Dropbox (DBX) FY2023 results: revenue $2.5 billion, up 7.6% on the year
Dropbox, Inc. (DBX) reported revenue of $2.5 billion for fiscal 2023, the year ended 31 December 2023, up 7.6% on the year before. Net income was $454 million, down 18.0%, and diluted earnings per share $1.31. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2024.
Revenue
$2.5 billion
+7.6% on the year
FY2016FY2023
Operating margin
21.5%
7.8% a year earlier
FY2016FY2023
Net income
$454 million
-18.0% on the year
FY2016FY2023
Diluted EPS
$1.31
-13.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
784
797
730
-1.7%
Capital expenditure
24.3
33.8
22.1
-28.1%
Free cash flow
759
764
708
-0.5%
Free cash flow margin
30.4%
32.8%
32.8%
Cash from investing
395
-48.5
-525
Cash from financing
-799
-1,042
16.2
Depreciation and amortisation
170
157
151
+8.2%
Share-based compensation
338
331
287
+2.2%
Buybacks
540
795
1,058
-32.1%
Diluted shares, weighted
346m
363m
396m
-4.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
-166
-309
-294
Debt
1,378
1,374
1,370
+0.3%
Operating lease liabilities
311
585
632
-46.9%
Finance lease liabilities
168
152
168
+11.1%
Other liabilities
1,292
1,309
1,215
-1.2%
Total liabilities and equity
2,984
3,110
3,091
-4.1%
Fixed assets
309
308
322
+0.3%
Goodwill
402
403
357
-0.3%
Intangible assets
58.1
88.3
53.6
-34.2%
Investments
741
1,111
1,185
-33.3%
Cash and equivalents
615
233
533
+164.1%
Receivables
68.7
53.8
49.6
+27.7%
Other assets
789
913
591
-13.5%
Total assets
2,984
3,110
3,091
-4.1%
10-K for the year ended 31 December 2023, filed 16 February 2024: the filing.