Dropbox, Inc. (DBX) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 204.5M | 235.4M | 302.1M | 260.5M | 153.8M | 213.8M | 274.2M | 230.6M | 175.5M | 200.3M | 255.9M | 187.6M | 139.9M | 194.6M | 251.4M | 209.9M | 141.4M | 162.7M | 231.5M | 219.9M |
| Operating CF Margin % | 32.49% | 37% | 47.62% | 41.63% | 24.62% | 33.22% | 42.92% | 36.34% | 27.8% | 31.54% | 40.43% | 30.14% | 22.89% | 32.5% | 42.54% | 36.65% | 25.14% | 28.77% | 42.08% | 41.44% |
| Operating CF Growth % | 32.96% | 10.1% | 10.18% | 12.97% | -12.36% | 6.74% | 7.15% | 22.92% | 25.45% | 2.93% | 1.79% | -10.62% | -1.06% | 19.61% | 8.6% | -4.55% | 22.21% | -4.69% | 15.23% | 50.72% |
| Net Income | 114.5M | 108.7M | 123.8M | 125.6M | 150.3M | 102.8M | 106.7M | 110.5M | 132.3M | 227.3M | 114.1M | 43.2M | 69M | 328.3M | 83.2M | 62M | 79.7M | 124.6M | 75.6M | 88M |
| Depreciation & Amortization | 39.1M | 40.7M | 48.2M | 39M | 38.1M | 38.2M | 35.3M | 32.3M | 31.5M | 43M | 41.8M | 42.7M | 42.5M | 39.6M | 38.9M | 39.2M | 39.4M | 41.1M | 38.8M | 36.8M |
| Stock-Based Compensation | 0 | 77.4M | 0 | 77.7M | 67.1M | 85.7M | 92.3M | 90.5M | 78M | 82.9M | 83.8M | 95.3M | 76M | 87.3M | 86.1M | 85M | 72.3M | 72.5M | 72.8M | 73.9M |
| Deferred Taxes | 10.4M | 18.3M | 0 | 500K | 1.5M | -8.6M | 2.7M | 1M | -500K | 26.7M | 4.2M | 4.1M | 3.4M | -414.8M | 0 | 0 | 6.4M | 14M | 0 | 0 |
| Other Non-Cash Items | 90.4M | 7.5M | 121M | 16.7M | -19.5M | 27.2M | 12.5M | 16.2M | 19M | -141.4M | 22.8M | 24M | 25.1M | 180.7M | 19.4M | 16M | 29M | -34.8M | 10M | 3.4M |
| Working Capital Changes | -49.9M | -17.2M | 9.1M | 1M | -83.7M | -31.5M | 24.7M | -19.9M | -84.8M | -38.2M | -10.8M | -21.7M | -76.1M | -26.5M | 23.8M | 7.7M | -85.4M | -54.7M | 34.3M | 17.8M |
| Change in Receivables | 4M | -4.8M | 1.7M | -2.8M | -800K | -2M | -1.5M | -500K | 1.6M | -3.9M | -4.1M | -2.7M | -3.8M | -2.9M | -4.4M | -3M | 4.8M | -8.8M | 11.2M | -1.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.1M | 2.7M | 0 | 2.9M | 4.4M | 3M | 0 | 0 | 0 | 0 |
| Change in Payables | 8.1M | -10.3M | 800K | 400K | -3.5M | -700K | -2M | 6.4M | -8.2M | -6.2M | 500K | 7.2M | -300K | 2.7M | 8.9M | 2.4M | -1M | 2.9M | -7.5M | 2.1M |
| Cash from Investing | 66.9M | 45.9M | 17.8M | 12.4M | 35.8M | 113.8M | 153.1M | 63.2M | 113.7M | -22M | 10.3M | 206.1M | 200.8M | -105.1M | 7.5M | -51.9M | 101M | 35.3M | -182.9M | 21.6M |
| Capital Expenditures | -1.2M | -10.5M | -8.4M | -1.6M | -500K | -3.3M | -4.1M | -5.9M | -9.2M | -10.3M | -9.4M | -3M | -1.9M | -12.9M | -6.2M | -4M | -10.7M | -2.8M | -10M | -3.9M |
| CapEx % of Revenue | 0.19% | 1.65% | 1.32% | 0.26% | 0.08% | 0.51% | 0.64% | 0.93% | 1.46% | 1.62% | 1.49% | 0.48% | 0.31% | 2.15% | 1.05% | 0.7% | 1.9% | 0.5% | 1.82% | 0.73% |
| Acquisitions | 0 | 0 | -4.7M | -8.4M | 0 | 0 | -36.7M | -21.1M | 0 | 0 | 0 | 0 | 0 | -75.4M | 10.6M | 0 | 0 | -14.7M | 100K | 3.9M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.5M | 6M | 30.9M | 1.4M | 6.3M | 9.2M | 11.5M | 4.6M | 5.7M | 12.7M | 2.5M | 5.4M | 3.3M | 5.7M | 3.3M | 5.5M | 4M | 6.5M | 10.9M | 10.3M |
| Cash from Financing | 46.2M | -140.8M | -323.6M | -487.8M | -578.5M | 523.9M | -431.1M | -326.7M | -352.7M | -172M | -168.6M | -217.3M | -241.3M | -234.1M | -232.5M | -246.4M | -328.8M | -352.3M | -243.9M | -202.2M |
| Debt Issued (Net) | 445.9M | 315.4M | 113.5M | -37M | -36.3M | 916.7M | -32.3M | -31.8M | -32.1M | -31.4M | -31.3M | -31.9M | -32M | -31.5M | -31.6M | -32M | -32.4M | -31.2M | -28.5M | -26.1M |
| Equity Issued (Net) | -366.8M | -415M | -425.6M | -409.9M | -499.1M | -352.7M | -348.5M | -260.2M | -279.3M | -106.1M | -102.9M | -153.2M | -175.2M | -174.2M | -171.3M | -189.7M | -259.7M | -294.5M | -179.9M | -148.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -366.8M | -415M | -425.6M | -410M | -499.1M | -353.3M | -348.7M | -260.2M | -279.4M | -106.2M | -104.1M | -154.2M | -175.4M | -174.3M | -171.4M | -189.8M | -259.9M | -294.8M | -181M | -150.8M |
| Other Financing | -32.9M | -41.2M | -11.5M | -40.9M | -43.1M | -40.1M | -50.3M | -34.7M | -41.3M | -34.5M | -34.4M | -32.2M | -34.1M | -28.4M | -29.6M | -24.7M | -36.7M | -26.6M | -35.5M | -27.9M |
| Net Change in Cash | 316.1M | 141.7M | -5M | -205.7M | -385.6M | 842.9M | 2.5M | -33.8M | -66M | 10.6M | 94M | 177.6M | 99.9M | -139.2M | 19.9M | -93.4M | -87.5M | -155.9M | -196.4M | 39.8M |
| Free Cash Flow | 203.3M | 224.9M | 293.7M | 258.9M | 153.3M | 210.5M | 270.1M | 224.7M | 166.3M | 190M | 246.5M | 184.6M | 138M | 181.7M | 245.2M | 205.9M | 130.7M | 159.9M | 221.5M | 216M |
| FCF Margin % | 32.3% | 35.35% | 46.3% | 41.38% | 24.54% | 32.71% | 42.28% | 35.41% | 26.34% | 29.92% | 38.94% | 29.65% | 22.58% | 30.34% | 41.49% | 35.95% | 23.24% | 28.28% | 40.26% | 40.71% |
| FCF Growth % | 32.62% | 6.84% | 8.74% | 15.22% | -7.82% | 10.79% | 9.57% | 21.72% | 20.51% | 4.57% | 0.53% | -10.34% | 5.59% | 13.63% | 10.7% | -4.68% | 20.13% | 0.95% | 18.45% | 80.3% |
| FCF per Share | 0.86 | 0.88 | 1.11 | 0.94 | 0.52 | 0.69 | 0.85 | 0.69 | 0.49 | 0.55 | 0.71 | 0.54 | 0.40 | 0.51 | 0.68 | 0.56 | 0.35 | 0.41 | 0.56 | 0.54 |
| FCF Conversion (FCF/Net Income) | 1.79x | 2.17x | 2.44x | 2.07x | 1.02x | 2.08x | 2.57x | 2.09x | 1.33x | 0.88x | 2.24x | 4.34x | 2.03x | 0.59x | 3.02x | 3.39x | 1.77x | 1.31x | 3.06x | 2.50x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |