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Dropbox, Inc. cash flow statement

In fiscal 2025, Dropbox, Inc.'s operations generated $952m of cash; it spent $21.0m on capital projects, leaving free cash flow of $931m. It returned $1.71bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations253330425529571730797784894952981
Depreciation and amortisation174171159160145136141140109132132
Stock-based pay148165650261262287331338347301304
Capital spending115256313680223424232123
Free cash flow137305362392491708764759872931957
Free cash flow after stock pay−10140−288131229421433421525630653
Share buybacks——003981,0597955401,2421,7141,502
Shares issued01262271310—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Dropbox, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Dropbox, Inc.