.8	395.2	-48.5	-524.8
Long-Term Debt Issued	500	1,000	-	-	1,389
Long-Term Debt Repaid	-11.6	-	-	-	-
Net Long-Term Debt Issued (Repaid)	488.4	1,000	-	-	1,389
Issuance of Common Stock	0.1	0.9	2.5	0.5	6.9
Repurchase of Common Stock	-1,865	-1,390	-675	-914.8	-1,183
Net Common Stock Issued (Repurchased)	-1,865	-1,389	-672.5	-914.3	-1,176
Other Financing Activities	-154.3	-197.2	-126.7	-127.5	-196.5
Financing Cash Flow	-1,531	-586.6	-799.2	-1,042	16.2
Effect of Exchange Rate Changes on Cash and Cash Equivalents	12.4	-5.7	2.4	-7.2	-3.1
Net Cash Flow	-454.6	745.6	382.1	-300.2	218.1
Free Cash Flow	930.8	871.6	759.4	763.5	707.7
Free Cash Flow Growth	6.79%	14.77%	-0.54%	7.89%	44.22%
FCF Margin	36.92%	34.20%	30.36%	32.84%	32.80%
Free Cash Flow Per Share	3.41	2.70	2.20	2.10	1.79
Levered Free Cash Flow	1,013	1,459	465.9	557.7	1,728
Unlevered Free Cash Flow	583.56	438.16	453.05	524.97	310.66

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.