# Dropbox, Inc. (DBX) · Edgar & Edgarette company card

> Dropbox (DBX) saw revenue fall 1.1% in FY2025 to $2.5 billion, operating margin 27.3% against a 0.9% median for services-prepackaged software, equity -63.2% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1467623 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/DBX) · [JSON](https://www.pops4.com/boards/company/DBX.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $2.5B |
| Revenue growth, 1 year | -1.1% |
| Revenue growth per year | 4.0% |
| Operating margin | 27.3% (prior year 19.1%) |
| Net margin | 20.2% |
| Operating cash flow | $952M |
| Capital spending | $21M |
| Free cash flow | $931M |
| Cash | $891M |
| Long-term debt | — |
| Total assets | $2.8B |
| Total equity | −$1.8B |
| Equity ÷ assets | -63.2% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -4.77 (distress zone)
- Piotroski F: 7 of 9 (solid)
- Beneish M: -3.25 (below the −1.78 line)
- Health Harbor boat: Weathered boat · two warning signs · filed restructuring or exit costs in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress)
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $2.5B (FY2025). Experience: revenue down 1.1% on the year, up 4.0% a year over 4 years; operating margin 27.3%, up from 19.1%. Soundness: equity -63.2% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.3B and $2.7B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $2.1B to $2.9B. A statistical range, not company guidance. Against peers (140 filers, $50M+ revenue, services-prepackaged software): operating margin 27.3% against a 0.9% median; growth -1.1% against 13.0%.

Range logged 2026-10-29, receipt f7453379dae80ea6, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 2.05 Restructuring or exit costs: 1, latest 2026-10-28 ([filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000052/0001467623-26-000052-index.htm))
- Item 5.02 Director or officer change: 3, latest 2026-10-28 ([filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000052/0001467623-26-000052-index.htm))

## Recent filings

- 8-K · filed 2026-10-28 · 2.02 Results of Operations and Financial Condition; 2.05 Costs Associated with Exit or Disposal Activities; 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000052/0001467623-26-000052-index.htm)
- 10-Q · filed 2026-08-07 · [filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000049/0001467623-26-000049-index.htm)
- 8-K · filed 2026-08-06 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000045/0001467623-26-000045-index.htm)
- 8-K · filed 2026-06-01 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000040/0001467623-26-000040-index.htm)
- 8-K · filed 2026-05-26 · 5.07 Submission of Matters to a Vote of Security Holders; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000036/0001467623-26-000036-index.htm)
- 8-K · filed 2026-05-26 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1467623/000146762326000034/0001467623-26-000034-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001467623.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1467623

## Cite

POPS4, Edgar & Edgarette: Dropbox, Inc. (DBX) company card, from the company's own SEC filings, accessed 2026-10-29, https://www.pops4.com/boards/company/DBX. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.